Yes, CHIT is an SEC flier and a delinquent one at that. They have yet to file the 10K for the period ending August 31, 2017 or the 10Q for the period ending November 30, 2017 or the 10Q.
They issued 100,000,000 preferred shares valued at $2.50/share then called it a $250,000,000 acquisition. Shoddy accounting.
Then if I'm understanding correctly, CHIT is also required to pay 10% of the purchase price ($25,000,000) in cash with the first 1% ($2,500,000) due within 90 days. GHS Investments (Mark Grober and Sarfraz Hajee) has committed to providing the initial $2,500,000 due but CHIT needs to do an S-1 registration statement to register stock to be issued to GHS Investments as payment to GHS Investment towards the $2,500,000.
How many $.0005/share share does it take to raise $2,500,000? That would be 5,000,000,000 (5 billion) shares. But since GHS Investments would get their shares at a discount we are probably talking about around 10,000,000,000 (10 billion shares) assuming the price doesn't drop as the shares start to get dumped into the market since GHS Investments would have to take payment in tranches to keep their ownership under 10%.
To cover the whole $25,000,000 it would take 50,000,000,000 (50 billion) shares at $.0005/share.
The acquisition also requires that CHIT comes up with $100,000,000 cash to invest in Saint James Trust Coins.
CHIT claims that it will file an S-1 to register stock to be used to raise the $100,000,000
That's pretty funny. How much stock does it take at $.0005/share to raise $100,000,000? That would be 200,000,000,000 (200 billion) shares.
As a delinquent flier that can't even do its required quarterly financial statements I'd put the odds at way less than 1% that CHIT even attempts an S-1 registration statement. I highly highly doubt we even see CHIT do another SEC financial statement.
No doubt PDXP and VICT have similar arrangements with NVC Fund. All bogus deals on paper destined to fail.
It's painfully obvious that the NVC Fund assets aren't worth a fraction of what Frank Ekejija says they are and that this whole deal is nothing but smoke and mirrors to attract retail attention to the stock while CHIT uses Northbridge Financial Inc (Samuel Oshana) to pay off debts through prearranged 3(a)10 debt/dilution transactions.
All three Patrick Johnson tickers had 3(a)10 deals in place ahead of the bogus NVC Fund asset press releases. That makes it pretty obvious that the press releases were just to fuel pump&dumps for the three Patrick Johnson tickers.
The NVC Fund deals will eventually disappear into the night as if they never happened.
It will be interesting to see how long Patrick Johnson carries on the ruse before it becomes impossible to keep stalling the S-1 registration statements.
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