Sold my position today. Having read thru most of the filings, having contacted the Sec twice, I'm convinced its all about the Ceo. The Ceo making money off the investing public. I guess there is a lesson here. I've swallowed my loses. Maybe it will help at tax time. I thought things thru last night and a r/s will still just play into this Ceo's lap.
Quick is right he will just start the process all over again. The only reasons that would cause a r/s is from him dumping more and more giving us the dilution in the first place. Its just a matter of time before that Pr becomes reality. The selling it will induce plus the share loss will created more losses than we have already experienced. This is what I concluded anyway.
He has already taken close to million dollars out of this stock in the last couple of months for his benefit at shareholders expense. This is why this stock can't gain any appreciation and he gives nothing tangible back in return.
Its really sad to see a Ceo this greedy and use investors to this extreme. I would have to go back several years to see how many times he has used the S-8 filing to his advantage. He considers himself and "employee", as opposed to the President.
The S-8 filing is what it is, and incentive plan for those who work under the President or for the President in some capacity. In this case his consultant may be his wife or girlfriend or someone else in his family. He is in fact the only known employee.
His 10Q filing is totally in contradiction to his Prs. I have notified the Sec regarding this. In the conclusion of his one week spree of Pr's on Oct 30, He filed an S-8 for another 1.5bn on Nov 1. Looks like pump and dump, but the buyers weren't there for the listed sale of .0003.
In addition to this he was still holding 500k from the previous S-8 filings giving him 2bn to sell. Its all been for him.
I am not bashing the company or its stock, just the person behind it, he's dishonest. He knows that we are all aware of these actions and my having contacted the Sec. He was careful how he worded the 10Q. If ever there has been a reason for a class action this is it. He has sucked the life out this stock with a company that has nothing to offer.
Sorry all I took a huge hit by selling but I see this going nowhere at it could end up at .0001 prior to a r/s. He isn't going to stop till he can't get anymore. He can change his list and sell for .0002 if he can't get .0003. Doesn't look like he can. I don't understand the action yesterday. I don't know if he was selling or his friend or people were selling out. I didn't check with the TA today. Mike has been robbing the coffers for a long time now.
I feel like one big chump!. This is what happens when it looks cheap and the DD wasn't done properly. Not looking before leaping. I don't want anyone else to risk their capital here. A decent and good Ceo could have made something like this work. This one is just in it for himself.
I tried working with this guy, he wants nothing to do with the shareholders, trust me! I tried to get him to see the investors interest in this and their capital. He cares less, imo.
He just wants the opportunity to take as much as he can. He will continue this course unless someone or some entity like the Sec or Floridas States Atty puts and end to it.
Its already one of the biggest scam states in the country. All of these kind of so called businesses are flocking there, because they get away with it.
If the next company considered for investment says Florida let this alone be a red flag.
I will file a formal complaint with the Sec next week. I hope some of you will take a little of your time and do the same.
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