Amazing to get a response like that from a CEO of an OTC stock. This company has bigger and better things ahead of itself with Kenn Tapp leading the way. (Started Realtor.com). Pennies..nickels..dimes then who knows?! Load up. $$$ We are lucky to be in right at the start.
Never seen a CEO like this, ever. Thanks for posting this "intuition".
intuition Member Level Thursday, 12/17/20 10:19:25 AM Re: ~ Blue ~ post# 29473 25.000 Post # of 29845
All. I did email Ken about this last night and here is his response:
To answer your question about the 1.7B converted shares, a debt conversion can take anywhere from 2 business days - to as many as 10, depending on the processing time at the transfer agency. There are four parties involved in completing the process. Transfer agent, debt holders attorney processing the opinion letter, the DWAC broker (who sometimes needs one to two other parties to get involved on their end if they can not clear the stocks themselves - which BTW, after COR Clearing sold at the end of 2018, there are just three clearing firms in the U.S. that process sub-penny stocks, and each firm is small and operates at a snail's pace.)
These are three phases when a debt holder converts, and why it can vary in speed:
1. A debt holder (or warrant holder converting) emails the transfer agent a request to convert X number of shares, and sometimes provides all of the appropriate documentation needed (8-12 documents, of which 3 are most often sent in the days after the request. They are an opinion letter from an attorney, a brokerage letter with DWAC information and approved signatures by the clearing agent that a brokerage works with, and a form provided by the transfer agency that needs to be notarized.)
2. After the transfer agency gets 100% of the documents, they begin the process (taking no less than two days and typically 5-7 business days depending on the amount of back-and-forth necessary between the transfer agents and the brokerage handling the DWAC of shares.
3. Only after the brokerage sends back confirmation that the shares have arrived in the correct account, does the transfer agency send the updated issued share number to the exchange (OTC in our case.)
Therefore, the updated number that you see changing everyday is the end result of conversions that would have been initiated earlier last week and the prior week. If that makes sense.
Now, given that we still do not have an accurate number on how much has been converted, it’s impossible for us to report a final number (through an 8K filing) until those conversions complete the processing phases. As an example, one of the conversion requests from last week was denied by the brokerage firm and likely will not go through, but will if they can successfully change to a different stock clearing company. That’s just one example, and there might be more… but we don’t know yet.
Unfortunately, too many day traders do not understand the mechanics under the hood, and think that the entire process happens in a matter of hours.
When we have actual numbers to share in an 8K, as you already know, we will be filing it.
I'm sorry that I can't be more accommodating than we already are. I realize that so many of the new shareholders do not understand our company, and do not see the value in our company the same way our private shareholders do. That is in large part because public shareholders want to "Play" penny stocks that can provide short term gains, and stay away from companies like our own that have business plans that produce massive gains over many years, not days, weeks or months. We are still scratching our heads as to how so many shareholders jumped into our stock without researching the company first. We did get a single phone call from anyone on Dec 2nd, or the days to follow, asking questions about our structure and business plan... before they bought shares.
The good news for the shareholders that just invested on a whim because everyone else was, and who decide to stay onboard long term, is that they're now on the train as it's pulling out of the station (versus investing over the past four and half years and waiting for the train to leave the station this next year.)
It's also important to note that of our 163 private shareholders ( all with years of experience in tech startups, as seasoned VC's ), not one of them is concerned with the public stock price this past year. They understand the business model, and they are invested in the future, not day-to-day or month-to-month.
I certainly hope these new shareholders stay onboard and have faith in our company, but I understand the nature of most day traders is to jump in and out of stocks, playing the short term trends, and not betting on the long term business models.
I'll finish with this. I bought Tesla at under $5 a share in 2010 because I understood the business structure, future marketplace, and long term business plan control that marketplace (not just with automobiles but batteries and the cross pollination of engineering new tech between SpaceX and Tesla). I did months of research in advance on all of the major auto manufacturers. The investment, for me, was a slam dunk. I knew from my research that no one else could ever catch up with Tesla's engineers after they went public. The only unknown was, how big they would get, and would they always build cars or would they expand into every other mode of transportation that needed their power solutions. BTW, I have yet to sell a single share of my Tesla stock. In short, everything I do has a long term plan attached to it, and I can say the same for all of our private shareholders. We know what we're doing, and we understand that 99.9% of our future public shareholders will come a few years from now, when they finally "GET IT". Just like the millions of shareholders that Tesla picked up after they finally broke through the $80 mark a year ago this week.
I hope you stay with us, but I would understand if you and the others need to leave and come back later when the timing feels right for you.
Glad to be a shareholder...those of us HODL should be using the apps and encouraging others to use and highly rate the apps. If there is something we don't like in the application we should be providing that feedback to Ken.
Ken seems to be doing all he can and sooooo much more than most OTC CEOs.