so the fraudulent "here today, gone tomorrow" discrepancies of close to a million dollars in the cash flow statements of AVTC are "no proof of wrong doing"?
how about those "Cease and Desist" rulings against AVTC? good one
but, there is no absolute proof of any wrong doing, as of yet...
<<but, there is no absolute proof of any wrong doing, as of yet...>>
Please explain. It's simple, but easily overlooked: They did a 1 for 10 reverse split. They also did a 2 for 1 forward.
Yet, the Series A shares, of which there were -- pre-split -- slightly over 2 million shares, were untouched by those splits:
Pre-splits 10K (12-31-08): <<(6) SWI Trading, Inc. holds 5,236,197 shares of our common stock and 2,033,333 shares of our Series A Convertible Preferred Stock. Each share of our Series A Convertible Preferred may be converted into six shares of our common stock.
(7) SWI Trading, Inc. is owned by Jon Illingworth, our founder’s father.>>
Post-splits 10K: <<(7) Worth, Inc. holds 523,186 shares of our common stock and 2,706,238 shares of our of our Series A Convertible Preferred Stock. Each share of our Series A Convertible Preferred may be converted into six (6) shares of our common stock. Assuming all 2,706,238 shares of Series A Convertible Preferred stock held by Worth, Inc. were converted into common stock, Worth, Inc. would hold a total of 16,760,614 shares of common stock which is greater than 170% of our issued and outstanding shares of our common stock as at October 10, 2011.>>
<<On March 2, 2011, the majority of the Company’s shareholders approved the resolution of the Company’s board of directors to amend the Company’s articles of incorporation to reverse split the Company’s common stock on a 1 for 10 basis. All fractional shares were rounded up. Shares issued prior to March 2011, have been retroactively restated to reflect the impact of the stock split. Common stock, $.001 par value: 100,000,000 shares authorized: 4,071,054 shares issued and outstanding.>>
There was also a 2 for 1 forward:
<<The following table sets forth the quarterly high and low sale prices of our common stock, as adjusted for the 1 for 10 reverse split occurring on March 6, 2011, and the 2 for 1 forward split occurring on June 21, 2011, for the two most recent fiscal years.>>
NO ADJUSTMENT TO SERIES A SHARES FOR THE SPLIT! This means that 2 million Series A shares, which WOULD HAVE adjusted to be 333,333, now worth $4 million upon conversion are worth some $24 million upon conversion! That's $20 million taken from the company (READ: Common Stock Shareholders) and given to the CEO's father! (check my math--could be wrong, but I don't think so).
THE FILINGS strongly indicate that this is not speculation, but IS 'absolute proof' of wrong doing. If it is just a mistake in the filing that just hasn't been corrected -- ie Series A shares need to be divided by 5 --, then until that is done it will have the appearance of fraud. I hope not, but that's what is in the filings, and why should anyone think that such a major issue has been innocently overlooked for months on end?
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