Posted On: 08/11/2016 11:41:42 AM
Post# of 417
I spoke with the CEO Aug 10th around 5pm EST. An 11 min call that started amicably but was cut short by him when I explained in detail my observations as to pps decline, note conversions, OS increase etc (all in detail providing the numbers : 160k taken [Q2 filing] for “relocation” with maturities until July 15th and 109K [Q3] with “reason not known to us” with maturity EOY and 2017; OS from 72M to 126M since we spoke last; pps from 0.008 to 0.002 since we spoke last etc) and the lack of explanation (no details about the terms of the MCV acquisition; notes taken for that during Q4???, no letter to shareholders with coming business concept etc). I did not get as far as asking about the rationale of providing the 25k loan to Hallmark Vent. while taking convertible notes themselves.
Very little information but:
1) He said all notes were and will be detailed in the financial releases every 3 months.
2) He was advised not to communicate beyond that with us (so it was me expressing concerns; not so much him responding)
3) He said the next filing is coming up in 3 weeks. I couldn’t get out of him if that would be to the acquisition terms or if he referred just to the end of the fiscal year requiring the 10k (which obviously wouldn’t be finalized right away).
4) He said, however, that the 10K will have to be filed within 71 days (not the typical 90days) due to the what he called “merger”, the acqiuisition of MCV comp. INC
5) He is truly is not following the market, the pps, the mechanistics of trading whatshowever but someone in the company does. At first he suggested I could talk to “them” another day and he took my name/number.
6) When I said how toxic it becomes when upon falling pps conversions occur (equaling e.g. 10k to 10M shares at o.oo1) and that at some point it’s a toxic spiral he said, again, someone else in the company would have to talk to me about these matters but also said “anyways we are not using this sort of financing anymore”.
7) When I asked if the management discusses matters as to share value and re-instilling investors confidence he said “Yes, a lot of things are going on” and I really would have to talk to the people dealing with this aspect of the company.
All in all a nice seemingly trustworthy guy but I understand that other board members here, just like me, cannot get specific questions across and answered. His perspectives are i) run a great business, ii) file whats required as required iii) market observation escapes him and we should talk to the others. I’m not sure if I get a call back by these guys but if not I will wait a while before I’ll try to have him get me connected. For now the only things that truly stick is 1) he listened first hand to what is going on our end, to the ever declining “market cap” via toxic financing and OTC mechanisms, and the need to full disclosure to regain investors interest and 2) that he stated “anyways we are not using this sort of financing anymore”.
Tried my best
Very little information but:
1) He said all notes were and will be detailed in the financial releases every 3 months.
2) He was advised not to communicate beyond that with us (so it was me expressing concerns; not so much him responding)
3) He said the next filing is coming up in 3 weeks. I couldn’t get out of him if that would be to the acquisition terms or if he referred just to the end of the fiscal year requiring the 10k (which obviously wouldn’t be finalized right away).
4) He said, however, that the 10K will have to be filed within 71 days (not the typical 90days) due to the what he called “merger”, the acqiuisition of MCV comp. INC
5) He is truly is not following the market, the pps, the mechanistics of trading whatshowever but someone in the company does. At first he suggested I could talk to “them” another day and he took my name/number.
6) When I said how toxic it becomes when upon falling pps conversions occur (equaling e.g. 10k to 10M shares at o.oo1) and that at some point it’s a toxic spiral he said, again, someone else in the company would have to talk to me about these matters but also said “anyways we are not using this sort of financing anymore”.
7) When I asked if the management discusses matters as to share value and re-instilling investors confidence he said “Yes, a lot of things are going on” and I really would have to talk to the people dealing with this aspect of the company.
All in all a nice seemingly trustworthy guy but I understand that other board members here, just like me, cannot get specific questions across and answered. His perspectives are i) run a great business, ii) file whats required as required iii) market observation escapes him and we should talk to the others. I’m not sure if I get a call back by these guys but if not I will wait a while before I’ll try to have him get me connected. For now the only things that truly stick is 1) he listened first hand to what is going on our end, to the ever declining “market cap” via toxic financing and OTC mechanisms, and the need to full disclosure to regain investors interest and 2) that he stated “anyways we are not using this sort of financing anymore”.
Tried my best
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