An MMEX 2018 retrospective, hitting some of the high points (unless one happens to be an MMEX retail “investor”):
In context, MMEX, an insolvent, super-dilutive OTC shell company, with no assets, no business operations, no employees, no suppliers, no customers, no luminary management or technical team, and no intellectual property, or proprietary technology, sits atop nearly $40-million in cumulative losses and current liabilities.
MMEX has failed, on at least five separate occasions, to close on the $49-million (initial estimate) to now $88-million in project financing to execute its proposed business plan. There are no details on the imaginary “terms sheet” from an unnamed “international debt fund,” which possibly expired on Nov. 15, 2018.
MMEX recently executed a totally botched 1-for-100 reverse split, washing out most retail “investors,” leaving them so far underwater that no recovery is possible. The reverse split took more than 60 days to execute, while Mad J., the ring-master tried to pump the share price unsuccessfully - the ex-split event was 0.0014 -> 0.14, and as predicted, MMEX retail “investors” lost during the immediate transition as their shares were not tradable. Shortly thereafter, as was predicted, and predictable, MMEX’s value decline on average by another 50% to the end of the calendar year.
The MMEX shell is set up for tight insider control, registered as a Nevada shell corporation - Nevada laws do not afford shareholder recourse, allowing the MMEX insiders complete control over the shell.
In turn, the super-dilutive equity structure insures that insiders will always have voting control, via the Class B common, which have a 10X voting preference over the Class A.
One of the most comedic 2018 events includes MMEX’s down-listing from OTCQB, back to QTC Pink - based on the failure to maintain the QB minimum bid price of 0.01 (a penny!). In that event, MMEX lost hundreds of thousands in aggregate, including access to the Crown Bridge debt deal.
MMEX failed to cure the QB listing default within six months, which now requires following the full application process, paying the QB listing fee, and application fee.
MMEX, unlike a real corporation, lacks an independent board of directors, and has no (as in zero) corporate controls or governance. This means Mad J. and The Lemon can do anything they want, like skim funds to offshore, private entities like Maple, pay themselves for things in the form of SG&A expenses and related party transactions, and even give themselves cashless options, and warrants, on free shares.
One of the fundamentals MMEX advocates fail to grasp is the nature of the scam itself.
In a real company, with corporate governance, and independent board, Mad J. would never have been hired. In the magical, mistaken condition that somehow he slipped past, he would have been fired the exact moment he proposed using floor-less, convertible toxic debt to finance a company.
MMEX is a criminal enterprise. In real companies, competent CEO’s, management teams, and boards would never allow the use of toxic debt to finance the company.
There are really only two cases where this happens: a totally incompetent CEO, lacking any competent, legitimate board, or a criminal, fraudulent insider, lacking any board control. That’s it. There is no grey area.
Anyone who “invested” in MMEX has been scammed - their money stolen. The MMEX scam is coming unwound at the seams.
In context, MMEX, an insolvent, super-dilutive OTC shell company, with no assets, no business operations, no employees, no suppliers, no customers, no luminary management or technical team, and no intellectual property, or proprietary technology, sits atop nearly $40-million in cumulative losses and current liabilities.
MMEX has failed, on at least five separate occasions, to close on the $49-million (initial estimate) to now $88-million in project financing to execute its proposed business plan. There are no details on the imaginary “terms sheet” from an unnamed “international debt fund,” which possibly expired on Nov. 15, 2018.
MMEX recently executed a totally botched 1-for-100 reverse split, washing out most retail “investors,” leaving them so far underwater that no recovery is possible. The reverse split took more than 60 days to execute, while Mad J., the ring-master tried to pump the share price unsuccessfully - the ex-split event was 0.0014 -> 0.14, and as predicted, MMEX retail “investors” lost during the immediate transition as their shares were not tradable. Shortly thereafter, as was predicted, and predictable, MMEX’s value decline on average by another 50% to the end of the calendar year.
The MMEX shell is set up for tight insider control, registered as a Nevada shell corporation - Nevada laws do not afford shareholder recourse, allowing the MMEX insiders complete control over the shell.
In turn, the super-dilutive equity structure insures that insiders will always have voting control, via the Class B common, which have a 10X voting preference over the Class A.
One of the most comedic 2018 events includes MMEX’s down-listing from OTCQB, back to QTC Pink - based on the failure to maintain the QB minimum bid price of 0.01 (a penny!). In that event, MMEX lost hundreds of thousands in aggregate, including access to the Crown Bridge debt deal.
MMEX failed to cure the QB listing default within six months, which now requires following the full application process, paying the QB listing fee, and application fee.
MMEX, unlike a real corporation, lacks an independent board of directors, and has no (as in zero) corporate controls or governance. This means Mad J. and The Lemon can do anything they want, like skim funds to offshore, private entities like Maple, pay themselves for things in the form of SG&A expenses and related party transactions, and even give themselves cashless options, and warrants, on free shares.
One of the fundamentals MMEX advocates fail to grasp is the nature of the scam itself.
In a real company, with corporate governance, and independent board, Mad J. would never have been hired. In the magical, mistaken condition that somehow he slipped past, he would have been fired the exact moment he proposed using floor-less, convertible toxic debt to finance a company.
MMEX is a criminal enterprise. In real companies, competent CEO’s, management teams, and boards would never allow the use of toxic debt to finance the company.
There are really only two cases where this happens: a totally incompetent CEO, lacking any competent, legitimate board, or a criminal, fraudulent insider, lacking any board control. That’s it. There is no grey area.
Anyone who “invested” in MMEX has been scammed - their money stolen. The MMEX scam is coming unwound at the seams.
