dilution and not a private placement or more debt
Post# of 9964
Posted On: 08/19/2014 5:25:02 PM
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dilution and not a private placement or more debt retirement?
Either way - company just borrowed $120,000 (looks like BMAK was set for .01) and the O/S went up. Borrowing more debt to pay off debt is how Margrit got $26mil accumulated debt.
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Only the financials will show us what is really going on
The last financials were vague. Was a "Accrued management fee $194,250 " and "General and administrative expenses: $346,112 " and did not disclose Dan's salary etc. There was not a container shipped in Q3 - why so much?. Payroll taxes: 250K is way too much payroll paid.
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You really think management and Dan would put her name on the line and ruin everything they've accomplished in about a year's time?
Sorry I don't trust CEOs in general and Margrit did resign and took a $450K cash severance and collected that and came back to work 10 months later. Got another bonus. Sales were only $11K when she resigned and then wrote herself 5 million of stock compensation on the next filing.. I documented all this last month.
Dan is not even listed as a partner or major shareholder or even given options on the last filing. His salary is not disclosed. Margrit can dismiss him at will. Not filing SEC disclosure regulations since not reporting. He has no choice if Margrit is not reputable.
Quote:I hope you aren't talking about me.. I just did a 10-point defense of the company on the main board!
It's a shame that only a few people see what they've accomplished in only 10 months.
Bottom line is Margrit still has to prove herself. She just raised a lot of money recently without anything shipping - just her word on MoneyTV.
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