FITX Discussion 08/28/2014 01:25:30 $FITX
It seems to me that the folks at pumpsanddumps.com may be exaggerating a bit on what can obviously be noted as small mistakes made by FITX.
Clearly, somebody made a mistake on the Aug. 19 Quarterly Report about the number of shares issued (page 2). On Aug. 26 FITX issued an Interim Financial Report that expressly addresses this problem titled, "Revised 3rd QT with retirement of 75,000,000 shares accounted for".
75,000,000 is the difference in shares between the Aug. 19 and Aug. 26 reports. Of note, page 21 of each document is different with the later document stating that Canadian Nutrition Superstores had failed to "supply certain financial information requested." This is certainly a valid reason to terminate an acquisition with 75,000,000 on the line. Additionally, this is one of the terms stated in the May 20 Quarterly Report on page 21 regarding the acquisition that FITX could "terminate it depending on the ability of the acquiree to supply certain financial information requested."
I am disappointed that the deal didn't go through, but it appears Canadian Nutrition Superstores couldn't hold up their end of the bargain. While its not a full blown PR sent out to the news outlets, it is a public statement of the failure. I'm sure Canadian Nutrition Superstores is better off without FITX shouting to the world that they couldn't get their books in order. Probably some legal reasons in there for not making a more public announcement, too.
While on the topic of the May 20 Quarterly Report and Canadian Nutrition Superstores, this subsequent pumpsanddumps.com article points out that the report states "The Company will either consummate the transaction in the first quarter of 2014" and surmised that the transaction should already have been completed. Clearly, this is another typo. A document from May 20 noting a recent deal would not be referring to the past as a possible time to finish.
pumpsanddumps.com seems a dubious source of information about FITX. The information is sensationalized and their links to sources don't necessarily go to the correct place. The "Loses Count" article's first link (at the time of this post) directs you to the "FITX - Supplemental Information" Aug. 19 document when the unknown author is clearly talking about the Quarterly Report. Following their chain of thought with the incorrect link felt a bit disorienting. This, of course, can be attributed to simply copying the wrong link by accident. Typos, apparantly, make the world go round.
The mistakes in the quarterly reports on share counts and the Canadian Nutrition Superstore acquisition seem to be the biggest points those articles are discussing. Frankly, there is a valid point to be made by bringing them up: FITX needs to do a much better job with proofreading its quarterly reports. This does not appear to me as much a devastating series of events as they are presented by pumpsanddumps.com, but it is something that needs addressing.
As for the -0.005$ movement today: yesterday's announcement created a boost in volume and price, resulting in an RSI over 70. So, we should have expected a small correction today. Nothing to freak out about. I expect good things in the future from FITX.
http://m.ibamag.com/news/lloyds-branches-out-...19332.aspx
FITX Stock Message Board http://investorshangout.com/Creative-Edge-Nut...ITX-63675/
Question: Since other publicly traded companies have obtained licenses from Health Canada, is there a general timeline available in how long it took those companies to obtain their license after HC completed their pre-license inspection?
Uh. The TOS applies to iHub posters. Not pinky CEOs. You should read that TOS agreement again.
Billy thanks all the new bag holders. It is only going down from here.
Likely, they've already been rejected and must to wait until November to re-apply. IMO.
lmao i screenshotted that! pretty obvious to me! RIP TWEED! LETS GO FITX!!!!!!!!!!!!!!
what makes you say that?
I held P$OT when it got halted and I am scared... this frankly seems worse and they were in bed w eachother...
BIll Chaaban on American Greed would be funny.....
It isn't stealing. When you walk into a convenience store and buy a lottery ticket you aren't being robbed. Since last year people have pointed out the holes in this company and people chose to ignore them. At any point those people can chose to sell their shares, take their loses and move on.
There is nothing sinister in this. It is naivety and stupidity. If people had basic common sense no one would have ever bought any of shares. There are no bashers. There are no shorts. There is just a lottery ticket that doesn't pay out very often.
It is a game.
You would have to assume HC would take the time to review the share structure of a company not even trading on a Canadian exchange. HC would not have anyone on staff who would have the ability to review the share structure of any company - they would rightly assume if the regulator has not taken action against this or any other company they then would not have grounds for denying a license based upon no action being taken by the SEC. Even then their mandate is very different from that of an exchange or a regulator or even an over the counter quotation system. Their mandate is to determine whether an applicant can provide to the Canadian public that which they have applied for a license to provide. I doubt very much HC would even consider the share structure of this or any applicant in that manner. The Ontario Securities Commission has zero jurisdiction over this company. Until they uplist to the Nasdaq, NYSE or any other exchange recognized by the Ontario Securities Commission, this company is not required to report to any regulator in Canada. If they go to the Nasdaq for example, they would then be required to also report their audited annual and quarterly financials to the OSC as well.
I
Like
Me too!
If they or any company bakes the books they are committing a crime. I chose to believe that is not happening. It's not like they are claiming they are making a billion dollars. I feel the financials are fair and most likely accurate. I'm not a paranoid person so maybe I'm too trusting. Time will tell.
.80 would make lots of millionaires... I would crap my pants
I'm long and strong. If PHOT can hit .80 with just a few stores that are doing OK can you imagine what FITX can do once it starts growing and selling.
The company had its facility inspected, if you choose to believe the CEO which I do. That is good news. The facility was built to HC specifications. The LICENSE is coming. It will be a glorious day for FITX long holders. Then we can see the pieces of the puzzle being put together. I'm long and strong. Can't imagine anyone shorting this stock right now. It would be a suicide mission.
I'm all in and not scared 1 little bit!!!
If you want to invest in state of the art facilities, well there is only one choice...........FITX! All the negative posts without substance tells you one thing, shorts are scared.
They have to start somewhere but I'm confident they will uplist asap!
All day long I've been laughing to myself ever time I thought about it... It's was classic!
It seems to me that the folks at pumpsanddumps.com may be exaggerating a bit on what can obviously be noted as small mistakes made by FITX.
Clearly, somebody made a mistake on the Aug. 19 Quarterly Report about the number of shares issued (page 2). On Aug. 26 FITX issued an Interim Financial Report that expressly addresses this problem titled, "Revised 3rd QT with retirement of 75,000,000 shares accounted for".
75,000,000 is the difference in shares between the Aug. 19 and Aug. 26 reports. Of note, page 21 of each document is different with the later document stating that Canadian Nutrition Superstores had failed to "supply certain financial information requested." This is certainly a valid reason to terminate an acquisition with 75,000,000 on the line. Additionally, this is one of the terms stated in the May 20 Quarterly Report on page 21 regarding the acquisition that FITX could "terminate it depending on the ability of the acquiree to supply certain financial information requested."
I am disappointed that the deal didn't go through, but it appears Canadian Nutrition Superstores couldn't hold up their end of the bargain. While its not a full blown PR sent out to the news outlets, it is a public statement of the failure. I'm sure Canadian Nutrition Superstores is better off without FITX shouting to the world that they couldn't get their books in order. Probably some legal reasons in there for not making a more public announcement, too.
While on the topic of the May 20 Quarterly Report and Canadian Nutrition Superstores, this subsequent pumpsanddumps.com article points out that the report states "The Company will either consummate the transaction in the first quarter of 2014" and surmised that the transaction should already have been completed. Clearly, this is another typo. A document from May 20 noting a recent deal would not be referring to the past as a possible time to finish.
pumpsanddumps.com seems a dubious source of information about FITX. The information is sensationalized and their links to sources don't necessarily go to the correct place. The "Loses Count" article's first link (at the time of this post) directs you to the "FITX - Supplemental Information" Aug. 19 document when the unknown author is clearly talking about the Quarterly Report. Following their chain of thought with the incorrect link felt a bit disorienting. This, of course, can be attributed to simply copying the wrong link by accident. Typos, apparantly, make the world go round.
The mistakes in the quarterly reports on share counts and the Canadian Nutrition Superstore acquisition seem to be the biggest points those articles are discussing. Frankly, there is a valid point to be made by bringing them up: FITX needs to do a much better job with proofreading its quarterly reports. This does not appear to me as much a devastating series of events as they are presented by pumpsanddumps.com, but it is something that needs addressing.
As for the -0.005$ movement today: yesterday's announcement created a boost in volume and price, resulting in an RSI over 70. So, we should have expected a small correction today. Nothing to freak out about. I expect good things in the future from FITX.
http://m.ibamag.com/news/lloyds-branches-out-...19332.aspx
FITX Stock Message Board http://investorshangout.com/Creative-Edge-Nut...ITX-63675/
Question: Since other publicly traded companies have obtained licenses from Health Canada, is there a general timeline available in how long it took those companies to obtain their license after HC completed their pre-license inspection?
Uh. The TOS applies to iHub posters. Not pinky CEOs. You should read that TOS agreement again.
Billy thanks all the new bag holders. It is only going down from here.
Likely, they've already been rejected and must to wait until November to re-apply. IMO.
lmao i screenshotted that! pretty obvious to me! RIP TWEED! LETS GO FITX!!!!!!!!!!!!!!
what makes you say that?
I held P$OT when it got halted and I am scared... this frankly seems worse and they were in bed w eachother...
BIll Chaaban on American Greed would be funny.....
It isn't stealing. When you walk into a convenience store and buy a lottery ticket you aren't being robbed. Since last year people have pointed out the holes in this company and people chose to ignore them. At any point those people can chose to sell their shares, take their loses and move on.
There is nothing sinister in this. It is naivety and stupidity. If people had basic common sense no one would have ever bought any of shares. There are no bashers. There are no shorts. There is just a lottery ticket that doesn't pay out very often.
It is a game.
You would have to assume HC would take the time to review the share structure of a company not even trading on a Canadian exchange. HC would not have anyone on staff who would have the ability to review the share structure of any company - they would rightly assume if the regulator has not taken action against this or any other company they then would not have grounds for denying a license based upon no action being taken by the SEC. Even then their mandate is very different from that of an exchange or a regulator or even an over the counter quotation system. Their mandate is to determine whether an applicant can provide to the Canadian public that which they have applied for a license to provide. I doubt very much HC would even consider the share structure of this or any applicant in that manner. The Ontario Securities Commission has zero jurisdiction over this company. Until they uplist to the Nasdaq, NYSE or any other exchange recognized by the Ontario Securities Commission, this company is not required to report to any regulator in Canada. If they go to the Nasdaq for example, they would then be required to also report their audited annual and quarterly financials to the OSC as well.
I
Like
Me too!
If they or any company bakes the books they are committing a crime. I chose to believe that is not happening. It's not like they are claiming they are making a billion dollars. I feel the financials are fair and most likely accurate. I'm not a paranoid person so maybe I'm too trusting. Time will tell.
.80 would make lots of millionaires... I would crap my pants
I'm long and strong. If PHOT can hit .80 with just a few stores that are doing OK can you imagine what FITX can do once it starts growing and selling.
The company had its facility inspected, if you choose to believe the CEO which I do. That is good news. The facility was built to HC specifications. The LICENSE is coming. It will be a glorious day for FITX long holders. Then we can see the pieces of the puzzle being put together. I'm long and strong. Can't imagine anyone shorting this stock right now. It would be a suicide mission.
I'm all in and not scared 1 little bit!!!
If you want to invest in state of the art facilities, well there is only one choice...........FITX! All the negative posts without substance tells you one thing, shorts are scared.
They have to start somewhere but I'm confident they will uplist asap!
All day long I've been laughing to myself ever time I thought about it... It's was classic!
