Unfortunately for RFMK investors, this stock looks to be dead in the water.
Sad to say but I must admit defeat when it is so obvious and it looks like indeed the bashers were right about RFMK. I still am not in the camp that assumes the whole operation is just a stock scam, however, at this point it is quite apparent that the company story is not going anywhere and so the stock is stuck in the mud at least for now.
The CEO had a multitude of opportunities to turn this company into a real success and he has failed at every turn. The stock is cellar boxed now by the market players and it is quite obvious that dilution continues at ever falling share prices. What little bid support there is cannot possibly absorb this kind of selling pressure. Another 38M share T-trade was printed after hours at .0003.
The CEO has effectively killed this company and the stock price has suffered because of it, and investors money has been lost as a consequence. There are still many questionable items of which need proper explanation but for which the CEO has not given, like the shady $500,000 payment for "consulting" to an insider B Fouch.
I cannot imagine that IronRidge is very pleased with the massive devaluation that their holdings have suffered over the last few months while we have all been waiting to hear anything about the alleged new product, 10k, audit, chill removal, board of directors, etc etc etc...
During the last few months less than about 15% of the shares in the stock have taken the share price down more than 60%. There is something abnormal in a stock when the spread between bid and ask becomes so large that it becomes larger than a 20% gain when a trade executes at the ask and a 20% loss when the trade fires off at the bid, effectively allowing the possibility of a 40% or greater price swing in the stock to occur just on a few trades getting executed on the bid and ask on any given day. Maybe I am entirely wrong about that but in my opinion it just seems like a stock has become broken when such "action" is occurring. Perhaps the SEC should get involved and take a closer at what seems to be happening in the trading of these penny stocks down in the scum swamp.
I feel sorry for any loyal RFMK enthusiasts, followers or shareholders but I can say for myself that I am rather glad to be on the sidelines and just observing the RFMK story. In an effort to always remain transparent and open, I wanted to inform those who read the board that I have for some time now been completely out of any and ALL penny stocks; OTC / PK.
For many years I have supplemented my speculation portfolio with some penny stocks but while only a few of them have been successful, many of them have been cellar boxed by crony market participants, some have also been globally locked and chilled by the DTC of whose intentions are rather questionable IMO.
Therefore I have made the decision to never again place ANY capital whatsoever into ANY OTC/PK stock no matter what.
I continue to trade currencies and I plan to continue to moderate this board so as to help provide an open, honest board for discussion regarding RFMK but without the noise of constant daily mindless bashing and insinuations that management are criminal scamsters.
I still am of the opinion that investing in electronic cigarettes is a good idea but perhaps the industry is still too young to assume long term stable growth is guaranteed. I think that if and when there is a successful ecig company trading on the regular exchanges, perhaps it will offer ecig investors a decent potential for ROI. For now though I believe there to be many private mom and pop companies so desperate to fight for every cent of market share that they spend most of their time bashing the few public companies out there attempting to start up an ecig brand. Meanwhile too many unqualified self appointed CEOs look at public shell companies as a way to have a free shot at getting a business going and if it all fails then who cares they just wasted a bunch of penny stock investors money and the don't about the real consequences of failure, besides most pay themselves rather bountiful salaries while the are running the company into the ground. In such a scenario I do not feel that it is a good money making situation for investors or traders.
Hopefully for the sake of those still in this stock, the CEO can turn this story around because right now it looks like a sinking ship. Anything is possible. The CEO needs to first fulfill promises made over a year ago. Then he needs to provide shareholders with an update. Filings need to be submitted to the SEC and OTC Markets and the new product needs to be launched. The stock will do what it will do based upon long term fundamentals. If the CEO provides reason for investors to think there is something positive going for RFMK then it could go up but with no news for months and continued broken promises and no updates, investors assume the worst and the stock falls, it's that simple.
The CEO should feel ashamed at his poor performance and investors should be pressing hard for the tough questions to be answered, else notifying the SEC about questionable events is always an option.
Do or do not, there is no try.
GLTA
Sad to say but I must admit defeat when it is so obvious and it looks like indeed the bashers were right about RFMK. I still am not in the camp that assumes the whole operation is just a stock scam, however, at this point it is quite apparent that the company story is not going anywhere and so the stock is stuck in the mud at least for now.
The CEO had a multitude of opportunities to turn this company into a real success and he has failed at every turn. The stock is cellar boxed now by the market players and it is quite obvious that dilution continues at ever falling share prices. What little bid support there is cannot possibly absorb this kind of selling pressure. Another 38M share T-trade was printed after hours at .0003.
The CEO has effectively killed this company and the stock price has suffered because of it, and investors money has been lost as a consequence. There are still many questionable items of which need proper explanation but for which the CEO has not given, like the shady $500,000 payment for "consulting" to an insider B Fouch.
I cannot imagine that IronRidge is very pleased with the massive devaluation that their holdings have suffered over the last few months while we have all been waiting to hear anything about the alleged new product, 10k, audit, chill removal, board of directors, etc etc etc...
During the last few months less than about 15% of the shares in the stock have taken the share price down more than 60%. There is something abnormal in a stock when the spread between bid and ask becomes so large that it becomes larger than a 20% gain when a trade executes at the ask and a 20% loss when the trade fires off at the bid, effectively allowing the possibility of a 40% or greater price swing in the stock to occur just on a few trades getting executed on the bid and ask on any given day. Maybe I am entirely wrong about that but in my opinion it just seems like a stock has become broken when such "action" is occurring. Perhaps the SEC should get involved and take a closer at what seems to be happening in the trading of these penny stocks down in the scum swamp.
I feel sorry for any loyal RFMK enthusiasts, followers or shareholders but I can say for myself that I am rather glad to be on the sidelines and just observing the RFMK story. In an effort to always remain transparent and open, I wanted to inform those who read the board that I have for some time now been completely out of any and ALL penny stocks; OTC / PK.
For many years I have supplemented my speculation portfolio with some penny stocks but while only a few of them have been successful, many of them have been cellar boxed by crony market participants, some have also been globally locked and chilled by the DTC of whose intentions are rather questionable IMO.
Therefore I have made the decision to never again place ANY capital whatsoever into ANY OTC/PK stock no matter what.
I continue to trade currencies and I plan to continue to moderate this board so as to help provide an open, honest board for discussion regarding RFMK but without the noise of constant daily mindless bashing and insinuations that management are criminal scamsters.
I still am of the opinion that investing in electronic cigarettes is a good idea but perhaps the industry is still too young to assume long term stable growth is guaranteed. I think that if and when there is a successful ecig company trading on the regular exchanges, perhaps it will offer ecig investors a decent potential for ROI. For now though I believe there to be many private mom and pop companies so desperate to fight for every cent of market share that they spend most of their time bashing the few public companies out there attempting to start up an ecig brand. Meanwhile too many unqualified self appointed CEOs look at public shell companies as a way to have a free shot at getting a business going and if it all fails then who cares they just wasted a bunch of penny stock investors money and the don't about the real consequences of failure, besides most pay themselves rather bountiful salaries while the are running the company into the ground. In such a scenario I do not feel that it is a good money making situation for investors or traders.
Hopefully for the sake of those still in this stock, the CEO can turn this story around because right now it looks like a sinking ship. Anything is possible. The CEO needs to first fulfill promises made over a year ago. Then he needs to provide shareholders with an update. Filings need to be submitted to the SEC and OTC Markets and the new product needs to be launched. The stock will do what it will do based upon long term fundamentals. If the CEO provides reason for investors to think there is something positive going for RFMK then it could go up but with no news for months and continued broken promises and no updates, investors assume the worst and the stock falls, it's that simple.
The CEO should feel ashamed at his poor performance and investors should be pressing hard for the tough questions to be answered, else notifying the SEC about questionable events is always an option.
Do or do not, there is no try.
GLTA
