DragonBear
8年前
GWPC filings being updated - not really
It's the first time I've seen a 10K without an auditor, and audited numbers. Instead they just threw some numbers together - which is ok for a 10Q, but not a 10K. They also owe the SEC audited 10Ks for 2014, 2015.
What you will see happening to satisfy filing requirements is ... nothing. No MM is going to sponsor a Form 211 for this scam, without the filing delinquency cured with audited 10Ks.
You might see PRs pumping this scam. That can continue indefinitely.
If one wants to believe in this scam, ask the questions: What does management claim as assets, and asset value?
DragonBear
10年前
no mention of "subsequent events-they bee screwed
They screwed up in another place...
Company description:
The Company today is in the business of developing, manufacturing and marketing in vitro diagnostic (IVD) tests for over-the-counter (OTC or consumer) and point-of-care (POC or professional) use markets. The Company currently manufactures and markets a range of diagnostic test kits...
And where are the manufacturing facilities located? Who has the out sourcing contract to manufacture the kits? They mention none.
How did an oil company suddenly get into having diagnostic test kits to sell? Ooooh yeah, they bought "Rapid Results". A pretend(?) distributor of the kits. Bought in Jun, with PR pumps about diagnostic kits right up to the suspension. What else did they say about the acquisition:
On June 4, 2014 the Company entered into an agreement to purchase all of the stock of Rapid Result, Inc., an LLC, for $500,000 payable is stock subject to certain conditions. The Company feels those conditions have not been met and have rescinded the agreement. The financials do not include any of the activity of the proposed acquisition.
Oops!!! We have an acquisition of a podunk fly by night distributor of diagnostic kits. Generating PRs out the kazoo in subsequent months, about diagnostic kits being developed, and sold. But they rescinded the agreement after closing back in Jun? In the end the pretend acquisition vaporizing into the mist. Yet the business description pretending they are still manufacturing, and selling diagnostic kits.
Our business plan is focused on expanding in the medical field but we do not anticipate that we will expend any significant funds on research and development.
There's false claims about working with the FDA on new Ebola kits. How does one develop kits out of the thin air with no R&D funding? Or work with the FDA without filing for an IDE?
A bunch of dummies. Nothing like a self hanging in front of the SEC.
DragonBear
10年前
There is a real company with a 15 test kit
that is pushing to get approval. That is most likely why this got suspended.
No, nothing as esoteric as that. More boring.
GWPC buys a distributorship, that distributes test kits made by other manufacturers. Whether the podunk distributor typically sold 10 kits, or 1M per yr is unknown. GWPC then pretends to be developing test kits of its own, with no FDA database entries to indicate trivial things, like a IDE submission had ever been made.
Insiders conduct a P&D off the PRs, and most likely illegally dumped stock in violation of Rule 144. Can not dump, when delinquent on SEC filings. Then they suddenly started to crank out filings like wild to catch up, believing that would provide cover for the prior illegal dumping. Too late, and wouldn't have mattered.
Illegal dumping remains the primary likely culprit for the suspension. The bogus PRs about Ebola helped light up the SEC radar screen, at the wrong time.
DragonBear
10年前
This turned out to be a giant scam! So disapointed.
Why should this one have been difficult to sniff out?
Start with the PRs claiming this or that phase 2, or other FDA filing. Any IDE submission in the FDA database from GWPC? Nope.
Proceed with looking for any present or past "Rapid Result" FDA submissions. None there.
What is the acquired company "Rapid Results". They did tell you in the PR:
"Rapid Results," a medical diagnostic distribution company of rapid diagnostic tests
No need for a "distributor" of products from other companies to ever interact with the FDA with filings.
Did GWPC ever claim to have a R&D budget? They claimed specifically to not have one. Then again, why would a distributor of vitamins, and assorted snake oil need a R&D budget?
The net result was a Vitamin distributor with limited revenue, bleeding balance sheet, buying a unknown distributor of diagnostic kits with unknown revenue. Then pretending to be making submissions to the FDA for the kits approval.
And where was the 8K from GWPC for the monumental RR acquisition? Management apparently thought SHs didn't need to know the details of an acquisition. However, they did consider it important to file a 8K so as to tell the SEC they moved their corporate "headquarters" from Las Vegas to Anahiem. Almost comical were their filing priorities.
This was an easy scam to figure out.
DragonBear
10年前
Based on some research I feel the suspension
resulted from a combination of Ebola News and their financial not justifying the news (lack of R&D budget).
If it were as simple as a previous filing being in conflict with a PR, 99% of the microcaps would already be suspended.
There was most likely illegal insider stock dumping as previously explained in a
prior post
The suspension should be lifted and continue to trade in the OTC Market.
That's a given. A suspension lasts 10 days. At which point the stock will resume trading on the grey sheet. It automatically happens. No action required by the company.
It might not be allowed to continue to be a SEC reporting company, due the number of times that you can be delinquent on your filings
A suspension has no effect on a filing company remaining a SEC filer. Technically they are still on the hook for delinquent filings, and to remain current. If they don't, then in about 2 yrs the SEC can delist them for failure to report. It's not unusual for a suspended filer to subsequently file a 15-12 to deregister the stock, and become a non-filer with the SEC.