This is the 10QSB filed on friday i dont see how this is a bad thing as it will get the "E" off please enlighten me if I am missing something.
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quote:Originally posted by USF11: Um the company last filing is a 10QSB on March, 3rd 2005. A 10QSB is:(Optional form for quarterly and transition reports of small business issuers under section 13 or 15(d) Initial filing Amendments) This is a necessary filing to remove the "E". I want to be in the stock when the "E" is removed. You need to do your homework on filings HORNS.
Did you actually read the filing. There is nothing positive about it. Diltution coming quick. Just because they are gonna lose the "e" doesn't neccessarily mean the stock will go up, especially when their 10q looks like that.Good luck --but I don't see this stock going anywhere but down , unless they come out with some real good news.
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The whole appeal from the start with this stock is the reverse merger with genesis electronics. So yes RWLNE doesnt have anything and there filing shows debt but most penny's do. The future of this stock is depended on the R/S then reverse merger. To judge the filings as that of a fully functional company is unfair. RWLNE is a shell with a low float, high risk high reward. The merger was to be complete within 60 days as of Jan 20th
Reality Wireless Networks, Inc. Receives Financing Commitment GIG HARBOR, Wash. - PRNewswire-FirstCall - Jan. 20 GIG HARBOR, Wash., Jan. 20 /PRNewswire-FirstCall/ -- Reality Wireless Networks Inc. (BULLETIN BOARD: RWLN) , announced today that it has received a near term financing commitment from an institutional source for up to $1.0 million. The financing is structured as a staged equity investment of 4-6 trenches dependent upon Reality Wireless meeting certain performance targets. Reality Wireless Networks, Inc. will use the proceeds of this financing to fund production efforts with its merger partner, GENESIS ELECTRONICS INC. As previously announced, GENESIS ELECTRONICS with its production partners has, through its proprietary technology and ongoing R & D and extensive market research, developed a mobile power product for consumer hand held electronic devices. This unique product combines on-board battery power and solar charging to provide significant additional power to the user's mobile phone and other consumer hand held devices. This merger is expected to be completed within 60 days.
Jerry Bessa, CEO of GENESIS, commented, "Reality's management continue to show that they can perform for us and are part of the team. The mobile phone and hand held device market we target remains robust and our product is positioned well for millions of users who frequently experience the loss of power with mobile devices!"
The CEO of Reality Wireless Networks Inc., Steve Careaga, noted, "This commitment comes on the heels of positive news from our merger partner and its near term product availability. We believe that GENESIS will truly be tomorrow's leading mobile power solution provider."
About Reality Wireless Networks Inc.
Reality Wireless Networks, Inc., a publicly-traded Nevada corporation, previously offered broadband wireless services through hybrid networks including fixed wireless, 802.11, and fiber to markets either underserved or not served by DSL and cable modem technologies. Reality has shifted focus to seek growth opportunities in the wireless marketplace and related product industries.
More information about Reality Wireless Networks, Inc,. can be found at http://www.sec.gov/ .
NOTE: This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) our limited operating history; (2) our ability to pay down existing debt; (3) our ability to retain the professional advisors necessary to guide us through our corporate restructuring; (4) the risks inherent in the investigation, involvement and acquisition of a new business opportunity; (5) unforeseen costs and expenses; (6) potential litigation with our shareholders and/or former or current investors; (7) the Company's ability to comply with federal, state and local government regulations; and (8) other factors over which we have little or no control.
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USF11-You must have missed the "going concern" portion. Still looks like big doo doo to me.
REALITY WIRELESS NETWORKS
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1:Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited interim financial statements of Reality Wireless Networks, Inc. ("Reality") have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report filed with the SEC on Form 10-KSB for the year ended September 30, 2004. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal year end September 30, 2004 as reported in the 10-KSB have been omitted.
Note 2 - Going Concern
The financial statements have been prepared assuming that Reality will continue as a going concern. Reality has a significant accumulated deficit and working capital deficiency at December 31, 2004, is not active, is in default on various loans and notes payable and is unable to meet its obligations as they come due, all of which raise substantial doubt about Reality's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should Reality be unable to continue as a going concern.
The continued support of Reality's creditors, lenders and shareholders is required in order for Reality to continue as a going concern. Management's plans to support Reality's operations include borrowing additional funds, raising additional capital and seeking a merger candidate. (See Note 3 for merger agreement). Reality's inability to obtain additional capital or obtain such capital on favorable terms could have a material adverse effect on its financial position, results of operations and its ability to continue operations.
Note 3 -Commitments
In the last quarter of 2004, the Company announced that the non-binding letter of intent to merge entered into August 2003 with IElement was terminated. The Board of Directors of both Reality Wireless and IElement approved the termination, without cause, of the non-binding letter of intent to merge. As a result of the termination of the agreement, both companies will bear their own expenses in connection with the merger and neither company will owe to the other either break-up fees or other costs and expenses.
On November 10, 2004 the Company and Genesis Electronics, Inc. ("Genesis") entered into an agreement to merge Genesis with and into Reality Wireless Networks and to rename the Company Genesis Electronics, Inc. (the "reverse merger"). The agreement provides that all of the shares of common stock of Genesis issued and outstanding at the time the merger becomes effective under applicable state law (the "Effective Time") will be converted into common stock of Registrant such that the current holder of Genesis common stock will hold 97% of all shares of Registrant's common stock outstanding immediately after the closing of this merger transaction. The obligation of Genesis to close is conditioned on, among other things, the satisfactory completion of due diligence review and the reduction of Registrant's liabilities to $50,000 or less. The agreement may be terminated at any time prior to the Effective Time by written agreement; by Genesis for breach of any of the representations and warranties or covenants of Registrant if such breach is not cured within thirty days of written notice; by Registrant for breach of any Genesis representations and warranties or covenants if such breach is not cured within thirty days of written notice.
4
-------------------------------------------------------------------------------- Note 4 - Accounts Payable - related party Approximately $150,000 was applied during the three months ended December 31, 2004, against outstanding accounts payable balance with a related party legal services vendor. The payment was applied through stock issued to vendor and, upon liquidation of stock, vendor applied sale proceeds against outstanding balance.
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I completely understand where your coming from I just don't understand how you can "bash" the future of a company that is a shell. Just by filing they get the "E" removed and when the merger takes place they become a completely different company.
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USF11-Did you read this part-Sure looks like they are in big financial trouble to me.
REALITY WIRELESS NETWORKS
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1:Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited interim financial statements of Reality Wireless Networks, Inc. ("Reality") have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report filed with the SEC on Form 10-KSB for the year ended September 30, 2004. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal year end September 30, 2004 as reported in the 10-KSB have been omitted.
Note 2 - Going Concern
The financial statements have been prepared assuming that Reality will continue as a going concern. Reality has a significant accumulated deficit and working capital deficiency at December 31, 2004, is not active, is in default on various loans and notes payable and is unable to meet its obligations as they come due, all of which raise substantial doubt about Reality's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should Reality be unable to continue as a going concern.
The continued support of Reality's creditors, lenders and shareholders is required in order for Reality to continue as a going concern. Management's plans to support Reality's operations include borrowing additional funds, raising additional capital and seeking a merger candidate. (See Note 3 for merger agreement). Reality's inability to obtain additional capital or obtain such capital on favorable terms could have a material adverse effect on its financial position, results of operations and its ability to continue operations.
Note 3 -Commitments
In the last quarter of 2004, the Company announced that the non-binding letter of intent to merge entered into August 2003 with IElement was terminated. The Board of Directors of both Reality Wireless and IElement approved the termination, without cause, of the non-binding letter of intent to merge. As a result of the termination of the agreement, both companies will bear their own expenses in connection with the merger and neither company will owe to the other either break-up fees or other costs and expenses.
On November 10, 2004 the Company and Genesis Electronics, Inc. ("Genesis") entered into an agreement to merge Genesis with and into Reality Wireless Networks and to rename the Company Genesis Electronics, Inc. (the "reverse merger"). The agreement provides that all of the shares of common stock of Genesis issued and outstanding at the time the merger becomes effective under applicable state law (the "Effective Time") will be converted into common stock of Registrant such that the current holder of Genesis common stock will hold 97% of all shares of Registrant's common stock outstanding immediately after the closing of this merger transaction. The obligation of Genesis to close is conditioned on, among other things, the satisfactory completion of due diligence review and the reduction of Registrant's liabilities to $50,000 or less. The agreement may be terminated at any time prior to the Effective Time by written agreement; by Genesis for breach of any of the representations and warranties or covenants of Registrant if such breach is not cured within thirty days of written notice; by Registrant for breach of any Genesis representations and warranties or covenants if such breach is not cured within thirty days of written notice.
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All low priced pink sheet companies state that they are not going concerns. Only a doo doo head would say that a pink sheet company is a doo doo because it is not a going concern. Fortunes can be made in investing in low priced mico penny pink sheet stocks that then take off and go up 1,000% and higher. You don't look at their earnings, you look at their prospects and then invest depending on their reward/risk factor. In this case, the company saw that it was not making any money in its previous endeavors and was probably not going to be able to make money on them and so it looked around for a new concept and discovered the innovative and patented solar power generator to increase the life of hand held and portable devices such as cell phones and portable computers. And it looks like they had the right idea, beasuse they have already received their first buy order. Also, twice they have had days where around 50 million shares traded, which is over 10% of their outstanding shares. And these were buy orders because the stock went up, way up. So it seems to me that people in the know are accumulating the stock. After the buying was over for the day, the stock backs down, but it is having higher highs and higher lows. If anyone had bought this stock when it was first written up on this board, they could have bought in at around .001 and they would be sitting pretty, but even at todays price, it is still a good reward/risk speculation.
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USF-11: Still waiting for Star Gazer to come up with a viable response. Neither QBID or CMKX have filed financial info with the SEC.
They may or may not be similar to RWNLE in relation to financial trouble and problems. Very poor comparison on your part. No DD-you just picked two penny stocks and posted them as your example.
You shouldn't be pumping this stock you are very lame.
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I'm starting to think you have some agenda with this company HORNS. For someone who doesnt like it you have alot of interest in seeing it fail. QBID & CMKX are in much worse financial shape then this little guy.
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USF-11 Just trying to carry on a rational communication with you. Where is the proof that QBID and CMKX are in worse financial shape.
Please post it and I will surely repent from seeking facts from your posts.
By the way, I own shares and have held it for a while. I just don't like pump and dump stocks and am really hoping this is not one of them.
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LBTT, now LBTN was at .00017/.0022 for months and had no sales and lots of debt, but they had a cancer breast detection test plus surgical scaples where the blade would flex if too much pressure was applied. It was tested in hospitals and the doctors loved the scaples. It had applied for the European approval of the FDA and had been told that eveything looked ok and that they would be getting the approval, but that it might take months. Well they finally got their approval and withing tree weeks the price was at .035 a 1,500% advance. At the time the discussions on this board covered pages and pages and there were many people saying don't buy it, that if it was a scam and one way to tell was that they had no sales (dhuu) and they were not a going concern. This was about a year ago.
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Here's another one. The name of the company is a weird one: Boots & Coots. But it was the fire fighting company built by the ledgendary oil well fire fighter Red Adair. The symbol, appropriately enough, is WEL. Prior to the Irag war it was saying that it might have to file for bankruptcy and was selling for .15 But as people started to realize that we were going to invade Iraq, the speculation started the Hussain might set fire to the oil wells to obscure the area against allied air attacks. It was known that WEL would be the go to company because of its expertise in putting out oil well fires such as the ones in Kuwait. But people said, hey they were getting ready to file for bankruptcy, you would be crazy to buy the stock. Well, as the invaision drew closer the price of the stock climbed and went to the $2.50 area, even spiked much higher intraday. But even at $2.50 that was a +1,650% rise. So these seem to indicate that in low priced stocks, you have to consider the prospects. In higher price stocks, you do earning analysis etc. But how many higher priced stocks go up over 1,000%? Of course, pink sheet and bullitin board stocks are very speculative, but they can be spetacular. Of course you have to do your DD in order to find these few spetacular plays. I bought the two above, but I also bought CMKX at .0001 and saw it go to .0012 and then rode it back down to .0001 I count that as a learning experience. Once it reached .0012 and started edging back down, I should have sold 10% at .0010 to break even, or better yet sold 20% and I would have doubled my money and still have had 80% of my shares left.
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Oh, I forgot to add, the stock is up 23% on 21 million shares. Considering the float, that is a large volume. I have no idea why so many shares have been trading on up ticks the last week or so, but it could mean that somebody knows something. That in itself could be a reason to buy the stock, but people would have to remember that it tends to back way off after strong up days, especially towards the end of the week.
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