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MIAMI, Jan 09, 2006 (BUSINESS WIRE) -- Green Mountain Capital Inc. (OTC Bulletin Board: GMCI), has authorized its common shares to be reverse split, effective January 11, 2006, on the basis of 1000 old shares for 1 new share. This authorization was approved by the stockholders in March 2005. The common shares outstanding after the effective date of the reverse split will be 899,089.
Posts: 294 | From: CANADA | Registered: Mar 2005
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posted
So now GMOC And GMCI , what happens , GMOC sotck is 0.20 asking 1.02 , sowhat doesnt athat mean
Posts: 229 | From: canada | Registered: Oct 2005
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quote:Originally posted by redelmo19: So now GMOC And GMCI , what happens , GMOC sotck is 0.20 asking 1.02 , sowhat doesnt athat mean
It means there used to be almost 900 million shares of this stock, now there's 900,000 about -- a reduction by a factor of 1000. Which means your shares were reduced by a factor of 1000, and the price was raised by a factor of 1000.
The bid is .20, which means if you want to sell it RIGHT NOW, you would get a selling price of .20 x (the amount of shares you own). If this is not acceptable to you, you could try higher. After all, the last sell price of this stock was .30
(correction the bid just rose to .40, so you could get that now, or possibly .45)
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HEY GMOC IS KICKING ASS , ITS GOING UP , so everyone will have a 500% gain whoever had GMCI
Posts: 229 | From: canada | Registered: Oct 2005
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posted
Usually when pennies and pinks go through a reverse split, they also change their symbol to reflect a change in business, direction, or simply to make it easier to scam new investors. American Fire Retardant is a good example.
It's going up because there's so few shares of the stock atm, which makes for a lot of buying pressure -- however, if the company is a scam, they dump shares on the market, which makes the price collapse -- which is why most traders lose money with reverse splits. Some reverse splits are good though, occasionally.
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quote:Originally posted by redelmo19: Hey why is the ask1.02 ?
The ask was 1.02, now .75 because probably the MMs dont want it to run. They probably dont own a lot of shares and they figure if someone really wants this stock badly enough, they'll pay the high price. Usually there's a big spread on a stock when the MMs dont want it to move. That's how they make their money -- buying on the bid and selling on the ask.
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For the three and nine months ended October 31, 2005, the Company had no business operations, and, therefore, no revenues, as it had not for the three and nine months ended October 31, 2004.
The Company's operating expenses consist primarily of general administrative fees and professional fees. The Company's operating expenses for the three and nine months ended October 31, 2005 were $3,288 and $735,052 as compared with $2,348,519 and 3,861,213 for the three and nine months ended October 31, 2004. Such decrease in operating expenses was primarily attributable to decreases in compensation settled in stock.
LIQUIDITY AND CAPITAL RESOURCES
On November 1, 2005, the Company raised $464,000 by issuing Promissory Notes due January 15, 2005 and on December 2, 2005 the Company issued an additional $1,050,000 of said Notes. Interest accrues on the Notes at the rate of 8% per annum. Prior to December 15, 2005, the investor has the right to convert the Note to shares of common stock of the Company pursuant to an equity for debt formula to be established. None of the Notes have been converted to shares of common stock. The Notes are due and payable on January 15, 2005.
For each $2 of Notes issued, the investor was to receive 2 shares of common stock. There are no registration rights associated with the common stock. The Notes and common stock were issued pursuant to an exemption from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.
We are currently negotiating with Cayman Lender, Ltd., a Cayman Islands corporation, for working capital advances to be provided to us in exchange for shares of our common stock.
Our revenue is currently insufficient to cover its costs and expenses. While we have raised capital to meet our working capital and financing needs in the past, additional financing is required in order to meet our current and projected cash flow deficits from operations and development. We are seeking financing in the form of equity in order to provide the necessary working capital. We currently have no commitments for financing. There is no guarantee that we will be successful in raising the funds required.
By adjusting our operations and development to the level of capitalization, management believes we have sufficient capital resources to meet projected cash flow deficits through the next twelve months. However, if thereafter, we are not successful in generating sufficient liquidity from operations or in raising sufficient capital resources, on terms acceptable to us, this could have a material adverse effect on our business, results of operations, liquidity and financial condition.
We anticipate that our current financing strategy of private debt and equity offerings will meet our anticipated objectives and business operations for the next 12 months. We will continue to evaluate opportunities for corporate development. Subject to our ability to obtain adequate financing at the applicable time, we may enter into definitive agreements on one or more of those opportunities.
OUR INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS HAVE STATED IN THEIR REPORT INCLUDED IN OUR JANUARY 31, 2005 FORM 10-KSB, THAT WE HAVE INCURRED OPERATING LOSSES IN THE LAST TWO YEARS. THESE FACTORS AMONG OTHERS MAY RAISE SUBSTANTIAL DOUBT ABOUT OUR ABILITY TO CONTINUE AS A GOING CONCERN.
OFF BALANCE SHEET ARRANGEMENTS
The Company does not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on its financial condition, revenues, results of operations, liquidity or capital expenditures.
[ January 12, 2006, 10:21: Message edited by: Phoenixx ]
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posted
The bid is now .50...if you're making a profit, you should take some stock off the table, that is, sell some, keep the rest -- if you want to play it both ways. That's the best advice I can offer.
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posted
Heh, glad it worked out for you. The vast majority of penny/pink sheet stocks burn their investors with reverse splits -- people panic and get out, or the company starts diluting immediately, which drops the price into the crapper.
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posted
Yeah i know the price went up 3 times from what i bought it I love these companies Posts: 229 | From: canada | Registered: Oct 2005
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Yeah I have Scottrade as well. They seemed a bit slow (2 days?) in converting shares during a reverse split I was in once.
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quote:Originally posted by 18wheels: I know this is OT, but how do i rate a member i like ?
Click on their name, then it'll load their profile page, then you will see the rating option on the right-hand side.
Not everyone displays their rating (so you wont be able to rate them) because of the abuse in the past. Vindictive people slamming good posters and others just pumping up their own ratings or their friends for the heck of it.
<shrugs>
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Excellent. GMCI RULES
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