You don't have to agree with everything I post on this message board. I also don't have an obsession with Ms. Ta. In Latteno's organizational chart, she listed as the COO of the MJ unit. This means that the performance of the units falls on her shoulders unless you are implying that she should get paid without being accountable to shareholders and the company for anything.
This how the real world works, when persons accepts management positions in companies, they are expected to produce and be held accountable to upper management and shareholders for the performance of the units under their supervision. No matter what subordinates do, they are still responsible for the outcomes of their units. The buck stops with them. I did not make the rules up.
This is also a broad discussion which includes organizational structures, management styles, communication, accounting, marketing, nonprofits, for profits corporations, taxes, financial reports, etc.... These are the subjects that form the basis for research on this company.
The IR rep may not have known the answer to many questions about the accounting of this company. This is really a very complex subject because we are discussing a for profit corporation combined with nonprofit subsidiaries. Accountants and attorneys are also navigating through these complex issues to find the best answers for their clients.
The issue also becomes more complex when nonprofit assets are controlled and managed by for profit corporations. This may be even more complex when the for profit entity is a publicly traded company with a duty to provide material information to its shareholders. I don't think the company will report much from the nonprofits either. If so, these may be off balance sheet entries for information only.
The IRS is now giving accountants some guidance on these issues. This is important because state and federal tax exempt status of nonprofits may deffer. Again, this is a very complex subject and it is well beyond the scope of discussions on this message board. I will be watching the issue. The sector is good for business students to follow.
The company has not incorporate any of the nonprofit metrics into the financial statements. I am also not sure how they will treat these items. The structure is really a hybrid where the pubic for profit entity is the parent of the nonprofits units. I am not sure how they will address this issue to allow this nonprofits to maintain tax exempt status. In any case, the financing of these businesses should show in the financial. The company may address some as off balance sheet entries but the information needs to be given to shareholders for more transparency of the company's operations. If not, this could lead to problems down the road.
Maybe this is, in part, what is holding up the report. The CEO stated the company would add this information the financial reports this quarter without really studying it. Looking at it, I think they will have to separate the nonprofits completely from for profit entity. With this, the nonprofits would have to invest in LATF to benefit shareholders. If not, Ms, Ta would likely start increasing her salary long term from nonprofit earnings.
Some of this is just the trading specialist trying to maintain the stock. The underlying issue with this stock is coming from an insiders at the company. The trading specialist or market maker is trying to figure out what is going on to with the person(s) at this company. They are two independent but dependent event, meaning the MM needs news from the company to effectively do his/her job. One person is causing the problem for everyone else here and she is doing one thing after another. Maybe shareholders should get the facts. Contact the company to inquire about Ms Trina Ta, the COO and the performance of her units. This also means for her to list, in detail, all transactions that are material to the company and its shareholders. This should also include her due diligence and business reports of companies before she bought them. The CEO is aware of what information shareholder need from her. He was providing this information to shareholders before she came to the company. For example, he was listing the parties to financial transactions, share amounts received in consideration for funds or assets before she came to the company.
We have already established that the company has a pattern of filing late reports. In fact even when a report is revised later it is late because it is the only report that means anything to shareholders. The report is not filed yet, someone is holding it up. From the looks of it, someone has to be completely incompetent at the company or this are intentionally holding up the report to create a negative perception for certain shareholders. There is one person responsible for doing this and my bet is on Ms Trina Ta, the COO.
I already contacted the company before all this to inform management that she would play this game because shareholders are now questioning her the performance MJ units. Its really simple, we are dealing with a person who does not have the experience to run a start up MJ business. But she is aware of the earnings potential for the unit, so she does not want to give it up. Therefore, she will do anything to get rid of shareholders who cause problems for her. Even on a small scale, a MJ unit can produce good money for insiders, especially when it has the financial backing of a profitable seafood business. Shareholders really need to go after her. Note too: She does not even show a picture of herself anywhere on the sites.
DD, there nothing wrong with speculating on events but you should be careful on what you state on these message boards. It is also good to know the audience you are writing to, some small investors may not understand halts for news. I have held several stocks that had temporary halt before news companies announcements (good and bad news). I also believe small investors should do their research and due diligence on companies, especially OTC penny stock companies, before investing in them. A part of this process may include contacting the company and/or its officers for information. I also don't mind contacting regulators if I need answers to certain questions about a company. It is not personal but a part of how I perform DD on companies. So far, I have not found anything really wrong with this company. The exception is with Ms. Ta who is in charge of the MJ unit. Seems like she is inexperienced in running a the unit as apart of a public for profit company.
This is also about getting the facts so investors can make an investment decision. This is not about spreading negative assumptions of an event that will not happen or there has never been a history of it happening on the stock.
Your point Material is exactly what I have been talking about the whole time. The CEO and COO should be able to provide shareholders with information that material to them. This includes: Contracts, partnerships, share issues, share amounts, to whom the shares were issued in consideration for what assets. The new assets should also be listed on the balance sheet as cash, long term or short term investments, properties, intangibles, etc... Shareholders should be left to guess about these events, agreements and transactions. The CEO and COO should know who they issued shares to, the amount of shares, the assets acquired, They are the source for this information not a Yahoo message board.
Shareholders and the company need to question Ms,Ta about her projects. If she can't give them the information....there needs to be a change material to shareholders. I don't know of one job in the world where a manager can issue a couple billion shares to third parties and not have to explain to anyone the transactions or projects.
DD the point I am making here is the company has filed late in the past. The REVISED was also late. I would think something was wrong here if the company did not have a pattern of filing late reports. Two or three, is a pattern. The latest late report confirms this pattern. Someone at the company needs to get their act together.
I am also point the finger at Ms. Ta who has done several things in the past six months with the websites and press releases for her unit. Problems are from her MJ unit not the seafood business. Note: the CEO stated the he would start to report on her MJ unit, now we have this big delay in the report. Why? Ms. Ta is holding up the report. She likely does not want the CEO to report on her unit this quarter.
To be honest, the company did not have to issue all those shares. The problem is Ms. Ta, the COO, did not know much about acquisitions, marketing and how to start a MJ business. Instead of admitting to her mistakes she seems to be trying to force shareholders out who ask important questions. DD is right, there should be an announcement on a change that is material to shareholders.... a change in management. I don't see shareholders via management paying someone to only see their stock values go down. The only reason I see this is nepotism or she is in bed with someone at the company.
There really should be a change here. There can only be two changes at the company; we could have a change of management or we could see the company separating its seafood and MJ operations to form two companies with a reorganization of management. The combining of for profit and nonprofit companies seems to work better for parent nonprofit organizations. It is really questionable whether or not the reverse is true unless the nonprofits are completely separate from the for profits companies. Nonprofits can purchase the securities of the for profit entity in the second case. In the first, for profit companies can finance nonprofits but shareholders can not receive some benefits, such as, distribution of earnings or dividends from in nonprofits. Earnings have to go back into the nonprofits. The company needs to be clear on its structure and shareholders need to demand that they get it right, so it will benefit them in the long run. Now is the time to ask questions.
The adopting release also includes a list of information that,
if disclosed, would likely be considered material [to shareholders]:
• earnings information (including historical or
• mergers, acquisitions, tender offers; joint
ventures or changes in assets;
• new products or discoveries;
• developments regarding customers or
suppliers, such as the acquisition or loss of a
• changes in control or management;
• change in auditors or auditor notification that
an issuer may no longer rely on an auditor’s
report;• defaults on senior securities;
• stock splits or dividends;
• redemption or repurchase of securities;
• public or private sales of securities. Morrison & Foerster LLP, 2014
This is an important point you brought up. Shareholders have a right to full disclosure (FD) when these events occur. This is also why I suggested that shareholders should contact Ms. Ta and the company for FD of her transactions. They have a right to know.
LATF - 2013 - Annual Disclosure Statement - Revised Published: Apr 29, 2014 Period End: Dec 31, 2013. Here is one report. The company had 90 days after the end of its fiscal year to post this report but it did not do so until after the time expired.
It next had to file: Attorney Letter with Respect to Current Information - Legal Opinion.
LATF - Quarterly Financials - 30June13 Published: Oct 09, 2013 Period End: Jun 30, 2013. The company was late again. It had 45 days after the quarter ended to file this report.
It never filed a 'Notification of Late Filing' either within 5 days after the 45 days expired.
Two reports they did file on time one was from the 2nd Q 2014 but now it is late again. No new nasty gram from the OTC because it did filed reports in the last 12 months. It just maintains a yield sign for not being current.
First of all, what material change are your referring to. Second, I stated that the company filed late 2 of 3 of the last filings. Third you claimed that you will not buy anymore shares and then you started posting about a halt on news. Halt on what news? How many days does the company have to file its quarterly and annual reports after the periods end? Finally, how many times has this stock been halted for announcements of material change (define what you mean by this term). None in the past six months. Subjects that are material to shareholder are contracts, partnership, acquisitions, mergers, hiring of new officers or directors, issue of stocks, etc....The company has announced or did a few of these things in last 12 months and to my knowledge there has NEVER been halt on this stock.
Sometimes I wonder if you are for or against this stock. First, you start posting about a reverse split. Now, your posting about a halt. These are the same words that negative posters use to promote investor fear. Also. this company has reported late two of the last three times. This is nothing new. The only time it reported on time is when regulators were on the sector in the second quarter ending 2014.
Do you know the term 'finesse con artist'. This is a person who convinces 'marks' that he is trying to help them while finessing them out of their money. Sure you are long but think the company will do a R/S and there will be a halt on news. Most longs never post these types of statements. Negative posters who want price down do all the time. Are you for or against this stock. You can't serve two masters here.
This company always reports its Quarterly and Annual reports late. The only exception is the second quarter ending 2014 when regulators were on the sector. It is also notorious for not filing a 'Notification of Late Filing' after it goes over the 45 days quarterly or 90 days annual requirements. The delay is nothing new for this company. Our fear mongering posters know this fact.
Why do people keep posting metrics from Scottrade. To be fair, post all the current metrics from Scottrade to include revenue, earnings, debt, etc... I would like to see what numbers the feeders over there posted on its site. I will be waiting, take your time. Let start with the last two quarters.
Well said. These boards really should be forums for investors and shareholders to discuss issues that relate to companies and the sectors. They also should be place for investors to learn about business, the sectors, models, trading, etc...I think this was Yahoo's intent in the when it developed these message boards. Problem is some scam artists realized it was a forum to rip off small honest investors who want to have meaningful discussions about stocks and learn how to trade them. Associated with this is an effort to target and short against small investors buy orders while permeating boards with negative comments about companies. This fear mongering/doom and gloom posts have essentially destroyed the spirit of the boards. Investors can't start a discussion about anything without someone posting unwarranted negative comments about the companies, the sector, management, or them (personal). I mean the same group doing this everyday. They are not just being nasty either, they have a motive here. They are trying to make money from small investors on these boards. How much aggregated buying power do small investors have who visit these boards. I am guessing in the millions of dollars. From reading your post, I would imagine that you have a couple hundred thousand yourself or traded this much over time. Now you may become a target for these scam artists.
This is also a good sector to study for business students and professionals. Most of is will likely never see these types of arguments and business developments again in our life time. This subject touches on every aspect of business, such as, banking, law, accounting, marketing, economics, politics, etc... This a good argument to engage in for business people.