Ann: Retraction of Announcements, page-22

So here’s my analysis of what happened so far, @$pongeBob thank you for previous posts, I referred to them in the below instead of rehashing

- MYQ listed August 2015 at 20c; for a very long time it never traded over the issue price, and had no news as the app wasn’t working, management was milking the cash and paying the former CEO $240k p.a. (a lot considering the CEO had a side gig working on their own life style brand and the company wasn’t making any real progress on the app).
- In October 2016 a new Director was appointed to the Board and took over the CEO role, this new Director (and CEO) was given a salary of $295k p.a. and 10m performance shares
- now you would think that the company doesn’t need two CEOs, but the old CEO was just renamed “Execuive Director” and kept their salary, if you wonder why – its because they are what some may consider “related parties”…
- So now we have two Directors, getting paid $535k p.a. and an app that doesn’t work…
- The market saw through this, and in early October 2017 the share price hit 3c early October 2017, and cash balance was dire at $181….


So how do we keep the gift that keeps on giving alive?

EASY.

1. Get a broker to write a research report , just by change the research report overstates revenues (and not understates them); pay them a small amount of cash and give them 10c options (without informing the market)
2. Enter partnership agreements with a few parties that won’t cost you a thing but will allow you to claim you will make tens of millions of dollars in revenue (see previous posts by spongebob and myself questioning these agreements)
3. Get on HC and pump the share price
4. Share price rallies…
5. Performance shares vest (see post by spongbob about performance shares)

Share price went up from 3 cents to $1.65 based on the above, although the company had almost no cash (excluding the loan received from the Singaporean JV, on its own very bizarre terms – converting at a premium to the SP, weeks before the price magically sky rocketed) preparing it for a capital raise at a much higher price, reducing dilution and allowing management to continue getting paid, whilst the app wasn’t even working

BUT timing is everything, and with the recent GSW and BIG issues, the CR couldn’t get done, the SP plummeted and the company had to retract the research report

And here we are.