[PLNI]: The "Accountant" and his false and misleading statements
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It appears that "jim stop loss", the Accountant, shows very few traits of a trained accountant and lacks a true attention to detail, especially when reviewing and commenting on financial statements that are filed with the SEC and on the form 15c2-11 with pinksheets.com.
In order to appreciate the naiveness of this "Accountant", this is what he said about a certain scam company that was an obvious fraud for years and in which the SEC has now suspended all trading of its stock: "...I got bit pretty well on CMKX and have joined the taskforce and receive their e-mails..."
Below you will find a sample of false and misleading statements by this "Accountant", with comments by the_worm06 in bold and parenthesis:
1.
Posted by: jim stop loss
In reply to: shortsinthesand who wrote msg# 11662
Date:6/14/2006 10:50:28 AM
Post #of 11667
"...At the end of first quarter of '06, the financials showed no increase in the outstanding that I can remember..."
(According to the 15c2-11 filed by PLNI with pinksheets.com, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
2.
Posted by: jim stop loss
In reply to: nanopatent who wrote msg# 11835
Date:6/19/2006 2:55:26 PM
Post #of 11838
"...Nano, for PLNI to have earnings of .10 per share at 5 billion shares, they would need a net income of $500 million with sales (assuming a PBT of 15% which is high for a mfg company) of $3.125 billion dollars..."
(jimstoploss is falsely using pre-tax profits as the numerator in order to calculate Earnings per Share instead of Net Income after taxes)
3.
Posted by: jim stop loss
In reply to: state780 who wrote msg# 11961
Date:6/22/2006 2:35:05 PM
Post #of 11975
"...I thought that there was dilution occuring during the 1st quarter but according to what was released by PLNI, the outstanding remained the same..."
"...The one point that I did like was the ability of the company to get through the first quarter start-up without additional dilution..."
(According to the 15c2-11 filed by PLNI with pinksheets.com, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
4.
Posted by: jim stop loss
In reply to: rrm_bcnu who wrote msg# 12147
Date:6/27/2006 10:32:58 AM
Post #of 12207
"...rrm, good post. I have to admit that I really laughed out loud when I read it. Being fairly conversant with basic stock definitions, I never thought that anyone would consider that the rest of the preferred would be convertable at that rate. That is funny..."
(jimstoploss agrees to false and misleading statements made by rrm_bcnu regarding Preferred Stock and authorized common shares. rrm falsely stated that Class A Preferred Stock normally does not have voting rights compared to Class B shares and that PLNI could never increase its common shares beyond the current 13.5 billion common shares authorized, forgetting that the one man BoD of PLNI could increase the authorized common shares easily with a day's notice)
5.
Posted by: jim stop loss
In reply to: rrm_bcnu who wrote msg# 13289
Date:7/13/2006 3:40:26 PM
Post #of 13292
"...Another indication of the company going forward is quarter one financials. These are also published, whether audited or not, under penalty of law for any publicly held corporation.Quarter one says a lot about reality. JT got through the first quarter using good business practices when it would have been easier to increase the outstanding common stock..."
(What good business practices? PLNI lost $9.4 million on only $1.8 million in revenue during the first quarter 2006. According to the form 15c2-11 filed by PLNI with pinksheets.com, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, worth $8.7 million, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
6.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 13489
Date:7/19/2006 11:59:07 AM
Post #of 13499
"...As of April of 2006, according to the 10K filed with the SEC, there was no additional dilution. I felt that PLNI had done an exemplary job of getting through a large production ramp-up (according to their quarter one sales as released in the unaudited 1st quarter statements)without additional dilution..."
(According to the 15c2-11 filed by PLNI with pinksheets.com and 10-K filed with the SEC, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
7.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 13966
Date:8/1/2006 11:14:40 AM
Post #of 13988
"...So far, PLNI has met the initial start-up quarter without dilution..."
(According to the 15c2-11 filed by PLNI with pinksheets.com and 10-K filed with the SEC, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
8.
Posted by: jim stop loss
In reply to: state780 who wrote msg# 13983
Date:8/1/2006 2:30:18 PM
Post #of 14006
"...The stockholders are not the primary consideration of any corporation..."
(The stockholders, as owners of the corporation, should always be the primary consideration of any corporation. Period.)
9.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 14000
Date:8/1/2006 2:57:36 PM
Post #of 14007
"...Capn, look at the acquisition costs and do your math and I stated previously that "except for the acquisitions" there appears to be no dilution..."
(During the period January 2005 to March 31, 2006 alone, PLNI issued 3.6 billion common shares worth $36 million to James N. Turek, Sr, the CEO of PLNI, who then proceeded to sell most of the shares and loan back only about $7 million to PLNI, which has only used about $3.2 milion in cash payments for its acquisitions so far)
10.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 14000
Date:8/1/2006 8:57:48 PM
Post #of 14032
"...Capn, the stock increase during the first quarter was to JT. Not into the float..."
(According to the 15c2-11 filed by PLNI with pinksheets.com, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, worth $8.7 million, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
11.
Posted by: jim stop loss
In reply to: hiflyer14 who wrote msg# 14012
Date:8/1/2006 9:12:39 PM
Post #of 14032
"... But, he owns the company. He is the chairman of the board and the only board member. Also, the majority stockholder. He can do as he pleases as long as the SEC allows him to do it, registered or not..."
(James Turek, the Chairman of PLNI does NOT own PLNI, as of the date of this post the publicly available documents show that Turek owned about only 250 million of the 6 billion common shares outstanding and owned Preferred Stock convertible into another 7.3 billion common shares. He cannot do as he pleases, he has a fiduciary duty to attempt to run PLNI in a fair, responsible and reasonable manner to create shareholder value for the other stockholders of PLNI. The SEC might allow Turek to do as he pleases, until, of course he is charged with any violations of SEC regulations)
12.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 14443
Date:8/8/2006 11:09:08 AM
Post #of 14474
"...Growth is happening, Revenues are increasing (according to Pro-Mold's last release), Loss is decreasing (as a matter of course with increased production, sales and economies of scale), and this all costs money..."
(The Loss is not decreasing - it is INCREASING. According to the 15c2-11 filed with pinksheets and the 10-K and 10-Q's filed with the SEC, the first quarter 2006 Net Loss INCREASED when compared to the same quarter in 2005, both with and without the adjustment of the "beneficial interest" paid in compensation)
_____________________________________________
.
.
It appears that "jim stop loss", the Accountant, shows very few traits of a trained accountant and lacks a true attention to detail, especially when reviewing and commenting on financial statements that are filed with the SEC and on the form 15c2-11 with pinksheets.com.
In order to appreciate the naiveness of this "Accountant", this is what he said about a certain scam company that was an obvious fraud for years and in which the SEC has now suspended all trading of its stock: "...I got bit pretty well on CMKX and have joined the taskforce and receive their e-mails..."
Below you will find a sample of false and misleading statements by this "Accountant", with comments by the_worm06 in bold and parenthesis:
1.
Posted by: jim stop loss
In reply to: shortsinthesand who wrote msg# 11662
Date:6/14/2006 10:50:28 AM
Post #of 11667
"...At the end of first quarter of '06, the financials showed no increase in the outstanding that I can remember..."
(According to the 15c2-11 filed by PLNI with pinksheets.com, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
2.
Posted by: jim stop loss
In reply to: nanopatent who wrote msg# 11835
Date:6/19/2006 2:55:26 PM
Post #of 11838
"...Nano, for PLNI to have earnings of .10 per share at 5 billion shares, they would need a net income of $500 million with sales (assuming a PBT of 15% which is high for a mfg company) of $3.125 billion dollars..."
(jimstoploss is falsely using pre-tax profits as the numerator in order to calculate Earnings per Share instead of Net Income after taxes)
3.
Posted by: jim stop loss
In reply to: state780 who wrote msg# 11961
Date:6/22/2006 2:35:05 PM
Post #of 11975
"...I thought that there was dilution occuring during the 1st quarter but according to what was released by PLNI, the outstanding remained the same..."
"...The one point that I did like was the ability of the company to get through the first quarter start-up without additional dilution..."
(According to the 15c2-11 filed by PLNI with pinksheets.com, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
4.
Posted by: jim stop loss
In reply to: rrm_bcnu who wrote msg# 12147
Date:6/27/2006 10:32:58 AM
Post #of 12207
"...rrm, good post. I have to admit that I really laughed out loud when I read it. Being fairly conversant with basic stock definitions, I never thought that anyone would consider that the rest of the preferred would be convertable at that rate. That is funny..."
(jimstoploss agrees to false and misleading statements made by rrm_bcnu regarding Preferred Stock and authorized common shares. rrm falsely stated that Class A Preferred Stock normally does not have voting rights compared to Class B shares and that PLNI could never increase its common shares beyond the current 13.5 billion common shares authorized, forgetting that the one man BoD of PLNI could increase the authorized common shares easily with a day's notice)
5.
Posted by: jim stop loss
In reply to: rrm_bcnu who wrote msg# 13289
Date:7/13/2006 3:40:26 PM
Post #of 13292
"...Another indication of the company going forward is quarter one financials. These are also published, whether audited or not, under penalty of law for any publicly held corporation.Quarter one says a lot about reality. JT got through the first quarter using good business practices when it would have been easier to increase the outstanding common stock..."
(What good business practices? PLNI lost $9.4 million on only $1.8 million in revenue during the first quarter 2006. According to the form 15c2-11 filed by PLNI with pinksheets.com, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, worth $8.7 million, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
6.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 13489
Date:7/19/2006 11:59:07 AM
Post #of 13499
"...As of April of 2006, according to the 10K filed with the SEC, there was no additional dilution. I felt that PLNI had done an exemplary job of getting through a large production ramp-up (according to their quarter one sales as released in the unaudited 1st quarter statements)without additional dilution..."
(According to the 15c2-11 filed by PLNI with pinksheets.com and 10-K filed with the SEC, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
7.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 13966
Date:8/1/2006 11:14:40 AM
Post #of 13988
"...So far, PLNI has met the initial start-up quarter without dilution..."
(According to the 15c2-11 filed by PLNI with pinksheets.com and 10-K filed with the SEC, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
8.
Posted by: jim stop loss
In reply to: state780 who wrote msg# 13983
Date:8/1/2006 2:30:18 PM
Post #of 14006
"...The stockholders are not the primary consideration of any corporation..."
(The stockholders, as owners of the corporation, should always be the primary consideration of any corporation. Period.)
9.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 14000
Date:8/1/2006 2:57:36 PM
Post #of 14007
"...Capn, look at the acquisition costs and do your math and I stated previously that "except for the acquisitions" there appears to be no dilution..."
(During the period January 2005 to March 31, 2006 alone, PLNI issued 3.6 billion common shares worth $36 million to James N. Turek, Sr, the CEO of PLNI, who then proceeded to sell most of the shares and loan back only about $7 million to PLNI, which has only used about $3.2 milion in cash payments for its acquisitions so far)
10.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 14000
Date:8/1/2006 8:57:48 PM
Post #of 14032
"...Capn, the stock increase during the first quarter was to JT. Not into the float..."
(According to the 15c2-11 filed by PLNI with pinksheets.com, PLNI issued 1.27 Billion common shares to James N. Turek, Sr., its CEO, during the first quarter of '06, worth $8.7 million, who then proceeded to sell at least 1.0 billion shares by the end of the first quarter of '06)
11.
Posted by: jim stop loss
In reply to: hiflyer14 who wrote msg# 14012
Date:8/1/2006 9:12:39 PM
Post #of 14032
"... But, he owns the company. He is the chairman of the board and the only board member. Also, the majority stockholder. He can do as he pleases as long as the SEC allows him to do it, registered or not..."
(James Turek, the Chairman of PLNI does NOT own PLNI, as of the date of this post the publicly available documents show that Turek owned about only 250 million of the 6 billion common shares outstanding and owned Preferred Stock convertible into another 7.3 billion common shares. He cannot do as he pleases, he has a fiduciary duty to attempt to run PLNI in a fair, responsible and reasonable manner to create shareholder value for the other stockholders of PLNI. The SEC might allow Turek to do as he pleases, until, of course he is charged with any violations of SEC regulations)
12.
Posted by: jim stop loss
In reply to: Captain James Kirk who wrote msg# 14443
Date:8/8/2006 11:09:08 AM
Post #of 14474
"...Growth is happening, Revenues are increasing (according to Pro-Mold's last release), Loss is decreasing (as a matter of course with increased production, sales and economies of scale), and this all costs money..."
(The Loss is not decreasing - it is INCREASING. According to the 15c2-11 filed with pinksheets and the 10-K and 10-Q's filed with the SEC, the first quarter 2006 Net Loss INCREASED when compared to the same quarter in 2005, both with and without the adjustment of the "beneficial interest" paid in compensation)
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posted by the_worm06 | 8/12/2006 01:39:00 AM
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