WLD, it's just amazing the gall people like Dan Hoyng have to do the things they do to shareholders. And then when people speak up about it on message boards they toss SLAPP suits on them.
Here is very good post on RB by "philthese" that sums up recent events:
►► DD For New Investors! ◄◄
Articles to read first:
stockpatrol.com
stockpatrol.com
stockpatrol.com
stockpatrol.com
stockpatrol.com
stockpatrol.com
stockpatrol.com
stockpatrol.com
Things to be aware of:
As of April 15, 2000 the company had 12,841,353 shares outstanding, and at the present time (5-25-2001) according to infotopia.tv and their amended filing posted on freeedgar.com on May 24,2001, the company now has over 443 million shares outstanding up a whopping 3400% in just over one year, and that is without performing any stock splits. On top of it all as management (namely Dan) had said that they were still holding and even buying more shares it was also filed that they had or was planning to sell every single share except 10,000 (token) shares. Also the company has a provision for 30 million preferred shares that when issued can be converted into common shares at a 20:1 ratio. They also hold voting power at that ratio. So while there maybe 443 million shares outstanding it still can be outvoted by management holding the 30 million preferred shares (they equal 600 million common or a possibility to have 1.1 billion shares outstanding). On 3/27/2001 the company filed to register to sell 243 million shares, also giving the people on the receiving end of those shares a license to short them as outlined in the filing on that date. At the end of 2000 the company held a whopping 26 million dollar loss, and accumulated deficit on the range of 36 million dollars. With a profit of 1.6 million dollars in the first quarter that still leaves them in the hole 34.4 million dollars. Read posts on ragingbull.com made by IFTPONE who either is the ceo of this company, or actually is someone pretending to be. He has made numerous posts and comments about things that would and would not happen with the company, which has and has not happened (i.e. stock buyback (not happen, too busy diluting I guess), no dilution (did happen), made certain revenue predictions that were repeatedly missed just weeks later). I will refer you to past pr’s released by the company. Also the company “claims” to have a .01 eps, but that was overstated by 20%, it was overstated much like many revenue predictions:
On Tuesday February 6, 2001 the company said this:
“Infotopia Announces Revenues for the Month of January; Company Reports January Profit of Over $1.8 Million; Company Expects to Report First Quarter Sales in Excess of $30 Million”
“ Infotopia, Inc. (OTC BB: IFTP), today announced revenues for the month of January totaled over 8.0 million (unaudited) with a profit for the month in excess of 1.8 million”.
Why was the January profits 1.8 million and the profit at the end of the quarter 1.6 million? Remember this is only January’s totals, the ambiguities get better.
On Thursday February 15, 2001, the company had this to say:
“Infotopia, Inc. (OTC BB: IFTP), announced today that the revenue from its various products is exceeding earlier projections for the 1st quarter 2001.
"With January's gross revenue exceeding 8,000,000.00 and February on track to exceed 12,000,000.00, with the actual revenue exceeding 5,000,000.00 for the past two weeks, and the addition of significant orders for international and non television distribution areas which were taken during the past week and will ship later this quarter, our success for this period is growing. We expect to exceed 34,000,000.00 in gross revenue for 1st quarter 2001," says, Infotopia President Ernest Zavoral.”
WOW, raised their quarterly estimates again. But for some reason in the end the numbers just don’t add up? I wonder why that could be. Could it be they never actually had those numbers?
On Tuesday March 6, 2001 they had this to say:
“Infotopia, Inc. (OTC BB:IFTP) reported today that, for the calendar month of February 2001, it exceeded twelve million dollars in gross sales (unaudited) with a projected pre-tax net profit margin holding at about eighteen percent”
Wow an 18% profit margin? That would give February a 2.1 million dollar profit, yet once again I point you to the quarter end filings (that can be found at freeedgar.com) where they only had a 1.6 million dollar profit on a less than 7% profit margin.
And once again on Friday March 16, 2001 they said this:
“Infotopia, Inc. (OTC BB: IFTP) ("Infotopia"), announced today that it has once again topped its previous record for weekly gross revenue with the sales for the week ending March 11, 2001 exceeding 3,000,000.00 (unaudited).”
Where did all this money go from the bottom line for the quarter? Did some auditors come in and skim some off the top to line their own pockets, or did Dan?
On Monday March 26, 2001 IFTP said this:
“Infotopia, Inc. (OTC BB: IFTP) ("Infotopia"), announced today that it has once again topped its previous record for weekly gross revenue for the week ending March 25, 2001 exceeding 3,500,000.00 (unaudited) in Gross Revenue”
They claim to be making all this money, but its not showing up in the bottom line. Looks like smoke and mirrors to me, but it gets even better.
On Friday April 6th the company said this about their first quarter results:
“April 6, 2001--Infotopia, Inc. (OTCBB: IFTP), a direct response marketing and consumer product company, today announced its results for the first quarter ended March 31, 2001. Infotopia, Inc. reported gross sales of 26.2 million, an increase of 3015 from 871,268, for the first quarter of fiscal 2000. Net income for the first quarter of 2001 was 3.4 million or 0.02 per diluted share”
Still the numbers and the bi-weekly projections don’t match up, but there is still more smoke and mirrors to come.
On Tuesday May 8, 2001 the company came out with its “final revision” of quarter number one’s earnings:
“After review and adjustments by the auditors, revenues for the three months ended March 31, 2001 were 23,923,000 compared to 0 for the same year ago period. Net income for the first quarter ended March 31, 2001 was 1,562,000, or 0.01 per basic and diluted share, compared to a net loss of 1,028,000 or (0.25) per basic and diluted share. Infotopia did not conduct operations during the first quarter ended March 31, 2000”
“After review and adjustments by the auditors?” That’s weird because the filings were unaudited.
On May 6, 2001 the company had this to say:
Infotopia, Inc. (OTC BB: IFTP) ("Infotopia"), today announced that the Body By Jake Bun and Thigh Rocker is once again the 1 infomercial in the country as noted by Infomercial Monitoring Service (IMS) Inc.'s National Cable Rankings. Additionally, the company's recently launched Total Tiger show has already reached 16 and is steadily climbing the charts.
What the company failed to mention is that those ratings are NOT based on viewership, or how may items bought, but rather how many times the infomercial was shown and how much money was spent for those time slots.
Oh and by the way, IFTP is run out of a house, and dilution has far outpaced any earnings.
Many longs on the board claim this stock is being heavily shorted by people on the board. Truth is, unless you are from a different country, one of the people on the receiving end of the 243 million shares or has an offshore account, you cannot short stocks on the OTC: BB.
Most people on this board will claim I am paid, well I am not. I am not compensated in shares or cash from anyone. I am not short this stock, and I do not own nor day trade this stock. I have never traded or owned 1 or more shares of this company.
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