What the heck is going on over there, anyway?
Went from .0215 to .016!
So much for enjoying my golden years someday: guess I'll have to become a Wal-Mart greeter instead of eyeing the ladies while sipping espresso on the Riviera.
Another dream dashed.
The horror.
NTEK lost 95% since I bought it.
NTGL lost more than one half its value in one day today.
Yikes.
So much for the public's faith in their current video and gaming offerings.
Reboot and start over: papa needs new shoes.
Hhhhh!!! I'm seriously tempted.Quote: rxwineNow's your chance. Buy low!
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Mr. V want to sell me some?
Quote: MrVNothing like watching an elevator cable snap and take a car load of occupants screaming to their death.
NTEK lost 95% since I bought it.
.
You're a lawyer, what does this mean.
http://www.scribd.com/doc/290436169/K2-v-NTEK
Quote: EvenBobYou're a lawyer, what does this mean.
http://www.scribd.com/doc/290436169/K2-v-NTEK
I take that back. Sell!
Quote: EvenBobYou're a lawyer, what does this mean.
http://www.scribd.com/doc/290436169/K2-v-NTEK
K2 is alleging it didn't receive full compensation per contracts for services it rendered to NTEK.
I briefly looked at it. Thanks it was Interesting.Quote: EvenBobYou're a lawyer, what does this mean.
http://www.scribd.com/doc/290436169/K2-v-NTEK
K2 Communications is a leading edge production and distribution organization specializing in emerging non-traditional media programming, including Giant Screen Films for both large format and digital theaters, Video on Demand, Interactive Media, branded content and High Definition television and DVD. K2 has extensive experience supervising large-scale entertainment projects from concept to completion, and an impressive track record securing corporate sponsorship for its projects. http://www.k2communications.com/about.php?mainID=about
K2 entered into a significant contract working with NTE in 2014 agreement states a minimum of 2,500 per title per month 50% cash and 50% stock locked in at $5.24 a share.(oops)
K2 believes they are owed over 1 million dollars. 610k in cash and stock.
K2 names Aron Taylor as an acting agent of NTE as a defendant along with others .
K2 claims Taylor knew about and held back important information regarding former CEO/ CO founder David Foley's federal indictment involving mail fraud, wire fraud, and conspiracy to commit bank fraud(he plead guilty) K2 said Had they known this information they would've never signed the contract.
K2 claims that Taylor made very confident claims about Being financially strong with a solid business plan including confidants in their stock.
K2 claims that NTE knew or should've known the couldn't pay monthly and other guarantees but sounded confident they could during particular conversation.
Words like intent to induce and did induced, withheld, omitted, exploited and misrepresentation were used
K2 claims that NTE didn't provide monthly company reports as agreed to in the contract.
I don't know anything about business contracts and I haven't heard NTE's side, however from what that complaint looks like, it sounds like they have a legitimate complaint and some proof.
Naturally all of this assumes the shares actually go UP in the future.
So, never mind, move on and forget anything I said.
Quote: AxelWolfI briefly looked at it. Thanks it was Interesting.
K2 Communications is a leading edge production and distribution organization specializing in emerging non-traditional media programming, including Giant Screen Films for both large format and digital theaters, Video on Demand, Interactive Media, branded content and High Definition television and DVD. K2 has extensive experience supervising large-scale entertainment projects from concept to completion, and an impressive track record securing corporate sponsorship for its projects. http://www.k2communications.com/about.php?mainID=about
K2 entered into a significant contract working with NTE in 2014 agreement states a minimum of 2,500 per title per month 50% cash and 50% stock locked in at $5.24 a share.(oops)
K2 believes they are owed over 1 million dollars. 610k in cash and stock.
K2 names Aron Taylor as an acting agent of NTE as a defendant along with others .
K2 claims Taylor knew about and held back important information regarding former CEO/ CO founder David Foley's federal indictment involving mail fraud, wire fraud, and conspiracy to commit bank fraud(he plead guilty) K2 said Had they known this information they would've never signed the contract.
K2 claims that Taylor made very confident claims about Being financially strong with a solid business plan including confidants in their stock.
K2 claims that NTE knew or should've known the couldn't pay monthly and other guarantees but sounded confident they could during particular conversation.
Words like intent to induce and did induced, withheld, omitted, exploited and misrepresentation were used
K2 claims that NTE didn't provide monthly company reports as agreed to in the contract.
I don't know anything about business contracts and I haven't heard NTE's side, however from what that complaint looks like, it sounds like they have a legitimate complaint and some proof.
Just scanned this, but it appears K2 did no due diligence?
Trader calls off appeal for help with $106,445.56 E-Trade debt
http://www.marketwatch.com/story/trader-calls-off-appeal-for-help-with-10644556-e-trade-debt-2015-11-20?siteid=yhoof2
Quote: MrVI bought FIVE THOUSAND shares.
The horror.
just checked my acct for ntek.
my stop sell didnt go off last year?!
it was supposed to sell at $0.12.
damn it!
now it's at .012 or something ridiculous like that.
i could have been eating steak. now i have to dumpster dive.
/wrists
(i own 500 shares)
I'm a NTEK stock holder and it looks like I've been duped just like all investors and some of the employees under these criminals.
ZCore13
Who is the principal in this Royal Capital Group? The company won't say. The investor relations guy won't say. In fact whenever one of the loyal followers over on the NTEK Investors Facebook page asks he deletes or ignores their post.
It will be interesting to see if NTGL ever releases their 9/30 financial statements if they too are issuing shares to this Royal Capital Group.
Edited: Shortly after this post the NTEK investor relations guy on the NTEK investors Facebook page made an attempt to explain the Royal Capital Group transactions. He did not say though who the principal(s) of Royal are nor did he explain why the financial statements issued by NTEK do not support the issuance of this many shares.
Quote: DeanHow much was each share? For example, 5000 shares at only 10 cents a share is only $500 down,(Many gamblers lose more than twice that in a single day) but paying say $20 a share is some serious losses, adding up to a $100,000 loss.
I paid about one hundred dollars each for my two blocks of shares.
Heck, for that kind of money I could have gotten six or seven haircuts for each block.
No, I'm not really close to ruin, that was just a title tease: the loss of two hundred dollars will not cause me to jump out of a window.
This shows how penny stocks truly are the Wild West of America, where Caveat Emptor is the mantra.
I bought hoping to make a profit, obviously, but also for fun, to see what unfolds, to"have skin in the game."
I hope the company survives its current plunge into the financial abyss: not just for my sake, but also for the sake of any employees who may have taken a job offer with the company based on seemingly generous stock options or other corporate performance-related inducements.
Life really can be a gamble.
Crazy, just crazy.
*grabs popcorn, buckles seat belt*
I worked for a gaming company that's stock went from 2.9 cents to 48 cents, and then back to 0. Penny stock companies are unpredictable because they have no cash and most of the company decisions are out of desperation.
.
Good point.Quote: rsactuaryJust scanned this, but it appears K2 did no due diligence?
I didn't read all the details nor do i have a proper timeline. I'm not sure what information was public knowledge regarding David Foley. I assumed they didn't think he was going to plead guilty?
If you're not getting reports as promised why keep moving forward?
I know we discuss this company because we know so much about them and have valuable opinions on their product offering, but they are just another penny stock. These swings happen everyday with these stocks and in many cases they are fronts for fraud. Sometimes by the actual company and other times by crooks who pump and dump them.
after the news of the lawsuit broke. Headed
that way again today. Scroll all the way to
the bottom to read the message board.
http://investorshub.advfn.com/NanoTech-Entertainment-Inc-NTEK-24538/
Quote: WizardHow much would it cost to buy 1% of the company?
$15 and Starbucks mug.
ZCore13
Quote: WizardHow much would it cost to buy 1% of the company?
NTEK or NTGL?
And why would you want to?
Quote: WizardHow much would it cost to buy 1% of the company?
Market value of NTEK according to Yahoo is $9.9 million.
I believe NTEK has issued more shares of common stock than Google.
was worth $37.50, yeehaw..
Quote: DRichMarket value of NTEK according to Yahoo is $9.9 million.
I believe NTEK has issued more shares of common stock than Google.
Quote: EvenBobAt the closing bell 5000 shares of NanoTech
was worth $37.50, yeehaw..
If both these statements are true, then it would mean there are 1.32 billion shares.
Quote: WizardIf both these statements are true, then it would mean there are 1.32 billion shares.
As of 11/3 NTEK had 1.566 billion outstanding.
http://www.otcmarkets.com/stock/NTEK/profile
Quote: wellwellwellAs of 11/3 NTEK had 1.566 billion outstanding.
http://www.otcmarkets.com/stock/NTEK/profile
Wait a few days. They'll isue more to the dude in prison and rhat number will go up.
ZCore13
Without all the sarcasm can someone explain what does all this means for the gaming side of their company?
How bad is it, are they closing the doors soon?
can they just keep getting investors?
Sell the company?, would Ahigh have to go with the company ? Is there any value?
I think Ahigh said IGT was interested in their technology or something like that.
I assume Ahigh isn't commenting because either he can't or is to depressed or involved with whatever.
What are their options at this point?
Do they have the cash to settle the lawsuit?
Ps. Anyone interested in good value gaming, you really want to see Ahigh's games do well.
Quote: EvenBobThis is where the action is, 300 posts yesterday
after the news of the lawsuit broke. Headed
that way again today. Scroll all the way to
the bottom to read the message board.
http://investorshub.advfn.com/NanoTech-Entertainment-Inc-NTEK-24538/
Jesus, Magellan. How in seven hells did you navigate that disaster? I had to stop after the second seizure...
Quote: wellwellwell
It will be interesting to see if NTGL ever releases their 9/30 financial statements if they too are issuing shares to this Royal Capital Group.
The person responsible for posting the 9/30 statements might want to try again...
http://www.otcmarkets.com/financialReportViewer?symbol=NTGL&id=147502