Why should anyone invest fresh capital?Am I the only individual who has been trading this company from time-to-time and essentially seen CEO Rich "Being continually pleased .. For <whatever reason - expansions, etc..> on the Logistics side of the business", as it lost $$ quarter and quarter, year after year?! We all knew a Reverse Split was inevitable given the capital the company was burning, especially during this Liberal economic crisis.
Now we have seen a pitch for the Ant mining operations, where Rich once again is out marketing to us all how prosperous the project will be. This is after he squashed shareholders, which permitted the marketplace to squash the shareholders even further. Oh, and don't forget, the Summer Doldrums are upon us, as well. My bet is another wash-rince-repeat once this stock hits $0.02. Long-time Shareholders will feel the pain if they've retained, however, Rich can just release fresh performance options to himself and company personnel as the company moves forth. Personally, I don't feel Rich cares about his current shares. His real concern today is about obtaining fresh money from those who love the sound of "Bit and Alt" coins.
Oh, is anyone aware if ParcelPal was an impacted registrant in the BF Borgers suspension? I/E: Is the company required to re-file any previous documents under the new auditor? Also, is the company's new auditor reputable?
My comments above have in part been based off of news obtained below:
BF Borgers suspension - Delayed Filings:
Key Takeaways:
On May 3, 2024, the SEC announced settled enforcement proceedings against audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers, charging them with deliberate and systemic failures to comply with PCAOB standards in their audits and reviews of hundreds of public companies, which were incorporated in more than 1,500 SEC filings from January 2021 through June 2023.
Each impacted registrant will need to file an Item Form 8-K when BF Borgers resigns or is dismissed, and issuers that had engaged BF Borgers to audit or review financial information to be included in any Exchange Act filings to be made on or after May 3, 2024 will need to engage a new qualified, independent, PCAOB-registered public accountant. Issuers that are currently in the registration process will need to file a pre-effective amendment with a new auditor before their registration statements can be declared effective.
The SEC order states that as a result of BF Borgers’ conduct, certain of the firm’s issuer and broker-dealer clients violated the reporting provisions of the Exchange Act by filing financial statements that had not been audited or reviewed by an independent public accountant in accordance with PCAOB standards. We expect the plaintiffs’ bar to explore creative ways to pursue private litigation against issuers that were impacted by this fraud and to possibly pursue theories that do not require proof of an issuer’s scienter.
https://www.debevoise.com/insights/publications/2024/05/sec-charges-now-suspended-audit-firm-bf-borgers
AntMining operations:
Based on initial projections, assuming the Company generates the maximum 100MW electricity and output capacity generation by the antminers, and assuming the anticipated hosting fee, ParcelPal can project gross revenue at this site to be approximately $3,400,000.00 per month. The Company estimates its net profit margins to be approximately 15-20%.
Logistics:
Rich Wheeless, in addressing the Company's shareholders stated: "Importantly, we have completed a 1 for 10 reverse stock split, which was only executed after much consideration by our team internally. It was a difficult decision, but for us to move the Company forward with the opportunities that are currently on the table, it was a necessary move for us to get ParcelPal in a more suitable situation for growth, capital needs, and to be able to meet our minimum price per share exchange compliance requirements. This might be a moment of discontent or uncertainty for some of our shareholders, but shareholders should know that we are working exceedingly hard, and with a very limited budget in what has been a very volatile and tight capital markets environment.