DeMerchant, I ought to at least be able to defend myself against such personal attacks. I'll say my piece now, and stay on topic on the stock. 1.As you recalled, I used to post here quite a bit in the beginning. I stopped for a while, as the board really had slowed, and I was fending off other issues, such as a poster putting on another message board my personal phone number from 6 years ago, and calling it a "basher hotline." (You do know the poster) I get occasional update emails from Seth, and decided that I would check things out. I have been very vocal about my opinion on ETLC on other boards, and when I saw it was on top of the list here, I hopped back into the mix. I can't help it if someone who has been suspended from at least 2 other message boards is here posting. To be saying I was following anyone is a joke. 2.I have never made it a secret who I was, and that my screen name differs on different sites. I had to take this one, because someone (quite possibly, though I can't absolutely prove it, on this board now) impersonated me, trying to create the impression I was stating things contradictory to my general opinions, and which might get me in a bit of trouble because of the implications of the posts that were made. Seth took quick action on it here, and I thank him for that. That I post as Gribbit on RB or TouchOReality on Stockspot has no bearing at all on my postings here as TheOnlyTrueGrib. I am not trying to hide any other aliases on other boards. You get tired of using the same handle, you know? But who I am is no secret. People know me by Gribbit from my start on RB, and I guess I'll always be referred to as Gribbit, no matter what handle I choose. I'll leave it to you mods to judge my posts on the information you will see within, and that when I say this is me, and ONLY me, I mean it 100%. 3.As for ETLC, there have been several pieces of the puzzle put out there by posters, who have brought into question what is REALLY going on. First, there is the matter of AHM. In all of the old PRs, they listed AHM in the description of ETLC. Now, they do not. Those descriptions discussed that they were a FEE OFFICE of Title Texas. A call made to Title Texas by another poster on another board exposed quite a bit of inaccuracies in what we've been told to think by some. Further, the discussion of "100 million in revenues," upon further inspection, sounds like it comes from Title Texas, not AHM. That said, there is not a single financial filing posted to show what AHM really has and really makes and if they profit or lose from their operations. It has been almost a year since the first PR about the LOI, and nothing has come of it. And my last post explained the fuzzy math. IMO/FWIW
Defending yourself is certainly accecptable, and this post was all very well put. I realize the board isnt of high speed, but it is of high quality. I would certainly love to see you around as a steady poster on the site. If we can find high quality people then the ones who want to learn will follow.
Anway bottom line is thanks for your opinion on this stock and I hope to see you around a lot more...
"It's not nessicary to be rich and famous to be happy... Just rich"
DeMerchant, You're very welcome...and I think I'll be around a bit more now. Since time appears to be ticking on this one, I'll be curious to see what happens. Like any stock, performance will breed results (unless you pay enough touts to do it for you)...ETLC tried to prop up the price by paying Stockspot (see their disclaimer) and that happened to coincide with Lebed getting paid shares by a "third party" to promote the stock, and a full-out MOMO blast on IHUB. If they want to prop up the price, PRODUCE. And everyone will make money on the way up. IMO/FWIW
DeMerchant and Popeye, The filing is out, and the word is clear...ETLC is going BACKWARDS. Revenues up 1471, losses up 14757. Meaning for every 10 bucks more spent by the company, they brought in a dollar in revenue. Can't get profitable that way. To boot, no mention of any merger, but now a PROMISSORY NOTE with AHM for 250K (of which they've used about 86K so far), 8% per annum, interest-only pymts due starting 2/1/07, entire balance due 12/1/07. As Popeye said on another board, assets down by 50 percent, liabilities up by over 32 percent. Cash position is less than the savings I already have in a kitty for my upcoming child. It doesn't get much worse. Or does it? With what the filing states they will have to pay in the next year, I don't see how a reverse split followed by heavy dilution is not possible. IMO/FWIW
"We were organized in June 1999 and are in the development stage. Investors should note that our auditor's report for the year ended December 31, 2005, included a paragraph that expressed substantial doubt as to our ability to continue as a going concern. We expect that our revenue will be generated from both online and offline merchants and customers. We will maintain a billing fee of 3% to 4% of the purchase price of the goods or services charged, not including taxes, and an approximate new transaction fee of $.25 per transaction service charge. We plan to maintain a five percent 5% to ten percent 10% service charge to be added to total charges added to phone bills utilizing our telephone billing option, while limiting purchases to sixty dollars $60 per month. Our cost for phone billing are comprised of Billing Concepts 6% of billed revenue and Local Phone Company charges, which vary from $0.45 cents up to $1.65. Billing Concepts will earn this fee for providing the bills that the local telephone companies will include in their monthly billing statements to their customers. Additional revenue will be generated from our credit card merchant services. We plan to charge merchants a monthly fee ranging from $29 to $89 per month for leasing our credit card machines, a discount fee ranging from 1.69% to 3% for credit card processing, a transaction fee of twenty five cents $0.25, and a statement fee ranging from $10 to $15 per month.
In April 2006 we entered into a Billing and Collection Services agreement with AT&T and paid an initial set up fee for the AT&T Southwest region in the amount of $20,000. The final set up fee is an additional $20,000 with a forecasted implementation date of October 2006"
The end of October is when they execute the next phase of the AT&T plan with that $20,000.00 payment. I think that is for the expansion phase towards the West Coast that they mentioned in one of the PR's, imo. Didn't they say they were starting in the Dallas area first, then expanding the payment system westward in a relatively rapid roll out? If October is the 2nd phase then between now and then they must be running and expanding the existing Etelcharge payment system right now.
The additional setup fee for $20,000 hasn't been paid yet. They have to pay that, and then HOPE that with the fees they "plan" to charge (which may or may not happen as stated) can recover some of that. Further, there are factors to consider such as: 1)TONS of competition in the phone market, taking market share from AT&T, 2)People with good credit who haven't any need to use a system that charges them extra for something they can already afford, 3)If a person can't even make CC Payments, why would they be expected to make Phone payments too? Collections expenses and chargebacks will be much higher imo than the 3% that ETLC has claimed it "plans" to hold aside per the filing. They've blown through 1/3 of the Promissory note already, and we haven't even gotten to the 4th quarter of this year. They owe the ENTIRE THING by 12/1/07. They have made 16,500 DOLLARS ALL YEAR...where are they going to bring in 250K, plus interest, plus 20K for the AT&T bill, PLUS pay the officers (dilution and R/S anyone?) over the next 18 months? Right now I make a nice sum more than ETLC does. Assets dropped. Liabilities SKYROCKETED. Debt continues to increase.
More from the 10Q: The initiation of our plan of operation is dependent upon our raising sufficient working capital to allow us to institute the plan. However, there can be no assurance that we will be successful in doing so. Due to our lack of capital and our need for working capital to continue our business plan, our auditors issued a going concern qualification as part of their audit opinion of our financial statements for the year ended December 31, 2005. We have generated $35,822 in revenue since our inception and since inception through the six months ended June 30, 2006 we incurred a cumulative net loss of $12,565,823 including a net loss of $260,233 for the six months ended June 30, 2006.
On March 31, 2006, Etelcharge executed a promissory note to American Home Market in the amount of $250,000. Of this amount, the lender advanced $86,301 during the quarter ended June 30, 2006. The note provides for an interest rate of 8% interest per annum, with interest only monthly payments commencing February 1, 2007. The entire principal is due in full on December 1, 2007. Interest of $1,375 was accrued as of June 30, 2006.
Prior to this borrowing our operations have been funded solely through the issuance of our common shares and advances from our CEO. Total cash proceeds for the issuance of common shares totaled $1,272,617 from inception through June 30, 2006. In order to institute our business plans we must continue to raise capital, as revenue from operations will be insufficient in the short run to meet our working capital needs. However, we cannot assure that any such capital will be available to us. Based upon our current cash resources, we cannot meet our cash requirements or institute our business plan for more than six months unless we raise additional funds from the sale of our securities, as we have done in the past, or unless our revenue grows significantly.
THERE IS ABSOLUTELY NO MENTION IN THE 10Q WHATSOEVER OF ANY PENDING MERGER, OR EVEN MENTION OF A LETTER OF INTENT, WHICH WAS SIGNED LAST AUGUST, AND ANNOUNCED ON A PRESS RELEASE AT THE END OF AUGUST 2005.
In my opinion, this filing would indicate that the merger is not happening. The company has to come out and show otherwise. Not with talk about filing reports to the SEC, but by ACTUALLY FILING THEM. All talk, no action. And, apparently, not much revenue either. IMO/FWIW
I put my comments in bold with EW: at the begining.
Quoted from TheOnlyTrueGrib
The additional setup fee for $20,000 hasn't been paid yet. They have to pay that, and then HOPE that with the fees they "plan" to charge (which may or may not happen as stated) can recover some of that.
EW:That $20,000.00 payment is for the 2nd phase of the roll out westward. I'm sure they did their market research on all of this just like any other company would.
Further, there are factors to consider such as: 1)TONS of competition in the phone market, taking market share from AT&T,
EW:How do you figure taking market share from AT&T? Etelcharge is using AT&T's phone system (the largest in the world I might add) to complete the roll out. There is nothing like this on the market at this time so really, there is no competition!
2)People with good credit who haven't any need to use a system that charges them extra for something they can already afford,
EW:Lol, you mean like a credit card? Don't people use credit cards and pay a fee? You know, those who can afford to pay for something but prefur plastic? So why is it so hard to imagine people using another payment system, like charging to a phone bill. Think how much hidden money this will unlock. It's an untaped resource, imo.
3)If a person can't even make CC Payments, why would they be expected to make Phone payments too? Collections expenses and chargebacks will be much higher imo than the 3% that ETLC has claimed it "plans" to hold aside per the filing.
EW:Really, that is such a lame question. What...do you think this system is just for those with bad credit? And really, I'm sure Etelcharge has a better handle on their market research then you do.
They've blown through 1/3 of the Promissory note already,
EW:Really? how so? What did they blow their money on? Could you be more specific
and we haven't even gotten to the 4th quarter of this year. They owe the ENTIRE THING by 12/1/07.
EW:So, why would AHM loan Etelcharge 250 grand in the first place if they were not confident in getting a return on their money? If the Etelcharge payment system is already up and running and expanding in October, then they should have no problem with the cash flow requirments by the time the loan is due. Still there is the possibility that they won't even need the entire ammount.
They have made 16,500 DOLLARS ALL YEAR...where are they going to bring in 250K, plus interest, plus 20K for the AT&T bill, PLUS pay the officers (dilution and R/S anyone?) over the next 18 months?
EW:It's called Etelcharge.com! They already announced the release of version 2.0 and by the end of October they will be expanding the service to the entire West Coast via the agreement with AT&T.
Right now I make a nice sum more than ETLC does. Assets dropped. Liabilities SKYROCKETED. Debt continues to increase.
EW:I should point out that their losses are declining. From the filing..." We lost $260,233 during the six months ended June 30, 2006, a decrease of $1,679,485 compared to a net loss of $1,939,718 for the six months ended June 30, 2005." They are on the verge of crossing that loss vs income threshold to profitability, imo. Losses are declining and revenue is forth coming.
More from the 10Q: The initiation of our plan of operation is dependent upon our raising sufficient working capital to allow us to institute the plan. However, there can be no assurance that we will be successful in doing so. Due to our lack of capital and our need for working capital to continue our business plan, our auditors issued a going concern qualification as part of their audit opinion of our financial statements for the year ended December 31, 2005. We have generated $35,822 in revenue since our inception and since inception through the six months ended June 30, 2006 we incurred a cumulative net loss of $12,565,823 including a net loss of $260,233 for the six months ended June 30, 2006.
EW:Typical of any start up company to put a statement like that in their filings.
On March 31, 2006, Etelcharge executed a promissory note to American Home Market in the amount of $250,000. Of this amount, the lender advanced $86,301 during the quarter ended June 30, 2006. The note provides for an interest rate of 8% interest per annum, with interest only monthly payments commencing February 1, 2007. The entire principal is due in full on December 1, 2007. Interest of $1,375 was accrued as of June 30, 2006.
Prior to this borrowing our operations have been funded solely through the issuance of our common shares and advances from our CEO. Total cash proceeds for the issuance of common shares totaled $1,272,617 from inception through June 30, 2006. In order to institute our business plans we must continue to raise capital, as revenue from operations will be insufficient in the short run to meet our working capital needs. However, we cannot assure that any such capital will be available to us. Based upon our current cash resources, we cannot meet our cash requirements or institute our business plan for more than six months unless we raise additional funds from the sale of our securities, as we have done in the past, or unless our revenue grows significantly.
THERE IS ABSOLUTELY NO MENTION IN THE 10Q WHATSOEVER OF ANY PENDING MERGER, OR EVEN MENTION OF A LETTER OF INTENT, WHICH WAS SIGNED LAST AUGUST, AND ANNOUNCED ON A PRESS RELEASE AT THE END OF AUGUST 2005.
EW:Yet, in the last PR from the New CEO there was mention of the paperwork pending aproval for the merger, so whats the problem here? Looks like the merger is 99.999% completed to me.
From the last PR..."On the American Home Market merger: Final merger documents are presently with the Company's securities counsel, who will submit the required legal documents, including Form 14c, to the SEC for review."
In my opinion, this filing would indicate that the merger is not happening. The company has to come out and show otherwise. Not with talk about filing reports to the SEC, but by ACTUALLY FILING THEM. All talk, no action. And, apparently, not much revenue either. IMO/FWIW
EW:Remember people, this filing is only up until the end of June 2006. What has transpired since then? Why, there might even be revenue coming in which we may not hear about until the next filing. This company is on the verge of something HUGE people. Buy in now, sit on the sidelines or buy in later when you see something more concrete. It's really up to you. Just keep watching, because imo, your about to witness the birth of an entirly new and profitable online payment system that will sweep the globe. A payment system that will unlock hidden resources and make this companies stock skyrocket into the dollars.
Remember, AT&T was aquired last year by SBC Communications Inc. From last years PR...
I added the bold to high lite items you might want to think about a little deeper in respect to Etelcharge. Remember, they have a new Voip technology they announced a month ago.
Quoted Text
�Renew America�s leadership in communications technology�
�Today�s agreement is a huge step forward in our efforts to build a company that will lead an American communications revolution in the 21st century,� said Edward E. Whitacre Jr., SBC chairman and chief executive officer.
�We are combining AT&T�s national and global networks and expertise with SBC�s strong platforms and skills in local exchange service, wireless and broadband,� Whitacre said. �It�s a great combination.
�The communications industry is undergoing a profound transformation as it transitions to unified, IP-based networks capable of delivering a host of integrated services,� Whitacre said. �To manage this evolution, customers need a partner with the resources to provide new service platforms and product sets, while maintaining world-class reliability and security. This merger creates that company.
�We will have the intellectual and financial resources to spur innovation and propel America�s communications industry forward, harnessing IP technology to deliver exciting new services,� Whitacre said. �We will renew America�s leadership in communications technology, with products and services that set the standard for how businesses and individuals communicate. AT&T�s voice over IP platforms and other technological innovations will be leveraged to offer more choices and new services to consumers nationally across any network platform.�
�The combination of these two strong, complementary companies will ensure that together we will have all the capabilities necessary to compete successfully in serving a broad range of customers across the country and around the globe,� said David W. Dorman, AT&T chairman and chief executive officer. �Together, SBC and AT&T will be a stronger U.S.-based global competitor capable of delivering the advanced network technologies necessary to offer integrated, high-quality and competitively priced communications services to meet the evolving needs of customers worldwide.�
Complementary, World-Class Assets
SBC and AT&T have highly complementary world-class assets and industry-leading capabilities.
SBC has broad and transferable strengths in local service, with 52 million access lines and dense local access network capabilities to deliver voice and data services to consumers and businesses of all sizes.
SBC is an industry leader in high-speed broadband, with 5.1 million DSL Internet lines and a local broadband network covering 77 percent of its local customer locations. In addition, SBC has nationwide wireless coverage through its 60 percent ownership of Cingular Wireless, which has 49 million subscribers across the country.
AT&T brings to the combined company the world�s most advanced communications network to meet the sophisticated data communication needs of large businesses with multiple locations. AT&T serves virtually every member of the Fortune 1000. Its global network spans more than 50 countries and connects virtually every country and territory around the world. AT&T has 26 advanced Internet Data Centers, 13 in the United States and 13 in other countries worldwide.
Beyond its network capabilities, AT&T has complementary assets that will allow SBC to bring a full range of innovative voice and data services to customers around the world. These include a broad, high-end enterprise customer base, proven sales expertise in complex communications solutions, and an advanced product portfolio including a broad range of IP-based services. In addition, AT&T has the world�s premier communications research organization, AT&T Labs, which has more than 5,600 patents, issued or pending, worldwide.
I'll start right at the top and work down. 1.If ETLC did the kind of market research they should have, they wouldn't have had the kind of mounting repeated losses they've had. 2.AT&T might be the largest provider in the world, but I know I don't use it here. And I know IDT has many customers here. And there's Cavalier. And Comcast has its own voice now. There are many other PHONE COMPANIES that are out there. Only AT&T, to date, is allowing this feature. (Note that it still hasn't officially been rolled out) That means there's PLENTY OF COMPETITION in the PHONE INDUSTRY. If someone isn't on AT&T, they can't use ETLC's service at this point. 3.I have several credit cards that afford me zero percent interest, no extra fees, and if I call them for it, no transfer fees either. And I'm sure I'm not the only one. People are not going to pay extra for something they can put on a card for nothing at home. 4.Again, I'll refer to ETLC's stellar ability to lose money and what I perceive (based on the removal from the PR of AHM and the nonmention of any merger in the filings) to be a blown merger deal as indication that their "market research" has been par for the course for a BB company that regularly loses money. 5.You're kidding, right? How did they "blow through 1/3 of the promissory note" already? Well, based on the cash figure in their filing, and the note in the filing that they have used 86,310 of the note's allowance as of EOQ, I'd say they used it for something. And with 8992 of revenues to show for it, that's pretty sad. 6.Why would AHM loan ETLC 250 grand? Easy, IMO. They're offered 152 million shares to input 3 million dollars into ETLC and have 55 percent of the company's shares. OR, they have another option. They loan 250K to them, can't be paid on time because of ETLC's inability to generate sufficient revenues (they aren't going to go from 9K to 250K between now and next December imo) and their already high expenses (as you have not factored in any other costs that increased business will cause), the terms become even more favorable in terms of penalties and share issuances, and AHM ends up with more than 55 percent of ETLC, without having to lay out 3 million bucks. Then, as ETLC is clearly on the verge of insolvency, they gobble up the rest (at a continued discount), leaving the ETLC shareholders on the lerch, and end up with the publicly traded entity they were hoping for, with far less expense, IMO. 7.I'll say it again...they made 1471 MORE DOLLARS THIS QUARTER THAN LAST. At this rate, sometime in 2020 they'll have enough growth to handle expenses. 8.They aren't coming close to profitability. They spent 10 dollars extra for every additional dollar of revenue they made this quarter over last. You can spin the losses any way you want, but the truth is that they continue to lose well above what they bring in. 9.As for the merger, there's a ton of "forward-looking statements there." And as has been shown on other boards, people have contacted IR and been told something vastly different than the new President's last statement revealed. If they NEVER file those documents, ETLC has done NOTHING ILLEGAL. NOTHING. It's good old CYA comments. 10.There's this little thing called SUBSEQUENT EVENTS that has to document material events that transpired since the end of the quarter, but aren't reflected in the results. It isn't there. PERIOD. 11.AT&T is a wonderful company. It's too bad that all they do is provide a service to ETLC for a fee, and that nothing they do with anyone else has any bearing on ETLC's ability to generate customers. IMO/FWIW
According to NOHYPENOBULL's comments on the ETLC Raging Bull thread, the merger between AHM and Etelcharge is very close to being completed.
This has been a very long awaited event for me and other long term investors.
I think this week we will not see anything. However next week might just be the week we have all been waiting for.
Maybe then, all you naysayers will finally see that the company is not only real, but will be one of the biggest % gainers of this year. I'm sure with the right chain of events coming together, we might see $3.00 to $5.00 per share very quickly.
Energy_Wave, There is not a single filing in place that states anything to that effect. Until and unless one is filed, nohypenobull has no basis to post such a statement. For now, the only mention of any merger is forward-looking statements in the last PR regarding the new President's comments. There is no statement whatsoever from anyone in AHM in that PR. They have removed the "About American Home Market" section at the end of press releases, the part that followed "About eTelcharge.com" in describing the Company. So again I repeat...THERE IS NO COMPANY FILING THAT STATES ANY MERGER IS IN PROGRESS AT THIS TIME. IMO/FWIW
Energy_Wave, your statement about AHM's lawyers having the paperwork is false. The PR says the Company, which means ETLC. ETLC could have them, not signed, never to be signed for all we know, and can hide neatly behind their forward-looking statement "will submit." If it was a done deal, there would be no reason for AHM to lend ETLC any money, much less do so with an interest rate. Why would you lend money at a premium to what will ultimately be yourself? In my opinion, the deal isn't happening anytime soon, not for at least 1 year, not until ETLC proves itself and its product to be marketable and can knock down that HUGE debt-to-asset ratio that currently exists, and is much larger than it was in the prior 10Q. IMO/FWIW
The last PR from the new CEO on August 2nd stated that the paperwork is with AHM's lawyers and would be filed shortly.
Imo, the reason you don't see any mention on the PR's in reguards to AHM is because it is now irrelevant. It's a done deal!!!
Look for a strong close today. I really feel we will see some news next week that will explain all.
jmho
This is from the new CEO's PR...
"On the American Home Market merger: Final merger documents are presently with the Company's securities counsel, who will submit the required legal documents, including Form 14c, to the SEC for review."
Company's securities counsel is just another word for lawyers, imo.
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