EMS Find Inc (OTCMKTS:EMSF) Fails to Submits Its Annual Report on Time
The company EMS Find Inc (OTCMKTS:EMSF) was formed just a couple of months ago through a merger between the publicly traded company Lightcollar, Inc. and the private entity EMS Factory Inc. The newly formed company’s business plan is to create a mobile platform designed to connect health care providers and consumers to a network of medical transport companies throughout the United States and Canada.
On June 23 the company announced that it has signed a Letter of Intent to acquire Page Out, an interactive platform designed to streamline the emergency response process in addition to providing “management with real time status on where and when team members are responding to emergency and dispatch.”
Everything sounds rather exciting but after even a cursory due diligence quite a lot of red flags start to crop up. The financials of Lightcollar, Inc. according to the latest financial report were simply atrocious:
• ZERO assets
• $90 thousand liabilities
• ZERO revenues
• $11 thousand net loss
What kind of resources EMS Factory brought to the newly formed company was supposed to be revealed in an 8-K form filed by the middle of June. Well, we are now a couple of days into July and there is still no sign of the promised 8-K filing. Not only that but EMSF actually failed to complete its annual report for the fiscal year ending March 31, 2015, and instead it filed a Notification of Late Filing. Now they have a 15-day extension in which to complete the report.
Despite the lack of information and the depressing financials of Lightcollar, Inc. EMSF managed to reach a high of $2.53 on June 9. Even after dropping by over 50% from those highs the stock still trades at $1.20 at the moment. The only reason such prices were registered by the ticker was the paid promotion carried out by the pump outfit The Moskowitz Report. EMSF were touted through a landing page but more importantly a hard mailer brochure was put into circulation. With a disclosed budget of $1.2 million it is quite obvious that someone was rather determined to create as much artificial hype around the stock as possible. But why?
Maybe because some people own 18.5 million shares that have a split-adjusted price of just $0.002 and who, thanks to the interest in the stock created by the pump, could easily dump their shares on the open market and walk away with million in gains.
The red flags don’t stop there though. In our previous articles we discussed the past of EMSF’s current CEO Mr. Steve Rubakh and we also showed you that the mobile platform developed by the company suffered some unexpected delays with the beta testing that was initially supposed to take place in early-2015 now being postponed.
Trading EMSF’s stock is incredibly dangerous. The multitude of extremely serious red flags simply demands the use of caution before you put any money on the line. You might also want to take a look at the performance of some of the previous picks of The Moskowitz Report – Falconridge Oil Technologies (OTCMKTS:FROT) and Virtus Oil and Gas Corp (OTCBB:VOIL).
