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  • Prospect Capital's Dividend And Net Asset Value Sustainability Analysis (Post-Fiscal Q4 2014 Earnings) - Part 2 [View article]
    thank you for the response.
    Oct 3 08:42 AM | 1 Like Like |Link to Comment
  • China Green Agriculture - The Rodney Dangerfield Of Fertilizer? [View article]
    Value the Kabani opinion as you see fit.
    Oct 2 02:37 PM | Likes Like |Link to Comment
  • China Green Agriculture - The Rodney Dangerfield Of Fertilizer? [View article]
    The difference is that CGA has been subject to a high level of scrutiny since the first short attacks in 2011. Kabani knows this each time it puts its signature on the annual audit opinion that states that CGA's financial statements conform to GAAP. Is this indisputable evidence that everything is on the level? Of course its not because anything is possible. However it does tilt the balance heavily towards CGA, IMHO, and away from short sellers who have been trying to bring this company down for years. I don't work for CGA or know Mr. Tao but I do know previous allegations of fraud went nowhere and who knows how accurate the new short seller report is? Here is the auditors opinion from the 10K, value it how wish.

    To the Board of Directors and Stockholders of
    China Green Agriculture Inc. and its subsidiaries

    We have audited the accompanying consolidated balance sheets of China Green Agriculture, Inc. and its subsidiaries (the “Company”) as of June 30, 2014 and 2013, and the related consolidated statements of income and comprehensive income, stockholders' equity, and cash flows for each of the years in the three-year period ended June 30, 2014. Our audits also included the financial statement schedule listed in the Index at Item 15(a) 2. The Company’s management is responsible for these financial statements and schedules. Our responsibility is to express an opinion on these financial statements and schedules based on our audits.

    We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and schedules are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

    In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of China Green Agriculture, Inc. and its subsidiaries as of June 30, 2014 and 2013, and the results of its operations and its cash flows for each of the years in the three-year period ended June 30, 2014 in conformity with accounting principles generally accepted in the United States of America.

    We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), China Green Agriculture, Inc. and subsidiaries’ internal control over financial reporting as of June 30, 2014, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated September 15, 2014 expressed an unqualified opinion thereon.

    /s/ KABANI & COMPANY, INC.
    CERTIFIED PUBLIC ACCOUNTANTS

    Los Angeles, CA
    September 15, 2014
    Oct 2 02:10 PM | Likes Like |Link to Comment
  • Prospect Capital's Dividend And Net Asset Value Sustainability Analysis (Post-Fiscal Q4 2014 Earnings) - Part 2 [View article]
    Not sure if I missed it but is the 50 basis point reduction in PSEC's credit line included in your projections?: http://yhoo.it/YUFkg3 This is a significant change.
    Oct 2 12:53 PM | 1 Like Like |Link to Comment
  • China Green Agriculture - The Rodney Dangerfield Of Fertilizer? [View article]
    piggybanksdead, I'll leave it up to the management of CGA to dispute today's SA bear attack. I will note that CGA have been audited year after year, under intense scrutiny, since the short attacks of a three years ago and have come out clean each time. Kabani, the audit firm, is subject to lawsuits and sanctions if they don't do their job adequately. One big problem that has hurt CGA is that management has not been very shareholder friendly in the past ...although that seems to be changing since the last shareholder lawsuit was dismissed. The dividend is a good sign and it is interesting to see the short seller dismiss it but cash is cash. Existing shareholders who have shares in a margin accounts may want to consider immediately transferring CGA shares into a cash account and borrow against other securities in their portfolio, if necessary. I'd call in any and all CGA stock loans immediately. This may force some to cover and raise the borrow rate from its already sky high rate of 38.50% (a much bigger concern to short sellers than a $.10 dividend 30 days from now when it goes ex). This company has a small float and if the long side gets actively engaged, this could turn into a short squeeze rather quickly. Search "Travelzoo Short Squeeze" from a few years ago as an example.
    Oct 1 03:47 PM | Likes Like |Link to Comment
  • Mandalay Digital Group: An Overhyped Master Of Positive Spin [View article]
    Can any of the bashers please explain what, if any issues you have with Mandalay's business model. I wrote an article because the company's story makes a hell of a lot of sense. Put simply it, Mandalay is providing the weapons to wireless carriers to regain control of their customers. Why would anyone short that business model? Google and Facebook have been riding on the backs of Verizon's infrastructure and why shouldn't Verizon share in the wealth that would not exist without all their efforts? Instead of saying some are pumping please provide defendable views on why Mandalay's business model is flawed. I don't think any of the bashers can make an intelligent case.
    Sep 10 10:07 PM | 1 Like Like |Link to Comment
  • Mandalay Digital Group: An Overhyped Master Of Positive Spin [View article]
    Thanks mikeasa. I just love this scalable business model. If the revenues start ramping up as the company projects, investors will flock to it, IMHO.
    Aug 27 11:23 AM | Likes Like |Link to Comment
  • Mandalay Digital Group: An Overhyped Master Of Positive Spin [View article]
    This article does nothing at all to explain why the author believes the Mandalay's actual business model is flawed.

    Mandalay REALLY HAS developed a platform that provides carriers like Verizon with the tools it needs to regain some control of the revenue stream from mobile and is poised to see large revenue growth. However, we need to actually see the numbers put up. Despite the authors implication that the call was lacking details, I thought this exchange was pretty informative:

    Jon Hickman - Ladenburg Thalmann
    I’m a little impressed with -- I am pretty impressed with this Verizon opportunity here. Could I maybe press out a few numbers on the phone? I know it's on the fly but I just want to make sure I’m thinking about it right. Did Verizon sold say somewhere between 20 million and 25 million Android devices a year and you have got four slot on each slot on each phone, that’s 80 million slots that’s somewhere around $2 a piece. So we’re looking at revenues more than a $150 million a year. I guess am I thinking about that correctly?

    Andrew Schleimer
    Yes Jon, you’re definitely thinking about it correctly assuming that the open rates on those slots are a 100%. So right now -- you got to take some hair cut for the open rates on that but I think the market opportunity that you’re talking about is accurate.

    Any readers who want to learn about the platform that Mandalay has created can find out more in an article I wrote a few months back: http://seekingalpha.co... Just rememeber the author is correct in one respect, until the revenue numbers are put up they are just projections but to me this looks very interesting.
    Aug 27 09:31 AM | 2 Likes Like |Link to Comment
  • Who Is The Moron Selling Mandalay Digital, And Who Cares Given What Was Announced Last Week? [View article]
    The beauty of the MNDL business model is the operating leverage. There pare little incremental costs to build a slot or add an additional phone. Yet it all goes to the bottom line for both the carrier and Mandalay. That is precisely why Verizon expanded the offering after it became clear to them that the software would do no harm. It appears that investors are finally starting to understand what is going on here and the upside potential is large. I described Mandalay's opportunity in this article a few months ago: http://seekingalpha.co.... With carriers cutting rates to keep customers and free wifi becoming ubiquitous in direct competition with expensive data plans, Verizon and others need to act. Mandalay is well positioned for explosive growth, IMHO. But we need to ACTUALLY see the numbers put up on the scorecard to get a really big and sustainable move in the share price. Do your own DD.
    Aug 18 08:30 PM | Likes Like |Link to Comment
  • 7.7% Yielding Hercules Added To Portfolio [View article]
    Yes, that is a very good point. In a simple example, if a company has a NAV of $10 and 1,000,000 shares outstanding and it issued 1,000,000 shares at $15 (50% premium) it would now have an NAV of $12.50 ($25,000,00 in assets/2,000,000 shares). Its certainly good for the shareholder that got in at $10 but immediately dilutive to those who get in at $15. Issuing equity above NAV (or more accurately fair value) is a good thing but buying in is above NAV is not.
    Aug 13 09:32 PM | Likes Like |Link to Comment
  • 7.7% Yielding Hercules Added To Portfolio [View article]
    Dividend Smith, I'd definitely be a buyer around NAV or a little higher because I do agree that the management team here is solid and I like the fact that the the management fee isn't directly correlated to the AUM. But paying a 50% premium to what the net assets in the portfolio are worth just doesn't sit right but that's what makes a market. Thanks again.
    Aug 13 06:00 PM | Likes Like |Link to Comment
  • 7.7% Yielding Hercules Added To Portfolio [View article]
    Dividend Sleuth, thanks for the response. I hear what you are saying but I remember the rational in the late 90s of justifying the value of one internet startup by comparing it the value of another internet startup. In the final analysis, HTGC owns a portfolio of securities that are worth the NAV (or fair market value if slightly higher) and I have a hard time understanding the rationale of paying up by 50% for that portfolio.
    Aug 13 03:01 PM | Likes Like |Link to Comment
  • 7.7% Yielding Hercules Added To Portfolio [View article]
    Thanks for the article. I've been in HTGC over the years but right now I'm out. I like the management and like the business but the one problem I have is the big premium to NAV. How do you justify the fact that if the shares trade at a premium to NAV of over 50%?
    Aug 13 12:14 PM | Likes Like |Link to Comment
  • Athersys: Down But Not Out - An Interview With CEO Van Bokkelen [View article]
    justinmarket, I thought the call went well although it was not much different than the previous call. Disappointed by the delay in stroke but really not that big of a deal. There is really nothing new to write about at this time and I think this article covered all there is to cover for the time being.
    Aug 13 10:49 AM | Likes Like |Link to Comment
  • Athersys: Down But Not Out - An Interview With CEO Van Bokkelen [View article]
    The scam talk here is completely unfounded. The criticism of management for traveling to Japan to prepare for a potential lucrative opportunity is completely unjustified. Just consider how different these opinions would be on the trip to Japan, and the upcoming stroke trial, if UC were successful. I can certainly appreciate the frustration which includes me too. Gil is moving ahead in planning for Japan as he should be. The mechanisms of action on how Multi-stem works on stroke provides a scientific basis for optimism in my view (review the links to scientific data above) but, of course, no guarantees.

    The one thing I would like to see from the Athersys management team is insider buying at these prices and I have expressed these views directly. Gil explained the legal reasons for the lack of buying above but with a conference call just completed that disclosed all the upside possibilities, I don't see why the company can't open up the trading window for insiders and allow them to back up their optimism with cold hard cash. Yes, they already own many shares, most of which have been granted to them, but it is time to step up to the plate and buy more with their own resources. I think this action would change the dynamics of investor sentiment as we await further developments.
    Aug 13 10:08 AM | 1 Like Like |Link to Comment
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