Solis Tek, Inc. (NASDAQOTH:SLTK)

CAPS Rating: 1 out of 5

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0 Outperform
23 Underperform
 

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17 Underperform
 

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jed71 (99.54)
Submitted May 01, 2017

Another very easy one. Copy and paste below should tell you all you need to know. Reverse merger company settling old liabilities for pennies on the dollar. They do not have the capital or assets to fulfill the myriad of promises they have made to… More

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4
Member Avatar jed71 (99.54) Submitted: 5/1/2017 11:17:31 AM : Underperform Start Price: $1.78 SLTK Score: +76.17

Another very easy one. Copy and paste below should tell you all you need to know. Reverse merger company settling old liabilities for pennies on the dollar. They do not have the capital or assets to fulfill the myriad of promises they have made to shareholders. Very dangerous company for anyone buying shares and remaining long for any period more than 24 hours.

“Solis Tek Inc. (the “Company”) was originally incorporated under the laws of the State of Nevada on March 2, 2007 as Cinjet, Inc. (“Cinjet”). Effective September 1, 2015, Cinjet changed its corporate name to Solis Tek Inc. On June 23, 2015, the Company entered into an Agreement of Merger and Plan of Reorganization (the “Agreement”) with Solis Tek Inc., a California corporation (“STI”), and CJA Acquisition Corp., a California corporation and a wholly owned subsidiary of the Company (“Merger Sub”), providing for the merger of Merger Sub with and into STI (the “Merger”), with STI surviving the Merger as a wholly-owned subsidiary of the Company. The Merger Agreement was approved by the Company’s Board of Directors and the sole Director of the Company, effective June 23, 2015. The Merger closed on June 23, 2015. At the effective time of the Merger, each share of STI common stock issued and outstanding was converted automatically into the right to receive .166 shares of the common stock of the Company, with an aggregate of 26,187,000 shares of the Company’s common stock issued to the former shareholders of STI.

Upon the closing of the Merger, STI paid a total of $22,500 to four shareholders of the Company for the cancellation of a total of 61,297,002 shares of the Company’s common stock. Also at the closing of the Merger, STI paid $198,100 to the Company to settle and pay liabilities of $405,932, which represented all of the then current liabilities of the Company. After the closing, a total of 29,551,998 shares of the Company were outstanding.

Upon completion of the Merger, the former stockholders of STI owned approximately 89% of the outstanding shares of the Company’s common stock and the holders of the outstanding shares of the Company’s common stock prior to the Merger owned the balance. As the former owners and management of STI have voting and operating control of the Company after the Merger, the transaction has been accounted for as a recapitalization with the STI deemed the acquiring companies for accounting purposes, and the Company deemed the legal acquirer. Due to the change in control, the consolidated financial statements reflect the historical results of STI prior to the Merger, and that of the combined company following the Merger. Common stock and the corresponding capital amounts of the Company Pre-Merger have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger. No step-up in basis or intangible assets or goodwill has been recorded in this transaction and the cash paid by the Company of $248,980 (including $28,380 of transaction costs) has been reflected as a cost of the transaction in 2015.”

Leaderboard

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Score Leader

dusand

dusand (99.58) Score: +162.53

The Score Leader is the player with the highest score across all their picks in SLTK.

Top
Pick
Member Name Member
Rating
Start
Date
Call Time
Frame
Start
Price
Stock
Gain
Index
Gain
Score Commentary
HalstedSt 97.12 5/4/2017 Underperform 5Y $2.81 -72.55% +19.36% +91.91 0 Comment
evergreen5555 73.58 5/8/2017 Underperform 5Y $2.65 -70.89% +18.90% +89.79 0 Comment
dinasourneil 99.73 5/2/2017 Underperform 5Y $2.06 -62.62% +19.52% +82.14 0 Comment
jed71 99.54 5/1/2017 Underperform 5Y $1.78 -56.74% +19.43% +76.17 1 Comment
PunktBewiesen 68.64 5/23/2017 Underperform 5Y $1.80 -57.22% +18.80% +76.02 0 Comment
RES7 98.24 5/10/2017 Underperform 5Y $1.77 -56.50% +19.08% +75.57 0 Comment
DrDoofenshmirtz 99.61 4/28/2017 Underperform 5Y $1.59 -51.57% +19.62% +71.19 0 Comment
kdakota630 29.21 4/26/2017 Underperform 3M $1.58 -51.27% +19.02% +70.28 0 Comment
RyanCoke 99.74 4/28/2017 Underperform NS $1.57 -50.96% +19.32% +70.28 0 Comment
anchak 99.91 6/5/2017 Underperform NS $1.41 -45.39% +16.84% +62.23 0 Comment

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