flemsnopes
3 years ago
[color=red][/color]Item 1.02 - Termination of a Material Definitive Agreement.
On Monday, May 17, 2021, Enterprise Diversified, Inc. (the “Company”) entered into a confidential settlement agreement and mutual general release with Woodmont Lexington, LLC (“Woodmont”) and Mt Melrose, LLC (“Mt Melrose”), pursuant to which such parties have amicably settled their disputes and the previously reported related litigation between them following a mediation.
Pursuant to such settlement, all rights and obligations of the Company to Woodmont and/or Mt Melrose, and of Woodmont and/or Mt Melrose to the Company, set forth in the membership interest purchase agreement between the Company and Woodmont and the Amended and Restated Limited Liability Company Agreement of Mt Melrose, LLC by and among the Company and Woodmont dated June 27, 2019, and all amendments of those agreements, are terminated and of no further force or effect, effective as of May 17, 2021. As consideration for the termination of the Company’s membership interests,the Company shall receive $850,000 in cash proceeds.
zsvq1p
5 years ago
Everyone must have an exit plan. I always kinda like Jeff but never liked the lawyer. I did sell what little I owned.
On January 10, 2018, New Mt Melrose completed the first acquisition of 44 residential and other income-producing real properties for a total purchase price of $3,956,389, which consisted of $500,000 in cash, 120,602 shares of common stock valued at $1,658,270, and the assumption of $1,798,713 of existing debt.
zsvq1p
6 years ago
Sitestar Corporation Announces Name Change and Reverse Stock Split
PR Newswire
RICHMOND, Va., July 23, 2018
RICHMOND, Va., July 23, 2018 /PRNewswire/ -- Sitestar Corporation (OTCQB: SYTE) ("Sitestar" or the "Company") announced today that its name change to Enterprise Diversified, Inc., previously approved by the Company's shareholders and board of directors, became effective today. The name change more accurately reflects the culture of the company, as well as its growing and diverse business activities.
Effective immediately, the Company also executed a 1-for-125 reverse stock split of its common stock. Any fractional shares of common stock were rounded up to the next full share.
As a result of the reverse stock split, the Company will trade under the new symbol SYTED for the next 20 days. The "D" will be removed in 20 business days, and the symbol will then revert to SYTE.
Commenting on the matter, Enterprise Diversified CEO Steven Kiel stated, "Since the management change in 2015, our company has undergone a transformation. While our internet subsidiary will retain the Sitestar name, our new corporate name highlights that our future will be different than our past. Our approach is opportunistic and our operations diversified among our asset management, real estate, internet, and home services subsidiaries.
"ENDI represents the hard work and entrepreneurial spirit of our employees and partners. We centralize capital allocation decisions at the corporate level and provide support to our operators at our business units: Asset Management, Real Estate, Home Services and Internet.
"I am grateful for the support of our shareholders over the past two and a half years. Our directors, employees, partners, and I will continue to do everything we can to increase shareholder value over the long term."
About Enterprise Diversified, Inc.
Enterprise Diversified, Inc. and its subsidiaries engage in several diverse business activities in the following industries: asset management, real estate, internet access, and home services. The company's philosophy is to centralize capital allocation decisions at the corporate level and decentralize operational decisions among subsidiary managers. Copies of Enterprise Diversified's press releases and additional information about the company are available at www.enterprisediversified.com.
tdeck
6 years ago
Hey guys long time no speak, sorry to hear about the reverse split did not see that coming but then again with these two anything was possible. I tried in the post I made (which this is a reply to, the bad road they were going and the link I provided proves it) How long to recover these funds put into the HUD or whatever house before you make anything, never going to happen. I did it I lived it, and I am know one tom take advise from as anonymous but damn hire a competent real estate attorney and he would have set them straight.
It is what it is, I lived the life and tried to tell you the future but advice is seldom taken. Now a reverse split? And now old Jeffrey Moore has been signed up into some PLFM whom knows why, you should all look. I sold out many months ago as you all know, I was a big fan until I saw they were going down a very bad road, look into this link with the PLFM thing. Good luck all I wish you the best, take care. Peace out.
insert-text-here
zsvq1p
6 years ago
On Friday, June 29, 2018, Purchaser, consistent with the terms of the Purchase Agreement, completed an additional acquisition from Seller of 69 residential real estate properties located in Lexington, Kentucky pursuant to the Purchase Agreement. This additional tranche of real properties was acquired for total consideration of $4,619,130, which was payable as follows:
by Purchaser’s assumption of $2,767,158 of outstanding indebtedness secured by the acquired real properties and relevant de minimis prorated expenses; and the balance by issuance to Seller of 18,519,720 shares of the Company’s common stock, all in accordance with the terms of the Purchase Agreement.
As a result of this second closing under the Purchase Agreement, Purchaser assumed $2,767,158 of outstanding indebtedness secured by the acquired real properties, along with all of Seller’s rights and ongoing obligations, as lessor/landlord, under all leases covering the acquired real properties.
https://www.sec.gov/Archives/edgar/data/1096934/000156459018016781/syte-8ka_20180110.htm
zsvq1p
6 years ago
HVAC Value Fund, LLC
wholly-owned subsidiary is a joint venture between Sitestar and JNJ Investments, LLC.
https://www.jnjinvestments.net/hvac-division
https://www.bridgereidfunds.com
https://www.linkedin.com/in/nathan-reid-3327b0/
Stevens Plumbing Heating & Air Conditioning has been providing quality Plumbing and HVAC services to Phoenix, and Valleywide, since 1982.
We’ve grown along with the growth of the Phoenix metro valley. From a small, family-operated company we’ve grown to provide service to the entire Phoenix metro area. We’ve accomplished that by giving excellent service, and by being honest and ethical in our business dealings. But, although we’ve grown, we are still family-operated and our business philosophy has remained the same.
http://stevensplumbingac.com/
zsvq1p
6 years ago
I understand what you are saying...
"Researchers at the Stern School of Business at NYU and Emory University looked at more than 40 years of data, from 1962 to 2001, and found that of the 1,600 reverse splits, shares underperformed their non-split peers by 15.6% in the first year following the split, 36% in the second year and 54% in the third year."
Verses...
“If a stock in your portfolio announces a reverse stock split, take a good look. If its fundamentals aren’t healthy, you might be better selling your shares. If you really like the stock, chances are good that you can buy back those shares at a much lower price several months down the road.”
zsvq1p
6 years ago
Sitestar Corporation Announces First Quarter 2018 Financial Results
Contact: Jessica Greer
(434) 382-7366
investorrelations@sitestar.com
Sitestar Corporation Announces First Quarter 2018 Financial Results
Richmond, VA—May 11, 2018—Sitestar Corporation (OTCQB: SYTE) (“Sitestar” or the “Company”) today reported financial results for the quarter ended March 31, 2018.
Sitestar Corporation
For the first quarter ending March 31, 2018, comprehensive income (loss) attributable to Sitestar Corporation stockholders was ($143,371). The book value per share was 6.4 cents and the diluted book value per share was 6.2 cents. This is an increase of 11% on a diluted basis when compared to the book value per share of 5.6 cents as of December 31, 2017. This increase is primarily attributable to the share issuance as part of the Mt Melrose acquisition, the first step of which occurred during the Company’s first quarter.
Steven Kiel, Sitestar’s Chief Executive Officer stated, “Our goal is to grow book value per share over a long-term time period. Because of some accounting requirements and the timing of share issuances related to our Mt Melrose acquisition, there will be some changes in our book value per share over the next year that will be unrelated to our actual performance. We believe our diluted book value per share number is the most appropriate figure for shareholders to consider.
“Our income statement will also be a bit messy over the next few quarters as we onboard Mt Melrose, help bring it to scale, and complete the next stages of the acquisition. As you know, we do not make decisions based on short-term goals. We welcome shareholders who share our long-term time horizon and who appreciate the direction in which we are focused. Some quarters and years require internal investments that will not pay off until far into the future. Please take any short-term results, both good and bad, in the context that they deserve.
“Finally, I want to publicly welcome Jessica Greer to Sitestar as our vice president and chief of staff. Jessica joined us in February and has been a tremendous addition to the corporate team. The Company has already benefited from her expertise and experience over the past few months.”
Willow Oak Asset Management
Sitestar’s wholly owned asset management subsidiary, Willow Oak Asset Management, reported comprehensive income of $267,907 due largely to our direct investment in Alluvial Fund. Both Alluvial Fund and the Bonhoeffer Fund, with which we have a fee share agreement, have seen significant recent growth in their assets under management.
Exhibit 99.1
Mt Melrose
The acquisition of Mt Melrose will occur over several stages over the next year. We closed on the first stage in January, acquiring 44 residential and other income-producing properties. Mt Melrose’s primary strategy is to acquire, rehabilitate, and manage affordable residential properties in central Kentucky.
Our goal is to grow Mt Melrose’s net assets over time. Income statement results will fluctuate over short-term time periods. During the first quarter, Mt Melrose incurred a net loss of $136,807.
HVAC Operations
During the first quarter, HVAC operations incurred a net loss of $178,387 compared to a net loss of $62,938 during the first quarter of 2017. This subsidiary is subject to extreme seasonality. The results have been poorer than expected since its creation. Because of these results and a concern about the direction of the subsidiary, a management change occurred at the end of the first quarter. This change has led to a shift in HVAC’s operational priorities. We are guardedly optimistic that this change in direction will improve the subsidiary’s results.
Internet Operations
Management at Sitestar.net has continued to mitigate declining sales by focusing on operational savings. As a result, our internet revenue, while in slow decline, continues to enjoy impressive profit margins. Sitestar.net produced comprehensive income of $190,607 during the first quarter, which included $29,796 in one-time gains. This compares to comprehensive income of $215,562 during the first quarter in 2017, which included $54,309 of one-time gains. Comprehensive income was flat over that time period when removing those one-time gains.
EDI Real Estate
Our legacy real estate portfolio includes eight residential properties that are currently rented, vacant land, and one commercial property. One property was sold in the first quarter and one additional residential property is being prepared to be rented.
Annual Shareholder Meeting
Sitestar will be hosting our annual shareholder meeting on May 19, 2018, at 10am local time at the Squire Patton Boggs office at 1 E. Washington St., Suite 2700, Phoenix, AZ 85004. We invite all of our shareholders to join us for this event.
About Sitestar
Sitestar Corporation and its subsidiaries engage in several diverse business activities in the following industries: asset management, real estate, internet access, and home services. The company's philosophy is to centralize capital allocation decisions at the corporate level and decentralize operational decisions among subsidiary managers. Copies of Sitestar’s press releases and additional information about Sitestar are available at www.sitestar.com.
tdeck
6 years ago
Strong again yesterday, but the shorts keep hitting it for some reason, its odd.
https://otcshortreport.com/company/SYTE
March 29 283,218 254,782 89.96%
Almost 90% of the volume were shares being shorted, that why I bid the stocks I am in with shorts on them and do not slap the ask I am by no means an investment guru but have a lot of experience in the OTC market. I never help them out slapping the ask when they are shorting it I leave that to them when they have to eventually cover, and they will they always do.
Cannot wait to see the 10K gonna be great compared to the last 3 years that's for sure.
Although it did make money in 2014 it will not compare to this years. And the turnaround management has accomplished in the two years they have been in control is commendable indeed.
Go from losing 900K+ to losing only 100k+ to this year making 2+ million and yet the shorts picked this thing to short I do not get it. So many easy short opportunities out there 95% of the OTC is wildly overpriced and this for sure is not one of them.
Ok, I am off have a few companies I been looking at for a while that are where $SYTE was a year, year and a half ago, gonna take the plunge and start the accumulation game there if all bodes well with their 10K's and continues into their 1Q results.
Have a great weekend all, and I am not telling anyone what to do, but if it were me and I wanted to increase my position I would bid it not buy it, lets the shorts sort out their own problem. It will go up there is no rush let them pay the ask price and push it where its going. You get more shares and the stock stays stable and they (shorts) lose their strength little by little. But at the end of the day you do whats you think is best for you.
Day to day price means nothing its where its headed with management doing the great job they are plain and simple.
Peace out.
tdeck
6 years ago
Heavy short action yesterday I am unsure of why they keep hitting this stock in particular would seem like a waste of time. But someone has a hard on for it that's for sure. Maybe because of previous history of the stocks trading makes them feel it will but suxh a strong tight trading range who would sell them shares if the bid did drop? They are not that easy to get unless its a short block on the ask. Silly really so many hyped up worthless overpriced stocks out there based on nothing but hype.
Almost all volume for a week has been shorts hitting it and having that big 400K block they moved to .1222 that's why I like to bid when buying they have to cover below where they are trying to throw it at you.
10K any day today or Monday look forward to it, seems like those funds are doing extremely well but have to see the nuts and bolts of it.
https://otcshortreport.com/company/SYTE
Date Close High Low Volume Short Volume % Vol Shorted
Mar 28 NA NA NA 332,091 243,250 73.25
Mar 27 NA NA NA 21,747 16,247 74.71
Mar 26 NA NA NA 5,885 5,885 100.00
Mar 21 NA NA NA 43,315 25,000 57.72
Mar 20 NA NA NA 7,400 4,200 56.76
Mar 19 NA NA NA 61,900 150 0.24
Mar 16 NA NA NA 450,000 300,000 66.67
Mar 14 NA NA NA 2,000 2,000 100.00
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Renee
2 years ago
natstocks
6 years ago
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