iamthe walrus
1 day ago
No , You can sell if you wish to sell CRTG . You may get this notice : Etrade
By placing this order, you attest that you are not an Affiliate, Insider, or Control Person of the issuer and that the order is self-directed and unsolicited. You further attest that if you become an Affiliate, Insider, or Control Person of the issuer, you will cancel this and any other open order for this security. Please note that applicable rules prohibit publishing bid/ask quotations for this security and that last sale information may not reflect current market interest. Dealer spreads in OTC securities may be large and may result in substantial losses to you if the stock must be sold immediately. In some cases, there may not be a market for the security making it impossible to sell your shares. Only Limit orders are accepted for this security.
Testpilot
3 days ago
The actual total is 13,384,000, but I rounded up. I’m a “half glass full” optimistic person. The https://www.otcmarkets.com/ website will show the latest information, so check it daily.
You can find this information by going to the investor tab on the Coretec website and opening the 8K fillings
“On December 17, 2024, The Coretec Group, Inc. (the "Company") entered into a Subscription Agreement (the "Agreement') with an accredited investor (the "Purchaser"), pursuant to which Agreement the Company agreed to issue and sell to the Purchaser in a private placement, an aggregate of 87,800 shares of the Company's designated Series D Convertible Preferred Shares (the "Series D Preferred Shares"), stated value $100 per share, each of which is convertible into shares of common stock (the "Conversion Shares"), par value $0.0002 per share, of the Company (the "Common Stock") at affixed conversion price of $0.015 per Conversion Share. Under the Purchase Agreement, the Purchaser has purchased an aggregate of 87,800 Series D Preferred Shares initially convertible into an aggregate of 585,333,333 Conversion Shares for an aggregate purchase price of $8,780,000.”
“ On January 9, 2025, The Coretec Group, Inc. (the "Company") entered into a Subscription Agreement (the "Agreement" with an accredited investor (the "Purchaser"), pursuant to which Agreement the Company agreed to issue and sell to the Purchaser in a private placement, an aggregate of 46,040 shares of the Company's designated Series D Convertible Preferred Shares (the "Series D Preferred Shares"), stated value $100 per share, each of which is convertible into shares of common stock (the "Conversion Shares"), par value $0.0002 per share, of the Company (the "Common Stock") at affixed conversion price of $0.015 per Conversion Share. Under the Purchase Agreement, the Purchaser has purchased an aggregate of 46,040 Series D Preferred Shares initially convertible into an aggregate of 306,933,333 Conversion Shares for an aggregate purchase price of $4,604,000.”
Juststoppingby
4 days ago
Converting and auditing financials can take several months to over a year.
They started this process when Coretec and Core Optics entered into a Share Exchange Agreement on Mars 1, 2024.
Converting from South Korean accounting standards (K-IFRS or Korean GAAP) to U.S. Generally Accepted Accounting Principles (US GAAP) can be quite complex. Here are some key points to consider:
Complexity
1. Differences in Principles: K-IFRS and US GAAP have different underlying principles and rules. For example, K-IFRS is more principle-based, while US GAAP is more rule-based.
2. Valuation Methods: There are differences in how certain items are valued, such as inventory, property, plant and equipment, and financial instruments.
3. Disclosure Requirements: US GAAP often requires more extensive disclosures compared to K-IFRS.
4. Tax Implications: Changes in accounting methods can have tax implications that need to be carefully managed.
Time Required
The time required to complete the conversion can vary significantly based on the size and complexity of the company's financials, but it generally takes several months to over a year. Here are some factors that influence the timeline:
1. Initial Assessment: Understanding the differences and planning the conversion process.
2. Data Collection and Analysis: Gather historical financial data and analyze it under the new standards.
3. Implementation: Adjusting accounting systems, processes, and policies to align with US GAAP.
4. Training and Communication: Ensuring that staff are trained on the new standards and that stakeholders are informed.
5. Audit and Review: Having the new financial statements audited and reviewed by external auditors.
Juststoppingby
5 days ago
From 8-K Nov 14, 2024, Schedule I
Risk Factors
“To maintain our “current” reporting status with the SEC, we are required to file our Form 10-Q for the quarter ended September 30, 2024, within the SEC’s prescribed timeline. However, due to complexities arising from the recent share exchange, as well as delays in preparing and consolidating prior annual and quarterly financial statements, there is a risk that we may be unable to file this quarterly report on time or be able to regain compliance.”
This statement (“as well as delays in preparing and consolidating prior annual and quarterly financial statements.”) tells me they are consolidating the prior year’s annual and quarterly financial statements from Core Optics Co., Ltd., a Republic of Korea corporation, with Coretec.
Preparing and consolidating prior annual and quarterly financial statements for two different counting systems, one of which is South Korean, takes time. Also needs to be audited.
Testpilot
5 days ago
Siar,
Here's the Exhibit 99.1 to substantiate the Numbers for KIB plug energy
https://investors.thecoretecgroup.com/static-files/01d459aa-ffda-4046-9f32-3547249e1b5f
ANN ARBOR, Mich., Dec. 04, 2024 (GLOBE NEWSWIRE) — via IBN — The Coretec Group, Inc. (OTCQB: CRTG) (“Coretec” or the “Company”) has
taken a decisive step toward global leadership in energy innovation with the acquisition of a controlling stake in KIB Plug Energy Co., Ltd. (“KIB Plug
Energy”), a prominent KOSPI-listed enterprise in South Korea. This transformative acquisition, coupled with a strategic restructuring of its Core Optics
subsidiary and upcoming funding initiatives, solidifies Coretec’s status as a global powerhouse in energy and technology. KIB Plug Energy operates across
53 countries, offering design, engineering and manufacturing services, as well as maintenance solutions for chemical and petroleum production plants.
Over the past five years, the company has maintained annual revenues exceeding US$70million, underscoring its financial stability and growth trajectory.
Strategic Leap: Acquisition of KIB Plug Energy
Coretec’s acquisition of KIB Plug Energy cements its position as the largest shareholder of the company, paving the way for breakthroughs in the energy
and industrial sectors. The transaction includes:
1. 17,957,581 shares, fully paid and deposited into The Coretec Group Security Account.
? Purchase Price: 8,500,000,000 KRW (US$6,041,222.46)
2. An additional 24,000,000 shares, to be acquired via a Share Purchase Agreement (SPA) with Open Asia Co., Ltd., KIB Plug Energy’s largest
shareholder.
? Contract Deposit (Completed): 1,560,000,000 KRW (US$1,108,742)
? Second Payment (Completed): 1,560,000,000 KRW (US$1,108,742)
Total Transaction Value: 15,600,000,000 KRW (US$11,087,420.04)
Grand Total: 25,660,000,000 KRW (US$18,237,348.51)
*Ongoing Negotiations:
? 34,000,000 shares (to be acquired from various shareholders).*
In alignment with this acquisition, Coretec secured US$8.37 million through a private placement of Series D Convertible Preferred Stock. The proceeds
were strategically allocated to acquire KIB Plug Energy shares, now held in Coretec’s securities account.
Financial Highlights of KIB Plug Energy (K-IFRS Audited) (USD)
Year Revenue Net Income
2022 $ 75,103,056 $ 8,017,058
2023 $ 97,547,974 $ 10,305,615
Growth YoY +29.9% +28.5
iamthe walrus
5 days ago
Perhaps the Filing or Application of Lawsuit that suspended performance of Coretecs management duties at KIB until this goes before the Judge for a final decision . It should go in favor of Coretec . Current most resent filing . They can still purchase stock in KIB as we just saw Jan 9th they picked up 10 million plus shares so at least they are actively purchasing Kib stock . This lawsuit court date filing and docket number was filied on Jan 1st . Things are still moving forward with KIB
Filing or Application of Lawsuit, etc. (Corporate Control Contest)
1. Case name Application for temporary injunction for suspension of duties Docket number 2025308
2. Plaintiff (claimant) Coretec Group
3. Details of claims Creditor: Coretec group
Creditor's attorney: Attorney Kang Young-jun, Attorney Kang So-young
Debtor: ???, Other Non-Executive Director
Purpose of application
1. Until the final judgment of the main case of the debtor's dismissal of directors against the debtor and KIBI PLUG ENERGY CORP., the debtor's performance of duties as Other Non-Executive Director of the above company is suspended.
2. The debtor shall bear the litigation costs.
We request a decision.
4. Competent court Ulsan District Court
5. Actions to be taken We will respond in accordance with legal procedures. 6. Date of filing or application 2025-01-15
7. Confirmation date 2025-01-15
8. Other matters to be factored into investment decisions - The above '6. Date of filing or application' is the date the applicant filed the application with the court.
- If there are any future progress or confirmed facts, we will disclose the relevant information.
This was the first filing below concerning being suspended from performing their duties until a ruling settled it in court .
Filing or Application of Lawsuit, etc. (Corporate Control Contest)
1. Case name Application for temporary injunction to suspend performance of duties Docket number 2024Kahap 10294
2. Plaintiff (claimant) Kim ? Tae and 1 other person
3. Details of claims Creditor: Kim ? Tae and 1 other person
Creditors' litigation representative: Law Office Corporation Taecheong
Debtor: Kim Seon-gi, Elbert Michael Ussery, Lee Jeong-min, Yoo Yeong-seon,
Heo Seong-ho, Jo Han-wook
Purpose of application
1. Until the final judgment on the main issue of the case of the cancellation of the extraordinary general meeting of shareholders held by KIB Plug Energy Co., Ltd. on December 13, 2024 by creditors Debtors Kim Seon-gi, Albert Michael Yusley, and Lee Jeong-min are suspended from performing their duties as inside directors of KIB Plug Energy Co., Ltd., and debtor Yoo Young-sun is suspended from performing his duties as an outside director of KIB Plug Energy Co., Ltd. 2. Debtor Heo Seong-ho is suspended from performing his duties as an inside director of KIB Plug Energy Co., Ltd., and debtor Cho Han-wook is suspended from performing his duties as an outside director of KIB Plug Energy Co., Ltd.
3. The application costs shall be borne by the debtors.
4. Competent court Ulsan District Court
5. Actions to be taken We will respond according to legal procedures.
6. Date of filing or application 2024-12-16
7. Confirmation date 2024-12-20
8. Other matters to be factored into investment decisions - The above '6. Date of filing/application' is the date the applicant filed the application with the court.
- The above '7. Date of confirmation' is the date the company received and confirmed the application.
- We plan to disclose related information when there are future developments and confirmed facts.
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