01 Dec iMing Corp (IMNG) – research request
Chatter has recently been building about IMNG becoming a paid promotion in the near future. Much of the chatter is probably due to IMNG suddenly seeing noteworthy volume starting on November 23, 2012 after weeks of inactivity.
The recent volume coincides with some recent activity from IMNG updating its OTC filings and moving up from a limited information pink sheet company to a current information.
To determine if IMNG really is primed for a promotion we will need to research the history of the company and the current share structure.
Brief Early History
The IMNG has been a non-SEC reporting pink sheet stock during its entire lifetime. iMing Corp started out as Crescott Inc, a Delaware corporation first incorporated in 1983. There is virtual no information out there about Crescott Inc before 2006. At some point in 2006, the current CEO, Mona Woon Yee Yim, took over control of the Crescott Inc shell and used it to merge with China Career Building Corp (CCBX) on November 16, 2006. The merger came with a 1:20 reverse split. Following the reverse split, the shell had 10,260,928 shares outstanding. Immediately after the reverse split 50,000,000 shares were issued for just $5,000 in cash ($.0001/share).
For the next 5 1/2 years, the IMNG shell was based in Hong Kong providing human resource services in Hong Kong and mainland China. As CCBX the shell did achieve some small but consistent revenues.
During this time, banned SEC attorney, Diane Dalmy, was used as legal counsel for the shell.
China Career Builder came with $104,188 in shareholder loans and between September of 2007 and December 31, 2009 would add another $167,964 in shareholder loans for a total of $272,154 in loans owed to anonymous shareholders. That $272,154 in debt combined with $54,597 in interest owed was turned into 10 separate convertible debt Notes totaling $326,751 on January 1, 2010. The Notes were all convertible into stock at a 50% discount to the lowest closing bid price over the previous 180 days.
Later in December of 2011, Moon Yee Yim would receive another 50,000,000 shares for $150,000 in accrued salary owed bringing the outstanding share count up to approximately 110,266,500.
When the decision was made to change the name of the company to iMing Corp in December of 2011, the original plan was to do an authorized share increase from 150,000,000 to 550,000,000 to make room for the conversion of that $326,750 in convertible debt Notes, but instead a 1:500 reverse split was done to the stock to coincide with the name/symbol change to iMing Corp (IMNG) in June of 2012.
It was starting in December of 2011, that William B Haseltine became legal counsel for the IMNG shell. Haseltine has past links to individuals like Jeffrey Smuda, Aaron Lamkin, Brian Cook, Leo Iruke, and others well connected to APS insiders. William B Haseltine was legal counsel for APS play MILV.
Post 1:500 Reverse Split
The 1:500 reverse split in June of 2012 reset the share count as follows:
Authorized Shares - 150,000,000
Outstanding Shares - 220,533
Float - 100,450
Immediately following the 1:500 reverse split, Mona Woon Yee Yim started converting the debt Notes into super discounted free trading stock.
$151,941 in convertible debt Notes were converted into 16,882,232 free trading shares of stock in June of 2012 (immediately after the reverse split). That's a conversion ratio of $.009/share.
$174,810 in convertible debt Notes were converted into 18,857,800 free trading shares on August 15, 2012. That's a conversion ratio of $.00927/share.
Mona Woon Yee Yim also issued herself 68,750,000 new shares for $100,000 cash ($.00145/share). Probably a large reason for that share issuance was to help debt Note holders to stay under a certain ownership percentage to allow them to freely dump their shares into the market.
Current Share Count
Authorized - 150,000,000 shares
Outstanding - 104,800,987 shares
Float - 35,840,482 shares
Anonymous Insiders - 35,740,032 shares received for $326.751 in debt ($.009/share) currently worth $20,729,218.56
Mona Woon Yee Yim - 68,750,000 shares received for $100,000 ($.00145/share) currently worth $39,875,000
The good news is that all debt Notes have now been converted and there is no more debt Notes on the books. The bad news is that there are over 35,000,000 shares waiting to get dumped into the market.
35,000,000+ free trading shares waiting to get dumped does scream out possible paid promotion. Throw in names like Diane Dalmy and William Haseltine and the odds of a future paid promotion goes up.
More about iMing Corp
Here is the iMing Corp website. It was created on December 20, 2011 just for the purpose of the name/symbol change.
The IMNG shell has now changed its business operations to internet TV technology. The shell has a forward looking plan to become a leader in internet TV technology for China and other parts of Asia by offering HD internet TV through their set-up box.
Their product is a Web TV box which sort of looks like some kind of knock off made in China. No where on the company website is there any option for interest parties to purchase the product.
Being a China based non-SEC reporting company it is impossible to trust anything that IMNG says about its business operations. Over recent years we have seen a whole slew of Chinese based companies that turned out to be frauds exaggerating their financial statements that did report to the SEC. IMNG hides on the pink sheets only doing unregulated filings with the OTC market.
What to expect from here
IMNG does have a history of being promoted. There was a stock promotion for the shell in early 2007 following the last name/symbol change and reverse split probably to help dump some of those 50,000,000 shares issued for $5,000 cash after becoming China Career Builders. Back then John Myers Secret Stocks was used for the promotion. The promotion allegedly cost $420,000.
I do expect that at some point IMNG will get promoted. I am just not sure yet what type of promotion to expect. The share price seems a little high for one of the big name promoters due to announce their pick this week to pick up the ticker. In that sense, IMNG is a little bit of a mystery. Maybe they will take the share price down some before kicking anything off. I'll definitely be keeping IMNG on watch. The company hasn't done any press releases in a very long time so a sudden press release could signal that a paid promotion is near.