I don’t usually like to start a new thread but I thought this post is important enough to get its own thread.
If you read nothing else, please don’t put your money in this stock until much much more due diligence has been done. In 15 minutes this is what I have found.
Both founders have had difficulty with the law. The co-founder was incarcerated, “for acts related to making false statements in relation to two quarterly IRS Form 941 Employer Federal Quarterly tax returns, one in 1996 and the second 1997, for a company for which he was an officer at the time.”
The ceo was issued a cease and desist in Alabama, “Mr. Absher and others caused the offer or sale of unregistered securities through unregistered agents.”
the company issues press releases like they are going out of style. Here are some of the most recent
ShiftPixy Leverages IBM’s Watson to Better Connect and Scale
ShiftPixy Discusses the Gig Economy’s Impact on the Restaurant and Hospitality Trades
ShiftPixy Unveils its Cutting-edge Fintech
ShiftPixy’s Blockchain Use Case
Notice they are hitting on AI, Blockchain, Gig economy, Fintech, and Big Data. I know you all can’t see me but imagine me doing a gigantic eye roll. They are just vomiting hype out into the internet hoping some of it will stick.
Their app on iOS and Android has a combined total of 37 reviews. Many of them look planted. Go read them for yourself.
“Can’t wait to learn how to use this app! I’m happy I bought their stock PIXY! Ima make some serious cash now!”
“Extremely excited to see how this can benefit the restaurant industry around the US.”
HR/staffing is hard with a lot of regulatory overhead that is different in each state/city. The company doesn’t appear to have anybody with expertise in that arena.
I couldn’t find any information on an auditor
Burning money, I can’t imagine them being able to raise money except through pump and dump penny stock tactics.
There are sooooo many good companies that have lots of eyes on them. This company reeks of dishonesty. Don’t waste your time on tiny companies. This space is where money goes to die.
on the topic of auditors, I finally found this. They do have an auditor. Doesn’t change my message though. Tread very carefully in this space.
"
To the Board of Directors and Stockholders
ShiftPixy, Inc.
Irvine, California
We have audited the accompanying consolidated balance sheets of ShiftPixy, Inc. (the “Company”) as of August 31, 2017 and 2016, and the related consolidated statements of operations, stockholders’ equity and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements 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 consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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 consolidated financial statements referred to above present fairly, in all material respects, the financial position of ShiftPixy, Inc. as of August 31, 2017 and 2016, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.
Hey the heck does a human resource outsourcing company need Watson, or crypto chain, or any such thing.
I hae not even read the rest of the chain of posts on this company. I do not have to. Ethan is absolutely correct.
My first job out of law school was in a company that put together companies like this. Guess waht, it was run by California mobsters moving away to Utah, because they saw sheep there.
I agree with Ethan this company is very very risky and DO NOT invest money until you do a lot of your own research. I am in no way trying to pump the stock. I am just trying to throw out a unique company that I have been following for a while. I often follow smaller lesser known companies because the best returns can be made in areas where the big boys do not go and that is one of them. I agree it is very risky and do not disagree. I hope I made that clear in my original post.
With that said…
Could you post links to the information regarding the legal issues from the 90’s? I also have to question how relevant it is considering it happened more then 20 years ago.
Regarding the press releases. I agree it has a feel to it of trying to pump the stock. That was one of the first things that ran through my mind when the first blockchain press release came out.
Regarding the mobile app…
Keep in mind they are in the process of creating all the functionality of the mobile app. Most of the functionality is not even present. They just within the last month added the ability to create an account. I haven’t setup a profile yet and am not sure if I will because I have no interest in trying to find shift work. I am just pointing out it is literally brand new and not even fully functional yet. Judging the companies legitimacy by the app and the reviews are not fair to the company.
Maybe it was a mistake to post the company at all. Admittedly it is probably one of the more uncertain of the companies I follow right now. Over the years I have had a lot of successes investing in unknown and unfollowed companies along with several failures as well. Maybe this isn’t one or maybe it is. I will leave it to you to make up your own mind.
DO NOT INVEST without doing YOUR OWN RESEARCH
This type of company is not right for most people admittedly so maybe I should have just kept it to myself.
Could you post links to the information regarding the legal issues from the 90’s? I also have to question how relevant it is considering it happened more then 20 years ago.
In my opinion, the people who manage any company in which I am invested must pass a very high bar: they must have integrity. Past behavior is one of the best indicators of future behavior. Personally, I would not invest in any company in which a member of the executive team has in the past committed a felony, misled investors, treated investors unfairly, or acted in any way that would cause me not to trust that person or persons. The amount of time that has passed since a “transgression” is not important; it could have been last year or 20 years ago; I’m not giving them my money. Period.
I view this very differently than I would someone like Bert Hochfeld. I might still listen to Bert’s opinions and analyses of companies even though he was convicted of a defrauding investors. I would never, however, allow Bert to run a company in which I am invested, and I would never hand him any of my money to manage.
Maraj, I am glad that you did not keep this to yourself. You did the people on this board a good service by posting about this company. You see your post is bringing to light some important discussion that some of us may benefit from.
DO NOT INVEST without doing YOUR OWN RESEARCH This type of company is not right for most people admittedly so maybe I should have just kept it to myself.
Don’t beat yourself up, Maraj. Even if this is a questionable stock, it was still fascinating reading!
Hi Maraj,
I’d like to add my voice to the people who appreciate that you posted, the ensuing discussion and your very congenial responses. I hope I didn’t come off as mean spirited. I am just concerned as I know we have many people who are new and very excited about the ideas this board generates. I look forward to your future posts and ideas.
best,
Ethan
p.s. I’m at a different computer so I’ll go through my history later today to see if I can’t get your my sources.
Everyone wants to hit the richest vein while mining for stocks. And whomever is fortunate enough to win
the most in the stock market this year, will not do so by investing in giant companies. Please don’t
apologize for bringing an idea here–ever.
(Just do it more often.)
Meanwhile, we got your 6. That’s the way it works.
