Thursday, December 06, 2012

I Don't Understand iMing (IMNG)

I got a tease mailer today from Legendary Stocks touting iMing (IMNG on OTC).  It's some maker of HD set top boxes out of Hong Kong.  There are plenty of things about this company I just don't understand.

I don't see how they can claim to compete against Apple TV in the set top box market.  I don't see any management team listed on their website, and only one person on Yahoo Finance's profile page who apparently does everything at the head office except actually make the product.  So who makes the product?  Is it even ready to be sold, shipped, and installed?  Beats me.

They have a publicly traded ticker symbol but I can't find any financial reports on them in EDGAR.  If they have not filed any reports, I cannot understand how Yahoo Finance can report their financial results.  Looking at their historical prices reveals adjusted closing prices as high as $70,000/share back in 2009, but the stock currently trades under a buck.  That implies a whole lot of reverse splits since then just to keep this ticker from falling off the exchange.  I can't be sure of any splits since there are no SEC filings to review.

I don't understand why anyone would invest $150,000 in iMing's first round.  I do not understand why this company used to be named China Career Builder Corp. and yet plans to enter the set top box market with so little capital.  I just don't get it.  I don't invest in things I find impossible to understand.

Full disclosure:  No position in IMNG ever, but you already knew that.