Some penny stock traders may remember the gains the beginning of 2011 brought them from Fresh Start Private Management Inc. (CEYY). Pumped at the time by a number of players at the start of the year before finally getting the helium inflation from the Awesome Penny Stocks group in late April, CEYY stock ran from as low as 0.149 to start the year to as high as 0.49, a 228% gain, before crashing on April 29, 2011. Since then, the business model has used the cash injection to implement their plan and the new CFO appointment may be able to tweak the accounts receivable to actually make this company profitable.
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CEYY Stock Chart
Market Cap: 1.61M
Close: 0.016, up 0.001 (6.67%)
Volume: 58,435
Dollar Volume: $1,123
High: 0.02
Low: 0.016
Trades: 7
Average Trade Size: 8,347
Authorized: 200,000,000
Issued and Outstanding: 100,761,938
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As with every company that gets pumped in one way or another by the Awesome Penny Stocks group, Fresh Start Private Management’s CEYY stock fell to the .01 level much slower than the groups recent pump and dumps. NSRS hit 0.01 on September 24th, SNPK hit 0.035 on October 10th, and the fastest faller of the group’s picks, GWBU, hit 0.0048 Friday. PRTN tumbled from its .53 day one high to 0.0067 on October 8th and the current promotion, TagLikeMe’s TAGG, will be the next of the group’s pump and dump alerts to fall to the once cent level here shortly.
However, looking at the history of the chosen companies, Fresh Start Private Management was the only one to implement their business model to create a near profitable company and only had been involved with the APS group for one week in April leading up to the crash. Prior to that, CEYY Stock had been a headliner for roughly three months on the promotion circuit.
After reviewing the financial statements for the three and six months ended June 30, 2012 and reading the PR of Ms. Lourdes Felix being appointed the new CFO of Fresh Start at the beginning of October, we are optomistic about the future of the Company and the possible affect it can have on CEYY stock price. If Ms. Felix can ‘crack the whip,” the Company could actually be a Net Income filer in the coming quarters.
For the three and six months ended June 30, 2012, Fresh Start Private Management reported revenues of $179,209 and $440,092, respectively, versus $305,230 and $333,880, respectively, for the same two periods in 2011 — The periods when the pump led to a .49 high on CEYYstock. Although gross profit percentage and raw totals have decreased in the two 2012 periods compared to the year prior, net loss came in at $(438,537) and $(457,378) for the three and six months ended, respectively.
Looking at the main issue which we think could affect that number immediately to turn it from red to black is accounts receivable.
Accounts receivable, net for the periods ended June 30, 2012 and December 31, 2011 were $935,605 and $528,769 respectively. Shockingly, those numbers, according to the footnotes to the 10-Q: Accounts receivable are recorded at original invoice amount less an allowance for uncollectible accounts that management believes will be adequate to absorb estimated losses on existing balances. When we stumbled upon the last line: The allowance for doubtful accounts was $910,378 and $486,285 as of June 30, 2012 and December 31, 2011, respectively — we just about fell off the chair.
If the numbers are showing net amounts as carried on the books as current assets with allowances of $910,378 and $486,285, respectively, already removed, the new CFO’s focus should be to do nothing but get their AFDA down to below 20% which will immediately create an injection of $728,302 in cash flow which will eliminate their negative bottom line numbers and re-introduce CEYY into the spotlight – the undervalued profitable companies spotlight.
Either that or clear out some space for when L.L makes another return to a new clinic and triple charge here.
About CEYY Stock
Fresh Start Private Management, Inc. through its wholly owned subsidiary Fresh Start Private, Inc. provides an innovative alcohol treatment program that empowers patients to succeed in their overall recovery. The Fresh Start Program is a comprehensive treatment that eliminates the physical cravings for alcohol using the Company’s minimally invasive, time-release implant of the FDA-approved Naltrexone medication. With cravings out of the way, the program is customized to help each patient address the psychological effects of alcohol abuse through the Company’s personalized Life Coaching Program.
Fresh Start Private claims to have treated over 5,000 patients with an 85% Program Success Rate based on a combination of alcohol and opiate addicts.
Click here to view the SEC filings for CEYY.
Bottom Line: CEYY was a bashed and beat up penny stock as they went through the circuit to wind up being chewed up and spit out by Awesome Penny Stocks some 18 months ago. With a fresh CFO and a bottomed out stock, CEYY stock could surely see a fresh start with a limited upside until some bigger numbers start showing up on the 10-Q’s.
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