RE: One last kick at the can Interesting. One of the mistakes I have made with BXI is to look for a single event which will signal success or failure - we have all been waiting for the one great NR which assures us that greatness is just around the corner. The "reality" is that this single NR will never come - this company is engaged in a series of expansive initiatives that need to be completed in sequence. Obviously each of them has proven to be a bigger challenge than any one anticipated. But there are many battles still to be fought before the war is won or lost.
What happens when the cash finally runs out - if it does? They close the doors and hand back the charter ? I doubt it. First, the cash balances are enough to get into the second half of the year at the established burn rate - lots still can change, and even 10 % weekly growth will be tangible by mid year. Second, the company will spends years in court to protect its patents before the curtain comes down. So it ain't over.
But mid February KPMG is going to have to ink an audit opinion. That means they will have to opine on going concern status, and the ability of the assets of the company to sustain revenues. That sure will be interesting. The "shareholders auditors" could give a rat's tail about my interests of course - but there are some practicalities they will need to address. On letterhead. Or withhold an opinion.
As always, what is at issue is whom and what to believe. Recent events suggest we are no better off today than two years ago, at least in my opinion.
But what to do next ? This is probably as bad as it gets, the residual exposure is small if you have held since the start of the year. I am thinking wait and see rather than fold - a JV / buy out was always inevitable IMHO, and there may be enough process in place to make such a move viable to one of the big players in January. As one sage poster said recently, it makes more sense for such a buy out to proceed at a reasonable fair price rather than to show their hand and then have to waste years in court. 50 cents a share for these patents after tax ? Freeby.
But I sure would like to be a fly on the wall in Saskatoon today. Does the core process work ? At what volume? At what purity ?,.....
Plus ca change,....