RE:RE:News is out Looks like Mike is operational again doing drone geophysical surveys with his old privately owned company Pioneer Exploration Consultants.
It's not clear to me what exactly Dfly is getting out of the transaction. I notice that the language in the definitive agreement has changed significantly from the original announcement. It was initially contemplated as a complete purchase/sale of the subsidiaries as a business. At least that's how the release was worded. The language spoke of the value of the companies, the services they provide, position in the industry, etc. For a price of $125,000 cash, $225,000 in shares of Dfly, and Dfly would assume $50,000 in debt.Plus 7.5% of revenues for 18 months.
But the new release talks about only the leasing/sale of the assets. Given we can see from GUAV's recent financials that they had $0 in revenue, this may explain why it's no longer considered a business sale. Still, they are paying $126,000 in cash to lease the assets. With the option to purchase for $220,000 in shares. Though maybe somebody can check my math. The numbers don't seem to add up. $50,000 + $126,000 + $220,000 = $396,000. Not $426,000 as shown as the aggregate amount?
I am assuming that the assets include the $366k Lidar that GUAV purchased a few years ago. If so, it's a bit of a sweetheart deal for Dfly to try to start up a new business line, with minimal risk. $176k in cash plus some paper. I would have thought that sensor could have been sold as a stand-alone asset for more cash than that.
I am curious about the state of NOVAerial Robotics and UAV Regulatory Services. The "About Global UAV" section still suggests they are a going concern. Talks about growth, technology development, etc. Shouldn't this info be updated at some point?