Quipt Home Medical Corp T.QIPT

Some hope

[EarningsPower]

Hi all. Long-time PTQ holder, first time PTQ commentor here. Given the halt yesterday I have reached out to auditor friends for opinions, as well as went back on some of my notes taken from chatting with Greg over the past couple years. Here are some factual points:

1. Greg owns over 7 million shares + options. He takes a salary of roughly $425k, meaning this $14 million dollar equity stake is substaintial. He also participated in the last financing round (800k shares) and exercised options recently without selling the stock. 

2. There was 3 acquisitions done over their fiscal year, with an additional large one post September, and yet another in the process of closing. Consolidating results can be tedious, especially if the businesses acquired were small family practices. 

3. Uplisting also requires additional information, and a more intense auditing. PTQ is going from the venture to NASDAQ, a large step. This takes extra effort (an opinion from an auditor). 

4.  I have recieved an Initial Listing Guide  for the NASDAQ (Dec. 2020) covering processes and timelines. From the initial application it can take 4 - 6 weeks. One requirement is that the bid price needs to be $4. Therefore expect a share consolidation, which again could slow things down. 

5. CIT provided credit facilities in September. I am sure they took a good look 'under the hood' prior to giving $20 million (my opinion).  MNP is PTQ's auditor. Not a fly-by-night firm. 

It's quite annoying that there has been no investor updates given. Looking back at these points though I feel somewhat relieved, but in reality there's not much we can do until the halt is lifted anyways. Just hope this calms some nerves for now. A nice beer works too. 

Looking forward to contributing more!

[Trytobelong]

Thanks for your detail post... I was thinking same thing about Greg. He is under pressure $$$ with PTQ and must perform for his own financial health. On the other hand, it would have been  more professionnal to give some hints before the week end ! Thanks again

[taman1]

Great post, however on point 4 an astute poster has clarified USD$2 is sufficient. I am of the same opinion as another poster had said many moving parts here. Any halt especially done just before a conference call and financial results release looked bad. Nevertheless with so much cash on hand and a very committed CEO, this is just a blip as most long term holder is looking for $5 and upwards

[kentucky77]

Taman:  What are the rules to be listed on NASDAQ? Shareholders Equity of at least $2,000,000. At least 100,000 shares of public float. A minimum of 300+ shareholders. Total assets of $4,000,000. At least two market makers. $3USD minimum bid price of the company stock. Public float market value of $1,000,000.

[taman1]

lscfa (1753) User Actions   January 22, 2021 - 03:47 PM 772 Reads  Post# 32361802 Nasdaq listing for as little as $2.00 USD See pg. 10 https://listingcenter.nasdaq.com/Assets/Initialguide.pdf

[EarningsPower]

Ah yes! Sorry about that. I read the NASDAQ 'Global Select' listing requirements when they are planning to list under NASDAQ Capital Markets. Thanks for catching. Could be as low as $2 then, and I would assume thats USD.

[Carlito3311]

This post has been removed in accordance with Community Policy

[Carlito3311]

This post has been removed in accordance with Community Policy

[TimeScape]

Seems likely to me that the company's auditors were unable to pull all the financial information for all the recently acquired companies together in time to complete the audit by the deadline.  It happens.  I have seen it with small cap stocks I have owned before.  I'm an accountant, and used to do audits.  When you have a lot of acquired companies, there are often

[Carlito3311]

This post has been removed in accordance with Community Policy

[Trademark11]

As I have posted before, Cole Steven's (VP Corporate Development) has gone on record in an email (3 weeks ago) to state that the colateral financial obligations related to listing at $2.00 USD, while it can be done, would put off their ambitions of listing on the NASDAQ until H221.  As such he feels that the $3 USD minimum bid is what they will be shooting for inorder to acheive the state

[dileas48s]

Speaking of Nobilis PTSD I had many a conversation with Cole when he did their IR and I remember with derision how "excited" he was about Nobilis all too well.   Ultimately I'm responsible for my investment decisions but I never should have listened to a word he said. Sorry, but I take nothing he says at face value and I think he hurts PTQ by being the face of their IR

[Desi2019]

I didn't realize it's the same IR person as Nobilis. He should've not been hired by PTQ with that shitty track record.

[Desi2019]

Actually where do you see Cole Stevens on current PTQ company website? I see Will Childers is VP Business Development.

[Trytobelong]

google his name

[Desi2019]

Thanks I found it - he just wasn't on the main company Team page.

[Desi2019]

To analyse this objectively though, now in hindsight Nobilis had no predictable business value. As a marketing company supplying patients to surgeons (I'm guessing mostly cosmetic), why would they have a competitive edge than the service providers themselves? It's just not a good business proposition in my view and can easily be replaced or I can see a lot of problems with physician

[dileas48s]

I'm only responding to this because Nobilis wasn't just a marketing company.  They had brick and mortar hospitals that did surgeries, a lot of out-patient stuff - hips, knees and back stuff.   My point is not to try and shine a postive light on them, or on my pathetic investment past.  My point is that they had an IR person who probably knew that the surgical doctors

[taman1]

Looks like only 2 outcomes from here today after deafening silence Really bad or really good news both requiring deafening silence If it was COVID related with Auditors or just more additional info,or some hiccups nothing to do with management, someone could have said so by now.

[Desi2019]

These are good points, especially the CEO skin in the game. Perhaps they're preparing financials to meet NASDAQ requirements before waiting for the next quarterly report.

[Carlito3311]

This post has been removed in accordance with Community Policy

[Moemoney42]

I agree with your points EarningsPower... now factor in they have a tuck in ready for completion shortly, millions of $ in the bank, a share price trading at a discount to its peers, and more tuck in's on the horizon, also a good quarter to report, I could see a last minute hostile takeover taking place with a bid to acquire before the price runs too high.. don't forget all the analysts