RE:Where did things go wrong?jsim082 wrote: Man, looking back as recently as the September 30, 2023 MDA things looked so good. aGPT looked promising and their white paper looked great. DMEVS had big plans. EVAR Korea had even signed with Blink (Nov 2023), so seems like others were on board with this idea.
Where did this go so wrong?
It seems that aGPT could have been a good product that needed some more money to fund its development. Same with EVAR. But then WHY did we undertake this huge stock buyback program? I just get so frustrated when I think of how that squandered everything.
We spend 3 million dollars to cancel 34 million shares. Now we are begging for money, and to get that same 3 million back, we would need to issue 150 million shares.
I can't make sense of this company. It's not just some shell scam - it really seems like we've had great products. Even when things looked sketchy I told myself you can't work with the Canadian government and the US Department of defense, and be selected as a delegate to Korean market if you have nothing. Did Marshall just get into too many things and spread the cash too thin?
Marshall always seemed conservative with the cash - only hiring once the need arose. So why would he have spent all of our cash on a stupid buyback and now we have to re-issue 5-10x as many shares to get the money back? And now we're in a place where we can't offer aGPT, we can't offer DMEVS and its because we ran out of cash. So we've sunk to doing video games that will never amount to anything. Cereal Crush is never going to be a barn burner.
I just don't understand where the cash went. How do you initiate a buyback when you see this writing on the wall? And why has Marshall never cared to clarify things? I know there are some theories out there about the buyback being used to buy the insiders' shares, but that's such a short term play.
I don't know.
The share buybacks were a head scratcher. They did exactly what I thought they would do which was nothing. Except toss millions down the toilet. Maybe DM was all giddy as cash was up and the world looked all rosy. I'm sure they miss that cash right now. The EV thing I thought, at first, was a good idea. I mean, how could you go wrong? But I could soon start to see a pullback in EV interest and we would not have had the resources to support it while the market changed back. I'm glad they held on to health division, I just wish they would let us know how that is going. GPT? Late. Missed boat, at least on a large scale rollout. Need to go niche market for that.
All in all, DM, despite having so much going for it has been lacklustre to say the least. Bad financial moves and poor executions. Totally botched executions. I think there is still a good chance for DM to suceed but it will require some disipline which was definately lacking before. No doubt Park has a lot on his plate these days but I hope he somehow finds the time and courtesy to
update shareholders from time to time. I remain long as really, I am in a box to be honest, but I am hopeful DM can rise from this quagmire and move forward.