Ucore Bankrupt !!!
WOW !!!! Yes. From a cash perspective they are techincally bankrupt by my estimate as of December 1st. Cash burn per quarter for last nine months has been approximately $450K per quarter., and I excluded the payment to IBC. So an addittional two month burn from Sept 31st to now is 300k. They had $316K in bank so now they have approximately 10K. It gets worse. They have over $600K in accounts payable along with addittional liabilites. Bottom line they cant even pay their bills let alone legal fees, etc. Any AIDEA finaincing is months if not a year away if Ucore can manage to find an engineering firm to complete the required E&D report that is still 2/3 rd sincomplete. What a mess !
At the end of the day if anyone is crazy enough to put oney into this firm to bridge them for a year until they sort out the lawsuits and E&D reports then they are going to take shareholders to the cleaners. At minimum it would be a debenture deal with stock and addittional warrant conversion features. Rules dictate this is allowed to be done at a 25% discount to current market prices . That equals massive dillution, no two ways about it. Shareholders are about to get screwed, likely within the coming days before the annual meeting on the 18th.
I warned you all this would be very painful. Some listed. Most did not. The fools that are left are going to get hurt bad in the coming days. Thats the reality of a completely mismanaged penny stock company with a ridiculous market cap.
Ask yourselves. If it was some billio dollar opportunity like the promoters say on here then why has not one insider bought one share in over three years. Why are they phoning you and begging you to defend the share price ? Unless they put their money where their mouth is then why shoudl you ? Your being taken to the cleaners by these unsrcupulous promoters. Its nothing but a shell and you are all the bagholders. A bagholder BTW is someone who never knows when to take a loss and rides the stock down to zero.