RE: Management NET weath down huge! Copper90
There is 50M in debt as they drew down both of the 25M notes. The only reason they have cash right now is the notes!!
They were off in their financing estimate by 85M last offering + 37M property sale to 50M in notes plus next offering. Thats over 170M !!
With respect to the options - you are right they are worthless and any company with integrity would cease issuing them until things improve. Cline will just issue more at under a buck. When mgmt last granted options at $1.50 all the execs had options from previous grants - some of them at $3. What does it say to investors when mgmt issues more options at a lower price - it tells them mgmt beleives the stock price will not increase.
Pasta