RE:RE:New information from trustee Here's what I understand from these reports:
SIO has asked for and obtained a 45 day extension to make a proposal to its creditors (which means they have until March 7)
Net proceeds from the sale of patents are around $355k. It appears this is it - SIO has kept no other patents, as one of the reports mentions that the company is currently trying to sell "its remaining assets, which essentially consists in its 3DGO streaming services".
Potential buyers for 3DGO have until Feb 15 to submit a binding offer. SIO contacted 30 potential buyers; sent documentation to 22 of them; 1 of them has signed an NDA, and another either has or was in the process of doing so. That might be why marketing ramped up in the last few days...
Routhier's bridge loan was reimbursed in full on Dec 30.
SIO has a budgeted cash flow (sales of assets notwithstanding) that should keep them afloat until March 11.
They are vacating the Richardson St. office in favor of a smaller location. They are also trying to get rid of furniture and equipment, but do not expect the proceeds of such sales to be sizable - no offers received so far.
A few takeaways from the sales brochure:
- There is a bar graph of revenue and users that just doesn't seem to add up when compared to posted financials. The brochure suggests roughly $135k-$140k in rental revenue if you combine all 4 2015 quarters, whereas the financials indicate $90k. There are also two "projected" columns for Q1 and Q2 2016. Don't know why Q1 is projected when the actual financials are out. The projection supposes a revenue of $100k versus an actual revenue of $32k. A buyer doing his DD would quickly notice this.
- Same old schtick from past investor brochures: "3D is alive", "top box office movies are in 3D", "available to 80% of 3DTV owners". One word that did catch my attention because I don't remember SIO ever using it before is "niche".
- Europe expansion, streaming devices, signature of new studios and in-theater/studio partnership are all listed under "growth plan". From my understanding, that's all these things ever were, a "plan". Unless someone is willing to buy 3DGO and invest in any of those projects, that's all they'll ever be.
- The team, especially management, is listed as an investment highlight, with an "average 15 years of experience in 3D". With Laberge gone, that's pretty much just Routhier's average, right? Is he hoping to secure a job from the potential buyer after this whole ordeal? Good luck with that...
Hopefully I didn't miss anything too important. GLTA.