RE:PP Closes with some updates after allA couple of clarifications:
First - Deqode is not in for the flip. They are in there because they are longterm partners. Fact.
Second - Assume changes prior to NFL - Assume mgmt is fully aware of what it will take to get to "sticky" - Assume mgmt is aware of where the competition is at.
Third - logistically it is just a little difficult to start out with a decked out Fanstore. Part of an evolution. Makes sense to me anyway.
Fourth - "mailing address" more or less spells "Solicitor's Office". It doesn't spell "e x p e n s i v e".
djgt wrote: I despise having to read between the lines with corporate updates. That aside, there are some certainties that come from this morning's press release.
First, Deqode is an Indian start-up company. That is who the Indian placee for the PP was. In essance, they purchased a contract from FDM for $0.10 options. A pretty smart business move for Deqode because they know that FDM has no money so all they have to do is limp FDM to a launch, let the market hype take it back above $0.10 and they get paid. Very little risk here for Deqode and since they too are a start-up its a nice project to put in their Reference section.
Second, seems the App is ready for launch. This scares the hell out of me quite frankly. Proceeds are going to be used to integrate "live sports." Well, they technically have "live sports" in the app already so I really hope they mean from a video feed perspective or something because a half-assed scrolling play-by-play just won't draw "live fans" to the app. They'll watch NFL Sunday Ticket, NHL Centre Ice or whatever instead.
Third, doesn't look like there will be a FanStore after all. The Fancoins are simply to continue wagering challenges back and forth. The wording suggests that the top users will be used as Fandom Sports Ambassadors by comping them tickets and swag. In order to get Fancoins you'll need to buy them because when you win your challenge the tickets and coins are put in a vault that you have to purchase. Therefore, the most engaged Fans won't earn swag, experiences and so forth they will literally pay for them indirectly by continuously purchasing Fancoins and Fandom tickets.
Lastly, the move of the corporate office to Roosevelt Island in New York comes with an average price of $2,600/mth for a 1 bedroom apartment. I'd say a larger commercial space for a corporate office would be more than that. Frankly, Fandom is expecting increased expenses also because they already announced more financing is just around the corner. "The Platform on which the FANDOM SPORTS app is built is now ready for immediate global expansion, subject to operational funding." Soooo, if they just did a financing with $0.10 options and already know they need more money what price will the next financing be at? How much will they actually be able to raise and how much dillution?
At this point, lets get the INT.V team and pump this thing to the moon so we can all bail with some degree of grace. HAHAHAHA
Yes, I am now the proud bagholder of FDM. Oh well, I've wasted money on dumber things in life. Lesson learned. Again....