RE:RE:RE:RE:RE:RE:RE:The IdNow Fiasco in Canadasandysouci wrote: I actually do NOT believe that you're short...
that makes no sense at all: stock has ALREADY pulled back by over 50% from the high, and we could very easily get positive news -- at any moment (HC and/or FDA) -- that could propel us up 20, 30, 40, or even 50% within a day...
shorting here has only modest profit potential, yet fairly high loss potential, so the risk/reward is WAY OFF for a supposed "pro trader" like yourself... in general, shorters are pretty smart and do a lot of DD before they enter into a trade, far more than the average long...
so either you're just a wannabe shorter (still learning your life lessons), or actually have very little $$$ at stake, so it doesn't even matter and barely justifies posting here about it...
TradeBull wrote: SEMIAUTO wrote: Trade bull is p/o because he hade to cover his short Position and he's a pylon
thank you
Not how shorts work my friend. I have more than enough margin in my account to cover. Don't take out the Abbott news on me. Still here.....Still Short.
I agree I am a little late to the game but my attention was elsewhere, mainly taking money from the robinhood kids with ACB. When you run a screen and you see a stock shed 56% from it's high in a short period of time you ask why and you look into the company to see if it has a good story and it is just fear shaking people out. Or if there is more to it.
So I read and I read some more. I found a lot of things that didn't and still do not add up with Sona. Yes, they have a test, Yes, they have submitted it to HC and the FDA. But until it is approved for use that doesn't change their story.
So since this equity doesn't have options contracts, I felt a short position was the next best thing to bet against it. You are right and like I said before on a creditable validated news release this thing will sky rocket based on the previous price action. So, I too have the option to buy and cover and profit. See, if I am right about this company and the stock drops a lot. I profit. But if I am wrong and market buy and play the ride up using your 20%, 30% 40% or even 50% gains, I profit. So I look at it as a win win or profit profit trade.
But when you read stuff like this directly from the companies Financial Statement Dated Sept 29
th 2020 Page 4. It validates a lot of the research. If you do not believe this head over to SEDAR and have a look yourself. It is a little curious that most public companies will put out a release to announce the releasing of financial statements and MD&A documents but not SONA. After reading them I see why.
The Company’s operations have been financed through the sale of common shares, issuance of debt, government funding, and funds received from the Transaction (refer to note 3 of the audited financial statements for the year ended October 31, 2019). The Company has incurred significant operating losses since inception and has an accumulated deficit of $12,226,222 as at July 31, 2020 (October 31, 2019 – $9,352,205). These unaudited condensed interim financial statements have been prepared on a going-concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due. For the nine-month period ended July 31, 2020, the Company incurred a net loss of $2,874,017 (year ended October 31, 2019 – net loss of $2,521,709). The Company has negative cash flow from operations. In addition to its working capital requirements, the Company must secure sufficient funding to further develop its gold nanorod products and to fund its general operating costs. Such circumstances create material uncertainties that may cast significant doubt as to the ability of the Company to meet its obligations as they come due and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern. Management is evaluating alternatives to secure additional financing so that the Company can continue to operate as a going concern. However, there can be no assurance that these initiatives will be successful or sufficient.