RE:RE:No one cares about QTRH Americans were told that inflation would be "transitory". If you believed that BS, you would have lost lots of money.
The delayed financials are a consequence of OPERATION DISTRACTION. The WiLan business is in the gutter and could no longer fund the bloated corporate structure. So they are bringing the hatchet to the corporate expense base, ditching WiLan and hopefully get shareholders to buy into becoming a road troll.
But you have no knowledge of what this business is. Just that we paid a lot for it ($150M) and there is a forecast for 12-15M in EBITDA for next year.
This has been reduced to SPAC-like investment. No history of financials, all new leadership team (again!), new Board members. More options. More dilution.
Shareholders are told to HAVE FAITH. You are asked to accept and pay for the transition. And I think there is going to be one fat charge coming. They will say we wrested with the auditors and it is now all "below the line", but at the end of the day it will cost money and deplete the cash base.
They will keep saying "but look at Adjusted EBITDA!!! It looks sooooooo much better if we adjust the actual results!!!!"
And I say to that shareholders actually get paid on net income. All those charges add up and seem to be consistent year after year. You are reminded of all of those useless patents that we own that were bought with the WiFi proceeds as those patent purchases are amortized on the income statement.
And the debenture interest costs are real money too. Taxes don't matter at this point as the company needs to make money to pay the government before it can add value to shareholders.
Now we sold debentures that finance the dividend. And even those debentures are trading below par.
Now debentures are being priced with a credit default premium baked in. If debenture holders think there is a risk of not getting paid back at par, why do common stockholders think that they are going to make a big pay day? And why do common stock holders think the dividend is forever protected? The debentures are the most interesting action. Pay attention to them.