Post by
radar17 on Aug 17, 2017 2:00pm
Hate to break it to you folks but ...
The sum total of the PP came to $525K minus $29K in commissions, call it $500k.
But ... their last financial statments (many months ago) showed that even at that time (Jan 31 2017) they had only around $80K in cash left but had Current Liabilities of over $340K.
The real killer - they had a burn rate of well over $250K/month. For sake of argument say they managed to cut the burn rate... in half!
Do the math.
So when they say ..."The net proceeds of the private placement will be used by the Company for working capital purposes and for additional business opportunities, which may include investments in the cannabis, blockchain/cryptocurrency or e-commerce industries." ... you can be fairly sure that simply is not going to happen... they did get a few bits of money from here and there since then (sales??, options) but this PP money is almost certainly spent well before it even hits their bank account.
Comment by
smallears on Aug 17, 2017 2:11pm
This post has been removed in accordance with Community Policy
Comment by
99hockeypenguin on Aug 17, 2017 2:18pm
Within a week or so the company will announce a deal along with a new ceo and board. Halt the stock, re-name company, do another PP selling new business plan. JMO
Comment by
deet on Aug 17, 2017 2:39pm
The change can't come soon enough. This stock has been a nightmare. Pretty well lost all. Thanks, KR!! deet
Comment by
casse on Aug 17, 2017 3:59pm
Can we expect that deal to be as good or even better than the Mekenix deal ??? Nah... almost impossible.