SPYR Inc (SPYR)

[valueyoda]

We are the largest short seller in the company, and we are not covering our position. This is a terminal short. The company will run out of cash in Q2 with the current cash burn and is still on the hook for $5m with a prior lender. The restaurant business is not viable and has no segment value when you allocate some of the overhead costs to the division. The gaming division has no value either. The company pays a lot of stock promoters to highlight the significant growth that pocket starships is experiencing. However, the company fails to mention in any article the actual number of active users or the daily revenue per user it will expect. Based on the number of downloads, and the use on iphones/ipad the game fails to crack the top 600 games in the fantasy area. Based on the revenue-run rate until Q3, the company will burn through $4m annually with the game division without any growth. This company has gone through many iterations, and every time is about to go under, they create a new hail Mary by entering a new business: first the restaurant business, now the gaming division, maybe space exploration next year.