Sunday, March 26, 2017 12:50:16 AM
How can you default on your bank debt in October 2016, not get a waiver for two months, have the bank accelerate the due date of $18M in debt, have the bank demand further equity issuances, and literally say nothing about it for 5 MONTHS? How is that NOT material to investors?
It was Opus that forced them to raise the money on Dec 30. If they didn't the $18M would have been instantly payable.
We also learn now that they kept that financing open until March and were still taking in money.
It was Opus that demanded they raise this $3M by Mar 31.
Opus is only giving them until end of April to do a bunch of stuff and the debt is now due June 30, in 3 months!
IMHO the only question now is how much of a haircut Cyrus and even Opus might take.
Printing 10s of millions of shares and warrants every few weeks isn't the stuff dreams are made of.
I said it all along, Cyrus resigning from the board is the telltale.
Now it looks like we are at the endgame. $45-50M in debt and frankly I don't think they business is worth half of that. Just my opinion.
Opus itself is in big trouble now so don't expect mercy from those fools.
All IMHO.
________________________________________________________
Caller: But why did you back away from your prior guidance?
Eric Kelly: I am sorry? Hello?
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