Monday, May 29, 2017 9:46:28 PM
The main reason he had to dilute was to pay for the audit....biggest cost. He had to go back to 2008 and getting it done professionally for the past 9 years is costly. I asked him why he didn't leverage the $300K credit facility to help fund this and he said he couldn't because the audit costs had nothing to do with company growth and in order to get the credit facility with the bank, that was the major stipulation. He can only draw upon it for growth initiatives.
We chatted for 30 minutes. Nice guy. Bears fan. My biggest problem is that I think he is trying to go too big too fast with this multi-million in sales company acquisition.
So my take away is that this is still a major lottery ticket. A RS is unlikely, but not off the table. The audit is the next big step and I feel 75% sure he'll make it happen by the end of June. He came across as an ethical person trying to build a company. Reach out to him yourselves, he will get back to you in a reasonable amount of time. He understands the investment community frustration with the dilution and is willing to be a big boy about it with angry callers. GLTE invested.
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