This doesn't surprise me. In a day and age where people are remote, start ups included, there's no need to rent space unless you're making/building something. No reason for DLOC to spend $$ on renting an actual office. These shared/hoteling offices are quite popular. Right now there is an 'office' bubble that's fixing to burst from a commercial real estate standpoint. Since the emergence of Covid, people are no longer going into offices into the big cities anymore. Throw into the mix that these are now urban hellholes where crime is rampant, etc. NO ONE is owning/renting offices in the classical sense in many downtown areas. Now they're just touchdown spaces in suburban or light urban areas like Santa Barbara (which is a posh area in So Cal). Also I don't think Rich is going to put his home address on the website either as I'm sure where he does a lot of work but he does quite a bit of travelling from what we can gather.
FWIW, the stock market right now is just not a good place right now, especially in the tech sector. Most of the major indices are down overall and what gains are made are soon given back in a matter of days. Until inflation is under control and we start drilling to become energy independent again, stocks in general are going to be in this area of 'malaise'. Don't look now but as Americans continue to use credit cards to purchase day to day items and their credit dries up, this is going to spark the recession that everyone has been talking about since the geriatric took office. I think 2024 will be a year to get out of this mess and also perhaps for DLOC to make a major announcement on a tech breakthrough.
I hope Rich can find other financing but he doesn't have a whole lot of other options currently outside of the academic institutions he's working with apply for Federal funding for Research. I'm still holding long because the tech makes sense if it can be solved.
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