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They posted their roadmap in an April tweet: https://x.com/RWGImerger/status/1778777593250214131/photo/1
(Also in one of their PRs, but the tweet is easier for me to find.)
Earnings call also talked about some other things, including share cancellation and some potential acquisitions.
$RWGI Shareholders🚀 Join us today @ 4:30 PM EST for our Earnings Call. Phenomenal 204% Earnings Gains, Acquisitions, New Leadership, and Share Cancellation Strategy. Don't miss out on this opportunity. #RWGI #EarningsCall #GrowthOpportunities #cannabis https://t.co/Rhux3g2iSx
— Rodedawg International Industries Inc (@RWGImerger) April 30, 2024
Those aren't permanent links. They are generated in response to searching for the case number, and expire after a few hours, from my experience.
This is crazy. But it's not just Carnes. The entire management team, really.
I think you have it basically right, and that it may be even better than you think. I'm pretty sure the size of the 24.7million debt taken care of here corresponds to the purchase price of the company; if you read the lawsuit, they had reworked / replaced the original deal to pay cash quarterly over several years sometime last summer with a deal for shares / warrants. Then things went sideways in a number of ways, and the lawsuit happened. They are basically saying they still consider the debt to have been replaced by shares / warrants. So once the lawsuit is settled, and the share exchange takes place at the correct fair value (somewhere north of book value, probably, meaning most likely in the dollar range), then hopefully it will in one fell swoop take care of the debt, eliminate any need for future payments, remove the uncertainty about share structure, and put us on the path to the big boards. (Because, seriously, if you look at the financials, they qualify for Nasdaq based on several metrics save only the share price. It may take a while to get there still, but I do think that's the trajectory this company is on.)
FInancials out.
Also.... Woohoo, back to the prices from the beginning of November :D
I didn't notice until I just saw all your comments about the move. Gotta say, it's nice to see :D
Yes it is.
I sort of think someone has been trading with an eye on the filings in the court case. Who knows, though.
Oh please, the presence of a far-out-there lawsuit doesn't make the company worth nothing. It's still got massive revenue relative to market cap, and it has contracts that say it owns the company. It fired the guy who's suing them, and showed him the door... makes it pretty clear who owns the company. They filed what they promised to file; they have a deal to pay down debt and give warrants / shares in exchange for the company. Is it absolutely certain? No, but it's worth a heck of a lot more than your supposed 'nothing'
Someone finally loading this long stupid dip
Nice moves today :)
Hearing yesterday was primarily to set trial date, and trial date is in May 2025 (yes, next year+). Hearings on minor motions for partial dismissals (of small parts of the case) in mid-March 2024. Filings for that hearing by Feb 16, 2024.
Same as ever?
So what. The court isn't going to take the company away from shareholders. The most it's going to do is order some form of specific performance (pay shares / warrants / money...which is what public companies do). And that's if the case isn't settled / mediated before going to trial. The claims were over the top because the claimants were hoping the court would give them everything they asked for. It didn't.
Ask yourself why the minority shareholders remain with the company if the allegations were true. Obviously there were some specific issues and differences with the majority shareholders.
If the deal is nullified (fat chance; I've read the lawsuits), then it's back to being a clean shell.
I don't think there is a split.
I'm loving it, but what am I missing? Any news?
Great minds :)
Oh, makes sense. Well, 200,000 right now is just a few thousand dollars, so I wouldn't be surprised if there are multiple people who've blown past that number just by soaking up the dip / panic / tax selling in November and December.
Why that number, specifically?
I think the current merger is being aggressively re-negotiated, not abandoned. We'll see, though.
You're making a lot of assumptions there. You're assuming that assets are being sold, rather than contracts fulfilled (a contract is an asset until its terms are fulfilled or its term expires), or even trucks and warehouses and leases being depreciated. You're assuming that this debt isn't the sort of trade financing that is expressly permitted by the contract (trade financing of several types is quite standard in freight); etc.
Sheesh. Yeah, that's not great.
I do think there's something happening with the post-acquisition accounting that makes the numbers look worse than they are, but I am not happy that we're not looking at multiple dollars myself.
I don't think it's that. But assets and liabilities are both dropping together. Possibly some contracts are being fulfilled or something. I don't know for sure. But the balance is similar.
Also, a lot of that net loss is due to 'depreciation expense' which I think is sort of synthetic.
I personally liked page F-2 of the 1-A/A that was just filed. Still says unaudited, but these are much more complete financials. Heading in the right direction, at least.
Can't believe someone's selling with market cap one tenth the net earnings from last year, but I guess it takes all kinds.
Domestic Freight isn't quite in the same market as international freight, and a lot of domestic freight does just fine regardless of international trends. A lot of the public domestic freight companies have continued to report profits quarter after quarter all year. If they follow that trend, they'll be just fine.
I hope they'll PR some big updates soon. It feels like there's been a lot brewing behind the scenes all summer. Time to show us the progress!
Trying to. Most people seem to think it will, but no one's guaranteeing anything either. The larger legislative climate (shutdown looming) has a lot of people holding their breath, but the Senate watchers seem pretty confident.
I don't think they've released the numbers for Tradition for 2022, so I don't think it's been proven to be true or a lie that they were on track to earn 125 million (gross) with a 5 million net profit. The numbers that were released were unaudited and didn't include Tradition's revenue for technical reasons.
I think it's inarguable however that the audit is taking a painfully long time.
I think you're going to be very disappointed. But I guess we'll see.
I think they've chosen to let the numbers do the talking, and 1) they're waiting on audited financials, and 2), people who can read financials understand that they ran a little in the red this year to acquire a large facility; that doesn't mean they'll always run a little in the red.
Yep...
Also, I think the line item in the 2022 financials was for the 3 days at the end of 2022, so it's not exactly a representative value one way or another. I think the consolidated (and hopefully audited) totals should be a lot clearer.
AND if I recall correctly, a PR earlier this year listed the Georgia warehouse and rail acquisition and improvements as 12 million. So that clearly accounts for a majority of these expenses. Do the math on the rest.
No. I think they're going to complete the audit showing the financials are what they said they were for last year, and then complete a couple of quarters with progressively increasing income, and then either the price will increase organically or they'll get listing help from some larger entity that can provide a floor as they uplist to a big board.
Which is to say, I think they're serious.
Well, they did just set up a new building with a rail link. It would be interesting to know how much that cost.
Agreed.
Financials out.
That's a matter of interpretation for anyone other than the company insiders.
I believe that the original terms required them to file the offering, which they did; that sort of thing is usually on a best-efforts kind of basis; we have no reason to think they didn't use their best efforts to get it done, and I'm not sure there's any reason to think that withdrawing it puts them in default.
One particular thing to bear in mind is that the reason for all delays is the audit of the incoming company, which is largely on the incoming company and the state of their accounting systems. So if there's a default (and I don't have any reason to think that there is, other than your noise), the fault would be that of the incoming company. And the cure would be to complete the audit and refile with any necessary amendments.
Every signal from the company to date has been that they intend to follow this process through.
I wish I'd gotten 4s, but I'm pretty happy with my 5s and 7s :D