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I'm out with the 8M share pump today.
Russ really let me have it on this one.
Good luck to all on this board!
All IMO. Prime
Any news out there why MCLD has traded almost 8M shares this morning? Thanks, Prime
DVP:
Excellent detailed post!
Prime
Hi, Rod:
Only excuses. Money to close last November, then 12/30/2022, then 2/28/2023, and now it's March. Friday, I left a message for Russ at the Canadian office, she said he was overseas.
Wayne, such a PR dynamo. No money, Saudi building, or Oil & Gas updates, just one non-revenue producing PR about Mercedes. Long ago, I mentioned Wayne had two listed clients MCLD and DRIO. Fyi, both have since continued down the toilet. Prime, all IMO
FYI, there were a total of three people at the annual mCloud meeting in Scottsdale on December 29, 2022. Russ, a local board member acting as chairman for the meeting, and one investor.
No mCloud Chairman, no other board of directors, no co-founder, no CFO, no Wayne/PR representative, only the greeter and moderator spoke on the phone to record the official annual meeting for the public corporation on the second to last day of the year when no one is paying attention.
It was publicly disclosed that $8M was going to be wired to mCloud that day, or at the latest, the next day, December 30, 2022.
All IMO, Prime
Sorry about the double replies.
DVP25
You are correct again. I called the company and there will not be a call in number for shareholders. I am almost speechless that you cannot call in to an annual meeting, if only just to listen. That’s a first for me. Prime
Thanks
Thanks DVP, and I agree, what a mess. He’s hard to understand, and it’s seems very difficult to pin him down on anything. Wish someone would do that. Prime
DVP. Great list, but wasn’t the $23M loss after they received $7.3M for Agnity. Isn’t it really $31M for the first 9 months of 2022?
And the $80M promised in revenue on the call with Russ!
And wasn’t there $35M promised in revenue from the acquisition two years ago?
All IMO. Prime
Did anyone get details on the $5.8M in Q3 payroll on $2.9M in revenue?
Did they take money for themselves or pay friends and family?
Thanks, Prime
Oh my goodness, you are right. I haven’t received a call in number yet. I’m going to call the company to see if they have one. Thanks, Prime
Oh my goodness, you are right. I haven’t received a call in number yet. I’m going to call the company to see if they have one. Thanks, Prime
rod and Bill, I’m there with you in the duped group. DVP’s description of Russ being a charlatan is perfect.
Looking forward to old Russ and Wayne’s comments on the call Thursday. Wish someone would take these guys to school, but that is hard to do when the Board is MIA!
All IMO. Prime
rod and Bill, I’m there with you in the duped group. DVP’s description of Russ being a charlatan is perfect.
Looking forward to old Russ and Wayne’s comments on the call Thursday. Wish someone would take these guys to school, but that is hard to do when the Board is MIA!
All IMO. Prime
nsj,
I can only guess with Russ. Maybe to buy him 90 days, until the bigger Saudi money comes in, where these investors get their money back, and get the $4.75 warrant, for the 90-day investment. Any other thoughts out there? Thanks.
All IMO. Prime
Anyone going to the shareholder meeting next week?
DVP. PR reminded me this all started on May 16, 2022. If Russ does not close this F-1 very soon who knows how far down it might go if mid-caps continue to slide. Maxim's PP a year ago was at $4.50, then Maxim started talking about this F-1 at $4.00, then $2.75, then $2.25 and now maybe at $1.00.
Obviously, Russ has no skin in the game because dilution means nothing to him.
Never invest in a small company where the CEO hasn't personally invested 7 figures. Still losing big here. All IMO. Prime
Thanks nsj.
Russ promised two major steps were to be completed by the end of November. The $18M (originally $12M) investment by a Saudi group, and the completion of the Maxim raise (their fourth try at a lower price each time) to take out the Canadian Preferred which has been past due since June 30, 2022.
I guess we should have asked Russ, which November was he referring to?
All IMO. Prime
Spot on, DVP.
Russ kept talking about opportunities they are now looking at with Google, not contracts in hand. Still just a used car salesman with vague promises and no ability to deliver results.
So now we know he sold about $7M in recurring revenue for $6M in cash earlier this year to keep his doors open. Lack of cash, or the financial investor finally made him cut his operating losses, he wouldn't/couldn't do it on his own. All IMO. Prime
And after months of no PR's, all Wayne Andrews, Mr. PR for MCLD, has to offer the day before it is announced that the company has burnt to the ground is a picture of a new board member. Worthless. All IMO. Prime
The website says about 67,000 assets and with $2.9M in revenue, that is $43/Q or $14.42/mo. per asset.
How can Russ lose this much revenue from so many expensive acquisitions and new opportunities?
Where is the BOARD? All IMO. Prime
Q3 Revenue of $2.9M with Payroll of $5.8M. No wonder what we haven't heard anything. Russ has burnt another company to the ground. Have I missed something here? All IMO. Prime
DVP: Wow, released after his presentation. What a bunch of chicken $hit$. I would have attended, I'm on the east side of Houston. All IMO Prime
The Board of Directors is MIA. No one to hold old Russ accountable.
Michael Allman - Chairman and Independent Director. I've tried reaching out to the board, but with no luck. They hide better than Russ. All IMO. Prime
I just saw this with Higgins as a speaker but to late to get in.
https://www.oilandgasiq.com/events-opexinoilandgas/speakers
Prime
TB - You and DVP have good questions. It's too bad they have to be filled with so much conjecture when one or two PR's would answer most of our questions.
A "quiet period" doesn't stop these types of PR's. Only incompetence. All IMO. Prime
Right on the money with these analysts, DVP.
Less than a year ago Maxim's raise was at $4.50, now the stock is at $0.90. They got paid their 8% and have been bellying up to the bar again with old Russ on this raise. Hopefully these bottom feeders can get it done. All IMO. Prime
TB. Too bad I cannot start over at these prices since it is a buy. ;) Prime
DVP25 - Glad your questions about my posts were answered. Just offering my take on MCLD's difficulty raising money because of both NASDAQ hurdles, and corporate incompetence. I share in your frustration as I own a number of shares at 4.10. Maybe a year ago I said I would buy again when under $1.50 (pre-split). My thanks to Rodgranite for remembering the hard time I got when I said the price would go that low.
I welcome new perspectives, but I think you and Tickbomb provide solid research with great questions. Just realize the source of our frustration comes from the person who is answering/not answering the questions, and that is Russ and Andrews.
We will see if Maxim/others can raise the money...on their fourth try....to take out the old money. The offering looks good with these new terms versus the last raise at $4.50 with a $4.75 warrant.
Lastly, Aramco and Mercedes probably do like Russ and the MCLD solutions. He's a good salesman with good tech, but again, neither will invest in MCLD until this overhang is taken out. I wouldn't, but I'm just an investor that's underwater. Haaa
Good luck to all.
Prime
All IMO
DVP25 - Funding can of course come from outside the US, but this debt instrument was executed by MCLD when it was on the TSX and held by a Canadian banker. That is where the problem occurs when you go to the NASDAQ.
I couldn't figure out why they couldn't raise $10M, because usually half of the old/existing money participates in the new deal (ie. maybe the $5M from the Canadian investor guy/forgot his name). They can, but only with new funds, as they cannot roll their existing funds into the new debt instrument. Sorry for any misunderstandings, typing on my phone in a loud airport. Prime
DVP25 - Yes, that is what I said.
A seasoned CFO would know this happens going from the TSX to the NASDAQ, but Chantal is incompetent, and her record with late filings and mistakes, and not just on these F-1's supports that. Remember all of her screwups on the up listing to the NASDAQ?
This is the fourth time they have tried to fund, and we wonder why they cannot raise $20M, because the ME doesn't have it, no. Russ is a salesman, not a CEO.
Prime
All IMO
TB - The CFO said they have to raise all "new" money in the US since it is now a NASDAQ listed company and MCLD is not allowed to re-up current investor funds since they are Canadian.
With their fourth F-1 filed on Monday, we will see if the fourth time is the charm. I did notice the minimum is now $15M, and the bankers are charging 7%, not 8% this time.
Saudi is too smart to invest a penny until old Russ gets this overhang taken care of, and Saudi will have to fund the growth by investing in MCLD.
So many of Russ's plans and promises have not worked, so if this falls through, then my shares are toast.
Prime
All IMO
DVP:
You are asking all of the right questions. They cannot seem to get the refinancing done at any price ($4.00, $2.75, $2.25), and it's 90 days Past Due.
Russ promised great developments on the Q call. Where are the PR's? Is the old guy (Wayne?) still doing IR for them?
To your point, where in the world is the BOARD? I cannot find any links to contact Allman, MacLean and Russell.
NO ONE is holding Russ accountable for lack of focus and lack of follow through.
All IMO, Prime
DVP, I had to look back at this one, and there it was, C$35M in trailing revenue. Talk about screwing the pooch.
https://investor.mcloudcorp.com/press-releases/press-releases-details/2019/Universal-mCloud-to-Acquire-Fulcrum-Automation-Technologies-and-Autopro-Automation/default.aspx
Brutally....honest.
I heard Russ is a likeable used car salesman with greasy slicked back hair that will sell you whatever car he has on the lot. To date, that seems about right.
Thanks, Tickbomb, where did you hear that from MCLD? Prime
Thank goodness it's a preferred round or Russ would be out back in the woodshed, again.
Rod:
Thanks for your advice, I took it and looked up PGI. The similarities are striking, same number of employees, financing the company and even the 70,000 assets. HAAAA
https://www.reviewjournal.com/news/igt-acquires-assets-of-progressive-gaming-international/
I stayed with my original plan and bought a lot under $1.40 (old price), but now I'm way under water with old Russ. Hopefully the pumpers at Maxim will make a run, so I can dump. Prime All IMO
DVP: Thank you for the info and the link. Just having a little fun with some of the old responses.
Russ had $4.6M at year end, so I think he would be about out of money, AGAIN, without the $5M from Carbon Royalty. This might be the time to go back in with a low price of 89 cents/pre-split, but with the $23M coming due and Russ's penchant for dilution, it's a tough call.
I think MCLD has one of the worst investor relations companies out there.
They only represent 2 companies, both of them are in the toilet, and they don't do any work.
https://www.rcafinancialpartners.com/
5 PR's since August 15, 2021 for $10k a month.
https://www.rcafinancialpartners.com/innovators/mcloud-technologies/
2 PR's in the past 13 months.
https://www.rcafinancialpartners.com/innovators/dariohealth/
All IMO, Prime
Hi Group.
Not been following MCLD, but my computer pinged me when the stock went under $3.00 ($1 pre-split). It's been about a year since I was getting crushed for saying MCLD would be a buy again when under $1.50 (pre-split). It must really be a buy now that it's under $1.00. :)
Ol' Russ is really killing it! Burning cash faster than a government, mega dilution with the raises and matching warrants, lost $18M in 2021, and still hasn't hit the 70,000 connections he promised a couple of years ago. What a guy.
DVP25, I would appreciate it if you could elaborate on Marin Katusa? Looks like Carbon Royalty is a NEWCO in 2021, had a $20M raise and has started to fund MCLD. Should investors be happy or concerned? This might be a buy with dealerships coming on and if these funds are non-dilutive.
Thanks, Prime ALL IMO
DVP. All I can see on my phone is this line. "General and Administrative Q1 1.337 Q4 1.147" which is the $190k I mentioned. I'll be able to look closer later. Thanks you. Prime