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16 years, to be exact.
Of course they understand. They are facing financial ruin so better to have a totally useless approval than no approval at all. At lease then they could sell some more of the real product, which is stock.
You don't get it. Devices (routers, tablets, smart phones etc.) have a filter chip that makes sure Wi-Fi doesn't interfere with LTE and vice versa. GSAT's spectrum sits between these frequencies. They were asking the FCC to dip into the free Wifi Spectrum and use around 24.5mhz for "TLPS - that would have in theory allowed 10-15mhz for the filter and 10-14mhz for data - now they are abandoning the pursuit of using the public Wi-Fi bands and saying they have to live within the 11.5mhz they own. Problem is that leaves about zero for data.
Looks like GSAT is toast
TLPS doesn't work with 11.5mhz of spectrum. The bests filters on the planet use 10-15mhz so it seems there is literally nothing left over for data.
Until the laws of physics can be overturned that is.
$600M in debt and a $1B market cap still.
Can't see how it isn't a ZERO now.
Seems Eric and Kurt have been selling shares since Oct 18 but not filing?
I just randomly stumbled across this tweet:
https://twitter.com/Keubiko/status/794570013076258817
Correction TWO MORE Form 144s
That is a total of 9 since Oct 20.
One is from Eric Kelly, the other from Kurt.
Ugh. ANOTHER Form 144 (intention to sell) was filed by an insider last night. I can't pull it up on my phone but rest assured I will pull it up later and let you know.
Interesting that the last ones had expected trade dates in October, yet I've seen no filings on SEDI yet for actual transactions.
Also odd as one would think they are in a blackout period until Q3 "earnings" (lol) come out.
But the insider filings on ANY have been jacked up for years.
Heck turns out now Peter T apparently never owned a single share. Just amended his filing to show they were options, even though they were included in the proxy filings etc as shares. A securities regulator might rightly ask how one votes shares that do not exist. My interpretation, speculation, and opinion only.
But none of that matters if they are hitting a cash wall which I estimate they hit this week. Usually companies on the brink can stretch things out a bit so maybe they can skate through the next week or two in my estimation.
Looks like the coming CC will be the most critical ever. If they can't tell investors in 10 days or so that they have cash to survive could be game over IMHO.
Having said that I track other storage vendors like QTM and Q3 had a decent quarter for the storage market so the Overland/Tandberg/RDX business may have a bit of an upswing with the overall storage market. Of course the lump in virtualization so you won't know what products are driving it. A slap in the face to investors IMHO to lump GW and V3 in with storage.
Looking forward to seeing another awful quarter, huge burn, and hearing about "proof of concepts" (lol)
Market cap is like $18M now. But with almost $50M in high cost debt now I think it's pretty much stick a fork in it time unless the cat as a 10th life to drag on a bit.
They probably can't even downsize cost-effectively outside a Chapter 11 IMHO as they likely inherited the successor employee obligations from Tandberg and OVRL so the severance costs of firing employees will be enormous IMHO. Of course EK has a massive package as well (that's what she said, oh snap).
Let's see what these masters of execution have cooked up for Q3 earnings.
Th one saving grace IMHO is that Cyrus may not want to write off their debt in 2016. Maybe they dribble in another $2.5M to let them skate to January and eat the loss then?
I hope they let people ask Qs on the call. Even Gorilla may be foamy about the mouth by now.
Mike Keaton. In Nashville.
On my math they are out of money.
To be honest a Chapter 11 or even 7 wouldn't surprise me. They need liquidity FAST (IMHO) and are drowning in debt.
Unfortunately if they are even selling some assets like RDX they will have almost no leverage as a desperate penny stock on the brink. And Opus may grab the proceeds.
IMHO and speculation.
Feel bad for honest longs, most of which are probably decent people.
Unknown. the Form 144s are "intention to sell" filing. They weren't huge amounts.
No offense Tommy, but anyone who uses phrases like "the IP's" doesn't haven any business investing in technology companies.
IMHO....
$0.495 and $0.49 bid now with volume on the ask at $0.50.
Where is the "someone must know something" crowd today?
Just to reiterate, all downticks are short manipulation, and all upticks are "someone must know something". Does that sound about right?
P.S. they raised $2.5M 6 weeks ago which probably lasted them until yesterday on my dirty estimate.
Only 14 more sleeps until the wonderful conference call. Assuming the company can survive that long. They need cash badly IMHO.
"Internet Availability
Filing of the SEC forms listed above is mandatory and required by law. However, and unfortunately, they are not required to be electronically filed as part of the SEC's EDGAR database. The EDGAR database, which is freely accessible on the Internet at www.sec.gov, contains all of the electronic filings made by a company. However, since electronic submission of Forms 3, 4, 5, and 144 is optional, many companies make only a paper filing of these forms.
This has created a market for companies that manually monitor and collect the SEC insider filings and resell the information. The two major vendors of Form 144, 3, 4, and 5 information are the Vickers Stock Research Corp., and CDA Investment Technologies."
Class dismissed.
The Form 144s were paper filed.
One on Oct 20
One on Oct 21
Two on Oct 24
One on Oct 25
Two on Oct 28
They were literally mailed in. Lots of companies do this as it only gets picked up by people that pay for services pick up paper filings.
Pay a few bucks and see for yourself.
And fools of course. Remember some people bought it at 7,8,9 and 10 as well.
Point is that reading into the daily fluctuations of a failed broken micro cap pennyturd is not worthwhile.
All IMHO....
80K shares is like $40K in stock. I wouldn't read into it too much. Could be some random bagholder, short covering, or who knows what.
Eric Kelly was paid a $100,000 discretionary cash bonus for FY 2015.
The stock tanked 71% over the course of 2015 and his $40M Q4 guidance ended up around $16M.
The share count increased from 25M to 42M over the course of 2015.
A bonus!!!
LOL
Kurt got $45K for his good work.
In the past 11 days there have been 7 different Form 144 filings with the SEC on Sphere 3D.
https://www.sec.gov/answers/form144.htm
"A person filing a Form 144 must have a bona fide intention to sell the securities referred to in the Form within a reasonable time after the filing of the Form."
4 have come from Eric Kelly and and 3 from the CFO.
Not huge amounts but kind of nuts that these guys are filing to sell stock with the shares a $0.57 bid.
As a reminder Eric Kelly's total compensation for Fiscal 2015 was $2.3 million and Kurt's was $1.7 million.
Most of the volume in the .50s. Someone just painted the tape at the close to get muppets excited about "the chart"
I'm not sure they can last 3 weeks. I estimate they burn $2.5M every 6 weeks. They raised $2.5M of bailout money about 5 weeks ago.
Not bouncing payroll is priority #1. This company needs cash. Like now.
No the equity is getting cancelled with 100% probability.
Not to be too inflammatory here , but let's do some simple math. Assuming ANY burns $5M per quarter, that would be about $2.5M for about six weeks.
That $2.5M Cyrus bailout was in mid Sept.
About 5 weeks ago.
It's possible ANY could be in the kimchi in a matter of days....
IMHO and speculation....
Errr, short not shirt lol. Damn iPhone autocomplete.
I do thank ANY for leading me to put a massive shirt on Opus Bank. One of my biggest ever.
Their lack of credit standards is now killing them as their loans go sour. Imagine lending $20M to ANY at like 5%! They lent $40M to a company in even worse shape. They just canceled the dividend and the CEO is "waiving" his bonus lol.
I said OPB was a dumb bank and they are. Really, really, dumb. Banks are levered 10x or more so even a 5% hit to their loan book cuts the equity in half. That's why it's so great to short the dumb ones like Opus.
I did a deep dive and spoke to tons on people in California and a consistent theme was that many loans that were turned down by other banks ended up getting done at Opus.
Re ANY you can bet they'll be desperate to get paid back. My best guess is they are going to take a 30-50% hit on their loan and everyone else including Cyrus is going to get wiped.
IMHO and speculation only.
SUNEQ is a zero with 100% probability. My call was, and is, that the equity will be cancelled in the Chapter 11.
It will. Even the judge said it was "hopeless". Just because some baggies day trade it between 5 cents and 20 cents doesn't mean I'm wrong.
Mark this post if you want. Equity is long gone. Even the senior bonds trade at 5 cents on the dollar.
Happy to go as deep as you want on SUNEQ. I know it inside and out.
Thanks man.
Where did I say anything remotely like that? "Novaglass" had nothing to do with Glassware. It was V3 VDI.
In any case it seems like the sold very little if not zero product.
Sure man. That's why Watts is gone and that's why they took VDI out of the product section too. Rather than rename it they just decided to hide it from the customers.
Someone needs to drive by 69 Yonge Street, Suite 1010.
Check in on the fellas at "Northern Sphere Mining" and "ThreeD Capital"
The former's largest shareholder is Peter T. The latter is Sheldon I.
Enjoy.
It looks like Peter T actually owns zero shares, not 100,000.
This month he filed that he was actually granted 100,00 options in March 2013 ($0.85 strike), not common shares as he reported in 2013.
"General remarks: The report was originally filed March 7, 2013 under common shares and is being refiled under options."
Of course it seemed he even messed up this "refiling" as he hasn't filed an amendment for the 100K common shares that it looks like he never owned.
Of course this appears to make the proxy filings incorrect as well - e.g. the proxy circular for the AGM stated he held 100,000 common shares. This may have impacted vote #s, shares outstanding, and who knows what else. Looks bush league in any case (IMHO).
I checked the voting agreement from July 15, 2013 and Peter signed a voting agreement to vote for the Eric Kelly nomninee and stating that he is the owner of 100,000 shares.
Options don't have votes....
No offense but the company looks like a gong show. IMHO.
Peter Tassiopoulos on the Novarad "Master Purchase Agreement" the day it was announced about 18 months ago:
"And so with that, let's talk a little bit about one of our recent wins, which is just a few hours ago. As you guys are probably aware, we've been working with a company called Novarad out of Utah for quite some time. Fantastic partners, we spent the last quite a few months, eight, nine months, actually talking to them, talking to their customers and designing a full solution that would deliver a virtual workspace that has the clinical workflow within it. Credit to our staff who's worked closely with Novarad to design this."
"And in the end, what we've done is actually come up with an agreement with Novarad to refresh their customer list, the ones that are currently already working with Novarad PACS as well as their risk systems. So these are actually Novarad customers – existing customers versus net new. In addition to what we're doing with this customer base, which right now it looks like approximately 400 locations, is what we'll be refreshing. We're also obviously going out to market with them with this full solution for new business as well. So we're pretty excited about that and what that means for us. We think that will be incremental and start to generate revenue for us in Q3 and we'll continue to roll out."
"Obviously, as we get success, we'll do our best to try to expedite the schedule when we can get these things out and into the field."
Eric Kelly that day:
"With the announcement that we just made today, I think we highlighted that we will have a 90-day rollout and we'll continue to rollout the solutions at Novarad"
Also EK said this: "WE HAVE MORE OPPORTUNITY THAN WE CAN ACTUALLY HANDLE" (LOL!)
Look where we ended up!
Coming up on the 1 year anniversary of "Glassware on Azure" lol.
Time for Clinton Group to write another letter to the "shareholder value committee" to "sell the company for $10 a share". Lol that would be over $500M now.
IMHO company isn't worth even close to the debt now.
Remember the "Master Purchase Agreement" with Novarad, for "400 sites" and a "rolling 90 day refresh schedule" ?
LOL! That was 19 months ago and now we see that Novarad has seemingly removed the products from its website and their champion Mark Watts left months ago.
And how is that education vertical working out down in Texas?
And STILL we have hardcore true believers.
Actually the Roth and Ladenberg analysts quit or were fired 6 months or more ago. They don't even cover ANY anymore so their recommendations are invalid.
The only analyst covering ANY now is moron Hubert Mak at Cormark with his "market perform" nonsense.
Novarad Partner website:
https://www.novarad.net/company/#partners
Where is ANY?
That's a video from May 2016.
Mark Watts is gone (confirmed) and there are no longer links to Novaglass, no reference to VDI etc in the product section.
Uh oh. Looks like Novarad has dumped Sphere 3d?
They've removed all of the VDI and NovaGlass stuff from their website it seems, and even Mark Watts isn't listed on the management team.
Mark Watts is gone from Novard as well.
Looks like he's either hired or consulting for ANY now as he uses Sphere3D as his website on Twitter profile.
https://twitter.com/markwattscra
Wow, the kicks to the stomach just keep coming....
IMHO.....
Sphere 3D's lender is getting smoked again today.
Down 15% because of more problems in the technology loan book. This part is interesting:
"Two loan relationships originated by our Technology Banking division, which we previously announced would be deemphasized, contributed $22.2 million, or 57%, of the charge-offs"
Opus will now LOSE money for the third quarter.
Oh my.....
P.S. As disclosed I shorted $OPB in large quantities, and thank $ANY for introducing me to the credit culture of this bank.
Re the AGM not only did they downplay it, but they moved it thousands of miles away, and delayed it by 3 months to the last possible legal date.
Not to be too dramatic, but I've witnessed the death throes of many companies over the years. And this one looks much the same.
They rarely go splat instantly. Failed delivery, deteriorating financials, exec departures (Bramfitt anyone), management dodging investors (AGM tomfoolery), large selling volume from unknown holders (eg former execs or founders, family members etc - no way to know). And so on.
ANY to me looks just like the others but is far worse because of the outrageous debt pile. If they were debt free the could potentially chip enough to bumble along on the pink sheets with small equity raises. Not so here.
Cyrus would probably let the sell off some assets like RDX and let them burn it all in operations - just to delay the pain or extend the hope into 2017.
Opus is another matter. They are into this thing for $20 M or so and they are in trouble. The AR might cover half of their loan so they have big time exposure here. I don't think they are good to slow collateral (eg cash from an RDX sale) to get flushed in operations. Remember anything that gets sold the company loses any corresponding gross margin.
All IMHO
If you see the Cyrus exec resign from the board you'll know the end game is here. IMHO....
The psychological damage of finally admitting one has been a mark is too much to bear for many.
Frankly all that matters immediately is how the company will meet payroll when it runs out of money - in a few weeks on my estimate. Middle of Sept took in $2.5M and I estimate they burn $5M or so every 12 weeks. So 6 weeks from mid Sept is like 10 business days from now. I'm giving them the benefit of the doubt that they can stretch things out a little so I'm thinking mid Nov they could be toast without another bailout.
This thing is nearly $50M in debt and 2/3 of the debt is very high cost. The interest payments are being made in stock at a penny stock price so the dilution kicking in is unbelievable.
IMHO Overland has negative value (check out iMation now where even the public markets value the company below net cash to account for this). V3 might be worth $5-10M on a good day. That would leave "Glassware" doing approximately zero in revenue from what I see to be worth $40 M just cover the remaining debt.
Sadly, IMHO, the equity is utterly worthless here and I think the cat has burned 8 lives already.
IMHO Opus is probably freaking out right now. If they sell any assets like RDX there's a good chance Opus demands the proceeds are used to pay down their line.
I also wonder if they may be in default as of Sept 30, or perhaps that Cyrus injection was enough to cure it for now. Who knows. The company redacted the covenants so baggies couldn't figure out his critical point.
IMHO....
Also IMHO they can't afford to fire EK - his cash severance could sink the company.
Ugh.
IMHO.....