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Peter,
Good to know we're birds of a feather. The CFO seems fine to me, but I think whoever is trying to consolidate these disparate seven subsidiaries' financial statements, which I surmise have been prepared by local bookkeeping firms at each subsidiary's location due to their size, and give them to the auditor, may be overmatched at this point. I agree that they need to hire an overqualified controller, as the CFO's time shouldn't be taken up at all with these matters, but rather by evaluating acquisition candidates and developing investment banking and other necessary relationships.
Peter,
It is based on my reading of the 2019 10-K. As I said in my previous post, I am the final reviewer of the financial statements presented in the 10-K of the $700 million NYSE-listed company for which I work, and the quality of IQST's statements as audited by Boyle is essentially equivalent to that of our company's statements, which are audited by a Big Four firm. I am a CPA who worked for Andersen for four years prior to the shredding debacle taking them down and have seen and produced many sets of financial statements over my 42-year career, and the ones Boyle produces for IQST are at least as good as any I have seen.
Peter,
I have posted a link to their website below. In my opinion, they are a very high-quality regional firm.
http://cpaboyle.com/
Peter,
I have copied it in below from last year's 10-K. Reading the financial statements in that 10-K was the deciding factor in my making an investment here, as the quality of the statements is, in my opinion, essentially equivalent to the ones presented in our 10-K by the company for which I work and am the final reviewer of such statements, and we are a $700 million NYSE-listed company audited by a Big Four firm.
/s/ Boyle CPA, LLC
We have served as the Company’s auditor since 2017.
Bayville, NJ
April 15, 2020
361 Hopedale Drive SE
Bayville, NJ 08721
I agree - this technology is the most valuable asset the company has, and the announcement of its successful performance combined with next week's issuance of the 10-K might be enough to move the share price off the slowly descending block that it has sat on for some time.
That sounds exciting! We'll hope for good results!
YAAAAAAAY!!
I don't mean to disrespect that prediction, but if that one-year price were to be achieved, it would give the company a market cap of $17.8 billion, and if the company were to do $100 million in sales, it would trade at a price to sales ratio of 178, and my shares would then be worth $22.9 million. Pot is legal in this state, but even if I were to get hold of some really good *^&%, I don't think I could dream up that scenario.
I believe that will be true. The fact that two executives, one of whom commented that he expects this position to be the pinnacle of his career, of the caliber that have just joined the management team are as excited as they apparently are about joining the company speaks volumes to me. I've only invested money here - they're investing their livelihoods.
I do think they are correct that the filing of the 10-K will provide a solid basis from which to move forward. A delayed filing does tend to make some investors nervous due to the uncertainty it creates, even when it is rationally explicable.
Peter,
It's a strange dichotomy we have here - their business structure, management team, and financial statements are very much those of a well-run, professional company, but their IR effort still smacks of the pink sheet environment in which they trade. They would do well to listen to your comments and follow them to the T.
Peter,
The excerpt from the January 19 shareholder letter shown below is where I'm getting my estimate. The company should have known by January 19 what its 2020 revenues were - of all the numbers in the financial statements, unless a company has complex revenue recognition issues, which I don't believe this one does, it is one of the easiest numbers to finalize.
January 19th, 2021
Dear Shareholders,
While 2020 was marked by the COVID-19 pandemic, with the closure of companies and countries completely paralyzed, iQSTEL was able to advance in the development of its business plan, reaching a $44.8 Million Preliminary Revenue Benchmark for FY-2020, and having a $60.5 Million Forecast Revenue for FY-2021. This was made possible by having a clearly defined vision and execution plan.
While I agree that there's sometimes an element of "pinksheetishness" in their PR strategy that I think they could well afford to lose, it does provide some reinforcement that the operations are improving.
How magnificent it is to sit back and watch this company develop so well as it builds its management team. It's like watching a building take shape from the ground up as it becomes a gorgeous structure. It's such a pleasure to own this stock. It's also an incredible shame that the myopic have no idea what's taking place here.
They're probably sold some shares at recent levels to increase their cash position to the $2 million to which they've referred, which is fine with me, as they seem to be using the money to strengthen their operations and enable them to grow. They also seem to currently be acquisitory, for which they will also likely need cash.
I wouldn't call that well over. I'm guessing $46 million, which to me still isn't well over.
If it goes to $6.00, which is roughly the amount of cash per share they have on the books, I will sell everything else I have and buy this with the proceeds.
I do hope they both occur as planned.
The 10-Q is due on May 15. They seem to have less trouble filing them on a timely basis due to the relatively lower level of complexity involved.
I think I'm confused. You'd be fine if the company were to acquire them, but you're cautious about a partnership with them?
My thoughts are that it's not an acquisition related to that article to which the Ambassadors board is referring, as what is referred to in that article seem to be two joint ventures in which the companies are participating. They definitely are two interesting joint ventures, however.
That may be true - people may be hesitant to do anything until they see the 10-K filed. I don't think the disclosure of the 2020 results will make much difference, as their revenues should be very close to what they have already disclosed, and I don't think people are expecting much in the way of 2020 earnings. Any true catalyst now has to be in the form of a contract or acquisition that would show the potential for solid increases in revenue and earnings.
Hopefully that's prescient. We need some kind of catalyst to move this off the blocks.
Maybe that's where they got their $2 million in cash balances.
I'll give you another perspective. It's holding where it is in the face of low volume because there are a lot of people who won't even consider selling what they hold, which is cumulatively substantial just in regard to the posters on this board, until much higher price levels, who will also support the price by buying below these levels if it falls. Conversely, it is stuck here because it IS essentially massive potential, and the price won't rise substantially until it becomes evident that this potential is going to turn into the revenue streams and earnings that many of the posters here have confidence that it will do.
If you listen to the Q4 conference call, which is well worth the time it takes to listen to, you'll realize that Yoav is like a chess grandmaster, with a plan for this company's development that goes far beyond what any of us relatively uninformed shareholders can comprehend. The technology is certainly there. Can he develop it the way he thinks he can with a now massive cash war chest? I bet a good amount on his expertise, intelligence, and ability to pull this off. We'll see what happens!
As planned, I put over $50K into this stock this morning at $13.89, and it then fell to $13.23! No matter - I'm buying it for 2025, not today. I think it has enormous political and societal forces supporting its development, and combined with what seems to be the best technology in its market, I think I will be very happy with its performance by then.
I hope you're right. Three weeks is not too long to wait, but one analyst at Mizuho thinks that they will need to do one or two more studies to satisfy the FDA in order to be able to move forward with marketing this indication, and that is too long for me to wait. I think the share price will be over $40 eventually, but I don't think it will be by the end of this year. I believe your patience will eventually be rewarded, but I have other stocks that I think will develop faster with less risk of encountering seemingly capricious and possibly adversarial opposition.
Thank you. I used to love biopharmas, but the FDA's new hard guy position on this and other biopharmas has made them not worth the risk of owning, in my opinion. It's too bad, because it will make raising capital more expensive for the whole industry, especially fledgling drug companies, and will hinder the development of drugs that could have massive benefit for society. For example, I would love to put some money into ALRN, as they have the potential to develop a drug that's similar or superior in efficacy to that for which GTHX just got approval, but I wouldn't touch it now because of the risk of their running afoul of the FDA in the approval process.
I think you're going to be O.K. here in the long run, but I sold this and put the money into WKHS because I don't have the time to let this money sit here dead for an indeterminate period of time when WKHS has a product that can transform the face of end-mile transportation, and they don't have to wait for FDA approval to move forward.
Yeah, an opportunity to get my ass kicked even further. I bought this POS when it got killed the first time and thought it couldn't fall any further. Guess what - I was wrong! I sold out of this mess this morning at a loss and I'll never touch another biopharma again - they're not worth the nebulous risk/reward profile, particularly now that the FDA has turned into assholes.
Thanks for the update! It sounds like an enormously profitable venture to me!
This is still a great buying opportunity at this level. I'm planning to hold this for five years and never even consider selling.
You're right - it is a one of a kind small conglomerate. I think we could get consistently beyond $2.00 in the next few months if all goes as the company seems to be planning it.
I agree. There is technology here that will make this company incredibly valuable within five years given the new political landscape. I'm betting they're smart enough to be able to scale up their manufacturing effectively, so I'm in Monday morning with a decent position.
I'm glad you made money on it - I think there is still a vast amount to be made, as I disagree with your perception of the company's prospects. That's what makes the stock market interesting - the disagreement between buyer and seller that makes the market function! And better yet, I think we'll both eventually have made money here!
I don't think so either. I'm buying more Monday morning. $8.33 is a ridiculous price for this stock. There's no way this company's technology is only worth $2.31 per share, which is what the market is saying right now with the $6.02 per share in cash on their books.
I'm still feeling very good about owning this stock. There is no way I'll sell this before the next five years.
How can people not see what I see here in terms of the company's intrinsic value? I'm either a visionary or wrong.
I agree - I expected it would rattle some people. I guess it shows the confidence that the shareholders have in management's integrity.
I take solace in the fact that they did the same thing last year and made the extension date deadline with the filing.