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Uhhhh, the 10-Q shows the money being in there, Plus, GRNH investors know that that the company has clearly stated a deferred revenue reporting policy, Meaning they don't report revenue until they actually have a check deposited. Actual revenue being reported, what a refreshing concept!
10Q has been released.
OMG, is there any proof?
Doing additional DD about MYDX, after seeing the address on the NT 10-Q document filed on May 12, 2017, I decided to look at the address listed on that document: 6335 Ferris Square, Suite B, San Diego, CA 92121.
I wondered for awhile about something -- why does a company with ONE full-time employee and $38k cash in hand (both disclosed in 2016 10-K) have expensive office space in Sorrento Valley near the Carmel Valley, Torrey Pines and La Jolla?
Turns out, Googling that street/office address mentioned earlier reveals two companies at that address. One is MYDX, the other is a company called Canopy San Diego. That company, according to a San Diego Union Tribune article, takes anywhere from six to nine and a half percent equity stake in a company in exchange for some money, office space and "access to mentors."
http://www.sandiegouniontribune.com/business/technology/sdut-canopy-sd-pot-accelerator-2016jul21-story.html
That explains the address....by the address on the SEC filings and basic Googling, he's using Canopy's office space in exchange for somewhere between 6 and 9.5% of MYDX.
Canopy is not mentioned in the 2015 or 2016 MYDX 10-K documents.
MJ startups require non-traditional financing, but nearly 10% equity seems pretty hefty.
Yazbeck has a very recent history proving he will promote any good news about MYDX ASAP.
He is starting to show a pattern of sandbagging when the news is not as good. He embargoed his 10-K beyond the date he signed his name to in a document to the SEC in March. And then he contradicted himself on the investor's call on April 20th, saying the accountants are still working on the 10-K, despite releasing the document minutes later....complete with a letter from the accountant saying their work was completed two days earlier.
Don't worry, there's absolutely nothing to read into about a filing on a late Friday afternoon. <snicker>
Because technicals, unless containing favorable news, don't really matter for MYDX.
Any proof of that?
Any micro-cap MJ stock in this sector, including GRNH, have dilution possibilities. I think the best description is to say "it's not likely" rather than "it won't" happen. More realistic.
Is GRNH overdue with filing with the SEC?
Look at the linked websites section, they're all financial websites. Meaning that a good portion, likely the vast majority, of the MYDX Alexa traffic is about investing. I guess that's some good news for MYDX, but that likely means they already know about the company anyway.
No matter what, MYDX is in bigger need of sales revenue. It's the old line from Field of Dreams -- build it and they will come.
Those numbers you quoted were prior to the 2016 MYDX 10-K being released. The Q1 numbers are going to be compared to those. In other words, there is more skepticism out there, not the fluffy 8-Ks that came out in March.
MYDX opened at .0204 on April 18, 2017....just before the financials came out.
MYDX closed today at .01, and was even lower this week.
Losing over 50% of SP after the report was issued is a win?
How about some MYDX bottled water? After all, that's the key ingredient to dilute.
Because, with few exceptions, the entire MJ sector (including MYDX) is a slot machine. Technicals are rendered irrelevant.
There's growth potential in the MJ sector without rescheduling, including GRNH. Obviously, as you mentioned, the floodgates break wide open when rescheduling happens.
Apparently MYDX's Morningstar rating mattered five weeks ago.
Quote:
4 stars by Morningstar means MyDx is UNDERVALUED
That's great news. Thanks
Ironic, considering Morningstar downgraded MYDX to three stars.
GRNH investors also remember the $7,400,000 deal that happened in Q1 2017. And that's going to look good on the company's financials in 2017.
MJ sector was overbought in 2016 anyway, it's correcting right now. GRNH has is doing better than other sector stocks though.
Will need more than Sessions to reverse course, because (rightfully) nobody would believe him anyway.
Next step is reclassification, opening up floodgates for traditional financing.
The Market also thought enough of GRNH today for a green finish.
The "Dear Money Morning Member" indicates it came from some paid newsletter.
Supposedly, Sessions said that he didn't care that much about MJ to Colorado Governor John Hickenlooper a couple of weeks ago in a private meeting.
In other words, don't pay attention to the past, only buy in to the portraits of rainbows, puppies and unicorns that are painted out of Sorrento Valley?
That advice is a fast-track to losing a lot of money.
Due diligence, for ANY company, including MYDX, should include past performance. Not just on the balance sheet, but promises made in PRs, SEC documents and any other claims made by the company. Potential investors to any company should look at what the CEO has said in the past and determine whether that bill of goods actually happened and what the effect was to the company.
Without looking into the credibility and integrity of a company and its CEO, including MYDX, there is no basis to believe what they say about the future.
Just like the prediction back in March saying MYDX would be five to 10 cents now?
Go to OTCMarkets.com and type in GRNH on the upper left.
The answer to your question is: last month.
Y'know, I didn't even notice that. I looked at the MYDX April 20, 2017 conference call transcript, and you're absolutely right. In fact, it's the first thing Yazbeck said.
Okay, hello everyone, and welcome to the MyDx earnings presentation and many thanks for the joining and to learn more about our company. We have a lot of great things to talk about today and we’re really excited to share our view of the future with you. But before we get started, many people have questions about the 10-K, we intent to file the 10-K as soon as we can. Our auditors are being especially diligent in the performance of their duties and please know that it is coming soon. In the meantime, the financials presented in this presentation gives us guidance until the actual 10-K is filed.
I go by what the March 17, 2017 MYDX 8-K said:
On March 10, 2017, the Company entered into a Settlement Agreement with Phoenix dated March 9, 2017 (the “Phoenix Settlement”). Pursuant to the Phoenix Settlement, Phoenix has agreed it is no longer entitled to any shares pursuant to these two agreements, which are now considered paid in full. On March 15, 2017, in connection with the Phoenix Settlement, the Company filed a motion to dismiss the pending lawsuit with the Eleventh Judicial Circuit of Florida.
You're welcome, enjoyed the chat. GLTU whether you get into MYDX or not.
That is a possibility, but given Yazbeck's history in MYDX PR of pulling out all the stops in making the financials look as rosy as possible, I would imagine he would have said something to the effect of "this money is pure profit" -- somehow covering the possibility of all the money going to the lawyers. Absent that, I assume it did.
Some contingencies are based on prevailing (winning). This lawsuit was settled, not won.
Having a strategic vision IS essential. However, you need to have the resources to achieve that vision....and that's the point about the woeful state of MYDX finances.
And the lawsuit was not won, it was settled. Settlements always mean that both parties feel its in their best interest to take what they can. In MYDX's case, dragging it on would be an additional financial drain....specifically, stop paying the lawyers, who are commonly the only winners in any lawsuit.
Let's see in the next set of financials how much was spent to lawyers to settle that lawsuit. I would bet it's much more than the settlement amount.
I agree with giving a snapshot for the future.
The points about MYDX were twofold: first, don't kid yourself about the company right now. Second....they need money, badly.
What are the names of those dispensaries? I'd love to do additional DD and verify which dispensaries use the MYDX product.
I view the current GRNH financials as the equivalent of a messy desk. Some of the smartest people have some of the messiest desks. Haas is struggling to find those financials on his desk to pull out and show.
I agree in big picture terms a day here and a day there is peanuts. But when you say you're going to do something, it better be done.
Here's the one word that potential MYDX investors should be weary of -- "plans."
It's in that "research" six times (I say "research" because it's really just another PR by the company).. Yet, it's the location of that word "plans" should be concerning. The most important components to MYDX long-term success hinges on those things happening. And "plans" means it's not being worked on right now....it hasn't even started.
No money and no financing means those "plans" won't happen. And that is why the financial health of MYDX is mentioned a lot and is of genuine concern.
The settlement was for $210k. And I doubt that covered all the legal costs MYDX incurred.
GRNH investors care.
I do think the concept of the original device has some potential, which is what led me here in the first place. But it needs work.
The sensor, in my opinion, is not ready for prime time. Too expensive, too many recurring costs and way too slow to process.
I think the potential is with the database, as I'm doing more DD on that right now. So far, what I am learning is that a good portion of what Yazbeck says about it is in the "baffle them with BS," but it is worth more digging.
Flatly put, I think the pen is a joke.
The more DD I did, the more I felt the company, especially Yazbeck, is slimy. Those March 8-Ks were very easy to see through; as I said before, they are very carefully worded, very manipulative, designed to make before think things are better than they really are. Sure, the intent of 8-Ks is to inject energy into a company, and that's fine. Character and integrity in the CEO and company count to me, and MYDX failed big in my book there. That was also part of my DD of any company. I look at things that aren't in the balance sheet. All that said, I stop short of calling MYDX an outright scam.
Does that answer your question?
GRNH has too many PRs about general stuff and not enough about revenue. We all know there is revenue, but with the entire sector being sluggish, any PR that doesn't say "we have a check in our hand right now" is not very helpful.
GRNH is a good,viable company and has excellent long-term potential, but its PR strategy lacks.
So, compare that GRNH number with he rest of the MJ sector and what is the difference?
Oh I cared a lot when MYDX had five stars. It was a stark reminder how easily smoke and mirrors can reign in the stock market.
I don't either. MYDX is an excellent example of how a company that has flawed technicals can get pumped up to five stars so easily.
Nonetheless, it was three over the weekend. I'm sure the additional star will bring massive revenues and increased SP.
Oh wait, it's at .0068 right now.