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My only wild ass guess, is it may be shares for the university license (patent), shares in lieu of cash, and the professors time, but it is just a wild ass guess, and says nothing about how such a deal is structured, or if that is what they are doing. Scares the hell out of me, now knowing the rules of the new game!
We could be in for a holiday season market wide rally, that drags MNLU back up to .40 with the market sentiment. Do not underestimate the seasonal, and recent good US news (trade deficit, employment, GDP all getting better, not worse as many feared all summer) which is getting more bullish every day, in spite of Europe.
My last bottom buy on AEXP was .015 (I got lucky that day), but that equals .06/share for MNLU, which MNLU never got close to! AEXP at times has less volume, and has been a tad bit more volatile at times as everyone gets too attached to watching MNLU. Most of my MNLU investment is in shares of AEXP right now.
Some people are trading both, arbitrage day trading. When I add, I just buy the cheapest one of the two, based on the 4:1 swap merger deal that is pending.
They have been looking for a new audit firm for a while this year. Just hired one, so it will be some time before the financials get updated, and caught up. They are and have been in a short attack battle (articles on Seeking Alpha) and in a battle with NASDAQ to hold onto their listing.
Yes, in 18 months they only closed one order for a waste water system, and they had to finance building it, and rented or leased it out at a per gallon treatment price. It is a tiny, very small system, less than 10-20 GPM IIRC. The division guy that brought in the waste water division is earning about 30 times the amount that the one plant earns, if it is even profitable, which Ed has never confirmed (which means it probably was not).
They hide all that data very well in the fluff PRs and quarterly reports. They never disclose the bad news, or details of how bad it is. Every thing Ed and COIN has touched has lost huge sums of money (it was running $20 million/year in losses for several years), except for the Gonzalas plant they bought and kept. But its profits (sales minus production costs), before overhead, taxes, general and administrative overhead, and depriciation is only about 10% of the bloated executive overhead, which was about $2 million/year paying just 4 fat cats at the top of the ladder, Ed being one of them.
I am a one man guy in the waste water business, and I have done more in sales, and profits than they have in a single year to year comparison, if that answers your question.
As to the suggestion that I buy back here (by someone) to recover losses, I never buy something I do not plan to or wish to hold for the long term, I never buy something I see has no future left, except BK, and liquidation.
They still have nearly $5 million in debt to convert to more worthless shares right now as the market cap sits at $400,000, so watch out, this could quickly drop to .0001, if they dilute again like they did this summer!!!!
I guess the downside of this, is it will be hard to convince any new customers to buy a new plant from a company in BK court.
Up side may be that they may be able to settle any unsecured debt for nearly 0.00, and may be able to sell assets for a profit, while the court holds the hounds at bay. But sadly, my experience with these is that the lawyers get all the money, if there is any, and maybe secured debt holders get the crumbs.
One other upside, is the cash burn rate should drop way down, even with the lawyers at the feeding trough!
Only reason I see to bother following this one is the IP seems to be quite unique and valuable, at least the DOE, and the power companies that control the DOE, thought it was. Westinghouse would also be interested buying the IP IMHO!
Actually this may have been a smart move that sets a floor price here. Until those units are sold, if they are sold, there has been no dilution or change in the float or OS, and the announcement here and now, sets a target floor for the retail price. They may have a few more cards up their sleeves, like blockbuster trial results PRs down the road, or maybe even a sale of one or part of one of the drugs rights in the pipeline, or JV deal. They may be planning another acquisition, and lining up cash ahead of time. Announcements of any of those could send the price way back up.
But better to get the cash they know they will need now, rather than latter from the looks of things.
One of my other longs did this recently, and the price dropped under the offer for weeks, only to rally back up, and double on other news, that later included news that they yanked the the new issue offer, with out issuing the shares!!!!
One thing I have learned here is to "expect the unexpected"!
XIDE emerged from a multi year chapter 11 this year, so it might be a good one to study. I believe the old common survived there, but at what value I do not know.
2 of the 2009 corn ethanol firms went completely under, chapter 7 liquidation, and the common share holders got nothing, but they had no stock holders equity, their losses far exceeded the assets value, but the stocks traded at about .02/share low all the way to the end, probably due to short covering, and numerous small holders not wanting to pay the brokers fees to pay more in fees than the shares would get, so they bottomed at about .02 share all the way to the end. Keep in mind the shares can be diluted in BK. Shares that go .0001/share are usually due to massive dilution, which will not happen here.
The down side risk here is if they find a buyer to take it private, that wipes out the common, in a sweetheart deal.
There is a good reason they are selling this low, they have finally realized it is worthless, and going straight down to .0001, and the CEO has screwed up the business, while lining his pockets for five years non stop. They are broke, out of money, no one will lend them to them anymore, they royally burned the NASDAQ investors with pinky share dilution of 95% by banksters, and will be BK by Jan 1, 2012 from the history and present state. There is not even a bounce in this one. People been buying hoping for a bounce all year, as it steadily fell 99%. Two directors resigned, 2 left one is the CEO that ran it into the ground. GROSS mismanagement!!! The last would be flippers that did not head my words, and bought in hopes of a bounce are dumping their shares on you now at 50-70% losses. The MM's are on the sidelines letting it free fall!
I don't see any fresh news today, but there is some serious volume buying going on here, nearly 2.5 million shares traded and up 10% already!
There is still a gap to close above on the charts near 70 cents, so this could double, hell they could be planning to take it $1 and hold it there for 10 days to avoid a delisting problem.
I would not be surprised to see a GE or JCI snatch this company up. It is right down their ally and they have the money and marketing talent to make it go world wide with huge sales in no time.
Time to sack the entire BODs, as they elect the officers. Problem is the have no more money, and no more credit left for a new team to do anything with.
It will not get anywhere near .01/share. The two ethanol stocks that went BK in 2009 never got under .02 and those were liquidation BKs, Chapter 7, with liabilities exceeding assets, during a world wide market crash. Here the assets exceed the liabilities, and they have a cache of very valuable patents that under valued in on the books.
I am looking for .04 to .06 as the low, and the buy spot, and may happen at year end tax selling when no one is looking, near the holidays.
There are only 28 million shares, and the market cap is now about $2 million, while the asset - liability = about 20 times that market cap.
COIN would need to hit about $1.34/share for the warrants to exercisable, probably on a pre R-split basis. So they are way overpriced at .005 IMHO, unless Ed pulls a million rabbits out if his hat.
EX- AXPW DOE grant partner XIDE just crashed another 30% this morning (real bad 10-Q), now down about 80% from its high. So much cheap battery technology beating cool technology. The only one I know of bucking the entire battery sector down trend is MXWL, and I suspect it is overpriced here. BCON is now in BK, Chapter 11.
AXPW quarterly is coming out next week? wed? I Think I read, with a conference call.
I don't know. I emailed the IR dept 3-4 months ago, asking that question regarding the R/S, and COINW warrants but they never replied. I am hoping some one decides someday they are worth something. I still have a huge near worthless pile of them right now, that are not worth selling. I am holding them just in case a miracle happens, which is very unlikely, but who knows. I would not bother trying to selling them at this point. But I would not risk buying any of them either. Might be worth selling for a tax loss, but mine are in an IRA.
This one may just come out of chapter 11 one day, and the difference between assets and liabilities is enough to possibly get them BK financing, so as long as it does not move to Chapter 7 liquidation, some will speculate and buy shares, and there is a huge TA gap overhead to close someday. It may not be dead, just yet.
I kept my shares, and may average down at any hard sell off near 3-4 cents, at year end tax loss selling if it gets there.
Reverse split 10:1 done today. The death struggle continues here. Someone marked the tape at the open at .50 (equal to .05 pre split, with about 170 shares) but the next trade took us to sub penny, .04 post split, .004 pre split.
This junk wont even float anymore. Time to use the shares for fertilizer elsewhere folks. Everything Ed does just makes it worse now, and makes it even worse faster. Time for the CEO to resign, file BK, get it over with, and stop scamming investors out of their of their money.
I am calling this a strong buy here (assuming Europe does not nuke the markets that is). They have 44 million in liquid assets, mostly cash now, 134 million shares, 3 great products in trials that keep coming out with blockbuster trial results, and at the current R&D cash burn rate, they have 3 years worth of cash of hand, and the cash is up 1000% from the recent financing (which IIRC was done at a higher price than we are trading at!!!! Also there is a large gap to close on the TA charts overhead. It maybe a while before it gets back to 75 cents, so it may be a long term (6-12 month) hold, but any lows should be a good time to accumulate.