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Ya and considering where it came from....
You’re probably right. I just know there are some countries where this is an issue. ie China. But SA is more western friendly trade.
I wonder, even if they make money in SA, how easy is it to take it out to pay your bills in the USA
I believe they hired urbsoft etc to do the work as a partner. I suspect that urbsoft will get a cut of the SAAS revenue? That was my understanding? But who knows.
I don't think that most connections require any capital. The dealerships do, but we are mostly talking about travel costs to do the digital twins, in some cases I don't think they even need to travel and the customer can hook up assets that are already digitized. The mobile worker its the cost of the head sets though...
Because those elements of the deal are tied to the market stock price. It would be crazy to tie it to this price because it would dilute the deal like crazy. And the reason the price is down is because the deal isn't through. But I've ate my words before...
Ya I think that's what they should do, if there is nothing else. I mean at this point, Occam's razor. What's the simplest explanation that fits the data. A ton of F1/A's with F20's with nit picky things. The 9% rate hasn't changed. The offering has increased. Other sites say it takes 30 days to even get comments on IPOs back plus 30-120 days for review, totalling 6-9 months with other BS. So we are at what month 4 from the initial filing in June right? So I don't think we can argue with the fact it takes time. I think what probably happened is they underestimated it because they thought it was easier to do a Pref from the initial common since they already had an approved annual report structure and policy. But you get a new guy who crosses the t's and dots the i's and you're in hell. So it was always oh it will be done next week... next week... and then a couple months have gone by and you realize crap. But who knows...
That doesn't take anything away from us being in this position about to run out of Cash though...
So basically, what I see is they were missing some information about reporting timelines etc in their annual report/MD&A etc. Which is whatever... we are talking about including those procedures within the annual filings.
So what we are seeing is mCloud responding to some of the issues that were in the comment letters from the SEC. But we can only see that against the updated annual filings which is the 20F/a. We know they were done for the F-1/A, but obviously they are updating more because there are new F-1/As without updated Annuals every time.
For example, back in June you can see in an updated annual F20, they did it because they forgot some attachments:
EXPLANATORY NOTE This Amendment No. 1 (this “Amendment No. 1”) to the Annual Report on Form 20-F for the fiscal year ended December 31, 2021, initially filed on May 2, 2022 (the “Original Filing”) is being filed solely to include (i) Exhibits 12.1 and 12.2, and (ii) Exhibits 13.1 and 13.2, which were omitted in the Original Filing due to a clerical error. Other than as expressly set forth above, this Amendment No. 1 does not, and does not purport to, amend, update or restate any other items or disclosures contained in the Original Filing and does not reflect events occurring after the date of the Original Filing. This Amendment No. 1 consists solely of the cover page, this explanatory note, the exhibit index and the exhibits filed herewith.
So I totally understand why this takes 6 months playing telephone, dealing with SEC accountants. If you want to pull your hair out, try dealing with regulatory engineers...
Not that I am saying there is a huge part of the story missing here... But it is what it is
It looks to me like the SEC audited the annual report’s compliance to the filing rules and mcloud changed a bunch of things to comply. Which would make sense why this is taking so f’ing long. I work in a similar industry that is regulated and it’s the same line by line audit of processes and controls. I’ll go through this in more detail.
Oh Martin katusa. He owns the convert debentures or at least half prob….
https://www.macrovoices.com/podcast-transcripts/609-marin-katusa-everyone-s-focused-on-gold-but-the-real-buy-is-in-oil
Oh Martin katusa. He owns the convert debentures or at least half prob….
https://www.macrovoices.com/podcast-transcripts/609-marin-katusa-everyone-s-focused-on-gold-but-the-real-buy-is-in-oil
What’s katusa
Maybe they cut the cash burn too... almost half of the burn is professional fees. like 6.7M!
Ya so if they don't get the 90k assets they are toast... Like let's assume they are actually getting money from connected assets. So they connected what 2700 in Q2 that are generating what $150 CAD per asset. I think someone on the last call did the math at over $200, but let's say $150. At a 50% gross, that's 1.2M for the second half. If we assume they connect another 1500/month for second half:
July 31: 1500 * 150 * 50% = 112500
Sept: 3000 = 225000
Oct: 4500 = 337500
Nov: 6000 = 450000
Dec: 7500 = 562500
1,687,500 +1,200,000 = 2.8M gross
16/6 = 2.66
I just don't believe they would let the company go to bankruptcy. Like why walk away from all their shares....
I guess they don't own that much. Russ has like 250k shares or something?
The Burn rate is what $2.5M/Month? So they had 4M + 8M. That's 4 months of cash since end of June? Maybe they could delay some payments etc...
This is beyond stupid.
I've read the note and it doesn't describe why they changed the term to 2022 from 2026. I suspect it was just in anticipation of closing out the whole debt with the new financing solution.
Ah yes wasn't the Fiera loan changed to accommodate the Carbon loans? That's why they changed the maturity? Must have been an issue with securitization order or something? It appears that they increased the interest rate to be subordinate to Carbon debt.
I'm not getting anything from Wayne. Russ and Chantal haven't tweeted in a while. We are running close to the date here.
But if I think through this logically:
1.2M Convertible Prefs at $25 = $30M
I get the prefs. You don't have to deal with refi's every couple years. I guess I get that the buyers want them to be public prefs listed on the exchange. If I'm a fund, I would buy the convertible prefs no problem. So I don't see any issues with finding buyers. If there were, the rate would have been going up 10%, 11%, etc until they raised enough. Instead, the number in the offering went up.
The Fiera loan was origionaly due in 2026 wasn't it? And they changed it to this year. I'm just trying to look up the details of that.
We are already in default of the debentures that matured in June. So what does the Oct 31 date even mean if you can just go past the maturity date?
It would be crazy if the hold up is some SEC bureaucrat. It doesn't make any sense.
There is still a lot of volume going on. I’m pretty sure that the large vol spike was a result of a day trade target. You can see people talking about it on twitter. So I would be surprise if there is more interest in it, but that doesn’t seem to be solving any of our problems
There is still a lot of volume going on. I’m pretty sure that the large vol spike was a result of a day trade target. You can see people talking about it on twitter. So I would be surprise if there is more interest in it, but that doesn’t seem to be solving any of our problems
I agree that it should have been done at a way more favourable time. At this point it definitely seems like it hasn’t brought any added benefit.
Ya and I’m sure they could go to a loan shark and get financing prior to a bankruptcy. Plus they have been actually increasing the size of the offering, leading me to believe that the Saudi’s want more %. Like if I was a Saudi, you get convertible prefs plus warrants. You know you’re starting to install in Saudi. So 1+1=2.
The frustrating thing is that, as shareholders, it seems like it’s 1+1/2+1/4+1/8+1/16+….=2. And then we get told the goal is now 3 instead of 2.
I used the time machine and on the 9th of oct it said this, so it's just an automatic BS site:
2022-05-11
Public Filing
View Prospectus
2022-08-09
Offering
Price Range: 25.00~25.00
Shares to be Issued: 1200.00K
2022-09-08
Offering End Date
Offering Price: 25.00
Post IPO Outstanding: 1200.00K
2022-09-09
Listed
Wouldn't be surprised if it's a mistake and a bunch of people saw it on the IPO list and bought the common, and it got pumped up somehow.
Try phoning into your broker to ask about it…
I requested the comment letters for the F1 through this... don't know if I can actually get them ahead of approval...
Thank you for contacting the Ombudsman of the U.S. Securities and Exchange Commission (SEC).
A request under the Freedom of Information Act (FOIA) is required to obtain non-public records, such as records compiled in investigations, consumer complaints, and staff comment letters. You may make a request with the SEC’s Office of FOIA Services by any of the following methods:
Online Form: https://www.sec.gov/forms/request_public_docs
Send a fax to: (202) 772-9337
Submit a written request to:
U.S. Securities and Exchange Commission
Office of FOIA/PA Operations
100 F Street N.E.
Washington, DC 20549-2736
To request records not located on the SEC website, a written request is submitted which should include a mailing address and daytime telephone number in order to contact the requester should questions arise. Each request for information or copies should clearly describe the information sought with respect to complete name, date, subject matter, type of document, file number, or any other specific information which will assist us in identifying the information you are requesting. This enables us to ensure that the correct documents are located and provided as quickly as possible.
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The last two days have been the largest volume trading days in the history of MCLD. now we are back down in the crapper.
I can't believe it's been a month since the last message to investors with this shit going on.
Quite the dump
Wish I had that Saudi money to buy 750k shares after my round of LIV golf
nothing on SEC website
Q comes out at the end of the month… so prob in a blackout. Not that it would stop him from posting generic things tho.
Q comes out at the end of the month… so prob in a blackout. Not that it would stop him from posting generic things tho.
Exactly. Or the cash status… but I’m sure it isn’t pretty
Looks like we are going to zero soon here
Ya “contract-shmontract”. But at least according to them they are hooking aramco sites up now. “According to them”. So MOU or contract or whatever.