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Right, but announcement tomorrow, EOB.
I believe this scenario as well. And it does not put McNally in good light if this is the way it went down. I am a big boy and just continue on - basically because I simply don't trust people anyway... But some have a right to be extremely pissed. McNally was full of sh1t! And a lot of people lost hard-earned money and are now gun-shy to get back in or simply can't because they are tapped out.
Per usual, I'm guessing tomorrow will be a pump on the expectation of a PR. So by end of day, Titan will have met the10 days over $1.00 requirement to stay on the NAZ. And then, per usual, it'll fall on Friday.
I'm gonna buy 100k. Won't hurt. We may be there by 9/2021.
SmallNoz, did you take a dip into the warrant pool?
Your favorite!
Is IITF still out there? Would love to hear your thoughts as well.
Been wondering the same thing Belize.
Glad to see you back! What are your thoughts about the recent developments between MDT and Titan?
Laughing a bit at those with their panties in a bunch over the PPS right now. The TMDI seasoned vets have lived this for years. Seriously, get out of the stock if you are gonna fret over share price on a daily / weekly basis. It is not healthy. Otherwise, buy more at these levels and wait it out like the rest of us are doing. There are a few PRs that will give us a few bumps in the coming days / weeks / months but we are still waiting on a couple major milestones - software development / design freeze and human trials. So be patient.
I occasionally work at Duke Univ Hospital. Will have to take a look next time I am out there as well.
Right! I did not know of the PFIC when I first bought Titan shares in 2014. When I learned more about it sometime in 2015 (or could've been 2016 - dont remember), I sold my original share count for a tax loss at the end of the year (near a $20k loss). I then purchased again after the 30-day window and have been submitting the 8621 (QEF) ever since. All my Titan holdings have been purchased in years I elected the QEF.
Good DD. Thanks for sharing!
#3 HC..
A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they:
1. Receive certain direct or indirect distributions from a PFIC.
2. Recognize a gain on a direct or indirect disposition of PFIC stock.
3. Are reporting information with respect to a QEF or section 1296 mark-to-market election.
4. Are making an election reportable in Part II of the form.
5. Are required to file an annual report pursuant to section 1298(f).
My accountant told me to complete the 8621 each year Titan is a foreign entity with no revenue and passive income. Hopefully as of the end of May that stopped being the case.
Do whatever you need to do. I do whatever the IRS requires me to do - especially since I lean conservative and have a big mouth on social media!
Here's the info my friend...
https://titanmedicalinc.com/investors/financial-information/pfic-march-30-2019/
Geez people, don't shoot the messenger. Keep denying its existence.
Here, look for yourself...
March 2019.
You're Welcome!
https://titanmedicalinc.com/investors/financial-information/pfic-march-30-2019/
Buying a Canadian company isn't the issue. Buying a Canadian company with "Passive Income" is the issue.
https://www.investopedia.com/terms/p/pfic.asp
So just an assumption, and we would need clarification from an accountant, but I believe the PFIC status is still tagged to any shares purchased prior to this transaction. I have always respected Flenderson's input on this board and he did tell people to do their own due diligence on this matter BUT I would never suggest to anyone that they should overlook this potential tax implication on shares purchased prior to incorporation in the US. It is a fairly simple process to submit Form 8621 and checking the QEF box. Better safe than sorry folks.
I need to correct my previous post. Dennis Fowler's work came from Columbia U. Nabil Simaan worked on IREP at Vanderbilt.
https://engineering.vanderbilt.edu/news/2013/nautilus-team%E2%80%99s-tiny-robot-called-medical-science-breakthrough/
In a perfect world that is what it SHOULD be about, merging technologies to implement the best possible breakthrough therapies. We have said for a long time here on this board, the true value if Titan lies in its IP / patent portfolio. The IREP technology advanced by Dr. Fowler and others at Vanderbilt was state-of-the-art at the time this project (SPORT) started. If that is still the case, the value is IMMENSE if development across competitors ever became synergistic.
You also have to realize there is a large untapped market in small hospitals and surgi-centers. At one time, that was Titan's target niche. With both SPORT and HUGO having much smaller footprints than Da Vinci, coupled with lower cost per unit and disposables, market share potential is significant.
Liv, anything can happen. Go dream of a multi-billion $ buyout. Live it up bro! Keep scoop'n.
I do know that you must do it every year that you own shares, regardless of buy/sell.
Scalpel, if you're out there... Anything to add regarding Titan's PFIC status? Would be great news if this isn't required any longer.
We are in a much better place, yes. But this is still speculative development stage.
Talk to your accountant.
Nice to hear Flendy! Thanks!
I'm not sure so yes, consult a professional. I've been submitting the QEF election each year that I've owned Titan.
Yes there is. Don't count your chickens before they're hatched my friend.
Yes, if you do not elect the QEF each year, I believe you are taxed at your regular rate, not capital gains. Scalpel and SPORT19 can probably give more specifics. Some investors have chosen to ignore the PFIC status but it sounds like the IRS does crack down on it. Sorry if you did not know about it. It periodically has come up on this board and I try to remind everyone about it every so often.
You might find your accountant doesn't understand a PFIC either. Just be sure to complete the QEF election on the 8621 each year that Titan is a Canadian company, otherwise you will not be happy with your tax liability on any revenue generated by the sale of Titan stock.
For all new Titan investors, just in case you are not aware, Titan is considered a Passive Foreign Investment Company (PFIC). Talk to your tax accountants about Form 8621.
https://www.cpajournal.com/2019/02/06/the-perils-and-pitfalls-of-passive-foreign-investment-company-ownership/
Cautious optimism is the best route. Especially for those of us that thought we had lost it all. Strange how some didn't learn that lesson!
Hoping we see $2 - $4 bil. I just think the fact there will only be 2 single-ports on the market and ISRG has had a tough time breaking into the smaller hospitals / surgi-centers, coupled with an ever-expanding market - to over $30 billion in just a few years - lends a little credence to a bigger pay-day. But hey, just get me in the green at this point and I will be happy. Anything else is gravy!!
AGREE!
EXACTLY!
If they lay out a clear path with milestones for all to see and PR each milestone achievement, it will increase incrementally. In the past they did not do this very well because they kept changing directions. They can get it to $4 - $5 in due course if they show a newfound expedience and have a little "swagger" to back it up!
Dude, now is not the time to fret. The MDT deal is just commencing. We just went from .25 to 1.15 in 2 weeks, with lots of fluctuation. We are also diluting. Give it time. This is the birth of ISRG's first big competitor. This is still development phase PLUS many MANY investors feel they were burned by this group in the past so they are gun-shy about getting back in. It will happen. Be patient.
Good 'ol Longtai.
Rocko actually had the right idea about a lot of this. He just zeroed in on the wrong company.