imis...(put something here)
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I thought the debt was closer to $80M. Not sure on the share count but 80M sounds like a number that has been mentioned.
At the current SP those $.19 shares PP has for converting the $7M debt are worthless.
Ok you are right, I had forgotten about that distinction with the $.19 warrants and the ones after the Zapata deal are for a minimum of $.19.
So you are saying this all still works out beneficial to IMSC? Seems like PP is more desperate for cash than ever. Why was PP able to change the $1.09 shares down to $0.19 late July if they had lost their leverage? I hope as you say a lot is going on behind the scenes with IMSC putting pressure on PP but I am having a hard time seeing how this changes what IMSC has to repay on the debt or how shares get converted. Finally how does this affect the price IMSC can get for any sale of the ETD business. Earlier this year many were speculating more than $200 million for the sale of the company, is that still true now?
He must have been disappointed it only closed down a little over 2%. He seemed elated when he posted it was nearly down 10%...
There was another new ID today besides that one. Lots of new ID's on here lately. The one earlier today was fishy too, based on what it wrote.
Does have IR (listed on their main web page) and he's pretty easy to reach:
Investor Contact:
Growth Circle
Marcus Laun
P: (888) 518-3274
E: info@growthcircle.com
Yeah I bought some twice (around 2200 shares each time) at 0.359 but someone would sell right after each time. I bought another 2175 @ 0.35 at 3:53 pm and that did not help either. Someone was working hard to keep the SP low.
I picked up another 10K shares today. That is about all the spare cash I have though.
And Zapata mentioned he was going to introduce new water based products within the next year and he recognized that they had to keep doing that because of this very issue. He said that in the conference call.
Stage 7 out of 9 on Technology Readiness Level (TRL) for military applications. This was mentioned in the conference call by Bob Liscouski. Surely you knew this and how many stages there are. It is not a "fancy term" but one used by the military to assess potential technologies and very common for those working in the DOD arena. And it is easily looked up on the internet to find out what each stage in the scale means, so I won't post it here as I think most people on here know, anyone else can easily find it out.
Remember, he predicted yesterday it would "close near red".
Also it was stated that the Flyboard Air on the military's Technological Readiness Level (TRL) was a 7 out of 9, which is pretty far along. As to NASDAQ listing, it seems like the idea is to get to NASDAQ sooner than later and make those $1.50 options worthwhile.
They have to distribute the proxies, but I think the proxies could definitely be distributed before Oct 13 earnings/conference call. I certainly hope the sale will be for at least $1.50 a share. It would be nice to see the share price rise going into the earnings call. The current share price reflects a lot of uncertainty as to what is going to happen, so the sooner the proxies get distributed showing what the sale price is going to be, the better, I think!
Ok that is fine, so how much do you think the ETD sale is going to fetch?
I hope too that one way or the other (buyout, whether or not the acquisition of Zapata occurs) the stock will be worth $1.50 soon. I was hoping for a long time to stck with the ETD business but that does not seem to be a viable option. If the sale of the ETD business along with the acquisition of Zapata will get us to $1.50 sometime in the next year or two I am all for it. The recent record revenue quarter and fiscal year and the new TSA award should help get a far higher sale price for the ETD than previously.
I agree the last quarter was really good, and they blew out their revenue estimates for the year by a large percentage. I'm sure there were legal fees associated with the merger/acquisition activity and if not for that along with the interest payments on the debt it would have been a profitable quarter. Hoping too that the forthcoming earnings call will be a great one.
That is great, this is what the new CEO was talking about in the PR on July 25 that limited samples of the Onyx product line would be available in the "near future". 2 months is pretty good so he kept his promise on that, which is a good sign.
Took advantage of the drop and picked up some shares at 0.0032 a little while ago.
I agree about efficiencies of scale a bigger entity would bring, they should be able to make a lot more profit per unit beyond the fact then won't be burdened by debt. $75 million for next year is just 1.5X this year so should be easy to achieve. Hopefully all this is being taken into account in determining the sale price, including the value of their patent portfolio which of course comes into play in non contact trace detection. That has to be the way ETD goes ultimately, for any walk through tunnel, etc. So that would seem to put a good value on the patent portfolio. All this should help determine the intrinsic value of the company and hopefully maximize the sale price, I haven't seen much said about the patent portfolio but surely it must be worth some significant amount of money and would be another factor in determining the sale price. Also there are no other ETD companies left to buy that have large TSA contracts so that should factor into the sale price.
Not only that, but revenues were 4X the previous year's revenues. Losses while high, were half the previous year's. And they exceeded their revenue projections for the year. There has to be legal fees in the last quarter associated with the possible sale of the company.
I was expecting lawyers fees would have a big impact this quarter too. And it does continue to show the interest on the loans is really hurting. The high revenue amount is encouraging and the fact they exceeded their revenue projection for the fiscal year.
Usually by now there would have been a PR telling the earnings call info to dial in, etc. if it were to be tonight. Unless they are going to release earnings without any conference call? So this makes me doubt earnings are going to be announced today but I could be wrong.
I would definitely prefer to stay in the ETD business. The current financing is what is holding the stock down, as while they are getting a lot of revenue it is going toward paying the debt and not back into product development, etc. McGann said that on the conference call in early August. I think the stock would react very favorably to some form of alternate financing, if PP could be gotten out of the picture and the dilution wasn't huge (no 8 cent or 19 cent stock options, etc. ). The question is if the debt to PP was paid off, would PP be able to convert first or just be made to take all the debt in cash.
However, they seemed to have been expecting to win this TSA contract, and were waiting on it to get a better sale price, so I don't think they are going to seek alternative financing. They seem to be pretty set on selling the ETD business. I hope now at least they can get a fair price for it and far more than what we would have gotten for it before the TSA contract award.
Doesn't say for how much but is under this GSA schedule which shows other previous contracts with IMSC: https://govtribe.com/contract/idv/gs07f0490u
Interesting, why would there be a need to extend it unless there was going to be a follow-on order, especially since it says the purpose of the extension is to extend the ordering period. Why do that if there wasn't the intention to place another order under the IDIQ? That would be very nice indeed. The new contract for $71M and initial order of a little over 1000 units is separate from this IDIQ and goes through 2018. It does have optional extensions that allow them to order more, but those are in following years. Maybe TSA wants more QS-B220's sooner than later, so will order more under the original IDIQ.
Of course that was back in July... Now that they've won the TSA contract the value of the company has increased since then. So while that statement may have been made regarding bids they received at that time, certainly the value of any bids has increased. One hopes they meant the sale would cover that $35 million plus the debt with a lot left to spare, but it is unclear. I am hoping those on here who say it should be worth at least $200 million after the TSA order are correct.
As to the restructuring/reverse split, those warrants at $1.50 a share would hopefully be with no split, or else adjusted to account for any split. So my hope is they expect it to get to $1.50 a share without a split in fairly short order for those warrants to be worth anything.
True, usually there is a PR saying when the earnings will be announced and the earnings call info, which is the same day as the earnings are announced. Hopefully we'll know very shortly as they ought to be putting out that PR soon.
LOL, it still is entertaining reading the comments from people who believe this is still a hoax: http://www.internationalskeptics.com/forums/showthread.php?t=306350&page=27
Meanwhile I'm not sure this video of Franky's flight in Florida has been posted:
Thanks for posting that info. I thought it was 2009 but actually late 2008. McGann did not come on this scene until much later (2012). The only "legal action" Bolduc involved in was Miller v. Bolduc, et al. (Commonwealth of Massachusetts Superior Court) (C.A. No. 15-0807-BLS) which was dismissed with prejudice. The et al being other IMSC execs and IMSC. For some reason it keeps getting turned around that Bolduc sued IMSC. What the motive is for changing that to sound like Bolduc sued IMSC I do not know, but the same poster kept insisting insiders were dumping shares when proof was given that was not true, which seemed to be an effort to make the company look bad that the execs were dumping any shares they owned. Same as making it sound like a former CEO took legal action against the company when in fact he did not. And PP was brought in when the company was nearly bankrupt. It can be argued that in more recent times the company should have done more to get free of PP. But changing the narrative to when PP was brought in seems to make it sound like they were brought in just a few years ago, although either way there's no argument they are currently very bad for the company. But without them in late 2008 the company would have gone bankrupt at that time.
How many times do we have to say this:
Platinum Partners came on in 2009 when the company almost was bankrupt. No question PP is bad but they were the only choice back in 2009.
Glenn Bolduc never sued IMSC.
A disgruntled shareholder sued IMSC and Bolduc and others but that lawsuit was dismissed with prejudice.
You can keep trying to say otherwise but it will not make it true. Not sure why you keep insisting PP came in later or Bokduc sued IMSC, Not that it matters one way or another about the present situation biut wonder why you keep insisting on the alternate narrative about when PP came in, and Bolduc suing IMSC.
Show us proof of your narrative just like we asked you to show us proof that "insiders were dumping shares".
No one seems to be talking numbers anywhere near to that $550M amount he says in that sticky. If we got that amount then everyone would be happy but I haven't seen anyone mention a number like that since that sticky was posted.
At least with $1 I'd make some profit. I would of course like higher than that, will be interesting what everyone else says.
Hope you are right. Are you confident that management is going to play hardball with PP? I too would like to see PP not convert any debut to shares and just take cash and go away, but they seem to be able to do that as the deal is structured now.
So where's this big news that you said would come today?
Thanks for clearing that up again. I don't know why it gets turned around repeatedly that Bolduc sued IMSC. Seems like for some reason known only to those who repeatedly post this and are told otherwise and claim they "think" it happened. It is easy to claim anything one "thinks" might have happened, but they never back up their claims with facts because they cannot. Just like they tried to make it sound like "insiders were dumping shares" when reviewing SEC files showed no insider sales but insist they "read it somewhere on yahoo"... Yeah, there's a reliable source, maybe they read others posting the same non-facts.
A short clip at https://www.facebook.com/ProWatercross/videos/10154569862119510/ have not found a longer one yet.
What makes you think there's news coming tomorrow?
IMSC and Zapata did nothing to promote any connection this weekend, so even though the videos got millions of views no one has a clue of any association with IMSC. Lost opportunity, as usual. Maybe Zapata isn't so interested in the deal since he could have easily mentioned IMSC. Millions of views of the demo and no uptick in the volume today.
This video of Franky flying yesterday now has 327K views and 8400 shares: https://www.facebook.com/ProWatercross/videos/10154566726314510/ and our Fred1949 got a comment in it about IMSC.