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Re: Fibonacci Chart Update
Re: Evaluation Exercise & Discussion
Now we have created a SP - MCAP table,
based on where we are now, conversions, events and evaluation.
Eval Threshold Ladder, starting with 148.45M OS as of 2018-02-10
- 148.45M OS @ $0.19/sh = $ 28.21M mcap, $0.19/sh purchase price last offering
- 176.68M OS @ $0.19/sh = $ 33.57M mcap, added 28.23M prefunded Warrants @ $0.19/sh
(We are here)
- 250.18M OS @ $0.20/sh = $ 50.04M mcap, added 73.50M Series A @ $0.20 of 2017-11-22
- 252.74M OS @ $0.24/sh = $ 60.66M mcap, added 2.56M Warrants @ $0.24
- 326.24M OS @ $0.25/sh = $ 81.56M mcap, added 73.50M Series B @ $0.25 Partnership++
- 330.09M OS @ $0.30/sh = $ 99.03M mcap, added 3.85M Warrants @ $0.30
- 368.01M OS @ $0.60/sh = $220.81M mcap, added 37.92M Warrants @ $0.60
- 380.15M OS @ $0.79/sh = $300.32M mcap, added 12.14M Options @ $0.79
Zack's Earning & Revenue Very Conservative Evaluation BPX01 only:
- 6.00% of prescription $1B US market only
- 1.25% of prescription & OTC $5B US market only
- 24% margin only
- 380.15M OS @ $1.0234 = $389.03M mcap, P/E 35, $62.5M rev, $14.82M earnings, 25% discount
- 380.15M OS @ $1.36/sh = $517.14M mcap, P/E 35, $62.5M rev, $14.82M earnings
Moderate Evaluation BPX01 only:
- 15% of prescription $1B US market only
- 3% of prescription & OTC $5B US market only
- 30% margin
- 380.15M OS @ $3.11/sh = $1181M mcap, P/E 35, $150M rev, $45M earnings, 25% discount
- 380.15M OS @ $4.14/sh = $1575M mcap, P/E 35, $150M rev, $45M earnings
Company didn't close the deal as anticipated.
Stock plunged and is now probably in free fall, 10c may hold.
They didn't give proper reason for the delay and removed any anticipated target date for closing the financing.
Further company emphasized alternative financing, which naturally usually happens at a lower stock sales price.
Well, maybe another shot in a few weeks - who knows.
Evaluation Exercise & Discussion
Discussing evaluation with 01 and others, what is the company and hence their products actually worth?
Trading wise for common shares, we survived the RS threat (expired) and the next step is to either receive favorable financing of the trials via partnership, if not being bought out right away.
Partnership may not only finance the trials but provide proper distribution and sales after FDA approval.
OK, posting our slightly edited notes here
+++
Fully diluted OS around 375M maximum, this includes the new Series A and B, as well as the prepaid Warrants from November 2017 and all other outstanding convertibles.
Zacks report from 2017-12-14 is post the offering and should contain the whole share structure, but you will see below that it did not.
Market Correction Today
What happened today?
- First we had a fallback to last weeks closing price 16c.
That was a 10.76% dip and triggered SSR for tomorrow.
- From there proper accumulation dip buying for over 4 hours
- Then we started the recovery.
At market closing 814k shares got bought at 20c
within market hours - wow.
This seems to be a market correction,
fixing yesterdays plunge due to the market crash.
Good.
Now in AH they even don't get that volume clear,
therefor the 20c is valid and stands.
+++
Company shall be evaluated above $75M MCAP,
at generous fully diluted 150M OS that would be $0.50.
Partnership will support this evaluation.
A possible buyout would be higher of course.
+++
More TA
Repost of the Fibonacci Levels and we could reach for 22c tomorrow and it should become a base from then on.
This will also fix NYSE MKT (AMEX) low price listing warning.
After reaching 29c we should move from the 'small number' short Fibo range into the long Fibo range, see
+++
Then have a look at the Weekly chart and realize
2016/17 800% run-up and compare this with this period.
Now we have our catalyst target date in June/July 2018,
aka partnership or buyout and of course full BPX04 trial readout.
In 2016/17 the catalyst failed in early May since its run-up in November.
+++
Thanks to 01 who produced charts and for personal convo.
Thanks to WallstreetSTTA who alarmed everyone for the first catalyst: 'No RS'
As long it's traded as a blockchain crap it goes down.
Seeing all this blockchain comments here and even in their PR, where everybody knows they won't even make a dime on it yet.
Thought the gap close, which will happen tomorrow would allow proper organic appreciation via margins and revenue increase, but realizing the hype is still active will only help to retest the all time lows.
Best advice: Don't even mention blockchain here (o8>
Status of Company and this board @ ihub
I just cross posted my stockhouse.com post here re Mr. Rigg's ownership.
Further more, company still anticipates closing of the financing @ 50% over the 20 day VWMA (volume weighted moving average) from Milost. Their price tag would be above C$0.23 now.
This might be contingent to company closing certain new contracts, hence the delay - i.e. it was expected to happen until end of January.
See company's last shareholder letter
I may post some update's here from time to time, but there seems to be little interest on this platform.
Bottom line is that stockprice is expected to reach the C$0.23 level as a new floor and continues its recovery.
In the end, even Mr. Riggs shall make is average at around C$0.55 - C$0.62 and profits.
Good luck.
Rory Riggs Total: C$0.55 - C$0.62 Average
Following some of your guys DD here, it looks like
Rory Riggs is the Elephant in the Lab?
- Crunchbase https://www.crunchbase.com/person/rory-riggs
- Bloomberg https://www.bloomberg.com/research/stocks/private/person.asp?personId=164544&privcapId=172287796
He was even mentioned in that Fortune article? Can't find it right now.
Now I thought it might be a good idea to track his investment.
I used the SEDI database and pasted his common shares into my spreadsheet,
resulting in
- 9.1M shares @ C$0.6164/sh for C$5.62M
- 0.6M Warrants @ C$0.50/sh
- 1.38M Options @ C$0.1516/sh
Quite impressive.
Now let's see how well this correlated with Milost's probable first stake around C$0.23/sh based on current 20d VWMA.
Excellent I would say.
Note that usually only insiders and long term investors get those sweetheart deals,
you can't buy that much ATM anyways without the price going through the roof.
Sounds good too me, especially since he has increased his stake
lately by converting his Notes into common shares
plus recently new promissory notes @ USD $1 conversion price.
BPX-04 ROSACEA Posters
Repost courtesy of 01 @ ST
Edit: I like to thank 'WallStreetSTTA' and '01' via this channel as well, for doing the crucial initial DD of no RS and receiving the BPX-04 posted showing significant efficacy + safety.
Thank you guys!
IMHO .. no need to hype, all results are very favorable as institutional support (Vivo et al.) Stock price will naturally recover.
4Q17 Estimates / Evaluation
Price per BOE: $30 (see table below)
- Oil $60/bbl
- Natgas $2.90/mcf
- Energy (!) conversion 5.8 mcf/bbl
- Gas/Oil Revenue 57%
Net Revenue for 2 wells in 2 month: $338k (see table below)
- 14496 BOE total
- F&D costs $6.70/boe
Let's assume a positive $400k revenue
Assumed Operational Costs: $400k
Resulting Assume Income: Around $0
Sequential revenue increase of 576%
However, still hardly at break even point
especially due to required new well to stay sustainable.
Note: Exponential decline of flow per well in first years.
+++
Multiple Evaluation on Revenue
OS approximately 61M
Knowing that new drilling is postponed for now
we can only assume the current revenue stream.
Adding a 21% decline in the current wells due
to the natural exponential flow decline, we have:
$0.4M + 3 * $0.32M = $1.36M annual revenue roughly.
Using $1.4M optimistic annual revenue:
- P/S 1 $0.02295/sh
- P/S 10 $0.22950/sh
- P/S 20 $0.45900/sh
What is the appropriate multiple, given that existing wells
won't get any better?
IMO a multiple positive can only be given on future
production increase and not decrease without growth.
Since one well set-up would cost around $1.3M for HUSA's
current net-revenue interest, they need financing
to cover their vision.
+++
Evaluation Based on HUSA's Future Plans
It has been signaled by HUSA's PR that they are about to
increase land leases and pushing back their well drilling
program. Therefor company is falling back into the
pure development stage, disregarding the 'production play'
of becoming a super growth company.
All this uncertainty is probably the reason of the stock decline, heading back towards its previous 20c price line.
Yes, sequential revenue growth looks dramatic on a percentage base, but it is insignificant compared to the required capital costs for growth.
It will all boil down what their real future plans are and especially how they will realize it.
+++
(charts courtesy of 01 @ ST)
+++
Disclosure: I have no position in HUSA as of now.
I may start a position below 20c or when company gives clarity about their future prospects, i.e financing for growth.
Big Today: Vivo @ 35c, MauiDerm & No RS
Vivo just converted their preferred shares @ 35c conversion rate bought in 2016! See last 10-Q page 13.
This is a strong vote of trust going 'common shares' now, 150% above Stock Price. They did not haggle or gamble for a lower conversion rate.
Vivo's average is above 37c and they surely don't intend to lose money here.
Nina has replied to 01 and confirmed the RS authorization has expired, see below.
The MauiDerm BPX 04 Poster is Out, safety and tolerance is given, see below.
7:27pm and no RS announcement
Happy 1/31 trading without RS, IMHO: expired.
Time to trust the company again? I would think so.
Good luck.
Spider Web's Short Thesis Endangered
Yes, company diluted a very lot during the last year(s).
Now it seems that DSM payed for revenue in advance (3 years?).
Therefor the question seems to be now, can they generate
enough additional revenue to sustain the growth?
Sweetener is the sweet spot in this speculation.
If sweetener biz is successful,
we may start debating whether the intended and significant
debt to equity swap for this year 2018 can be skipped
or even replaced by cash paybacks.
AFAIK this is the current discussion, which needs to take place.
If they still will swap debt to equity 'as usual',
the chart will maintain its trajectory.
Meaning it will plunge after the run-up when such dilution
will become a concern.
Any takers on a serious debate?
RS expires on 1/31 Wed 4pm Business Day
Implications are that the last minute RS can be performed
on 1/30 Tue -> 1/31 Wed and must be PR'ed on 1/30 Tue pre-market today.
No such PR today implies a very high probability of no RS and therefor its expiration.
This goes along with company's multiple statements of letting the RS expire.
Edit: I also noted earlier that they would need to have filed Form 8 .. earlier with the exchange, not necessarily visible to us. However, such would have leaked. Since we haven't seen a big drop below the D 20ma as 'customary' in such cases up to 3 days before the RS, I believe the RS expiration plans.
And now selling more @ 50c plus extending the TO
at same price doesn't hint at successful news anytime soon.
Spot on Sir, I emphasized the most important points to me.
On any other market, the SP would plunge 70-80% below offering price. This did not .. yet.
Truly a remarkable game being played here without proper guidance on the timeline, while the known continuous very slow bleeding.
All this must not mean anything, data means everything.
But I still doubt they would continue on a cheap price while good results are just around the corner. They are not.
The 50c offering is all public
and in plain SEC sight, nothing is hidden.
This was at 75c, 70c and now worth just 50c - the common share.
This stock has so far traded better than the offering,
usually a stock plunges like 20-30% below that offering line and recovery takes 1-3 weeks. Sometimes even longer.
Therefor it is quite a strong stock - sure, offerings are also quite low in volume/amount.
But as I hinted in my last post, this management can't know a thing about the trial outcome - or it is negative,
or they are simply completely incompetent in case of known efficacy. In the latter case they would have made a good private placement above market price with signed NDA.
Period.
50c per share on known 1 week efficacy?
So they had to sell at 50c again, with 75c strike for the free
Warrants - a 50% 'spread', that is huge.
I read here that some believe the 1 week data from 50 patients
is known to company already?
If that would be the case, they could make a private placement
and let them sign NDA's and pay 75c per share now.
This didn't happen.
also: 80% reduction is statistical significant
Finally the story makes sense.
Selling the drug for .. $1B - $3B, $3/sh - $10/sh?
Mistaken the millions for billions, so is that a correct sales price for the drug or company? $1B - $3B?
$500M would be only roughly $1.66/sh
Offering and TO lowered from 70c to 50c
another offering on 1/10 and the VP tells us
that we are just days away from good PE?
Also read other 'funny' assumptions here,
where reaching PE seems to be no event, lol.
Let me make this clear, if combo PE would be reached,
after all this time - all hell would break loose.
Stock should break out of the Warrants jail and demand
shall eat up those sellers for lunch.
I read here BS like 20c-25c might not be enough gains
for the many Warrants buyers? Folks, are you serious?
We are talking about 40% gains!
The Warrant 50c TO shall surely NOT be extended over
the PE PR, for god sake.
If you offer somebody a free 40% gain and you as a SH
are fine with it .. I fail to find the right words.
Bottom line:
- no data yet
- management values stock at 50c
- management just raised cash again,
therefor no PE PR 'around the corner'
Sorry, I was reading a bit again here and all the cosy
'feel good' convo gave me goose bumps :)
Again, please imaging reaching PE should JUMP stock price to $1
and compare this with the TO and latest offering.
- 2017-12-31 OS 169.86M
- +4M common for 400,000 shares of Series B Convertible Preferred Stock
- Options/Warrants 83.43M @ $0.83 avg weighted strike
Let's say min 260M shares, or 300M for good measure.
Selling the drug for .. $1M - $3M, $3/sh - $10/sh?
And if they would be close to this point, they wouldn't hand out such discounts IMO.
Edit: They would also not see the need to go onto NASDAQ or even perform a RS. They would just sell. Hint: Check MTNB ..
(o8>
Lawman, Fred .. same thought here after reading the 10-Q.
They doubled current liabilities, negative equity!
- $13M current fix
- $40M trials
- $ 7M good measure
$60M required .. therefor, the data should better be good.
Why did they sell Notes? Because that would give investors
a little hope in case bad data crashes stock but they get back
on their feet in about one year with new data.
Or .. alternatively, they will be first in line as lenders in case of liquidation / CH11.
So, less risk - but still a long term investment with risk.
@gestalt2: It is more rare that you have a tiny devco biotech with lots of debt, here current liabilities.
It is usually enough to know that they need to raise tons of cash for upcoming trials.
Regarding their current cash position, according to Company's own stated cash needs (around $40M) the $1M is nothing.
Data data data data data ..
If awesome, the rolling BLA will work out as expected!
Little Related: Paulson Fund Crashes Nearly 70% In Two Years As AUM Plunges To $9 Billion
Paulson Fund Crashes Nearly 70% In Two Years As AUM Plunges To $9 Billion
Edit: Glanced over 10-Q brrr, equity $-12,8M and no cash.
Then this Paulson Fund seems to be under water big time
and company may even has difficulties to raise cash as needed, read above $10M-$20M for equity/current-liabilities and ongoing trials.
Note the Warrants TO play here .. very related.
Also note that the balance sheet would need to be fixed for any NASDAQ uplisting - besides the imaginary R/S.
Bottom line, balance sheet is horrible.
Hope they get good data soon so they can RECEIVE a TO (tender offer) and have a happy ending.
Warrants in the Money Exercisable 1/15
Check latest ER or prospectus filings: 1.22M @ $1.50 per ADS.
If they dump, let's be ready for a good dip buying around strike.
Doubt they will bring it all the way down .. but maybe a little.
my post earlier was trying to get a reason
for a possible evaluation, i.e. PT (o8>
Numbers .. Please Review
Based on SEC filings and PR below some numbers
I would like you all to review.
Notable: Before 12/15 all 'insider' shares, including convertibles, where purchased below $1 and sold at profits.
On 12/15 those three investors bought at $4/sh plus $4.50/sh Warrants strikes w/o a 'make whole' VWAP clause (couldn't find any).
Then .. we may discuss, whether this company actually really starts to get serious.
Edit: Last but not least, no basher here anymore?
What a change about this stock since BTC boom became the new normal lately (o8>
++++
OS
- 2015-12-31 17.93M (10-Q)
- 2016-09-30 25.86M (10-Q), AS 75M
- 2016-11-14 28.16M (10-Q)
- 2016-12-31 28.72M (10-K), AS 75M
- 2017-04-17 34.80M (10-K)
- 2017-11-07 48.56M (10-K)
- 2017-12-09 54.98M
- 2017-12-15 56.98M
Cash
- 2015-12-31 359.00M (10-Q)
- 2016-09-30 2.11M (10-Q) +0.045M btc
- 2017-11-07 0.04M (10-K)
- 2017-12-15 6.00M
Total Liabilities
- 2017-11-07 1.82M (10-K)
- 2017-12-15 0.00M
Equity (Stockholder)
- 2015-12-31 6.04M (10-Q)
- 2016-09-30 3.13M (10-Q)
- 2016-12-31 -0.58M (10-K)
- 2017-11-07 3.48M (10-K)
- 2017-12-15 11.48M
Offerings
- 2017-12-15 3 PSA $8M for 2M shares @ $4/sh after 6 month
Plus Warrants for 2M shares @ $4.50/sh
- 2017-12-08 +6.42M shares and Warrant 1.21M shares
- $1.36M for +1.91M shares @ $0.75
- $2.41M for +3.38M shares @ $0.75
- Plus Warrant for 1.21M shares
- $0.81M for +1.13M shares @ $0.75
Speculated Eval (Based on Company)
OS 75M shares probably
1) $48M/anno ($24M/anno EBITDA)
P/E 10 -> $240M mcap -> $3.20/sh
2) $24M/anno ($13M/anno EBITDA)
P/E 10 -> $130M mcap -> $1.73/sh
Insider Trades
- Bought for below $1, sold for $4 - $5
- Bought for $4 on 12/15 ..
Further Development
- 2017-12-27 Amended SH Vote
- No AS 75M -> 200M increase
- No RS 1:2 - 1:7
- 2017-12-15 Mining etc
- 5,000 Bitmain S-9 mining rigs in operation _during_ the first quarter of 2018
- These measures also move us more swiftly towards the goal of up-listing our common stock
- 2017-12-06 Mining: 5000 S9, 70Ph/s, $4M/month ($2M/month EBITDA);
1 S9: $800/month ($400/month EBITDA)
- $48M/anno ($24M/anno EBITDA)
- will be comprised of over 5,000 Bitmain S9's
- These machines are expected to generate roughly 70 Ph/s of total hash power, and over $4.0M in monthly revenue (gross)
- .. EBITDA from the Company's Bitcoin mining operations is projected at over $2.0M per month
- The Company expects all rigs announced to date to be operating during the first quarter of 2018
- 2017-10-16 Mining: 4700 S9, 60Ph/s, $2M/month ($1.1M/month EBITDA);
1 S9: $426/month ($234/month EBITDA)
- $24M/anno ($13M/anno EBITDA)
- expected to generate over $2.0M in monthly revenue (gross)
- .. EBITDA from the Company's Bitcoin mining operations is projected at $1.1M per month
- expects all rigs announced to date to be operating during the first quarter of 2018
- total number of mining machines will consist of approximately 4,700 Bitmain Technologies S9 Antimer rigs
- generating potential hash power in excess of 60 Ph/s
It is about time ..
Or how much will Barry be allowed to buy this cheap?
He bought the $3.05 (?) private placement and now all dips.
What will company do next?
Do they have a suitor already or will they just start mining?
secretly reading from time to time ..
Well, the last pearsby09 post I almost could agree upon,
but in a sense that only data counts and 'acceptance' of the drug in the market -> suitor for BO.
He and others reflect the delay of the trial on a somewhat low acceptance and therefor equate higher delay to lower chance for BO.
I don't know. What I know is that they indeed relaxed the requirements as of late, i.e. even the FDA got a bit impatient here - or management could make that 'steal'.
So this this all data driven & how it is being managed.
Does the CEO role really matter here? I don't think so.
This is not an insult to the CEO, but just giving other's work more weight here.
Any other stock on NASDAQ would have already been RS'ed twice in the last 2 years - and plunged big time by now. That is for sure, as I follow many of 'em.
So being on OTC trickling out new shares for 'little' SP decline but stable'ish MCAP might be of use here.
This bring us to the weird optional goals of the uplisting to NASDAQ again. IMO this defeats the overall story of trading this stock. We expect they will finish and being bought out 'soon' when at least on trial is successful.
Costly uplisting with RS and probably a secondary is great for the company if requiring even more time (1-2 years). I would like to have this 'play' clarified with the company indeed.
The drug itself? Potential? What do I know, looks like its working for the majority of qualifying patients. 'eh?
Problems seems to be more the overall FDA/trial process, see above.
I am clueless about the details, but TA says a double bottom of 50c might be coming. And I surely will buy around there again, as usual - as long they stay on the OTC (o8>
Good luck!
they surely (hopefully) want to sell
Barry ending buying now .. allows to enter the 'quiet period' before knowing details?
1H18 might be funny (o8>
Uptrend: D 8ema, D 20ma -> $1/sh
Following are two charts from my buddy, first comparing the daily AMEX/TSX regarding D 20ma and D 8ema.
Secondly showing how low shorts actually brought this stock below value of $1.90 USD and now even in comparison to Gold spot. Tangible Book value of this stock is still at $2.14/sh.
Assuming $1.90/sh USD value (100% Fibo from $0.45/sh) and marked $1264/oz Gold spot @ $1/sh USD reference (38% Fibo) shows lots of tailwinds.
Indeed, the $1/sh USD recovery should take place soon.
Gold spot itself bounces from $1237/oz, contract expiration took place on 12/17 and shows a healthy recovery.
Yesterday's pullback due to the Tax Deal confusion is also overdone, having a clear positive gold market signal.
Fibo range $0.45 - $1.90, with Gold Spot $1264/oz aligned to $1/sh
AMEX and TSX Daily
Tax Loss Selling Trade Day Deadline 12/27,
so it makes it to the settlement day 12/29.
You will find this info everywhere and it must be settled
within 2017.
However .. this might not be the issue at hand here.
We will see which exchange will be used as the canonical reference today.
Half million USD effort to re-test $0.45 next week?
$0.45 closing price floor marked in previously posted
Fibo Levels. Should hold, but seems like some short
sellers are not done yet covering and need to force
the price lower?
This puzzle me, since the big guns like K2 and MW
do have a quite high average of their SI position
and should have already covered.
Then there was a little notion of higher USD prices
and maybe a little gold pullback next week?
12/27 is 9 trading days away - tax loss selling deadline.
May the price move within channel 45c - 52c?
It will be a very interesting time until 12/27.
Retrace to 78% is due short term, $0.76+
Then catalysts shall recover it to long term support 38% $1.35.
TSX RSI 12.70, AMEX RSI 14.15
Gold bounced at its own 78% retrace, Gary made a 'golden call'
on 12/12 https://thegoldforecast.com/video/could-78-be-golden-number-gold
Now he recaptured on 12/13 https://thegoldforecast.com/video/gold-pops-following-release-fomc-statement-0
At a Tangible Book value of $2.14/sh. now traded @ 21%
and gold already bouncing, we assume the time is now
to recover a chunk - anytime.
The 1st class dismissal of one class action suit was an important legal sign.
Update on production numbers shall follow in January and within 1Q18 a more broad Red Kite financing deal is expected to close.
The latter also funding growth for the Esaase development.
SI has been lowered already and the last bunch of tax loss selling mostly happened on 11/13 - so those are ready to buy back now. Tax loss selling often occurs way before the deadline, this time on 12/27.
I would say, this is a very coiled chart with accumulated positives contrasting the way overdone short seller's agenda.
Exciting and thrilling.
3M traded right at the gong on TSX!
- whole day stable, no sell off, green
- a sane seller would have simply sliced out
- at HOD near closing around 200k shares
were dumped at both, TSX and AMEX.
- seconds to the gong, 3M traded without
any price fluctuation, bought mostly
via RBC and Barclays.
- this year, such volume spikes happened right
before a local reversal.
yes, turnaround is very close - anytime now.
TL;DR Rehash of MW's short thesis, but even the lowest and poorest PT's from analysts is high above the current price.
I am sure you all know the story and the fundamentals,
it is not that bad.
75c (flash) crash or bottom rumored.
After breaking below 85c I lost my 'spirit' here,
breaking below all sensible chart and evaluation metrics.
OK, given, they are based on past evaluations and company
is highly indebted.
Anybody has any sound idea what is going on?
Tutes all running to the exit door?
EGL-002 a failure?
Another offering coming?
Debt covenants?
OS 21M 6/6 + 42M S-3 + 26M S-3 = 89M OS
Edit: That is the 'shelfed' maximum dilution
due to T-1 & T-2 offering incl Anti-Dilutive Warrants.
As of no w/ Cash-Warrants - if executed, it should be around 69M
How about the guideline update?
Yes, 3Q17 GAAP numbers were 'sad'.
Disclaimer: Sidelines for now, also seeing $3 is being 'on the line' as we speak.
They claim to book current events into 4Q17, $35M+.
Also they claim $130M - $132M 2017 annual revenue,
increased from $115M - $125M.
All probably due to the multiple-agreement coming in next week.
Which should be non-dilutive etc, regarding to CFO.
All a forward-looking statement yes, but already within mid 4Q17.
Guess we will see next week, show me the money.