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I absolutely agree. I think Fortem Resources has a very bright future!
Notabadguy...
I hope you've seen some of these recent posts about FTMR. They're getting their amended and audited financials uploaded.
Their financials are first being posted on the Canadian version of the SEC.
https://sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00033436
It's my understanding that they should be making their way onto the SEC.GOV and OTCMarkets.com in the next few days.
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001382231&owner=exclude&count=40&hidefilings=0
and
https://www.otcmarkets.com/stock/FTMR/disclosure
GOOD NEWS IN RESTATED FINANCIALS!!
From my reading of the financial reports, this $40.7 Million loss isn't actually a loss of money spent... but rather it is a matter of how the assets purchased with company currency (shares) are being carried on the books.
I'll have to dig a bit deeper, but I think it is an impairment that keeps the property(s) from being recognized at the full value.
Here are the relevant paragraphs (Page 65 of the 2019 Audited Financials):
"22. CORRECTION OF ERRORS IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS
"The Company’s previously issued financial statements have been restated to reflect the correction of errors relating to the valuation of shares issued in connection to the acquisitions of Colony Energy, LLC, Black Dragon Energy, LLC, Rolling Rock Resources, LLC, and City of Gold, LLC (collectively, “the LLCs”). These shares should have been valued using the fair value of the shares on the date it was issued. This restatement was announced in the Company’s current report on Form 8-K filed on July 15, 2019. In addition, the Company determined there were impairment indicators and wrote down the rights to the mineral exploration project to $1. As a result, the Company recorded an impairment of rights to the mineral exploration project of $39,530,233 and a deferred tax liability recovery of $9,500,000, for a net write off of $30,030,233.
"The Company had measured the above acquisitions based on the par value of the shares issued to acquire the LLCs. The Company has determined that its common shares issued are traded in an active market and should have been recorded based on the quoted market price of the shares on the date it was issued. Therefore, the Company has revised its accounting to record the transactions based on the fair value of the shares issued."
SOOOO... it seems to me that the writing down of the City of Gold assets... ended up saving the company almost $10 Million in tax liability.
ALL OF WHICH I MIGHT ADD IS PRETTY MUCH EXACTLY WHAT THE COMPANY DISCLOSED WHEN THEY FIRST ANNOUNCED THE ACCOUNTING ISSUES BEING DEALT WITH.
Go FTMR!!
Latest Quarterly Report Released 10/15/2019
https://backend.otcmarkets.com/otcapi/company/financial-report/232045/content
Looks like most funding and share issuances have been done at 4 cents per share.
From recently Report:
"In August 2019, the Company completed it's [sic] Reg-A offering, and began selling shares. As of August 31, 2019, the Company has sold 10,000,000
shares at $0.04, to various investors (see part 3) as part of the offering."
FreedomFighter123, I'd be interested in your thoughts. As you've been following this company and in and out of their stock for quite some time, are you expecting more debt conversions than have already taken place?
Thanks.
Long answer... The market can be and is often fickle. I've found that things rarely happen according to the schedules people think.
At the moment, it seems like we've reached a bit of equilibrium. The buyers and sellers are basically waiting to see which way things go. Apparently... but who knows.
Personally, I'm not aggressively buying today as I'm already holding a good-sized position. As I posted earlier, I think most investors are waiting to see the audited financials and the uplisting on OTCMarkets.com to the QB level (which is fully disclosed audited financials.
Our CEO Massey has announced they submitted their audited financials so I would think we will hear something back within a matter of days, possibly weeks.
If I had to guess, I would think the company is anxiously waiting to hear about their audit and application being accepted.
Short answer... Who knows. We seem to be in a holding pattern for now. I think the next month should be interesting.
Fortem Resources Vindicated by Recent Filings!!
The Company has begun the process of catching up their filings. See my summary of their financials posted below. My guess is their filings will start to show up on SEC.GOV sometime today.
What we know so far:
1. No Mass dilution. Outstanding shares have virtually stayed the same
2. No misrepresentations. As stated in the press releases, the changes were pretty much just an accounting fiasco that the company was not responsible for.
3. This is what full disclosure looks like. Third party CPA Accountants have to evaluate, agree, and approve the financials. “DAVIDSON &COMPANY LLP” is a top tier accounting firm. I think it's clear what we can expect from here forward.
4. Although lots of public companies are deceitful and unscrupulous... Fortem Resources is NOT one of them!!!
I sent this to a friend a while back...
Keeping tabs on the Public Float
Shares Issued
02/28/2019 OS 90,535,416
May 31, 2019 OS 94,794,753
Aug. 13, OS Shares 96,140,504
08/28/19 OS 107,140,504
9/5/2019 OS 109,640,504
9/16/2019 OS 117,000,000
10/02/2019 OS 133,390,504
Just checked outstanding shares and add it yesterday:
Outstanding Shares
10/14/2019 133,939,049
Two weeks with very little dilution. I think that bodes well for us as investors... Keep an eye on the outstanding here:
https://www.otcmarkets.com/stock/SIRC/security
If you're still building a position... And the outstanding starts climbing only buy at the bid!!
If the O/S shares stay stable, I'd consider buying at the offer. [/B]
The current funding has been hitting the market over the last few weeks.
Once they're finished, we'll see the price go up.
I think.
Trying to have your pie and eat it too. Good luck!
Q1 2018 (May) Amended asset value $140,197,181
Q2 2018 (Aug) Amended Asset Value $142,881,628
Q3 2018 (Nov) Amended Asset Value $142,811,879
10-K Fiscal 2019 Asset Value $142,835,816
Q1 2019 (May) Amended Asset Value $143,154,712
So our book value at this point is roughly $1.16 per share.
And this is without proving the value of our properties!
Once drilling and production begin... bar the door.
Time will tell!!
HALLELUJAH!! It looks like the delinquent files are being submitted. Just checked the Canadian version of the SEC.GOV
It's called SEDAR:
https://sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00033436
Having a look-see right now!!!
Randy
I've availed myself to contact the company upon a number of occasions. It usually takes a few days, but I've consistently gotten responses and returned phone calls.
I would add, the information I've generally been given has been tentative and pretty much guarded. They've always been careful not to disclose any privileged information.
If you have particular questions, I would encourage you to reach out to management and see if you hear back from them. When this whole filing/refiling matter came up I called and was called back. I became pretty well satisfied that the company was going to be working on the matter and trying to resolve it as soon as practically possible.
If you don't believe or trust the company and its management, don't invest in it. We all have to come to our own confidence level. Without that the whole matter of investing can drive you nuts. Is there a risk yet with FTMR? You bet. Is there a potential for reward. You bet. The future will become clear as the future develops.
Most of the press releases conclude with the following contact information:
"For further information about Fortem, please visit the company website at www.fortemresources.com or email info@fortemresources.com.
On behalf of the Board of Directors,
FORTEM RESOURCES INC.
"Michael Caetano"
Michael Caetano
Chief Operating Officer
Tel: (403) 241-8912
Email: info@fortemresources.com"
Don't know. But I loved the confidence he exudes.
He's done all this before.
I've been dismayed by the refiling fiasco... but it sounds like we're approaching a resolution.
I would have liked the recent corporate update to have been more bullish, and tell us when they think the filings will be refiled... but understand how lawyers want to protect their asses.
Want to know why I still believe in Fortem Resources and still believe it has a bright future?
Visit their website and listen to the interview on the bottom of this page:
http://www.fortemresources.com/news-and-media/
The whole matter of amending the filings was explained by the company in the July 23, 2019 press release and 8-k filing.
https://www.otcmarkets.com/stock/FTMR/news/Fortem-Resources-Inc-Announces-Update-to-Management-Cease-Trade-Order?id=234215
To me the most relavent statement had been this paragraph:
"The Company confirms that as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company would file, to the extent applicable, its next default status report on July 26, 2019."
The company has been harmed and slandered for what really was not their fault. Does it suck? Yes... but what can they do? Suck it up and keep trying to build their business and get things done. AND THIS IS WHAT THEY'VE BEEN DOING. SEE LAST THREE PRESS RELEASES.
From these early reports to the present, the company has been trying to give as much disclosure as possible.
My understanding is all this was precipitated by a change of accounting firms was disclosed and was not because of disagreement.
Unfortunately, this changed when it came to verifying the previous auditor's "audited" financial statements.
From what I've gathered the matter went to arbitration, but the previous company continued dragging their feet and not delivering certified financials.
As a result the company has had to get the previously listed and audited quarterly and annual reports audited again by their current firm.
Clearly the company got themselves a much needed financing that has resulted in a substantial amount of dilution.
The September 10, 2019 press release mentioned this...
"Massey continued, "our plan calls for the issuance of stock to complete certain acquisitions. In order to maintain shareholder value, I am directing the retirement of 20 million of my personal shares in the company.""
So the relavent question isn't whether solution took place... but whether those shares have been fully absorbed.
I'm guessing whoever watches such things probably knows.
Acting stronger Todd's AM. If course sellers could still show up.
When they're done and we get some additional developments, this could get interesting in a hurry.
Hard to say... I had thought that an earlier low-priced financing was already in the market. Guess one can never be sure.
So far as I can tell, there are still shares hitting the market.
Unfortunately, selling seems to beget selling. I wish I had known this was coming. I bought size at and above 5 cents a share. Could have bought lots more today. :( '
What was compelling to me was it seemed to me there was someone soaking up the low priced shares and even today they seem to be at work. When the selling dries up or they decide to move it to higher ground, we will be off to the races. (I think.)
Fairly new to the SIRC, but the first thing I'm looking for is the completed audit. I want to know what we have and and what it worth.
It would be nice to know how many shares have been issued and for what price.
Of course no high dollar actions would likely be done without an up to date audit.
I'm pretty optimistic, but also realize that things often doing work out the way you think.
Link to today's press release:
https://finance.yahoo.com/news/solar-integrated-roofing-corporation-recaps-093000258.html
NEWS 9/24/2019 Solar Integrated Roofing Corporation Completes Audit, Readies Up Listing of its Shares to the OTCQX
https://www.otcmarkets.com/stock/SIRC/news/Solar-Integrated-Roofing-Corporation-Completes-Audit-Readies-Up-Listing-of-its-Shares-to-the-OTCQX?id=241179
PR Newswire
POWAY, California, Sept. 24, 2019
POWAY, California, Sept. 24, 2019 /PRNewswire/ -- Solar Integrated Roofing Corporation (OTCPINK: SIRC) today announced that the company has completed its audit and is now taking the necessary steps to up list its shares to the OTCQX exchange.
David Massey, CEO of Solar Integrated, commented, "We are extremely pleased that our audit has been completed. Our long-term goals to increase shareholder value has always been to up list our shares to the next level – OTCQX and then NASDAQ. There are many people within the company who have been focused on accomplishing this goal."
Commenting further, Massey said, "Our goals are to continue to acquire solar/roofing companies in becoming the leading solar/roofing company in the Southern California markets. Having the audit completed creates the transparency desired for our current and future shareholders."
As previously announced, SIRC has closed the McKay and Montross acquisitions. The company intends to continue to acquire solar/roofing companies as part of its business plan to become the predominant solar/roofing company in the Southern California markets.
About Solar Integrated Roofing Corporation
Solar Integrated Roofing Corporation is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally.
For more information, please
visit: www.solarintegratedroofingcorp.com
I wasn't overly excited about the "non-binding" aspect is this press release, but other than that, what's not to like?
This is a lot more information and details than we had before.
Some might be cheering and hoping for FTMR to fail, but those of us still invested are hoping in the company's eventual success.
I think rejoicing when another stumbles and falls is bad form. At this point it seems like those who sold their shares early (for prices higher than were trading at now) were the smart ones.
Time has yet to tell the rest of the story. As a friend mentioned to me a long time ago, "There's one reason to but a stock (to make money), and a thousand reasons to sell."
The messure of prudence is always relative and a matter of scale. Everyone's entry and exit poinrs are different.
Those starting a company like this and trying to create (or grow) a profitable enterprise only make money if the company as a whole succeeds. We as investors will come and go.
Article is only sort-of relevant. The article's focus is on coal for power generation plants. I don't doubt some of their production might be sold to that market. However the vast majority of their production is the high dollar coal used in steel petition.
AREC, American Resources Group, is a metallurgical coal company. The mines they are developing and focusing on are not for power generation, but the smelting of iron ore and the refining of high quality steel, which low vol call and natural gas can't effectively process.
A comparative company would be METC, Ramaco Resources.
I'm still thinking that as AREC ramps up production, and keeps producing high quality high in-demand Met-coal, their shares price will reflect their future value.
The 500,000 bid at these levels would seem to say otherwise. I don't think there's necessarily a correlation between QPWR and
CYPW. Some things connect them, but most do not.
I don't have an ax to grind with you one way or the other. In fact, I appreciate a critical eye that forces me to re-evaluate what I'm doing. I have made an investment in the company and so far have I've been fairly pleased.
Long term I don't know whether the company will be successful or not. Maybe I've drunk the Kool-ade and am not seeing things clearly. However, it seems to me they've taken a number of positive steps over the last year.
Apparently, the venture capital investors, are convinced management is trustworthy and credible. I don't have the exact numbers, but they've become involved with the company to the tune of $10-20 Million. Grabbed their interest is protected by the third party related entity, but they're involved none the less. Why? The only thing that makes sense is to make money. I'm pretty sure that if they make money, so will the company.
What does it all mean going down there road? Not sure. But the company has a number of initiatives in their business plan, any of which could actually make the company successful and eventually profitable going forward. We're not there yet, but there is potential.
This is why we're trading for pennies. It's not a risk-free investment. However, if their story catches on and they continue delivering on their initiatives, maybe initiate some long term promotional campaigns, I think it's possible we could start trading at significant higher levels.
I'm not sure how many shares are available below 2-4 cents per share, but I think we're going to be trading above these levels with any significant developments.
Looks to me like AREC's stock price and chart have reversed.
Apparently, those bidding for shares have caught the shares they thought were available at lower levels and are now stepping up their bids and buying offers.
The share price was up 12 cents per share yesterday or 19% and it looks like we're heading for higher ground again today.
There are bigger offers over-hanging a bid, but they seem to run for higher ground when buying approaches. I think they're there not so much to sell shares as to try and hold down the price.
Should be fun.
At some point... if there actually are people SHORTING these shares, there will be a tipping point where they will decide to cover. There might be someone (or maybe some someones) out there with deep pockets... but at some self-interest and the reduction of pain will prevail.
AND OF COURSE, as this is a pretty closely held security those in the know (Maxim traders and brokers) will have no problem making it hurt those shorting the market are forced to cover.
The Report and Recommendation is by Maxim's Tate Sullivan.
I wasn't able to find an uncovered link of the entire research report... but here is a summary from StreetInsider.com.
https://www.streetinsider.com/rating_history.php?q=AREC
Overall Rating: BUY
Rating Trend: Up
Avg. $ Target: $1.50 (+114.3%)
[Confidence?] Rating Score: 10 / 10
Plus... I've heard, but not yet seen that Maxim was going to put out a research report and recommendation on this stock...
Guess the Target price???
50 CENTS??? NOPE!! Absolutely not.
75 CENTS?? NOPE!! That would be safe... about the same price as the market.
$1.00 per share?? NOPE!! Looking for more...
$1.25!! That's a be a 60% gain from current levels.
$1.50!! Over 100% higher than the stock is trading right now.
Personally... I think the stock trades much higher as we approach Q3 and especially Q4 Reports.
IF YOU'RE SHORT... COVER NOW OR COVER HIGHER!!
Looks to me like shares are coming harder to come by.
No one has a cost down here at these levels. UNLESS someone thinks the company is going broke... this stock is a screaming buy at these levels.
The Presentation basically makes the point that in the next 3-5 years the demand for metallurgical Hi Vol and PCI coal will outpace current production. Additionally, current industry outlays and development for future production (worldwide) will not be able to meet this demand.
They make the case that their cost of production is set and will remain stable even as the expect the price of metallurgical coal will be increasing dramatically.
AREC is poised to take advantage of this situation by having a rate of production that is increasing... and that will continue to ramp up through 2020.
This means that AREC is in an ideal place and will be able to capitalize and thus DISRUPT the current market in a profitable way!!
8-K Reports American Resources Corp presented at last week's Disruptive Growth Conference.
The 8-K mentions the media presentation they produced for the conference and would be using from time to time.
Here's a link to the 8-K:
https://ih.advfn.com/stock-market/NASDAQ/american-resources-AREC/stock-news/80687389/current-report-filing-8-k#AREC_EX991_HTM
Here's a link to their powerpoint presentation:
https://www.sec.gov/Archives/edgar/data/1590715/000165495419010436/arec_ex991.htm
Yep... did the same. :)
Some action is an improvement over the "no action" we've witnessed over the last 9 months.
Crossing my fingers, toes, legs, arms, eyes, etc. ;)
And what about the stock price??
Some have been claiming the stock price will continue to slide lower.
I think that's wishful thinking.
There are high dollar investors in the stock, just look back at the Institutional Holders. There might be some shuffling around if positions, but I believe AREC's future is virtually guaranteed.
That being the case, I think when whoever is selling shares stops, there will be a press to buy up the remaining low priced shares. The public float is just over 10% if they outstanding. At that point the actual and anticipated future of these shares will be better reflected.
If as some claim there are some short positions, that will only help the cause. Good news for longs, bad news for shorts. Unlimited gains for us, unlimited loses for them.
I've been accumulating and will continue to. One isn't supposed to fall in love with a stock... but this one makes a pretty compelling case. For me it's hard to resist. :)
As work every other investment... Time will tell.
What does all this mean?? The proverbial question.
I think the company was so committed to their long term success that they were willing to give up a percentage of ownership and interest to guarantee their long term success.
They raised $3.8 million in the current quarter so that into the foreseeable future they will generate tens and even hundreds of millions of dollars in revenue.
Tuesday's press release demonstrates this quite clearly.
The $3.8 Million in financing when fully implemented will increase MONTHLY production by 40,000 salable tons.
What does that mean??? This financing will enable AREC's monthly production to increase more than they produced in all of 2018... Or twice what they produced in the first two quarters is 2019.
Each of these 40,000 tons are worth roughly $100 per ton OR roughly $4 Million in revenue each month. And this is just from the mines being updated.
What were seeing is that the coal industry is heavily front-loaded. It takes a lot of capital to prepare mines and start production.
However, once production begins, revenue generation far outweighs the cost of extraction. At a certain point AREC's cash flow will enable them to continue and expand their production internally.
In other words, their future success will basically become a done deal.
NEWS American Resources Corporation Announces Organic Expansion Plans
https://www.otcmarkets.com/stock/AREC/news/story?e&id=1426792
FISHERS, IN / ACCESSWIRE / September 3, 2019 / American Resources Corporation (NASDAQ:AREC), a supplier of raw materials to the rapidly growing global infrastructure marketplace, announced today its organic metallurgical coal production expansion project, following the Company’s recent financing, that is expected to increase its metallurgical coal production from the company’s McCoy Elkhorn Coal complex. This plan will focus on upgrading the company’s equipment at its various mines and the processing facility to increase efficiencies and expand production.
As part of this effort, the Company has recently closed on an equity financing in the gross amount of approximately $3.8 million, which will be used primarily for accretive organic expansion. American Resources Corporation expects the capital to be used in an accretive manner to increase production at the company’s highest-margin metallurgical mines in the following way:
Mine #15 Expansion
American Resources will complete converting one of Mine #15’s two operating single sections to a full super section. The Company will be utilizing equipment purchased earlier this year and once fully implemented, will incrementally increase production by approximately 12,000 salable tons per month to a total of 30,000 salable tons per month during the fourth quarter.
Carnegie 1 Expansion
After restarting production at the Carnegie 1 mine this past May, American Resources will continue to implement its previously announced, production expansion plan. The Company continues to expect Carnegie 1 to yield a production range of 16,000 salable tons per month once fully implemented later this fall with ability to expand it to 30,000 tons per month in the first quarter of 2020.
Carnegie 2
The Carnegie 2 mine enables American Resources to access the same block of metallurgical coal within the Lower Alma coal seam as their Carnegie 1 mine. The Company has been developing the mine over the past year with the expectation to complete development and begin production in the fourth quarter of 2019. Once producing, American Resources expects Carnegie 2 to supplement the production of Carnegie 1 by an estimated additional 8,000 to 10,000 salable tons per month.
“In today’s market, with forecasted coking coal demand exceeding production over the next five years we are excited about reinvesting in our core operations to better our company when most company are unable to invest to meet such demand forecasted. While it’s evident that coal producers have encountered some recent turbulence this summer, as evidenced by the recent bankruptcies and highly levered mines being shut down, we are committed to investing the capital into our operations to ensure our company remains competitive and efficient,” stated Mark Jensen, Chairman and CEO of American Resources Corporation. “With this additional capital, we expect to see an exceptional return on our investment into our operations for our shareholders and stakeholders.”
American Resources Corporation continues to focus on its growth objective by efficiently leveraging its large number of core mining permits and through identifying strategic, supplemental acquisitions. The Company is committed to being one of the lowest cost operators in the Central Appalachian basin (CAPP) and throughout all its coal mining, processing, and transportation operations.
My thoughts as well.
My reading of it...
Didn't see much difference in the Amended 10-K either.
If I had to guess as to why the Amendment...
I would venture a guess that someone else's accounting firm, wanted those paragraphs cleaned up.
WHY? WHY would it matter?? Again here's the rub. It wouldn't... Unless they're actually getting close to actually executing on something.
Other than that .. who knows?
Randy
Deacon... it certainly is trading a little slow... but reports and the PowerPoint, and new hires and projections for the rest of 2019 have should at least whet our appetite for what management is working on.
PowerPoint:
http://q2earth.com/wp-content/uploads/2019/08/Q2E-2019-ABS-8-20-19.pdf
PLUS
Sealion's summary points all sound pretty good.
Somo interesting points
--ABS can be tailored to solve nutrient, planting and disease issues for specific crops such as Cannabis
--ABS-Cannabis Grow: Soil or Coco Coir based media to support root development during transplant and growth throughout lifecycle ABS is approved for organic crop production under USDA standards
--Strategic consolidation: through our affiliated company Earth Property Holdings LLC, we own and manage compost facilities in Florida and Texas and have several more in pipeline to close in 2019. By 2020, we expect to oversee the largest compost company in the US
--Q2 has implemented a Certified Manufacturers (CM) program for compost and mulch manufacturers to resell ABS enhanced products.
--Q2 is establishing Master Distributors (MD) of the ABS Liquid and Granular products in Texas and Florida with international growth objectives
--5% For Life [I didn't quite follow this point-- maybe it's a royalty issue]
--NEW VP: Richard Stewart, Vice President – Product Development Developed multiple innovative science-based product lines including ABS, and built out strong distribution channels for major international companies
Exactly. There's a ton of great information in this presentation.
I think the last 10-Q said they had just two full-time employees... and now we have a handful.
I think it's clear... or maybe I'm seeing hopeful signs that money invested in QPWR today will be working hard and potentially yield a multifold return in the future.
Sealion... Thanks for sharing. This is my first glimse if the PowerPoint presentation.
I think it looks outstanding. If you look back over some of my posts, your can see some of my expectations or rather what I see as the potential for the company.
They seem to have found a strategy that allows them to play a role in consolidating the composting / soil management agricultural segment.
Who knows? In the meantime, they're participating in the ownership and management of some pretty high revenue producing properties.
AREC raises $3,900,000 in recent underwriting.
https://finance.yahoo.com/news/american-resources-corporation-announces-pricing-124500998.html
At what I think seems like a pretty high cost.
Each Share/Warrant Unit was placed at $1.05. The warrants exercisable separable and exercisable at $1.20 each... so theoretically at least they could raise another $4.6 million if they are exercised (not sure if they're callable).
My assessment is Maxim must have figured out that AREC was in a cash crunch and had them over a barrel. They needed additional capital to advance their aggressive growth strategy... and of course, that means they needed additional capital.
On the bright side, which I'm having some difficulty seeing at this point, is that Maxim and their big money clients wanted to own a greater percentage of AREC than the funding levels the company had been hoping for (after the initial underwriting at $4.00 per share... I had heard they were hoping future financings would not less than @ $6.00 per share).
We'll guess what? Money talks and big money gets what it wants.
The bright side... Maxim has or will get to the point where they will become a strategic institutional partner... where AREC's success will be their success. They will have both a front-end fairly good control of the public float and a long-term overall ownership interest of the company. The press release talks about a limitation of 5% and 10% ownership from this and future fundings.
So, It's not too fun at this point. However, those who hold and build a sizable position at current levels (70-80 cents per share), will actually be investing at what amounts to the same level as the VC'ists have also invested.
None of the powers that (venture capital folks-- Maxim and ??) are involved because they think they're going to lose money. On the contrary, they believe in the future success of the company that what they're doing well maximize their overall return.
If anyone has a more cohesive explanation for what happened, I'd love to hear it.
Not sure if you saw the Press Release this morning...
https://ir.spyr.com/press-releases/detail/213
It pretty well summarizes some of the things mentioned in the latest 10-Q...
Actually, it kinda sounds like the post I made in response to the Q:
SPYR Highlights Plan of Operations From Recent Quarterly Report
AUGUST 27, 2019
DENVER, Aug. 27, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SPYR, INC. (OTC Pink: SPYR), a holding company with wholly owned subsidiaries in the mobile game & app development and publishing industry, today provides its shareholders with a highlight of its plan of operations.
This press release includes highlights from our recently filed quarterly report for those who may not have reviewed that report in its entirety. Please refer to that quarterly report for the complete text of our plan of operations. [[See Here: https://ih.advfn.com/stock-market/USOTC/spyr-inc-SPYR/stock-news/80541227/quarterly-report-10-q ]]
Through our wholly-owned subsidiary SPYR APPS, LLC, d/b/a SPYR GAMES we develop, publish and co-publish mobile games, and then generate revenue through those games by way of advertising and in-app purchases. Our primary focus continues to be on the development, expansion, and acquisition of mobile games and applications, including Pocket Starships and Steven Universe®: Tap Together.
During the first half of 2019, the original developer the Company was working with on Steven Universe®: Tap Together was unable to continue its work on the game resulting in some stagnation and loss of users. The Company recently contracted with a new developer to continue supporting, updating and expanding the game. Under this new arrangement, Company management believes that the game will begin to realize its potential and generate revenue.
The Company is actively seeking out additional games and apps to acquire or publish, and recently identified a mobile game asset as a potential acquisition. The Company is currently negotiating an asset purchase agreement with the owner, and is also negotiating a term sheet with a lender to fund the acquisition. Based on the historical performance information for the game provided by the Seller, management believes that this acquisition will provide increased revenues and cash flow in the future.
Management’s plan for the next 12 months is to build upon this foundation and focus our efforts on marketing and optimizing user acquisition and retention. We will also continue to utilize the services of game developers for further development, enhancement and maintenance of the games as needed to meet the needs of the users and maximize revenue into the future. In addition to our plans for Pocket Starships and Steven Universe®: Tap Together, we will continue to seek additional games and apps to publish as we strive to broaden our range of products and increase revenues and operating cash flows.