I love it when things work out!
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Agreed. Build up to the next quarterly release should be interesting.
There’s basically two kinds of Coors thermal cold she’s used to run electrical generation and stuff like that usually a fourth of the price of metallurgical pole which is used to smelt iron and purifying and so forth. I would guess that if there is a rally in metallurgical call it could go to three and four and $500 per metric ton.
Great info. Was that metallurgical coal?
Trading pretty tight in the right direction today.
One would have to assume for the company to talk about listing to NASDAQ in August, they probably have some fairly newsworthy events coming between more and then.
I was thinking the first quarter was going to be higher than it was was…
The company provided guidance as follows for the current year:
“We are seeing numerous opportunities to expand our production base to fulfill that demand and are confident in our position in being a stable, long-term supplier of these essential resources. As such, we remain comfortable with our previously stated guidance of $55 million to $75 million in revenues for 2021 as a whole," continued Mr. Jensen.”
Since the first quarter was basically nil, that means the remaining quarters need to average $18-$25 million per quarter.
The same quarterly report indicated the company signed a base load agreement on the railroad transportation and was initiating production of metallurgical carbon.
SO… my WAG is $16 Million in revenue for the second quarter.
Well, I'll admit you were an encouragement to me to buy a few more shares today.
I appreciate your perspective.
And a few more at .715.
This is a great article. Thanks for sharing!!
I think KAVL should be trading at multiples of its current share price... based on the actual and projected revenue before us.
RK
Daillo...
Thanks for your post... I think this spot on. Revenue being generated and products being placed IS THE GAME at this point.
Just freed up a bit more cash and bought some more shares... Was bidding .66 but then decided to pay up to .70 and filled my order.
I’m still in fundamental agreement with what I wrote in my previous post (sticky post #2487). I had thought by now we would have been given some indication of how things are going. Although I understand that they don’t want to be making changes and thus become a moving target in the eyes of the Alberta Stock Exchange CTO removal.
As for additional reasons to be optimistic about Fortem Resources, here are a couple more points:
8. The price of crude oil has recently been rebounding to the $60 range, with some projecting that we could see $80 or even $100 per barrel.
That being the case, privately held oil and gas properties will be increasing valuable and sought.
9. As I have looked over the fillings, the essence of the accounting disagreement is how the acquired properties be valued and carried on the books of the company.
1) At the value represented by both the issued stock and the cash portion.
OR
2) At the value of just the cash portion paid for the properties (and thus not the value of the tens of millions of shares issued to acquire the properties).
It seems almost ridiculous to me to think that anyone world sell with their properties for less than a value that would fairly represent the properties value. The underlying value of the shares have to be taken into account when valuing the purchase price, as well as the book value those properties continue to have as asset value on the books of the company.
With other investors I’m looking forward to the company putting this behind them. Will it be weeks or months? Who knows. Time will tell.
A Step in the right direction.
Agreed. Bought some more.
Hard to argue with the facts, potentials, and probabilities!!
Who knows for sure, but it seems to me that the stock has based and is beginning a reversal.
There has been sustained bidding and buying this morning. We'll see if we hold our current levels.
Someone swallowed up the large overhanging offer in some rather large bites.
At this point, I think the prospect of short-term gains is as compelling as the argument for longer-term gains.
We shall see!
Seems someone knows something about SPIN's Future.
So far 522K traded... most traded at the ASK.
I’m more of a story guy than a charter. Each of the waves correspond to new business developments. AREC’s meat and potatoes is metallurgical coal. In fact the company has projected $100 million in revenue for 2021.
The kicker for AREC is the recycling and rare earth minerals. I’m more sure how much revenue they will generate, but the market responded quite favorably to the news.
From my perspective, not yet over exciting, but Progress is Progress.
GREENWOOD VILLAGE, CO / ACCESSWIRE / June 1, 2021 / SPYR, Inc. dba SPYR Technologies (OTC PINK:SPYR), a technology company that through its subsidiary, Applied MagiX, Inc., develops and resells Apple® ecosystem compatible products with an emphasis on the growing multi-billion-dollar smart home market, today announced the updated launch date of the Company's first branded and inaugural Apple CarPlay product, MagixDrive, should be June 7, 2021.
Last week SPYR and Applied MagiX announced that the first shipment of MagiXDrive devices, which allows users to access CarPlay wirelessly using an iPhone, had arrived and was being processed and readied for sale; and at that time, the company expected a June 1st launch. We have updated our launch date to June 7.
Connect your iPhone to your car wirelessly with MagiXDrive and enjoy a premium CarPlay experience....
Purchase MagiXDrive on or after June 7th, and Applied MagiX' other product offerings now in these online marketplaces:
The Applied MagiX website: https://appliedmagix.com/shop/
Walmart Marketplace: http://bit.ly/AppliedMagix-Walmart
Amazon storefront: https://bit.ly/AppliedMagix-Amazon
eBay: http://bit.ly/AppliedMagix-eBay
Visit the Applied MagiX website (https://appliedmagix.com) to order our available products today and to view the availability, specs and background information on our products.
No matter how you look at these least two releases, they are positive steps in the right direction.
The announcement of new products and initiating the marketing of these products is exactly what the company said they were going do to.
As they execute their business plan and (hopefully) make progress in marketing and sales, the likelihood of their eventual and long-term success of the company will become clear.
Agreed... Tell progress being made on a drug with real potential.
I think there are a lot of the shares entering the market. Debt conversion and IR most likely.
Who knows for sure. My guess is the building bids are probably a good sign. It's not that long ago we were trading in the teens and twenties.
Also, the CTA was placed by the Alberta Stock Exchange, so I believe they are the only ones who can lift it. I would think nothing will happen on the Toronto Venture Exchange until after the Alberta Stock Exchange CTO is lifted.
I've been an investor and a shareholder in FTMR for quite a while. Am I an apologist for the company, not really, but I have only shared and posted what I believe to be true. Here's my message to you back in 2017:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134145327&txt2find=currency
"Hey Citrati... welcome to the board.
"I know some of the folks involved with FTMR and while HENC was also a huge loser for me, I don't think it was a "scam" as there really was never the opportunity for management or insiders to make big money. In retrospect, sure they should have made better calls... but it would have been a whole other deal if we had actually hit oil on either of the two holes.
"Regarding the FTMR... I think huge value and potential have been acquired in the acquisitions and purchase agreements. The outstanding shares have increased... but they've been spent (as a currency) on real assets with significant upside.
"Is there a risk? Sure... but your entry level at $2.50 is not much more than those that have had their assets brought into FTMR. What reason would these individuals (and Marc Bruner was one of those whose assets were brought into FTMR) have for consolidating their properties in a pubic company like Fortem? I think the logical explanation is twofold: 1. to access public capital and 2. to multiply their value by developing them into profitable, producing properties.
"And so to an extent, I believe FTMR is a natural resource "roll-up" that will spin-off subsidiaries and perhaps one day be bought out by big oil. How else will those that own significant positions in the company find liquidity? Are their hoops to get through? Some challenges and hindrances? Sure.
"Put it on your watch list for a while... as they reach milestones and execute their business plan you'll know. When you hear about multiple million-dollar financings, it will still be a good time to buy... but you will have left some pretty big money on the table. The risk-reward ratio is crazy at these levels... it'll still be good at that later point... but not as good as now.
"My thoughts.
"FWIW, I've tried to estimate FTMR's book value based on acquisitions in the IBox. It's not a true book value as we don't really know the value of the properties acquired.
"A number of the unknowns will be disclosed at some point."
Citrati... this is my understanding of the accounting issue.
The bulk of each acquired property was exchanged for stock (an equity interest in FTMR) and a lesser cash amount.
From my perspective (I'm not an accountant), however one chooses to assign value to the acquired properties, both aspects of the purchase should be accounted for.
Initially, the acquired properties were valued at the price of the stock when the transactions were completed and a cash component.
Secondarily, their values were later restated to reflect only the cash component part of their purchase. I don't believe the company liked this lesser valuation but went along with it, as their intention was to demonstrate their value by developing them and proving their value.
Thirdly, when the new accounting firm came on board, they believed the company's financials should reflect both the shares issued and the cash component... and this is where the company is today.
By this stock and cash valuation, I believe the company currently has a book value of a dollar and twenty-some cents per share.
Agreed. My guess is that the catalyst will be the report for the first quarter results.
AREC has become multi-dimensional but their meat and potatoes is still pretty much metalurgical coal. I don't have the exact date, but they reported reactivating production at least one of their mines early in the first quarter.
Citrati, While I suppose there's a bit of speculating on both of our behalves...
It seems to me that your speculating contradicts the official releases of the company and is probably fraudulant. When the accounting issues were first disclosed the company reported the events that were taking place.
In my previous post I linked the fully audited financials which contains this statement (if you care to read it):
On September 21, 2018, we dismissed Dale Matheson Carr-Hilton LaBonte LLP (“DMCL”) as our company’s independent registered public accounting firm. The dismissal of DMCL was approved by our company’s board of directors.
DMCL’s report on our company’s financial statements for the fiscal years ended February 28, 2018 and 2017 did not contain an adverse opinion or disclaimer of opinion, or qualification or modification as to uncertainty, audit scope, or accounting principles, though it did contain an explanatory paragraph in which DMCL stated that certain factors raised substantial doubt about our company’s ability to continue as a going concern. However, DMCL’s report on our company’s financial statements for the fiscal years ended February 28, 2018 and 2017 referred to a report on DMCL’s audit, conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), of our company’s internal control over financial reporting as of February 28, 2018, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and this report on DMCL’s audit of our internal control over financial reporting, a copy of which was attached to DMCL’s report on our financial statements, expressed an adverse opinion on our company’s internal control over financial reporting because of management did not design and maintain effective controls over four material weaknesses, all of which were listed in the report and all of which are listed below.
During our company’s fiscal years ended February 28, 2018 and 2017 and in the subsequent interim period through the date of dismissal, there were no disagreements, resolved or not, with DMCL on any matter of accounting principles or practices, financial statement disclosure, or audit scope and procedures, which disagreement, if not resolved to the satisfaction of DMCL, would have caused DMCL to make reference to the subject matter of the disagreement in connection with a report on our financial statements.
During our company’s fiscal years ended February 28, 2018 and 2017 and in the subsequent interim period through the date of dismissal, there were no reportable events as described in Item 304(a)(1)(v) of Regulation S-K.
In DMCL’s report on its audit of our internal control over financial reporting as of February 28, 2018, DMCL identified the following four material weaknesses:
* In-house accounting personnel not having knowledge of complex US GAAP that caused misinterpretation and misapplication of Accounting Standards Codification (“ASC”) 805, Business Combinations regarding the fair value of assets acquired on initial recognition. Specifically, our company did not assess whether the measurement of the fair value of assets acquired in business combinations during the year was more reliably measurable based on the fair value of the consideration given or fair of assets acquired which resulted in the re-statement of the interim financial statements for each of the first and second quarterly reporting periods.
* Not maintaining its tax compliance requirements for which our company determined that the appropriate tax accounting under ASC 740, Income Taxes was not performed impacting the deferred tax asset accounts and related financial statement disclosures.
* Review and approval of supplier and vendor invoices and the related oversight and accuracy of recording the associated charges in our company’s books.
* Lack of adequate oversight related to the development and performance of internal controls. Due to the limited number of personnel in our company, there are inherent limitations to segregation of duties amongst personnel to perform adequate oversight.
We do not disagree with DMCL on any of these matters.
DMCL’s report on its audit of our internal control over financial reporting as of February 28, 2018, expressly states that this report did not affect DMCL’s report on our company’s financial statements for the fiscal years ended February 28, 2018 and 2017
The 10K also reports the findings of the new accounting company Davidson and Company for their then-current and previous filings (see pages 36,37, and 38):
To the Shareholders and Directors of Fortem Resources Inc.
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Fortem Resources Inc. (the “Company”), as of February 28, 2019 and 2018, and the related consolidated statements of operations, cash flows, and stockholders’ equity for the years ended February 28, 2019 and 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Fortem Resources Inc. as of February 28, 2019 and 2018, and the results of its operations and its cash flows for the years ended February 28, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.
Report on Internal Control Over Financial Reporting
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of February 28, 2019, based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated October 15, 2019 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting because of material weaknesses.
Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has not achieved profitable operations, has incurred losses in developing its business, and further losses are anticipated, all which raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Restatement of 2018 Consolidated Financial Statements
As discussed in Note 1 and Note 22 to the consolidated financial statements, the 2018 consolidated financial statements have been restated to correct various misstatements.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Company’s auditor since 2018.
“DAVIDSON &COMPANY LLP”
Vancouver, Canada Chartered Professional Accountants
October 15, 2019
This has been a tough week for SPYR investors. It seems the selling we've been experiencing was unabated... in other words, very red.
Possible bright side... the last trade of the day was the largest all week...
382902 shares.
From what I could see, this was regular trade and not a T sale. I'm hoping that perhaps this our big seller's final shares.
A friend of mine used to say there's only ONE reason to buy a stock... and THOUSAND to sell it. It looks to me like someone was selling out their position. It's possible that some shareholders have other more immediate interests or expenses and are moving their investment capital to them. Maybe there's another business opportunity, a divorce or separation, who knows? Or maybe they just lost confidence in SPYR's future.
What we do know is that the Company has been executing its business plan. Not overly exciting news to date, but still solid steps are being taken. The enthusiasm for me isn't what we are or have become, but rather what we are in the process of becoming.
I think it's the same for SPYR management. They didn't acquire Applied Magix for what it was at that moment... but rather for what it believed it had the potential to become. We have talent, we have products in the pipeline and others at various stages of development... and we have a shot at becoming a real growing and profitable company.
Depending on the perceived likelihood of success, people will invest accordingly.
Thanks Renee.
As I read the order, it sounds like this matter has now been dealt with and concluded.
The matter deals principally with not filing their quarterly and annual reports on time. This is not a cease trade order, it has to do with the requirement of filing the annual and quarterly reports.
This whole matter revolves around the accounting fiasco Fortem went through was pretty crazy. They had an auditing and accounting firm (Dale Matheson Carr-Hilton LaBonte LLP, Chartered Financial Accountants) that audited and filed their financials for several years. When they decided to switch to a larger reputable auditor (Davidson & Company LLP)... the previous auditing firm is required to sign off on their previous work. Fortem's old firm wouldn't. This despite numerous requests and efforts made by the company as well as their new accounting/auditing firm. The old firm wouldn't and didn't sign off.
This whole matter is disclosed and discussed in the 10/18/2019 10-K.
https://www.otcmarkets.com/filing/html?id=13692565&guid=C7snUeiLHw36c3h
It's one of the craziest things I've ever seen. Matheson wouldn't sign off on their own work and that really is what leads to Fortem's inability to make their filings in a timely manner.
As a result, in an effort to meet the filing requirements Fortem paid the new auditing firm to go back over and review their previous quarterly reports and re-audit their annual report. All this took place and the required reports were refiled. The records can be seen here:
https://www.otcmarkets.com/stock/FTMR/disclosure
From my perspective, the company seems to have gone above and beyond the call of duty in trying to resolve this matter. They not only made filings with the US Security and Exchange Commission, but they had also been meeting the comparable Canadian requirements as well as those of the Toronto Venture Exchange.
I've been accumulating SPIN for a few months. I'm looking forward to finding out what the future plans are for the company.
Those of you with Level 2 have probably noticed that in the last few days there has been some fairly big bidders trying to catch shares at the bid. There have been couple bids for 100K shares each between 8 and 9 cents.
I've doinked the ask thinking this might prompt them to do the same... but so far that hasn't worked. My guess is that as the asks get bought out and trend up, slapping them will become their only option.
This morning they are not high bidding but there is a bid for 510K shares below the market at .0311. Just for show I think.
All to say, I think there are some new eyes on the stock hoping to build sizable positions before word of an acquisition or reverse merger plans become public.
All this of course is just my opinion.
It's probably just me... but when I see FTMR trade down like it did today, I think to myself... Dang. I should have been bidding for them.
I don't know that the points in my sticky note are irrefutable... but I think they provide a pretty legitimate argument for FTMR's future.
That's my story and I'm sticking to it. :)
How about his... if any of you are going to hit the bid... let me know ahead of time and I'll find some cash to be the high bid.
Randy
The way I read today's PR...
Pretty significant strategically and quite substantial. Maybe not as flashy as some would like... but they're building for the future.
1. 10 year +5 year extensions
2. Exclusive right to current and future products
3. Right of first refusal of Bidi gets but our offer.
Closed strong yesterday. It will be interesting to see if strength contributes this AM.
Thanks Solong!! I missed this newfound released.
It's pretty clear management has pretty big plans for the future. Or seems to me they've put together a pretty decent team to make it happen.
Same. There's no way to say for sure, but from the conference call I got the impression the company wasn't really thinking a reverse split would be necessary.
If my perception is correct we can look for some pretty good action.
I'm thinking that with the anticipated uplisting to NASDAQ this month and the next quarter financials, the next month or so should be pretty exciting.
Is it's similar to last year... Around May 27.
Nothing specific, but I heard that there is discussion and dialogue taking place between the company and the Alberta Stock Exchange.
Whether that translates to days, weeks, or months before we hear about the progress... no one knows.
Sounds like a winning strategy. I've done the same.
FWIW... I picked up a could hundred shares a while back.
Pretty occasional trader.
That's my game and I'm sticking to it.
At the moment I'm waiting to see if the 40 cent offer comes.
Company had been pretty good about informing of news and milestones. I don't doubt they'll do exactly what they said they're going to do.
Just speculating, but they might have inked a deal that is set by the share price on a certain day and the money is making sure that price is advantageous.
Hey Vet... I'm still liking the qualifying phrases in the management discussion about future plans [capitalization mine].
"We will also continue to identify and target acquisitions, which will grow our footprint in the technology industry and expand the products we offer consumers, INCLUDING COMPANIES DEVELOPING ARTIFICIAL INTELLIGENCE AND SMART-TECHNOLOGY PRODUCTS.
"The Company intends to utilize cash on hand, shareholder loans and other forms of financing such as the sale of additional equity and debt securities, capital leases and other credit facilities to conduct its ongoing business, and to also conduct strategic business development, marketing analysis, due diligence investigations into possible acquisitions, and product development costs and implementation of our business plans generally. THE COMPANY ALSO SEEKS TO DIVERSIFY THROUGH ACQUISITION OR OTHERWISE, in other related and/or unrelated business areas AND IS EXPLORING OPPORTUNITIES TO DO SO."
We've seen these sentences and paragraphs before, but each time I read them they encourage me to think that we as investors are part of a bigger plan that management is working on to make SPYR into a successful and profitable company.