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Your assumption that they continue to test is not consistent with what they just stated. Additional testing requires more money. My understanding is that the effort to stimulate the lower zone (16,415 - 16,500') will be more expensive and time consuming. It's taken from June 8th to get to today. It is very reasonable to think that they will need 2-3 months and $2-4M more. I am all for doing every possible test in all prospective zones. I just don't think they enough cash, and I'm very concerned that they would be able to raise it. I certainly cannot justify spending my own cash on that bet.
Based on reported financial data and burn-rate, a best case scenario has them broke in the second week of December. However my sense of what needs to be done is going to cost more and so it may be much sooner. It sounds like they know they don't have enough money to do what they want to do right now.
CascadeInvestments: I disagree with your assessment ...based on the reported numbers from the Form 10-Q:
That puts the drop-dead date around mid December. If they do indeed choose to pursue additional testing, they have about 4 months from today to get it done. The rationale provided for more testing is:
However, they seem to indicate that additional testing is contingent upon raising funds. If that is the case, the whole point of what cash remains and when they run out is moot, because all testing stops now and the fat lady takes center stage - unless they go for broke. Someone should ask them if they are continuing to test right now, while they attempt to raise capital. If the answer is "no", I am rather dubious about them obtaining sufficient funds any time soon, if ever. To all the faithful longs: my apologies for a pessimistic take on the news. It truly is heartbreaking. If they can somehow continue to test the lower, and especially the upper, there is still a chance for a miracle.
MNGA Reverse Split on or before: Monday, October 8, 2018 That's my prediction, based upon the NASDAQ listing rules; 30 days from March 22, and 170 days from April 21:
I have not done enough digging to understand the dilution story. The new-found source of revenue and grants should slow that down - if you can believe what they say.
But you view the growth as "exemplary, and has been consistent", which is what the year-on-year numbers are saying to me too. In spite of the fact that this company has horrible performance numbers it appears they are finally going in the right direction.
I'm only in DD mode, but I'm looking for conditions that would make it reasonable to take a speculative position.
Operating Loss: last quarter: (3,420,828), Q1+Q2: (6,321,316) ...if I read the Form 10-Q correctly.
The grant money they are working to obtain through backing Infinite Fuels seems to be a way to piggyback or backdoor a way to ultimately open the door to being approved for applications to operate in Europe. Yes, collecting on the $750,000 grant is a plus as it will allow them to start a biofuels project in Northern Germany, but is a steppingstone that opens the door to Europe operations.
Here is a most interesting statement from the call: "We've estimated that our breakeven revenue threshold is between $20 million and $24 million. So we're more than halfway there." Can you shed any light on this statement?
MNGA performance opinions Anyone here optimistic at all about the prospects for this company to perform and become a viable going concern? What would be the catalyst for the share price to increase, and in what time frame? It would appear to me that revenue is increasing and might possibly improve to positive earnings, possibly in 2019. Has anyone calculated the investment risk factor? I see the speculation about a reverse split soon due to the time limits to have a share price > $1.00 to remain listed on the NASDAQ.
Hello folks! I'm new to the board and merely a prospective investor at the moment. I've always wanted to put some money on this stock ever since I heard about it way back in the early 2000's when Hal Lindsey mentioned it. I've been rather gun shy about oil wells since I went bust on a well in Texas. So, I'm getting a little more serious about due-diligence. I ran across this article in Financial Times a few days ago, but I have not seen anyone comment on it. It raises some good questions in my view, and I thought this might form the basis of the SEC investigation. ZION Oil: Where the Money Goes
I want to commend the participants of this board. It's the most unique and entertaining board I've ever tuned-in to.