Doc D again, you are on point. Yes, its complicated due to dmrj holding the convert in the hole. I thought there was a clause that said IMSC can pay off that first/final amount IF it gives dmrj 8 or 10 days notice, which would allow dmrj to convert the debt to 8 cent shares to prempt that pay off. But you can't make an offer until you have the fully diluted # on the table or a signed agreement that they will be on the table at signing.
My thinking, my fellow longs and I will make the most by cleaning up all debt possible and even making dmrj convert to shares to get them all on the table. If that number were 75M shares out today, plus dmrj's convert of another 25M shares to push the number above 100M, dmrj still really sets the terms of the merger. So dmrj's power to settle terms is based on the In-the-hole percentage of fully diluted shares. As the float grows, dmrj's 8 cent convert % of ownership shrinks. ( talk about being in a good position- dmrj has it both ways)
What becomes very grey is how do you fairly valuate IMSC's gold standard IP. Sure, it looks very solid today, what about tomorrow when competitors enter with new technologies?
To me, only Dr. McGann can answer this as he has the only opinion I would respect in regards to the final frontier of trace detection. In other words if he says: IMSC's resolution can get down to 1 part per 100 trillionths, which sort of points to bombmakers needing clean rooms and not dirty cellars or any standard methods, is there any competing technology that exceed that in terms of finding hidden / disguised/ shrink wrapped explosive material? If IMSC has that power locked up in its IP then everything moves toward fully valued and faster than we might think as a larger better funded company can build out the value of IMSC's IP much faster than a debt weighted smallish company.
See, having Dr. McGann join IMSC was really telling to me as he is maybe one of 5 to 8 people on the planet that can predict the future of explosive detection weather by trace or competing technologies. That's a huge value when sitting at any table, even the lunch table.
Good discussions going on here! Keep it going!
Best of The Very Best Luck to all IMSC LONGS!
