"""I have reviewed both the Roth report and the Cormark Report. """
Me too. My favorite part of Roth is this one:
"Roth and/or its employees, officers, directors and owners own options, rights or warrants to purchase shares of Sphere 3D Corporation stock"
Of course Overland paid $995K to Roth over the two years prior to the merger including $225K for the fairness opinion on ther merger. I wonder if they paid some of the fees in warrants.
If you really want to chortle you can read this part of their fairness opinion:
"Certain estimates of Overland’s revenue for the 2015 calendar year (approximately $127.9 million) were based on management’s projections of Overland’s revenue for the first two quarters of the 2015 calendar year (approximately $31.1 million and $32.9 million, respectively"
and:
"management’s projections of Overland’s EBITDA for the first two quarters of the 2015 calendar year (approximately $1.8 million and $3.0 million, respectively"
Whoops. $31M turned out to be $20M, and $32.9M will likely be less than $20M ($18.5M per Roth), and the positive EBITDA is actually massive losses.
I do find it hilarious that people still think this company will be doing $40M in revenue in Q4. By the way, that quarter starts in 97 days. They pretty much have to be signing the orders and building the inventory now if they hope to deliver in Q4. Kinda tough to do with negative working capital though.
I can't wait until the Q4 numbers come out and how they will be dismissed away as "in the past".
All IMHO.
