1) They do not qualify for any exchange, not price, not pre-tax profit, not equity, not in any category.
2) That $0.08 earnings was a non-cash accounting gain they took on the acquisition. You cannot buy eggs with that.
3) They have a shareholder deficit
4) They have $1.3 million in tangible current assets, and $10.3 million in current liabilities. Hard to pay $10.3 million with only $1.3 million.
5) Could not get traditional financing from normal institutions to pay that debt (WHY), so they resorted to death spiral toxic financing.
6) Loaded with Convertible Notes convertible to deep discounts to the market.
7) Price of oil tanked, and now has tanked again.
8) Natty is less than $3 significantly less when it was $13 10 years ago.
9) DID I FORGET THE MASSIVE AMOUNT OF TOXIC DEATH SPIRAL CONVERTIBLE NOTES?
