Well here's what I know and you know...
Company confirmed large note holder is not converting right now. Is that good or bad? Means notes might stop for a while (good). But also means another possible $600k of conversions left! (Bad)
Company confirmed to me today that River North isn't converting yet and they will have much more control over those conversions.
So looking back on my notes, there was only about $100k left to convert if we take the large $900k note out of the equation... HOWEVER...
The smoking gun appears to be the new $250k note they started in February? At the time of 10-Q they only tapped it for $25k. Seeing the S-1 I figured they wouldn't need to tap it for anymore. My guess is they tapped that note for the full $250k and they are converting it ASAP. That's the only explanation...unless the company is lying to one of us...and we will see that when the 10-Q comes out.
Either way, until sales increase substantially or a large contract is announced, this doesn't appear to be going anywhere.
BW Global is a great partner, but still looking at 4-5 months more of testing before sales begin.
Penida Capital is a great partner too, but they won't be selling units until 2017-2018.
So the company is on its own for sales. From my understanding, they have great 'interest', but that's where it's been stopping for now.
Do I believe this stock should be at a 1/10th of a penny? Nope. But they will need to boost shareholder confidence and quick. Plus we're in flipper territory now. With the major increase in OS, it will take BIG volume to move this up...not like before in the 340 OS realm.
The 'longs' didn't get 'shook'. We've done more DD than all and know the signals we were looking for.
Do I believe the company is bogus? No way. Partners prove that. And they have money to make it through this year (S-1) proves that. So is it a lost cause long term? No! Short term? Maybe.
The company needs to earn back our trust my communicating and coming through for the shareholders. Then I'll jump back in. Until then, good luck.
I don't think poorly of the company...just smh at how stupid they are in helping themselves and the shareholders out. They have a ton of worthless shares now too.
Doing some math - 150mil new shares now at about vwap .0015 = $225k... So it's possible the notes are almost through if it truly is the $250k note converting. Otherwise, I don't know what the hell is going on?! Lol
GLTA and I'll be watching and waiting...
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." - William Feather.
