Thursday, August 18, 2016 3:50:55 PM
Insiders are sucking TRTC dry as evidenced by their greedy reverse split proposal which splits only the common shares, but not insiders own Class B preferred shares. This makes their shares more valuable after the split by the same ratio as the reverse split. So a 1 for 20 reverse split makes their shares 20X more valuable.
Insiders control around 20 BILLION votes, while common shares have around 350 million votes, many of which are also owned by the insiders. So they vote to enrich themselves and there is nothing that you or i can do about it.
While the company had record revenue in Q2 2016, it also had a record loss. So in spite of brining in the most revenue ever, they also lost more then ever. This is because insiders/friends of the company get FAT contracts. See the Blum Oakland deal for evidence. The Security and rent for Blum Oakland come out to over $50K per month.
TRTC also paid for Blum Oakland which is owned by insiders $51 million. This is a dispensary that is non profit, and losing money. At the current rate they are doing business they will never make $51 million in profit. NEVER. All the profit goes to insiders.
Most likely scenario is that TRTC declares Bankruptcy in the near future, and then the insiders will own the entire company privately. They already almost defaulted on a payment this year, but luckily the warrant holder renegotiated and TRTC did not default.
CEO Derek Peterson filed for Bankruptcy himself in 2012, and has been charged with security crimes in the past.
TRTC is not worth the risk at the present moment. After the reverse split is enacted then I would wait for the huge sell off to be over and then evaluate. It could that the timing of enacting the R/S before the election in the hope that the Marijuana legalization votes would be positive for the share price would stem the inevitable slide, but most likely it would only be short lived.
Full legalization in California likely would not benefit TRTC much, while Nevada could be a different story. At least maybe they would lose less money if it was fully legal, but after insiders are paid, and the partners who own the other 50% in Vegas, how much would be left?
Does anyone believe that a company bringing in $20 million per year in revenue is worth $300 million? especially considering that they will likely lose over $20 million this year. $40 million in costs to bring in $20 Million. Does anyone see a problem with this???
By my calculations based just on the revenue number of $20 million, TRTC would be worth about $30 million right now, or about 10% of it's current valuation.
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM