Sphere 3D Corp. (ANY)

[Hugodrax]

ANY seems to like report its results at the last possible legal minute. As such, one can bet on them waiting the full 90 days, again, like they have in past years, to report Q4.

This would put them at around March 31.

Although I wouldn't be surprised to see them do it a day or two earlier so they don't have to answer any questions about how Q1 is going. With a few days left they can say "ooohh, we are pleased, and trying to close some deals still so we can't really comment"

IMHO we KNOW Q4 is awful because:

1) Cyrus resigned from the board in disgust in December. If the quarter was going great they wouldn't have done so and written such a nasty letter, IMHO.

2) They had to ink the massively dilutive financing on December 30. Thus they obviously burned through another pile of cash ($4-5M my guess) in Q4.

3) No deal announcements like they are curiously doing right now, immediately after raising the dilutive fiancing with 200% warrant coverage to McFarland and Iwentash (and a few other unnamed friendlies).

The Cyrus 20% bridge loan started amortizing on Jan 31 so the quarterly burn is up $600K just on that principal paydown alone.


IMHO they should be in the soup cash-wise again in April, which starts in about 7 weeks.


Remember the Opus Bank loan has mystery business plan covenants in it. I wonder if they have had to seek waivers already.

Sadly I think she's toast boys.