Tuesday, May 15, 2018 2:53:25 PM
Drexler’s conversion at $1.11 put a very low cap on the share price. He must know this thing will never succeed and I would expect will dump shares if any positive news can boost the share price even moderately above his conversation price.
I do have hope the company can at least survive a while longer with the stability in revenues now. The apparel rights should be written down to zero because they hold no value any longer. Without the sponsorships I don’t see many consumers interested in wearing MP branded apparel. They need to do something to boost brand recognition and give consumers a reason to wear MP gear again. Without that the intangibles are worthless.
Cash seems to be at a manageable level for at least the rest of 2018. Drexler offers to make an additional investment into the company in the quarterly but that will be dilutive once again and be at an even lower conversion rate. I would expect the new interest rate to near 15% and convert around 85 cents. Watch out for further disclosures on new related party notes later in 2018.
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