Should be hearing from SPIN regarding the quarterly conference call within a day or two here.
Mgmt needs to address several items.
- Wells Fargo LOC and its extension or replacement. Been carrying that at $1.3 million of the $2 million available. Expires end of month.
- Need to inform on procedures and how many are directly attributable to Dr D
- It's been 1 year since Cronk was added as COO. Time for the public to be informed on what's going on there.
- Where is the new blood ? Of course the salaries being offered are laughable. Pay peanuts .... get monkeys ....
- Quantify the new TBI procedures. Cost, what it means to SPIN's bottomline. Expected procedure counts.
- Time to provide real answers as to why there have been no affiliates added in 2018. If mgmt. has candidates and is afraid of expansions due to money ..... mgmt. needs to go. If no candidates, mgmt. needs to go because they can't sell the business plan. Either way .... time for a change.
..... and of course there is more ..... but don't want CC to be too long and the few investors calling in to fall asleep.
Anyway, with Tyler back in play (and SPIN has not publically explained this one either - i.e. was an affiliate, was no longer an affiliate, back to an affiliate) and Las Cruces contributing ..... one would anticipate another quarter in a range similar to the 1st quarter. Nice but not good enough.
Mgmt touted new website and constant updates in the CC earlier this year ..... LOL ..... website is outdated by months ..... and doesn't even show recent news on TBI procedures. Costs almost nothing to keep that updated and could have easily shown the business case for the TBI procedures on the website so investors aren't guessing about it. It is sad that an affiliate has a larger internet presence than the company itself. Was hoping the website might actually turn into a marketing tool for the company. But neither of them does the job.
Expand the network by 2 (staggered slightly) .... if you even have candidates ready to go ...... get the stock price up and people excited about it by leading them to the expected results ..... add another "program" ..... leverage the $650K available on the LOC (if extended) for current and new affiliate funding .... stock rises potentially close to a $1 on anticipation of increased earnings and further affiliate expansion .... sell 2 million shares at .65-.75 per share ..... and get the affiliate network to 8+. By then the network should be able to show sustainable cash generation and decisions can be made from there. Should be doable in 6 months time assuming SPIN actually has affiliate candidates ready to go.
IMO, mgmt. has been blowing smoke for too long. Time to put up or step aside. Dr D is a full time surgeon. Not a salesman or executive manager. He doesn't have those skillsets. Sometimes the entrepreneur with the idea simply isn't the guy with the right skillset to advance the idea to its fullest potential.
Amigo Mike
