Wednesday, October 03, 2018 12:07:34 PM
Alex Cunningham (CEO):
Disappointed with share price
Have a plan and implementing but takes months not days... deal with third parties and their timing
Rest assured no one has inside knowledge
No plans at this time for any RS
Management compensation... aligned with market place not enriching selves to detriment of company. Gone several months without taking compensation at all... take shares but not selling and no plans to sell. In it for the long term.
Would like to maintain QB status but out of our control... no later than 11/5... if lose QB status company will have no benefit. Share price declined for a number of reasons... improper filing caused lateness and penalty from SEC. Secondly Repicci's reporting... changed auditor so don't expect that ever again.
Debt - $1.5M in debt... 2/3 paid down just under $600k In 2017 incurred $1M debt... have 211k remaining.
In 2018, $407k convert. debt currently outstanding... 61% reduction over 2017. No new convert. notes till mid-Feb 2019
Actively working with investment banking group to uplift and targeting Q2-3 next year.
Acquisitions remain fundamental ... yesterday lost out to an all cash bidder on a $22M valued acquisition
Pleased to announce acquisitions made this year are doing quite well. Red Rock = $400k for Q3 Platimum and Tax Defenders is a phenomenal acquisition for us... October $723k for Q3
495 Communications - acquisition did not materialize because couldn't bridge gap
Dealing with major acquisitions that may close in Q4 this year or Q1 next year.
Our market valuation share price continues to be a big concern... now revenue rate of $5-6M should book $3.5M in 2018 a 100% increase over 2017.
Q3 numbers will speak for themselves with Q3 - 8K filing
Cannabis acquisition - we have looked at a start up distribution company in the NE looked speculative and they're coming back with another round... looked at existing business with special lighting from the Far East, significant price advantage and growing rapidly to meet demand... 2-3 months to fill orders and want to expedite... they looked at buying a shell and we're talking to get them to join us and they're considering it.
Romeo's franchising... re-evaluating our position with Romeo's
Trying to ramp up to two acquisitions per quarter.
Very best to all with CDIX!
Recent CDIX News
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