I don't know - there should be revenues until whatever funding they manage to get dries up but I would bet it never shows a profit. Even if someone I knew and trusted started a food truck / restaurant concept with no defensible source of competitive advantage (scale, expertise, low cost cost capital, etc.) and with no apparent resources and wouldn't show you financials or discuss how they planned to fund the business but at last look they had debt from another business and then they told you that they would make a ton of money once they changed their name, I wouldn't be writing the check. Anyone can have revenues. It's pretty tough to make profits in the restaurant business without a definitive source of competitive advantage and there is no more barrier to entry to make CBD burgers than there is to make regular burgers. So you're just investing in a start-up restaurant without resources - not universally thought to be a great bet. The fact that they are partnered with WCVC / Illegal Burger which has no cash, high debt to market cap and lost $1.75MM on $3MM of revenues last year with a cash loss of $850,000 last year doesn't change my mind from saying "hard pass." It's not that tough to publish current financials and change the name. The fact that it is taking so long isn't encouraging. If it were a real, investible company they would have quarterly conference calls where they would tell you their plans and open it up to questions from investors. It would probably also have a capital structure that allowed shareholder votes rather than have a majority control of voting shares that allowed management to R/S, recombine, etc without any outside approval.
However, if you see something in PJET that you think is defensible / non-replicable by those with better resources and you think management is among the best in the casual dining space and out to make shareholders a lot of money - go for it!
