Haven't commented in a while, but thought I would opine...
Hello all,
I realize I may not have the most credibility in this forum related to my lack of consistency in posting and responding. Oh wells.
The most recent filing by this quasi-public company proves many statements I have made in the past.
* Nick Yates is a horrible public company CEO.
* Nick Yates knows nothing about technology, manufacturing, operations, capital raising, shareholder relations
* The company, under Nick Yates' leadership, has plundered nearly all the capital it is supposed to be a steward for.
* The company is wasting cash related to lack of operational expertise and domain expertise in what they are doing.
* The company would be challenged financially and would require further rounds of dilutive financing that would depress the upside of the stock, and actually contribute to a much lower ceiling than previously experience.
* The company will engage in significant dilutive activity to fund further operations, which is a bad sign this many years into their endeavor. They should be paying for a majority with cash flow from ops by now.
What is new to me is this whole California issue. How the Hell did the execs not put every possible resource into the regulatory framework surrounding the launch of their business in their most important markets? I give the BOD a pass because most of them are new (the only good thing Nick Yates has done, and only reluctantly....). The management team has been negligent at best.
Only time will tell if this company can get its shit together. With a professional board, it MIGHT be possible. With Nick Yates no longer calling the shots day-to-day, it MIGHT have a chance. I am waiting to see what the future disclosures state before making further conclusions or assumptions. Thus far, this company has proven me right at every F'in turn. Not a badge I want to wear since I lost cold hard cash on this POS run company. I do believe in the concept of robotics in food though as a long-term trend.
You have the horse and you have the jockey folks. I like the horse, and the jockey has proven to be incompetent in this experiment. CAVEAT EMPTOR. AB OMNI DOMINUS.
MJ 2.0
AI
