Amyris Inc (fka AMRSQ)

[finesand]

Worst ever 10-Q just filed?

Ludwig's remarks, I concur.

Earlier yesterday based on the last two CC's and presentations:

Now if you take 2019's projected (could be lower again) $72M revenue, close your eyes on the debt and related dilution and upcoming 'fundraiser' just b/c you love the story, while being not profitable at all - breathe - you end up with a max valuation of P/S 3 = $216M MCAP.
And that is a lot of IFs. Current public MCAP is still based on non-dilutive OS.
OS will be very soon 220M in 2020 (so said Melo himself).
Go figure .. AMRS really need some magic tricks.

Last but not least, all Kleiner Perkins (Doerr) investment plays are now under scrutiny by professional shorts.

And just after today's 10-Qs:

"These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued"

...

"On September 16, 2019, the Company failed to pay an aggregate of $63.6 million of outstanding principal and accrued interest on the Second Exchange Note when due. The failure resulted in an event of default under the Second Exchange Note and also triggered cross-defaults under other debt instruments of the Company which permitted the holders of such indebtedness to accelerate the amounts owing under such instruments. The Company subsequently received waivers from substantially all holders of such other debt instruments to waive the right to accelerate. As a result, the indebtedness with respect to which the Company has obtained such waivers continues to be classified as long-term on the Company’s balance sheet. The indebtedness reflected by the Second Exchange Note continues to be classified as a current liability on the Company’s balance sheet. In addition, as a result of the payment default, the conversion price of the Second Exchange Note is subject to adjustment in accordance with the terms of the Second Exchange Note."

Hope you are aware of these ever lower conversion prices. If the 'under scrutiny' Kleiner Perkins & Doerr are not fully bailing out this company, you really need some very good luck IMHO

Last one: they are selling stuff at ever growing losses in 1Q and 2Q.
Expected 2019 revs is just around $72M, considering 220M OS (Melo) soon in 2020 and the "balance sheet" (in quotes b/c there is no real balance, more extreme imbalance) a P/S 1 would be even too generous IMHO.

Bonus:

RS
- 2017-06-06 1:15 RS

AMRS (NasdaqGS)

OS
- 2015-12-31 13.74M, $333.93M @ $24.30/sh, AS 400M
- 2016-04-30 14.08M
- 2016-08-02 15.67M, $ 77.09M @ $ 4.92/sh (10-Q from 7/31)
- 2016-09-30 16.89M, $146.95M @ $ 8.70/sh, AS 500M
- 2016-10-31 17.53M, $270.91M @ $15.45/sh, AS 500M
- 2016-11-30 18.26M, $241.62M @ $13.24/sh, S-3 from 2016-12-23 pre offer
- 2016-12-23 19.27M, $205,74M @ $10.68/sh, S-3 +0.67M from 2016-12-23
- 2016-12-31 18.23M (10-K) ???
- 2017-01-06 19.27M, $233.44M @ $12.11/sh
- 2017-02-06 19.27M, $153.22M @ $ 7.95/sh
- 2017-03-31 19.20M
- 2017-04-30 19.80M
- 2017-05-10 20.759M (SC 13d filed on 2017-07-17)
- 2017-05-11 20.759M (pre14a)
- 2017-06-06 20.759M (Form 4: Doerr +0.869M, neutral re-conversion)
- 2017-07-07 28.695M (SC 13d filed on 2017-07-17, DSM +7.936M)
(DSM: 7.936M owner @ $7.425/sh $58.95M 27.7%, 100% 28.695M, based on 5/10)
- 2017-07-07 29.975M (Plus Series-A 1.28M @ $17.25/sh, not converted yet)
- 2017-09-30 45.64M 10-Q
- 2018-09-30 64.09M 10-Q 250M AS
- 2018-11-09 71.91M 10-Q
- 2018-11-26 84.10M SC13D/A DSM's dilution: 20.94M 24.9%
- 2018-12-31 76.56M (10-K)
- 2019-09-26 103.40M (10-K, 10-Q)
- 2020-05-01 220.00M+ Projection of Melo ..

Another bonus from SeaOfSand months ago being spot on!

tiny math: $55M / $6.32 = 8.70M shares for Igor CVI; $60M -> 9.49M shares being 5% -> OS 198.87M ? Each has 4.9% restriction.
11/26 84.10M OS + 29.75M W = 113.85M, then add the new 10M + another bunch for DSM .. voila

point is, if the 9.5M new shares are above each's 5% ownership, they need to sell the shares. Not. So OS goal is 200M
IGOR PALAMARCHUK CVI Investments
https://stocktwits.com/SeaOfSand/message/147341162
https://offshoreleaks.icij.org/nodes/208689
https://peocompass.com/mariano-alleges-auditor-investment-funds-led-companys-demise/
https://www.trbas.com/media/media/acrobat/2018-01/69906021558320-17145000.pdf
https://itlogic.org/2018/06/04/long-sgyp-day-414/