Sunday, October 20, 2019 10:50:41 AM
SIML Continues to Pay Off Convertible Notes While Finalizing Delivery of $24M in CBD Orders
...The October PR said...
SIML Receives Green-Light to Build and Deliver $24M in CBD Extraction Systems
The first PR says they are finalizing the delivery (i.e. production) of their order but they need C1D1 certification before they can accept any money/deposits from the customer. Most people would assume that the company, especially a startup company with limited cash on hand, would want a deposit before starting to build a million dollar plus piece of equipment. The second PR says that they have implemented the certification and manufacturing processes necessary to meet the PO requirement for them to collect a deposit. Moreover on 9/18/19 their 8-K stated the following...
SIML 8-K on September 18, 2019
There has not been any announced delay from the December 15, 2019 anticipated delivery date, so, for now, we need to assume they are still on track. It's been roughly 90 days since the last of those PO's was received.
Les
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