I read a few of the previous 10K
The company had decent revenue at one point and as they started to
develop their different products for different industries their costs started to out weigh their revenues. They started to sell shares ro raise capital. It wasn't so bad when they could get a dollar a share.
The costs kept climbing and revenues not keeping up.
This is from the 10K dated April 15, 2019:
The number of shares of the Registrant’s common stock outstanding as of April 17, 2018 was 43,409,238.
The number of shares of the Registrant’s common stock outstanding as of April 12, 2019 was 51,643,048.
This is from the 10Q dated April 13, 2020:
The number of shares outstanding of the registrant’s common stock as of April 10, 2020 was 527,813,393 which does not include 427,186,607 shares of common stock reserved against default/conversion of convertible debt.
The company sold a lot of shares in 2019/20 to raise capital and clear debt of the books. The dramatic rise in share count was because a lot of shares were sold at .000?.
Since then the revenues have exploded to the point they can suuport PCTL's burn-rate.
The conversation then turned to dilution and outstanding shares. Grieco noted that dilution occurred prior to January 2020, but shared that any shares that are currently being issued are meant for growth. “We are in a position as a company on a cash flow basis to cover the burn-rate,” said Grieco. “So, we finally have free available cash flow,” he added. “We have to expand very rapidly. We see a need, starting in July, to start delivering at least 25 systems a month,” said Grieco.
