Well, the qtly report matches the crappy performance of the stock over the past month and a half! The business seems dead in the water! I think i am now looking for my way out of this stock, just hate to sell it at .06.
They are re not selling any product, Walgreens was a giant bust for them, they keep acquiring companies for stock, but none of them add any value to the business. I honestly think if someone dug deep that they would find out Todd was buying these duds, literally companies with $0 assets and $0 sales, from his friend's so they can get some cash. He just paid $325,000 for Retail Pro Associates and immediately wrote the value of the company to $0 That is exactly what he has done with all 3 of his current year acquisitions. Seriously Todd WTF?
This qtr he was lucky and able to borrow PPP money, and SBA funds, but he also borrowed funds at a 22% rate. That is when interest rates are almost 0%. Hertz is in bankruptcy and borrows money cheaper!
I am legitimately worried that he is going to lose Dustin. He was the one that helped Todd get from $10,000 in sales a qtr to $200,000 sales. But I seriously wonder why he would want to stick around. He has a good background, why stick around a company that can’t get sales off the ground?
The CBD market is proving to be a lot smaller than many thought (myself included) but EDXC is making ZERO headway!
Frustrating!
