I wrote this over a year ago. They've since closed another store and the "co-ceo" has quit pretending he works there. My brokerage won't let me buy because they haven't filed financial statements in so long.
On the brightside, I get to file another complaint in 14 days because it will have been over a year since Joey addressed his shareholders. I can't emphasize enough how shady this company is.
Written 10/22/2019:
As of 3/31/19 they anticipated having enough cash to last until 7/31. As of 6/30 cash WENT UP DESPITE A NEGATIVE CASH FLOW STATEMENT and was anticipated to last until 9/30. It is now almost the end of October and not one God damn word to shareholders about what is going on.
The Co-CEO, former "Business Development Officer", and only other BoD member is investing his money in other non-GIGL restaurants while claiming the new hire of a hospitality group with no proven track record is another piece of the puzzle that was supposedly completed years ago. And oh yeah, he's accrued almost 4.5M shares to date for doing what exactly?
Meanwhile, the COO has taken another full-time job at another hospitality group while still being employed and collecting full salary at GIGL.
Lastly, almost $7.5M of market cap has vanished since inception, they've closed a store, publicly misled their shareholders and potential investors on multiple occasions - including Jillian Michaels declaring on TV that six new restaurants were coming by the end of '18 - and yet there isn't a single lawsuit in sight.
Nothing to see here folks. This is all completely normal and should in no way be investigated thoroughly by authorities.
AI
