Thursday, January 21, 2021 11:48:20 AM
I know they just sold a chunk of property for $10 million late last year.
Other than that, who knows what those knuckleheads are up to.
Late last year they did a $95 million dollar stock offering and sold a $10 million dollar bit of assets.
They said at the time they had around $135 million in debt and were going to use the proceeds of the offering and asset sale to pay down that debt.
Instead, they held onto most of the cash and opted to pay down $30 million in debt.
They also said they expect to be net term debt free by the end of 2020 meaning their available cash should exceed debt.
While that last part MAY SOUND GOOD and MAY LOOK GOOD on a balance sheet it doesn’t!
They flat out misrepresented the stock offering. In bold print they said they’d use the proceeds to buy down debt but in the fine print hidden deep in the offering prospectus they said they’ll use the proceeds as they see fit.
That’s one reason why the stock seems to be under constant pressure. Wall Street doesn’t much like when you do an offering and misrepresent what the proceeds are for.
They made $105 million dollars between the offering and asset sale and decided to hold onto most of the cash and pay down just $30 million.
On a balance sheet it only looks good but isn’t good. Wall Street wants to see net cash from revenue, NOT FROM PROCEEDS FROM A SHARE OFFERING AND AN ASSET SALE.
It’s just piss poor management coupled with a poor understanding of a balance sheet.
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