Sad, but true. That's spot on.
As a shareholder, I propose a change of leadership and then do a proper money raise. That would make the most sense. With respect to dilution, at least we got millions of shares back from de la Garza and the Carmel Trust!
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Since CipherLoc just reported the Q, we can see they are broke. They have 2 options: First, try to raise money. This will massively dilute all of us shareholders since the stock is in the toilet. The other problem is this: Who in their right mind would invest more money into a company with such a terrible track record of performance? The $17.20 million dollars from 30 months ago is gone and the Covid money is too based on their burn rate vs. cash as reported in Q. Why would investors give this worthless Board of Directors any more money to lose? It makes no sense.
The other option will result from the lack of success in raising new money (highly likely) and that is bankruptcy. The company right now is bankrupt, make no mistake about that. The liabilities are too great and the cash is all gone (bankrupt). Even if they had a big deal to announce, they have no cash to execute and mass dilution becomes the only possible option for survival. If this company had anything good to say, the CEO would have said it in his first 30 days as the new CEO. What can he say now? "Sorry but the 4 CEO's have all done their part mismanaging CipherLoc and we are finally out of money. We did our best but we will be filing bankruptcy today." And then the BOD will point fingers at MDLG but remember, there was almost $10 million in the bank account when Tom Wilkinson took over as Interim CEO and as COB. The BOD actually lost more of our money than MDLG. I'm sorry to tell you but this sad tale is finally coming to its end thanks mostly to MDLG, Carl Ranno, Joe Gangi, Dr. Carlson, Andrew Borene, and Tom Wilkinson.
