I feel for the folks who had such high hopes for this stock. Several years ago I was one of them. I am a researcher (a real researcher, not a schmuck who thinks "research" involves watching YouTube videos) and I have invested hundreds of hours, if not thousands, in reading all of the filings and court dispositions since 2014.
I don't see any path forward for the ticker because:
1) the logistics of going current - which would only happen to facilitate a reverse merger that would require audited financials, performed by a firm that can do PCAOB audits like the firm hired when FROZ became MTVX, would also require detailed access to financial reports, documents, and information of company operations for the past several years. Since it's likely just Troy left holding a shell that doesn't have any staff or a location anymore, it's highly unlikely that any accounting records or entries have been made for years or that documents from years past still exist, which obviates the possibility of an audit - which means no hope for a reverse merger.
2) no one can point to a single sale of a new Motoped from a MTVX affiliated entity for several years
3) the firm has likely not had any revenue or operations since 2017/18 - over three/four years of ZERO activity
4) tons of toxic debt remains - we know this because the company would have had to report additional issuances (which it didn't) AND the company that received/sold them would have been required to make filings as well (which hasn't happened for years)
5) going current would also require the disclosure of how any remaining cash was used (or misused), and could potentially open up a can of worms.
In addition to the huge number of common shares outstanding, the Ironridge claim does not appear to have been resolved. At the current PPS, there are not enough authorized shares left to satisfy the claim.
A split doesn't seem likely or possible either as there are anti-dilutive clauses in the preferred shares, which if ever converted (even though likely not possible at the moment), would also exceed the authorized amount.
The only thing this ticker ever really had going for it was volume, which is about to become near zero due to the non-reporting status.
Finally, getting this dead dog breathing again would cost more than buying a clean shell with no stink or debt.
So...
If a CBD company was looking to go public (and there is no known indication of this since that firm went dark too), why would it seek to do so with a debt filled, no volume, no share structure reorganization possible ticker with Covey's name and reputation still attached to it?
The answer is clear - it wouldn't.
It was a tumultuous ride, folks, but it's about to be over.
