Tuesday, December 28, 2021 7:59:16 AM
This stock is effectively a shell. There is an underlying business (a for sale by owner residential real estate website), but it generates minimal revenue. Moreover, it doesn't appear that they're investing much into the website. The officers take minimal salaries and are highly incentivized to increase the stock price to make money here.
There's ~1.7mm fully diluted shares outstanding so the market cap is ~$60k. That's ridiculously low for a clean shell (small amount of converts that are owed to officers). There are 1.4mm warrants outstanding, but the majority of those (1.2mm) have an exercise price of $0.20.
It's seems obvious to me that management is looking for a reverse merger partner. The new CEO is a deal guy and is older, so I doubt he's looking to pursue the long slog of building a business.
The company is an SEC filer, which is more than the vast majority of OTC companies can claim. Management isn't going through all of the trouble to list the shares again and have current filings to do nothing with the shell in my view.
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