Solar Integrated Roofing Corp (SIRC)

[peterpanwasjusthere]

Very nice report if the numbers are truthful and accurate (this is an unaudited set of financial statements).

- Rev and NI are much stronger than expected. Luv these #s.
- o/s stock almost doubled since February up to ~450MM shares. The massive increase in fully diluted shares o/s could be a wet blanket on the share price moving north in significant gap up fashion; folks should manage their expectations on stock price upside until the repurchase program takes hold and additional quarterly numbers are posted demonstrating sustained hyper growth.
- ~$82MM of goodwill now on the balance sheet; time will tell if this is an income generating asset (or not).
- warrant exercizes apparently crushed SIRC's stock performance this past Q; let's hope Granite and Jefferson Street dumped everything they were issued (unrestricted shares).
- I breezed quickly thru the financials and could not find how many warrants remain outstanding; can anyone confirm the #?
- the new $42MM Arbiter Bank loan has a very attractive interest rate and no apparent conversion trigger; this signals to me that the lender likes what they saw during their credit underwriting; needs to close on time given the $2.7MM+ in redeemable debt due for repayment days later.
- $41MM of A/R looks to be primarily trade receivables; does a time know what the $4.2MM Note Receivable oa related to?
- Anyone ever able to find out why Dave gave Toolbox their deal for ~10.2MM shares? Still makes absolutely no sense to me.
- Convertible debt headwinds appear to be mostly behind the Company.
- Roulette wheel hit my number; I'll be buying more shares at select targeted prices.

My trust and belief quotient in SIRC management just notched up a bit.