fin is out!
most of the 3B we've recently seen "dumped" was converted!
not sure since I didnt' want to add it all up, so maybe some of those 000098's were direct to ubqu's coffers.
the good news, profit was a tiny bit up, which is exactly what I expected because if we see a big bump from the new website and new products, it'll be in the next fin.
other slightly good news is the accountant I forget his name, preya, and mark cheung are mentioned. this isn't just a ballas operation any more.
bad news, the debt remains at 1.6M. I noted some were converted at 00005 and 0001 which is good I was worried the 000001 moves might hurt us btu they didn't.
other weird things was "interest" was 573K, which is a lot more than 10% of 1.6M, this could explain the larger conversions.
the good news is that at this time the debt is being caught up with. if that interest remains 573K quarter after quarter there might be a problem there, but it's clear monies being made are being churned right back into the company, and they filed precisely on time, which shows an intent on staying current with resolution.
if I thought fundies were the only issue that this company swung around, I might consider stacking the 2s and walking away.
but I definitely do not thing this way. we are in the second great depression, if we still had JEROME pumping money to banks and those banks yolo-ing on everything and the spy rocketing up, we'd be at trip 7 again and converters would be converting more and more debt would be caught up.
and those days will return. plus the fact that I am now 50% sure that this company has been cellar boxed by citadel. either they'll pump it to fake a decent "margin collateral" when they need to or they overshorted with tons of nakeds from 2019 to 2020 and they can't afford runs up.
in the end, I was really hoping to see debt at 1.4M not 1.6, but overall this fin says to me do not leave the play.
