Of course it's all my opinion and speculation...based on what has already happened. I speculated Trillium would sell all of its 108m converted shares from the original notes and was correct. I speculated Trillium would convert Series D preferred shares and was correct. Over 100m already converted and all sold into the market. I speculated it was only a matter of time before the 6 owners of the Series A and B preferred shares started converting and selling and was correct once again. Trillium just converted 68m Series A and is trying to sell.....but no one seems to want to buy. Huh, go figure. I speculated the converters would get up to the 10% limit each conversion until the AS was maxed and was correct once again. Maybe give some credit where credit is due?
I predict the company will soon send out a PRE14C to notify everyone that the board agreed to raise the AS. You are predicting that will never happen. Time will tell. I understand your opinion and speculation and simply disagree. Simple as that.
Also, maybe give all the facts about the company loans in case folks aren't fully aware. They owe $1.8m for the purchase of the Atlanta office and have been paying that back. Still a balance. They owed Hong Kong $5m for the US offices and paid it all (yes, they paid themselves while continuing to pay an annual $500k "consulting" fee.) They owed Trillium and 3a Capital $3.8m for 4 convertible notes. Trillium converted 108m and 3a converted 63m. No money ever paid back, but instead gave those 2 Series C and D preferred shares convertible into 1.25 billion more common shares each. Trillium is already converting and selling those. The company still owes Trillium $1m on a regular loan that has been extended multiple times and currently due September 30. Interest keeps accruing, hurting company value and balance sheet. Finally, the company took out $2m in regular loans from Trillium and Carpathia last autumn and paid them back miraculously a couple months later.
Lesson to consider. The company knows how to repay loans. It consistently picks and chooses which loans to repay and which it allows to be used to enrich "lenders" and destroy shareholder value. Anyone can think Ray is "naive" or "doing his best" but that is certainly not my opinion. These have all been very calculated decisions. There was no valid business reason to repay Hong Kong $5m and Trillium/Carpathia $2m more on conventional loans while exchanging $3.8m in convertible loans for billions of new to-be-converted shares after already allowing the conversion of 171m shares. Wake up.
AI
