Pacific Sands Inc (fka PFSD)

[longago]

I went back and looked at all of the 10Ks and some of the 10Qs plus recent reports from the company since it went private.

Mick and Mike brought the company to Racine, WI on June 4, 2004. It had 30,299,000 shares outstanding at 6-30-04 FY yearend and had sales of just 61,703 for that year.

Mick left in Oct 2011. For the 7 1/4 years he ran the place ending on 9-30-11 shares o/s increased to 67,857,000 and the company lost 2.9 million or an average of 399K per year.

For the 4 1/4 years Mike Michie ran it from 10-1-11 thru 12-31-15 the company lost 2.4 million or an average of 558K per year. During that span o/s jumped to 184,181,00. As more bottomless converts got exercised in early 2016 the o/s jumped to 393,271,074 from 67,857,000 when he started. And some of those conversions were done at below par value of $.001 per share.

Terry Haggerty joined the company on 1-1-16 and since then we have had 29 consecutive quarters (over 7 years) of profitability and by 9-30-23 the company had repurchased and retired 53 million shares.

I am not sure of the details, and most importantly the back story, about how he got banned from FINRA. I might not open an account with him if he were back in the business again, but it looks like he has been the most successful at getting us to a consistent level of profitability. Maybe he was here to help his old clients recover from this disaster. Why else would he pay for the entire cost of this litigation on behalf of all shareholders? Any recovery of money would go back to the company to benefit all of us and not go to him.

Just a rhetorical rant and questions.
https://biztimes.com/former-cfo-of-kenosha-based-pacific-sands-files-shareholder-lawsuit-against-company-seeks-removal-of-ceo/?bypass=655662532c8b6