Third Bench Inc (THBD)

[tigerpac]

Conversion and retirement of some preferred shares by Trillium (Hicks) and Canouse as well as some Canouse notes into common shares. This will be the theme going forward. If all preferred and notes converted to common, OS would be 9 billion as of 1/31/24.

Breakeven quarter. Cash going to buy inventory and pay down some debt. Sales about 4.1 million. $900 in customer deposits.

Overall, debt is still killing them. No mention of EEOC lawsuit (in fact they say they are not aware of any pending suits).

Why Third Bench ever went public is the $64K question. Obviously they couldn’t raise or borrow any money from traditional sources like banks.