That's a good analysis, but we're missing a lot of critical information. First of all, we don't know at what price Urbie sold much of the stock in question. The a/s rose dramatically while CMKX was sitting at no bid x 0.0001. Anything he sold into the market (or sold to financiers) at that time would have been sold at a discount to market price. Possibly a very large discount.
So my guess is that Urbie hasn't raised anything close to $50 million.
Also: don't forget what they have to pay for the claims themselves and for the drilling permits and the like. I don't know what those costs are, but they do add up if we're really talking 1.4 million acres.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.