Thanks for the post. I actually listened to the April 6th long winded conference call update. It was quite interesting, and worth the listen (1/2 hour or more IIRC) and is available on play back.
Nearly everything I heard and what I have seen told me to sell and run here, BUT, A few things have me holding, and possibly buying to add next week.
The main one is the CEO said they had 2 million in sales in the first quarter this year (which is not in last years figures or reports, only late in the phone conference call discussion!!!!!) and a break even sales requirement of 2.5 million per quarter according to the CEO. If that is correct, and if it is somewhat sustainable, they may have turned the corner. $2 million in sales in first 3 months is already 1/2 million more than all of last year!!!!
Even if sales are flat or lower the last 2 quarters this year (seasonal), the next 2 quarterly reports could send this stock back $2-$4 the next 3-6 months on news and quarterly reports for last quarters, and this quarters sales! It also sounded like they have solved the Tank leak problem, and the air odor problems, and have put the odor enforcement problem behind them. Lastly the $5 million dollar derivatives (non cash) loss was reversed and shown as a $5 million dollar (apx) gain this last report. And they have added new product pipelines recently, and sources with their M&A activities. Also, don't forget the huge stock issue they floated not too long ago where accredited investors paid about 40% more for shares than Friday's closing price!!!!! I think it was $1.16 they paid, which boosted net cash to about .45/diluted share late last year.
Coin has already rallied about 10-12% since the April 6th conference call, after a nasty drop from the paper SEC annual 2009 report filing a week earlier that showed the huge losses, versus sales for last year. Lastly, the accounting firm has removed the going concern statement from the last financial report filed with the SEC.
I am still long COIN and COINW, and I may add next week, and or this month!!!
GLTA
