Finjan Holdings Inc (FNJN)

[Det_Robert_Thorne]

I haven't been a mod that long

The May posting simply shows that I have a long history following the company. I don't believe I've been a moderator for more than a year.

The "Big Picture", as I see it, is that (if they indeed sell Terrasphere) will be a company with two business lines, 1) liquid organic fertilizer manufactured in Gonzales, CA from corn steep liquor (and maybe some food waste) and, 2) Industrial Waste Water treatment.

The liquid fertilizer, while good, is manufactured mostly from corn steep liquor, which some organic organizations consider synthetic. However, because the various reviewing organizations have continued to approve it for use in COIN's fertilizers for several years now, I don't expect that to change.

Therefore, the only impediment to increasing liquid fertilizer sales in CA and the Pacific Northwest is competition and the slow economy.

The IWW division has been hampered by COIN's financial situation. The CO landfill's IWW installation was cash flow positive during its near-year of operation, but a bad financing situation forced them to close it.

I have long believed that had COIN had access to better financing, and could have built and operated a few more IWW installations at other landfills, they could have generated enough quarterly cash flow to offset the corporate expenses and bring the company to true profitability.

Perhaps selling Terrasphere is not such a bad thing, since the Medical MJ market still has a long way to go before it will become a viable industry, and COIN needs cash right now to operate.

One thing embedded in the 10-Q, if I read it correctly, is that COIN isn't taking the remaining $237K convertible loans from Iroquois for the rest of the year. That will reduce the need for additional dilution beyond whatever remains after the VRNG deal, at least for a few months.

If I'm missing anything, please enlighten me.