When this stock had a $25MM market cap and trading in the $0.20 range - they only had about 190MM shares out and were still able to sell wsrrants and get a reasonable price on thier convertible options. Now they have 590MM outstanding and 2BB authorized. They have ovrr $5BB in debt past due and most of that is convertible into below market shares. The proble now is there is no longer a market for those shares and the original note holders are not converting and want their interest in cash.
This last PR was an attempt to provide volume/churn to be able to dump the 1.5BB into the market to provide liquidity. I realize that is in conflict with the narrative on this thread that this is an unknown gem or has been oversold. However, if you look through the last 4-5 years of annual reports and filings, you will understand the big picture.
CEO controls voting rights.
The two employees (CEO and CFO) have been raking in over $1MM / Year in compensation, and only one of their sales has remained on their balance sheet. The other was not paid for and the third the original deposit was returned with shares instead of cash (ponzi...?). The "sale" to Alaska went through a third party and no one up there seems to knkw anything about the machine or is willing to talk about the purchase (call the VA and ask).
I am sure we will see one more small surge here before the traders move on but there is kothing behind the company. They do n ot have enough inventory to complete one machine and they af e drowning in debt.
In thag scenario of no real sales, crushing debt, no voting rights - who in their right mind invests with current structure instead of buying out of BK...?
AI
