When I was getting into IDLM, I thought it was a slam dunk. Here was a company growing at a nearly 100% rate. No debt. Huge margins. Low P/E. Exciting growth story looking forward. Kind of wacky management, but one can't have everything.
Then the accounting problems started to become evident, and we learned about that guy Shaheen, who was unofficially involved from the time of the shell to the post merger IDLM.
That was rough news to get, but then it wasn't too long before all seemed okay again. They pushed Shaheen out the door (or he left), and they brought on COO Haddock from Wall Street. He started fixing the financials, and finally he filed to register under 1934 Act (Form 10-12G) so as to be registered/filer/etc. We were heading to OTCQX and then to NASDAQ in a few years. And Haddock managed to claw back 4M shares from Shaheen's Monteverde LLC. The growth story looked even better as Haddock talked about leveraging the Datpiff brand in merchandise and clones for other genres.
But Haddock proved to be a huge disappointment. He was a stickler for shutting down communications of all sort while at 10-12G was pending. And there was some bizarre accounting that the SEC didn't care for. And the legal and accounting bills skyrocketed, while the SEC kept rejecting IDLM registration amendments. The branded merchandise got designed and prototyped, but never actually sold. And the clones vanished into thin air.
Sheesh!
But now they've filed Form 15 to withdraw their 10-12G. If the SEC doesn't object between now and end of March, the company will go back to being a garden-variety pinksheet. And someone has figured this out and is buying up all the cheap shares.
Is it still high risk? Yes. All tiny pinksheets are. But I think it is also high reward. Consider a gamble costing $10, with a 60% chance of paying off $30 and a 40% chance of paying of $3. You'd take that over and over again, until you were rich. But you probably wouldn't bet your entire assets on one flip of the coin. So, I agree that for most people IDLM should be a SMALL investment if any.
I'm also convinced that 10c is cheap and that the PPS is going higher. But this remains high risk until management can show that they aren't once again going to snatch defeat from the jaws of victory.
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