There are a few issues with the balance sheet that still need further clarification, before confidence is instilled.
Operating income/EBITDA.
If they post a modest Q1 2014 over Q1 2015, but the operating income continues to go south, they're not getting anywhere, and furthermore, that scenario will increase the likelihood of needing additional funding from the dump diluters like Magna, Asher, etc...
Traditional lenders will not lend to a company that has a bottom line going south, even if the topline is going north.
If all of this is the case, it will put lots of pressure on the PPS and everyone will still be here at the end of 2015 shouting out to keep loading, 0006 is a great price, "we're valued at least .02 etc..."
If the PPS can't get out of the mud hole, the rest of current crap toxic lenders, can't convert and dump, because their par is 001. I guess they could if they wanted to because they get a discount to current PPS, but it's not as favorable, thus the remaining debt will continue to reflect negatively on the balance sheets. Be it $500k, $1mil, or whatever is left.
The next thing is the sentiment.
If you take a bunch of bad news or let me say in a more polite way, inconsistent news; the market or your every day investor, will view this as continued instability in a company that has already had lots of unstable news for almost 12 months, a company that was P&D'd by several groups. Not a good story to tell to fresh money watching on the sidelines.
The next issue is that current commons holders will for the majority, feel like they are in an unstable environment with a never ending circular set of unresolved issues, and will slowly and quietly sell off shares if there is a rise in PPS from 0009 to .003. We already know this is a flippers breeding ground.
These activities will prevent it ever going above a penny (commons holders slowly selling off, and money on the sidelines saying--- "too unstable, take my money elsewhere".
Then I hate to even comment on this, but it's reality.
Six months of the above will hold the PPS down not surpassing 005, and we arrive at end of 2015 beginning of 2016, the unfortunate time to start discussion again about:
R/S I just don't see how they can't R/S in 2016 with such a huge A/S, with VGR preferred unlocking in Dec 2015, with Dror and Yaniv preferred unlocking in early 2016, etc...
Dror must be chomping at the bit to get this to a higher exchange with a higher PPS and narrow A/S, and be rid of problems, regardless of the toll it will take on the commons holders at the end of the year.
What a tangled up situation. Good luck to all, and I hope this gets above a penny or two for all that are brave enough to hold past 003, which I believe is a select few, probably under 100 investors or so.
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