My understanding is a bit different. IMHO Ken Bland knew he was leaving and used the last few months he was there to sell as many shares as he could, funneling the proceeds into his company so he could milk this as dry as possible on his way out the door. The newly issued shares pounded the bid and we dropped. Just a guess, but then again the O/S did go up. And Ken did, after all, stop regular reporting and offered no other explanation for why all those shares got issued. Sure as heck didn't go into producing a world-class app. So my theory does fit the facts...
Luckily -- and again I'm just piecing this together -- Jackson Morris had a plan B ready to go, and luckily he was able to claw the preferred shares and a 5 percent slice away from Ken before Ken left.
And so we start from scratch, with the same share structure and what we hope is a better company. Couldn't be much worse. The app had potential, but Ken wasn't effective.
We'll sit down here as the anti-pot folks bail out and as new penny players load up. Then there will be some promotion and this will run -- whether or not the business takes off.
And if the pot business takes off, the current market cap of $500K offers the possibility of major, major upside.
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