They aren't being specific, which is a little misleading. If they had the city license, they would say it. So, based on the DD I've done and shared, its more likely they made it through one of the four stages. Why not just say, 'We met with the city and have been approved to move on to stage x.' ?
It's possible they got some initial documentation from the city that allowed them to apply for the state license. The city license is the one they have to jump through hoops for. If they get that, they are golden and I will consider taking a position depending on how this obitx thing pans out, as that looks like total insider enrichment. And the fact they haven't PRd receiving or placing any ATMs is concerning as a prospective investor.
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