I started buying PNTV in 2016 when it was trading below $.005/share. When I first looked at the company, I held off buying because I thought that the company had too much debt. However, that spring, I marveled at how Mark successfully cleaned up most of the debt by a combination of refinancing and letting a few of the smaller loans convert. That fall, the pps took off to over $.02/share on it's way to $.20 last summer. I expect he'll be doing the same thing again with the big difference being that this time he'll have real revenue to help pay off the debt. I have a lot of confidence in Marks ability to manage the loans. After all, he's kept this company afloat for over twenty years. Mark has a lot more to work with now that they have revenue coming in.
We didn't really see a lot of dilution until the GLF construction was completed and they started staffing up. Unfortunately, the harvest schedule was pushed back because of changing regulations and the delay in getting their Certificate of Occupancy from the city. The earliest convertible debt was taken out with the expectation of an earlier harvest. I'm sure that it's at the top of Mark's priority for payment. The fact that there are multiple small debts makes it a lot easier to manage than if it was one big loan to a single entity. I'm confident that most of that debt will never convert.
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