OK - So I don't know who BAW would be but I'll wait and see.
My numbers aren't wrong. The PR said they paid down $1.4MM in debt but when you look at the financials they paid down $1.4MM but ISSUED more than that in the same time period - it was a totally misleading PR.
This is not a profitable company generating cash to pay back debt. They have "paid back" convertible debt by issuing new dilutive convertible debt and issuing hugely dilutive new equity and equity derivatives. Outstanding shares from June 30, 2018 to Aug 16, 2019 have gone from $19.2MM to $68.2MM a 255% dilution! They have not had a single quarter of positive earnings or positive cash flow since inception. If you add up from June 2018 to June 2019 (financials filed in theotcmarkets.com) they have lost $2.5MM in earnings, lost $1.1MM in operating cash flow and lost $1.2MM in free cash flow. Worst NET ISSUANCE of convertible securities from 6/30/18 to 6/30/19 was $200K (they issued $1.2MM worth of convertibles and paid back $1MM - this is in fact getting worse as in the first six months of 2019 NET issuance was $410MM issuing over $1MM and paying back about $600K). They note that they have issued 5 dilutive (converting at a 40 to 50% discount to the then currebt stock price) and high interest (8 to 12% interest with a 10% OID) convertibles form 6/30/19 to 8/16/19 (so VERY recently) for a total of $437K while paying off $303K old convertibles (thus the $1.4MM "paid off" but at the same time over $1.6MM was issued) - thus "paid back in cash" means "paid back in cash" with the proceeds of new convertibles or stock or derivatives not with any non-existent restaurant profits. These aren't my words - it's the WCVC's words in its own financial filings.
No Oktoberfest for me
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