"we have to wait and see"
Obviously. But to announce the elimination of More Than $2.4M (92%) of Outstanding Convertible Debt without explaining how that was done shouldn't be so easily accepted by investors. It's bullshit. Debt doesn't just disappear.
When did it happen? It was announced in a 4/7 release so it may have happened after the end of the first quarter, which means it would be reflected in a balance sheet filing that isn't due until the middle of AUGUST. If it occurred in the last quarter of 2020 and he waited 3+ months to announce it (Does that seem even remotely possible?) it will be reflected in the LATE filings that we're waiting for now.
"we have to wait and see"
The press release also said that since December of 2020 the Company "reduced authorized shares by 88% down to 60 million", but there are 2 things that it didn't say about that:
1. That reduction was only possible because of the 1:5,000 share reverse split conducted over a year ago, not because of any financial discipline on the part of the Company.
2. The current authorization...60,000,000...is almost used up (59,290,816 outstanding at 03/28/2021). So the authorized will have to be increased again VERY SOON if more shares are to be issued....and there will be more shares issued, of course.
There have been two increases in authorized shares and two decreases since October of 2019 and another increase is imminent. That's just management stupidity.
I'm thinking of swapping the WC Fields pic out for a President Alonzo Pierce headshot. He obviously agrees with the sentiment:
It's morally wrong to allow a sucker to keep his money.
......W. C. Fields
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