Is there a reason to invest in this? What value has Mr. Murphy brought to this company? What was the stock price when he took over? What is the stock price now?
I realize that things take time, and blaming the stock price on the CEO isn't always fair. However, he's already failed at the attempts to buy 6 buildings (one had a reversion clause executed), 4 were promised on March 24 with the announcement of 4 LOI's on buildings. Those acquisitions have not happened. The last building in California hasn't yet happened either. Given the company's cash position, I don't think they will happen. That would require a lot of shares issued, and there isn't any evidence that he, Mr. Murphy, can pull this business model off at this point with this company. I do realize that there has been no word as to why the first building's acquisition failed, or why the other 5 haven't happened. I did like your suggestion as to a reason, as that seems likely (the bank having trouble with the transaction), but we really don't know. Maybe the Q3 report, should they actually file it, will give the proper information. There is also the lack of a S-11 as well, and given that it isn't on the SEC website, it cannot be claimed that it has been filed apart from the company's word, and it's been too long to just accept it without some proof, however the confidential stuff works out. Even if it is filed, it hasn't become effective or public, so it is at best in limbo.
However, the shares are cheap, and the volume is low, so a small investment can pay off well if there is a significant dead cat bounce. It's obviously all about risk/reward here, but there isn't any real reasonable suggestion that big gains are headed this way. The only think in holders favor is the unpredictability of Pink Sheet stocks, and how they can move for no reason. This stock given its fairly long history, can also go much lower. Time will obviously tell. Good luck.
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