Operational costs are down to c. $700k year now (see filed Financials). Until revenues are generated they have needed to raise additional finance through a RegD offering.
So we know:
1. Directors and Major shareholders personal share investment in the company is down substantially relative to their purchase price;
2. The recent RegD share offering has raised finances to support company operations and that dilution led to a drop in the share price;
3 The CEO has opted to receive shares in the company in lieu of cash at a much higher price than current share value. Her $300k annual salary for last year was paid for by 5 million shares. At current pps that is worth just $3k. I am sure she would like to do something about that imo.
So if anyone can see how they have made lots of cash from this venture to date then please let me know.
The point is that the only way they will make money, both personally and as a company, is by getting the share price back up. They have mentioned developments in the pipeline that can do just that. I think that is why they have not sold a single share to date imo.
Recap from recent shareholders pr/ letter August 27th
They believe by year end that they can:
1. Close $740 million in loans: Which would earn them $35 million + $234k month revenue for the 35 year period of servicing the loans. 2. They aim to uplist to OTCQX. 3. Share buyback to have commenced. 4. Also new Directors to have been appointed (not mentioned in the letter but expected at shareholders meeting of October 18th)
Medium/ Longer term plan:
1. To use earnings to form a (Community) Bank.
If they achieve the above goals then the upside potential is huge from the current share price imo. It would provide the fuel to turn this one around completely imo.
That is the risk/ reward decision each has to take.
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