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Oh sorry, I read that as $2.5M/Qtr. My bad.
Yep, that's one of the main concerns. There's been so much dilution that Mcmeekin hardly owns any of the company anymore.
$2.5M per month???
They burned $16M in cash from operations during the first half of 2022.
I just don't believe they would let the company go to bankruptcy. Like why walk away from all their shares....
I guess they don't own that much. Russ has like 250k shares or something?
The Burn rate is what $2.5M/Month? So they had 4M + 8M. That's 4 months of cash since end of June? Maybe they could delay some payments etc...
I'm starting to think it's me who's stupid. The warning signs with this co. have been signaling for the past couple years, but I continued to hold onto the belief that Mcmeekin couldn't be lying THAT bad about things. Like when he said they had close to 90K assets under "signed contract" back in Nov of last year, that it had to be true. You can't make up contracts. You're corporate disclaimers don't cover that. But here we are.
At some point, I would imagine there will be a lawsuit if/when this completely implodes. But what will there be left for investors to recover?
I think it does. I think you're probably looking at the Q2 Note. I'm referring to the Note in the Q1 Financials.
I've read the note and it doesn't describe why they changed the term to 2022 from 2026. I suspect it was just in anticipation of closing out the whole debt with the new financing solution.
The Note in the Q1 Financials (8a) contains additional info about the Fiera loan. I think that will answer your questions.
At this point, the only way I see us not being screwed here is if the opportunity with Aramco truly is a game-changer. Not a few thousand assets, but tens of thousands of assets. Other than that, I just don't see the ability to ramp up fast enough to turn this around in time.
Ah yes wasn't the Fiera loan changed to accommodate the Carbon loans? That's why they changed the maturity? Must have been an issue with securitization order or something? It appears that they increased the interest rate to be subordinate to Carbon debt.
I'm not getting anything from Wayne. Russ and Chantal haven't tweeted in a while. We are running close to the date here.
But if I think through this logically:
1.2M Convertible Prefs at $25 = $30M
I get the prefs. You don't have to deal with refi's every couple years. I guess I get that the buyers want them to be public prefs listed on the exchange. If I'm a fund, I would buy the convertible prefs no problem. So I don't see any issues with finding buyers. If there were, the rate would have been going up 10%, 11%, etc until they raised enough. Instead, the number in the offering went up.
The Fiera loan was origionaly due in 2026 wasn't it? And they changed it to this year. I'm just trying to look up the details of that.
We are already in default of the debentures that matured in June. So what does the Oct 31 date even mean if you can just go past the maturity date?
... and what did the bureaucrat tell them on 6/30 that convinced them this would be settled around 7/14? Maybe we're thinking too much into this, maybe the reasons it hasn't gotten approved are the same reasons we've been pointing out for months.
It would be crazy if the hold up is some SEC bureaucrat. It doesn't make any sense.
Time is running out. I have no idea what's about to happen here ...
I can't believe it's come to this. What an absolute debacle this has turned into. The way I see it is this company needs a lifeline between now and the end of the month. If the Preferred doesn't clear, I don't know where it will come from. Maybe Aramco gives them an emergency loan? Mercedes? But if you've read the Notes in the Financials (8a) you'll know that the end of the month wasn't an arbitrary date I'm throwing out there.
This trader looks like he has some influence (46K Followers).
I bought some $MCLD as a bounce trade. pic.twitter.com/CfXUwR0dM2
— Trader Brian Jones (@MasterBJones) October 17, 2022
Yea, I think this is basically the residual effect of a big pump and dump. The only positive I can see with it is if they were to ever actually get the financing cleared and closed, then the stock could be on more traders radar when the news hits.
There is still a lot of volume going on. I’m pretty sure that the large vol spike was a result of a day trade target. You can see people talking about it on twitter. So I would be surprise if there is more interest in it, but that doesn’t seem to be solving any of our problems
There is still a lot of volume going on. I’m pretty sure that the large vol spike was a result of a day trade target. You can see people talking about it on twitter. So I would be surprise if there is more interest in it, but that doesn’t seem to be solving any of our problems
The push to 90K assets by year-end was supposed to be heavily back-loaded in Q4. But without the financing from the Preferred, where is the money coming from to execute on that? I'm afraid that Mcmeekin now has a new excuse "financing delays" to replace the old excuse of "pandemic restrictions". Unless, they have actually been able to get capital ahead of revenue recognition, as Mcmeekin alluded to during the Q4 CC (below), I'm not sure how they can be executing over there in SA. Investors in this co. certainly have heard this all before though - remember "pull-forward" revenue LOL.
Russ McMeekin — Chief Executive Officer, mCloud Technologies Corp.
Well, a couple things. One is, as part of the Carbon Royalty agreement there is fronted capital for projects. So now our model has switched, right? So the nuance I don’t think anyone’s caught that is, with the Carbon Royalty agreement, and that type of model will be used for every growth vector we have, is capital before, capital as contract or, actually, in some cases ahead of contract. So the model has totally
flipped now. So in terms of, you know, it’s a very, very good question, is how are we looking at capital before rev rec, it’s now the exact opposite. A lot of capital before even
rev rec. And that started here with the Carbon Royalty agreement. That’s number one.
Number two, the answer to your question around the Middle East, their intention is to go
gangbusters. So the more capital we have to go gangbusters within the agreement we have with Aramco, the faster we can grow, and the more local people we can put in place. We already have a handful of technical experts in the Kingdom ready to hire ..."
I agree that it should have been done at a way more favourable time. At this point it definitely seems like it hasn’t brought any added benefit.
You're correct about the Nasdaq uplisting costs. How many millions in "Prof & Consulting" fees were spent over the past couple years to get on there? Listing on the Nasdaq was supposed to bring institutional investors to the table. I specifically remember McMeekin speaking about all the interest out there from institutions who were unable to participate until mCloud got off the pink sheets. The uplisting was also supposed to help mitigate the need to issue boatloads of warrants every time they did an offering. So far, both have been a bust. I think Mcmeekin missed the point that when you keep burning through cash and diluting the sh!t out of your stock, it doesn't matter where you're listed.
I'll believe the Saudi installations when I see the revenue and not at any point before. I don't even care about connection metrics anymore, they have proven to be worthless. Revenue is falling as connections have increased, so what good are the connection numbers.
Ya and I’m sure they could go to a loan shark and get financing prior to a bankruptcy. Plus they have been actually increasing the size of the offering, leading me to believe that the Saudi’s want more %. Like if I was a Saudi, you get convertible prefs plus warrants. You know you’re starting to install in Saudi. So 1+1=2.
The frustrating thing is that, as shareholders, it seems like it’s 1+1/2+1/4+1/8+1/16+….=2. And then we get told the goal is now 3 instead of 2.
The deal doesn't appear to be held up due to "lack of interest" ... at least not yet. The registration statement has yet to clear with the SEC, so they are unable to complete the offering until then. As far as I know, the interest in the offering from investors should not be a factor in the clearing of the registration statement. Once it clears, then we'll find out if they have the investors that they said they do.
The BOD has been a complete joke like you said. The fact they've let McSneakin get away with all this BS is incredible. The analysts have not done us any favors either. They never follow-up on any of McSneakin's BS from one Qtr to the next to try to hold him accountable. The fact that nobody asked a single question about what happened to the $15M lent from Carbon Royalty in Q2, is proof they aren't even paying attn to the most basic fundamentals.
Everyone gets an F-
This financing situation
Does not look good. If they cannot close the deal due to lack of interest they are done. McMeekin is simply incompetent. The BOD are truly a bunch of useless nitwits. Which one has done a damn thing for this company but collect a hefty salary and screw up what they had? Does anyone know why these dumbasses even bothered to uplist? It did nothing for them but cost them a lot of time and money. They should sell this tech to a real company who can use it properly. This is a joke.
Yep, they must just est the dates with some stupid algo. What in the world could be gained from that?
I used the time machine and on the 9th of oct it said this, so it's just an automatic BS site:
2022-05-11
Public Filing
View Prospectus
2022-08-09
Offering
Price Range: 25.00~25.00
Shares to be Issued: 1200.00K
2022-09-08
Offering End Date
Offering Price: 25.00
Post IPO Outstanding: 1200.00K
2022-09-09
Listed
Talked to a guy from cust service. All he was able to tell me is that the info comes directly from the Nasdaq. But the Nasdaq IPO calendar doesn't include MCLDP, so I have no idea where they got it from. Makes no sense, just like every other thing about this company.
Wouldn't be surprised if it's a mistake and a bunch of people saw it on the IPO list and bought the common, and it got pumped up somehow.
I don't use Webull, but am going to try anyway.
Try phoning into your broker to ask about it…
Where in the world is Webull getting this info? It's obviously not correct because the registration hasn't even cleared yet. But that is definitely the symbol for the mCloud Preferred shares. The Price and Share totals all match up as well. It says it listed today. If you Google the symbol, it will also come up on the Nasdaq site. Although, it's been there for awhile now.
https://www.webull.com/quote/nasdaq-mcldp
You won't be able to get access to those before they are made public. It would be tantamount to "inside information". I just can't get past the fact that on 6/30 they told investors it should be done by 7/14 and here we are 3 mos later w/o a single additional update. I guess missing the target so badly shouldn't be a surprise though, considering they miss EVERY TARGET by outrageous margins. But to say NOTHING in 3 months about it other than the worthless nonsense they gave us during the CC?
I requested the comment letters for the F1 through this... don't know if I can actually get them ahead of approval...
Thank you for contacting the Ombudsman of the U.S. Securities and Exchange Commission (SEC).
A request under the Freedom of Information Act (FOIA) is required to obtain non-public records, such as records compiled in investigations, consumer complaints, and staff comment letters. You may make a request with the SEC’s Office of FOIA Services by any of the following methods:
Online Form: https://www.sec.gov/forms/request_public_docs
Send a fax to: (202) 772-9337
Submit a written request to:
U.S. Securities and Exchange Commission
Office of FOIA/PA Operations
100 F Street N.E.
Washington, DC 20549-2736
To request records not located on the SEC website, a written request is submitted which should include a mailing address and daytime telephone number in order to contact the requester should questions arise. Each request for information or copies should clearly describe the information sought with respect to complete name, date, subject matter, type of document, file number, or any other specific information which will assist us in identifying the information you are requesting. This enables us to ensure that the correct documents are located and provided as quickly as possible.
Thank you again for contacting the SEC Ombudsman. We hope you find this information useful.
The last tweet from mCloud's Twitter account back on Sep 23rd starts off ...
"Interested in working for one of Canada's fastest growing #tech companies?"
It would be pure comedy if it hadn't cost me so much money ...
Yep, this has gotten to the point where it is just f**king ridiculous. The recent pump and dump has me more worried than ever. None of what is going on here has made sense for the past couple years. I keep going back and reading some of these CC transcripts and thinking 'could he really have said that if there wasn't some truth to it.' I mean this guy has missed every single target for the past two and a half years by outrageous margins, and is he really completely bulls**ting us again with this 90K target by year-end? Is he really completely bulls**ting us again with the 45 auto-dealerships, the going "gangbusters" with Aramco connections? How many times can someone just continue to do that and make an ass of himself? There seems to be absolutely no limits to his BS. It's absolutely incredible. And all along the way just zero communication w/ investors on any of this.
I've tried probably dozens of times to get responses from them. I made the mistake of submitting questions via e-mail for the last CC, which gave him the opportunity to placate me with his bullsh**t answers with no chance of follow-ups.
I wish I could show up at that sham of a shareholder meeting they have down in Arizona each year.
The last two days have been the largest volume trading days in the history of MCLD. now we are back down in the crapper.
I can't believe it's been a month since the last message to investors with this shit going on.
Financing ...
If this thing ever does get approved, it's going to be very interesting to read the public disclosures re the comments and responses between the SEC and mCloud Mgmt that occurred during this delay. According to the SEC site ...
"To increase the transparency of the review process, the Division makes its comment letters and company responses to those comment letters public on the SEC’s EDGAR system no sooner than 20 business days after it has completed its review of a periodic or current report or declared a registration statement effective."
Quite the dump
Wish I had that Saudi money to buy 750k shares after my round of LIV golf
nothing on SEC website
Volume is exploding, up to 750K shares. If this is just a pump and dump it's pretty impressive. But I won't trust it till I see some actual news.
Another pump, or is this financing finally about to go through?
Volume > 200K.
I don't think the blackout pd makes a diff with their social media marketing stuff. Scroll thru the corp Twitter acct and you'll see they rarely go more than 2 or 3 days w/o posting something ... before recently. Could mean absolutely nothing.
Q comes out at the end of the month… so prob in a blackout. Not that it would stop him from posting generic things tho.
Q comes out at the end of the month… so prob in a blackout. Not that it would stop him from posting generic things tho.
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