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Posted On: 11/21/2020 11:24:35 AM
Post# of 22465
Re: SwampAngel #16145
Swamp, I don't think the reporting issue is based on the basic book keeping/cash flow. As Steve stated in the Jan 2020 Update
Two years ago, you could look at the outstanding convertible loans/notes and "convert" them into a reasonable number of issuable common shares that would be within the Authorized Shares. However as more Notes were issued with "keep whole" and other clauses and the share price continued to decline, then the number of potentially issuable shares blew up.
Had the $7-10 million in India revenues in 2019 been more fully realized, then convertible Notes could have been paid off and the share structure could have been kept under control. But it wasn't, so they stopped reporting and won't report until they can dig out from under the share avalanche.
Plus with the Kansas case remaining unsettled and the potential for that costing a huge number shares, that makes the share structure even worse. So that could delay filing until the Kansas case is finalized.
That's my take on things.
Quote:
We know many of you have questions about the company’s filing status. We have been working with our auditors and counsel to complete our disclosures, particularly in regard to equities. The company has a number of complex transactions and we are making an extra effort to detail these in our disclosures.
Two years ago, you could look at the outstanding convertible loans/notes and "convert" them into a reasonable number of issuable common shares that would be within the Authorized Shares. However as more Notes were issued with "keep whole" and other clauses and the share price continued to decline, then the number of potentially issuable shares blew up.
Had the $7-10 million in India revenues in 2019 been more fully realized, then convertible Notes could have been paid off and the share structure could have been kept under control. But it wasn't, so they stopped reporting and won't report until they can dig out from under the share avalanche.
Plus with the Kansas case remaining unsettled and the potential for that costing a huge number shares, that makes the share structure even worse. So that could delay filing until the Kansas case is finalized.
That's my take on things.
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