While I'm sure existing shareholders probably appreciate the CEO giving them an update on the status of the new dry herb vaporizer testing and eventual product launch, I would agree that because there has been so many delays and lack of corporate action in RFMK over the months and years, it makes this update seem rather weak, as the main take-away is that the testing found "design" issues and so needed to be re-worked into a second version of the device. So for shareholders all that means is more expenditure and delays getting the new product out. It would be less critical if the company already had CannaCigs and/or Cumulus's out in the market selling but as was stated a while ago, the company is no longer building an inventory of those products; which basically means the demand for those units was poor OR the marketing/sales strategy fell short of expectations in ramping up outlets and online sales. Perhaps if the CEO was more savvy he would have taken the advice of some of the loyal investors and spent less money with brand new offices and fancy accounting and shipping infrastructure and done a bit more on the online marketing campaign in order to ramp up real sales of product. Instead shareholders got a weak Q1 report and news that roughly $500,000 went to a company insider for "consulting" "services" (allegedly), for some unknown, still unexplained reason.
Meanwhile, the supposed primary task the CEO has been spending day in day out working on has been the audit and uplisting (10K), etc, yet week after week, month after month goes by and we hear nothing about it. At some point, I would imagine that shareholders are going to need to see real corporate progress in order to invest in this company which has already diluted heavily to get the balance sheet where it is now, not to mention half a million dollars going to an insider for some reason or another. Realized actual corporate progress necessarily means, 10K, audit, uplisting, chill removed, sales, revenues, in my opinion. I cannot imagine shareholders honestly care if the company is selling ecigs, widgets or whatchamacallits. It matters not. Sharholders care about how their hard earned invested dollars are getting spent by management and how much progress the corporation is making getting to the promised land of profits. Progress on the creation of a widget that can get the company to an improved position is all well and good, but it is just one part of the process. All along the way, I suspect many shareholders would like some honest, candid and critical explanations and responses to very questionable concerns raised by stakeholders. Seriously, how long does it take an accounting firm to perform an audit of a micro cap company with virtually zero sales? Hmmmm
All just my opinions. Buy, hold or sell. You must unlearn what you have learned.
Do or do not, there is no try.
GLTA
$RFMK
