They reported receiving the final permit to allow full scale operations on 6/30/14. The phrase "full scale operations" is vague in a way that is compatible with some revenue, but when you add the rumor that HIMR has been cutting trees and storing underwater for weeks and maybe months before that, it seems the final permit that was announced 6/30/14 pertained to bringing wood ashore. So, probably no revenue for Q2.
I know it seems weird that they would be authorized to operate on water, but not to bring wood ashore, but when you factor in that Panama's environmental regulatory system has two main agencies, ARAP and ANAM, and ARAP has jurisdiction over water. It is possible they had everything they needed from ARAP, but lacked until roughly 6/30/14, the final permit from ANAM. So, the rumor seems plausible to me.
In regard to the various announcements about a buyback, I just take them as saying "Look guys, we know the O/S keeps rising but we intend to do buybacks when feasible". Expecting them to be instantly operationally profitable seems a stretch (though possible I guess). Buying back at .0001 is lower priority than paying off notes that convert below that and getting a Tigerlynk operational would likely be higher priority but since they have never disclosed the actual final contract with B & B Medera, it is hard to know.
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