I also had an extended conversation with him. Let
Post# of 1873
Posted On: 06/28/2016 10:33:48 AM
I also had an extended conversation with him. Let me put my notes on here with yours:
Increase in A/S is to backstop the Preferred shares that are going to be issued to eliminate the debt. Parent company which is IFCR has 10 Million in debt. His goal is to reduce the debt number by 3-5 Million shortly (he gave me a time frame but I would prefer to not put that out). Shortly means ASAP to me. The remainder of that debt is David F and Hank plus the biggest creditor. Hank and David have not taken a salary from the company and are supporting themselves from other ventures. (He said to mention that to remind people). He and Hank are converting all of their shares to preferred. This will lock them in to the company long term.
We also talked about financials and the reason they are not out. The Nebraska sub is claiming to not be part of IFCR. The lawsuit is going to settle that. For now the company plans to file a Form 10 and carve him out and file the numbers without him. That is about 10 million a year so we will look like a 15 million company until the time that the suit is settled. However.. that will make IFCR current with the SEC for the first time. This includes audits and financials.
New CFO is being interviewed to hire.
In regards to the R/S. He said that this is the first step in the process and that they only did that to have it as an option for future moves. He emphasized that the company is only, buying subs, selling subs or entering in to new transactions. Having the R/S filed for gives him more room to maneuver
My opinion is to let them run with this plan. I see the long term goal and bigger picture even if it is only in my head. We stand to make some money if we stick around long enough. He said his target price is about .0003 -.0004 at present. He estimates that is where most of us longs have averaged down to.
R/S is not happening at this time. I will be watching the daily board though. I am a firm believer in trust but verify.
Increase in A/S is to backstop the Preferred shares that are going to be issued to eliminate the debt. Parent company which is IFCR has 10 Million in debt. His goal is to reduce the debt number by 3-5 Million shortly (he gave me a time frame but I would prefer to not put that out). Shortly means ASAP to me. The remainder of that debt is David F and Hank plus the biggest creditor. Hank and David have not taken a salary from the company and are supporting themselves from other ventures. (He said to mention that to remind people). He and Hank are converting all of their shares to preferred. This will lock them in to the company long term.
We also talked about financials and the reason they are not out. The Nebraska sub is claiming to not be part of IFCR. The lawsuit is going to settle that. For now the company plans to file a Form 10 and carve him out and file the numbers without him. That is about 10 million a year so we will look like a 15 million company until the time that the suit is settled. However.. that will make IFCR current with the SEC for the first time. This includes audits and financials.
New CFO is being interviewed to hire.
In regards to the R/S. He said that this is the first step in the process and that they only did that to have it as an option for future moves. He emphasized that the company is only, buying subs, selling subs or entering in to new transactions. Having the R/S filed for gives him more room to maneuver
My opinion is to let them run with this plan. I see the long term goal and bigger picture even if it is only in my head. We stand to make some money if we stick around long enough. He said his target price is about .0003 -.0004 at present. He estimates that is where most of us longs have averaged down to.
R/S is not happening at this time. I will be watching the daily board though. I am a firm believer in trust but verify.
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