Just a reminder of who we are dealing with here:
And now we have that pending permit.
Quote:On one side you have a convicted felon, who pumps stocks for a living (he can't possibly actually do that contractor job with the time he spends digging for dirt on SFRX), bashing SFRX because he has an admitted personal vendetta against one of the attorneys for SFRX. He says he will back off once Huffman is "held to account." Whatever that means. This individual, Bradley Farmer, aka smallcapsmarket, is also currently pumping EXPL, another treasure salvage company owned by Micah Eldred who was in a 7-year legal battle with SFRX. A legal battle that ended with him walking away from some 34 million shares of SFRX stock (aka losing). Eldred now has complete vertical control over EXPL stock and personally owns a super majority of the stock. Bradley Farmer has admitted owning shares of EXPL.
On the other side you have the president and CEO of SFRX who hasn't taken a salary nor sold shares of company stock in 8 or 9 years (since inception) and his company, has received the first new permit in some 30-odd years from the state of Florida. A feat which required him to depose the director of the department that issues the permits (a few years ago, director Wheeler, not the current one). Apparently recent testimony from the state of Florida indicates that another permit is pending for SFRX.
Also, financials indicate that "related parties" have yet to convert shares of SFRX purchased via private placement agreements since 2009. These "related party" shares are in the 10s of millions of shares. Additionally, there are non-related parties that are holding on to unconverted shares purchased via private placement agreements that also date back to 2009. A quick glance at the latest 10Q tells me those two categories total over $650,000 of investments that those investors have chosen not to convert (thus, technically, in default, but only by investor choice). Whether or not they convert in the future or at what rate is an unknown. (Obviously they will eventually, but when and how quickly?) What is much more important for the immediate future is WHY have they been waiting for 7 years to even convert, much less sell the shares? The price has fluctuated greatly and at one point increased to 40 times where it is now (in 2013). But still they held.
Clearly they are waiting for something big, and penny land is not it.
I have no financial or investment background and even I can figure this out.
And now we have that pending permit.
Quote:"This permit allows Seafarer to begin excavation immediately in Area 1 of the Melbourne site."
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