Talked to Jim this morning about financing. This is the first time I talked with him via phone and I felt like he was quite honest and he answered all of my questions.
He said that they have been getting financing offers from other places, but have not been looking at them since they were in negotiations with the financier mentioned in the press releases. He said that they don't believe that the financing will work out with this investor and that they have been going back and forth trying to reach a deal, but cannot seem to. Could it still happen, he said yes, but he doubts it.
I also asked him about revenue they are generating. He wasn't for sure about an exact amount, but he gave me a rough estimate of $100-110k/ year. I am not sure if this was for fargotube alone or overall revenue.
I also asked him about a r/s. He said in the future it could happen, but he does not think that they are anywhere near that point. I mentioned how many other pinks are out there that have 3-5 times more authorized shares than F3. So I am guessing we will see a r/s at some point but not for quite a while.
I asked him how much conversion is left and he around $500k...so quite a bit. He said they will have to increase the A/S. He didn't say when though.
He was quite excited about IDS, I didn't talk too much specifics, but they are progressing for sure.
Anyway, this was the discussion. I asked him if he cared if I posted what he said and he said he didn't, so I am sharing.
