Less than two weeks after it froze accounts of 38 companies over foreign exchange(forex) infractions, the Central Bank of Nigeria(CBN) has again ordered banks to provide details of the domiciliary account statements of some high profile customers and other accounts linked to them through their Bank Verification Numbers. The customers listed included Chief Kesington A. Adebutu; Adebisi A. Adebutu; Ajibola Bankole Adebutu; Olanipekun Orekoya Adebutu; and Olasegun Oladiran Adebutu. The Adebutus are directors of Premier Lotto. Other names are Akinola Adekunle Alabi, founder of NairaBet and a member of the House of Representatives; Oluwadamilare Olubukola Alabi; Oluwafemi Babalola; and Adetayo Cosmas Adesanwo. Some foreigners doing business in the country on the CBN list are David Patrick Grogan; Domenico Giovando; Mauro Ripamonti; Charbel Jabbour Chidiac; and Byron Powell. https://www.sunnewsonline.com/money-laundering-13-rich-nigerians-under-probe/
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I'm doing a tribute to the 24 days of Christmas by going over the financial statements of 24 companies that are considered downrange, speculative, and just plain high risk. The legal cannabis industry already has a ton of risk in it - but this stuff - is only for thrill seekers. All opinions are my own, and certainly not a recommendation for or against any of them, or to buy or sell. I've limited myself to 45mins to each, and kept to most recent financial statements You'll likely know more about the company than me if you're following them. This is only my reactions with a brief commentary about what I see in their financial statements. I haven't been consistent in following them all over the past year: some I have, others not. The first one this year.....is here LDS - Lifestyle Delivery Systems Price Then: $0.34 - Price Now: $0.37
They call themselves a pharmaceutical company. Ok. Yet R&D as a percentage of expenses is less than 5% of total. Guessing they discovered what they were looking for.
SBC $1.8MM last quarter.
Revenues have been languishing until this quarter. $600k reported, double the first 6 months of their year.
Gotta say, related party transactions seem to be an emerging theme of this year’s crawl. Note 7.
At the burn rate they have (consulting fees per note 7), they’re gonna have to go back to the well pretty quick.
PP&E increased by $6MM, to $16MM.
Capital structure is a steaming pile (Note 8). Should have a warning statement in front of it before reading.
Speaking of which, immediate vesting of stock options for management is waaay cute.
And unlike most of the year, share price decay is going to be shutting down any fun that could’ve been had.
Almost all o/s warrants exercised. Only 5MM left now.
Bleh. Still looks like a very expensive front office for a million a year in revenue and 50% margin. Leverage is nose bleed inducing, $26MM in accumulated deficit, and no real end in sight. If I was a shareholder - I’d be all over mgmt. As in: ‘when will a business actually emerge here?’. Still looks like an ATM for mgmt. RTI - Radient Technologies Price Then: $1.54 - Price Now: $0.77
Buckets and buckets of cash. $47MM. 2 large raises, one each previous quarter.
Revenue flat yoy. $3.5MM in operating expenses last quarter. Expenses suggest operational build out occurring.
Given quarterly sales of $100k - that build out will need to do something. Sometime. Soon.
SBC is down from $4.2MM to $800k same period. Hmm.
Margin no hell.
Share printer on overdrive (glowing white hot really. Probably could be deployed as a cogen for heat recapture).
Long term debt is cheap.
Share capital in Note 10: an abominable snowman. Really. And since so many of these seem to land in the #10 slot, I’m going to avoid that number on all lotto tickets I buy from here on out.
Take out the bank balance, the market is valuing the business at about $0.50. For 2 years of stagnant revenue and billowing losses...$7MM last 2 quarters alone...meh. They do look to be operationalizing, perhaps that’s the dev cycle this industry business model is within. If that’s the case, I’m looking to see what happens over the next year - and if the spend justifies the returns. Investors should be hoping their sales pipeline doesn’t turn into a TransMountain. TNY - Tinley Beverage Company Price Then: $0.85 - Price Now: $0.46 Funny enough, Tinley came across the radar a few months ago, and the elves took a stab at it. A couple of fans of this outfit took umbrage with their characterization at the time. They still didn’t put up any math though. Nor referenced the financials. I was talking with u/GoBlueCdn the other day on the phone, and in conversation, he said: ‘fundamentals will always bear out.’ I couldn’t agree more. The noise and heat and smoke and knees and elbows of the intra-houday/week/month price moves….will always get throat-punched by solid ops. Never a question of it. It’s simply a function of time. The question of whether fanboys (and their accusations) will still be there when night turns to day….is an answerable one. They usually melt like toilet paper put into water. I stick to financials. If they're rocking it, I'll say so. If they're not......same deal. I haven’t looked at these guys since then. Let’s do it again…..
Cash issues on back burner, they have some now. Given they need it to operate, that’s a good thing.
Intangibles mercifully low (fresh as a spring rain in this crowd).
$30MM deficit in S/E. A pretty large bump under the corner of the rug.
Lost $1.1MM on $52k of sales. Been a year now. And they’ve had the margaritas out now for a quarter. Maybe haven't shown up yet.
Net $100k loss on forex. Sigh. Just like the good ol’ days of last year's Crawl.
Props to them for a SBC and G&A. If this thing looked like an actual business, I suspect it’d be higher.
Shares o/s metastatic. Shares that are issued are seemingly born pregnant.
Godammit. Another Note ’10’. This one is like staring at the sun. Where’d I put those welding glasses…..
CFO is cheap relative to others in c-suite. Bad negotiator, or, value for money? Your choice.
G&A inelegant. See for yourself….Note 15. Honest.
Ok. I could wax poetic for awhile on this, nothing other than incremental at this point really. I don’t have anything against it. I like the idea of drinkables, but I've never tried one. And….I’m woefully ignorant about emulsions and such. If it’s a good product: I’m there. Probably like most people. The reality is that these guys have tripped and slipped and reset several times…and aren’t delivering. Maybe I have expectations that are unreasonable (like the one’s they’ve established in the investor decks?). One way or the other, limping along with no sales will eventually catch up with you. Despite the pitch. Revenues fix almost everything. Onward: iAn - Ianthus Capital Holdings Scratched! Now post merger with MPX - and that I’ve already done that one - means redundancy at this juncture. We’ll skip this, and add a newcomer to the list at the end. Xmas surprise time! CHV - Canada House Wellness Group Inc Price Then: $0.37 - Price Now: $0.13
Lots of cash atm. That’s definitely gonna be needed as we’ll see. Sales Tax rec’ble says they’ve had sales too. They're gonna need every cent.
Liabilities remain as big of yoke as last time. An ox pulling a dull plough through compacted soil is the mental image I get.
$32MM in accumulated deficit in S/E. Plenty of ‘junk in the trunk’.
$1.2MM in revenue. $1.4MM in salaries.
That $1.4MM in salaries is only 38% of total operating expense.
Love the detail in financials. Remember it from last year. All companies can do this. And it’s appreciated.
Interest expenses are from another planet. A very, very big planet.
These guys need a tourniquet. Hemorrhaging from every limb, orifice, window, door, niche and crevice.
Seeing SBC of $1.4MM - in this operational state - C’mon. Seriously. There’s pushing envelopes, and then there’s that.
Added $1.1MM in ‘intellectual property’ - but it’s not itemized. WTF. Did I miss it? Curious if actually omitted. ?
Another Note 10 setting new benchmarks of vulgarity….I got light headed reading it.
This one could have a sign over it’s Note 10 portcullis: ’Abandon all Hope Ye Who Enter Here.’
Interest free loans to a director (when an outfit is in this shape????)
“You are now entering Liquidation City” Population: CHV Home of the ‘cash only’ auction. All purchases must be removed by 5PM or goods and purchase price will be forfeited From doing these guys last year, I recall vividly how much I appreciate good disclosure. With it, there’s not only many more items to divine the entrails of - it also allows one to get a 3D look at an outfit. Often, business dislikes this for obvious reasons (it signals activities/plans/competitive advantages), but also because many people are uncomfortable taking a shower in public. I took my foot off the throttle though after a certain point with these guys - there’s much more to speak to. All of it negative. I went a little overtime on this one, because I like the idea of a patient-centric Canadian producer. But. If these guys last a year….there’s going to have to be capital infusion, and Note 10 will probably expand to the size of a large city’s phone book. It’s looking as proof that c-suite changes don’t change underlying business realities. And these guys need major changes, in far more than management. LIB - Liberty Leaf Holdings Price Then: $0.48 - Price Now: $0.10
not much cash, all they had seems to have gone into ‘facility equipment’.
Since they don’t seem to have a facility (on their books anyhow) that makes sense.
Appears to have pivoted (the elves always chuckle hearing that word) from aspiring producer, to ‘cannabis business accelerator’.
I read this as that they took a couple of runs at getting a grow op up, but got high centred on the meridian of ACMPR licensing delays (Pivot Time!)
Note 8 & 9 cover their ‘investing activities’. But it’s mainly transactional. If they’re ‘building value’ for shareholders, odd way to do it using paper on non-operating assets, and no apparent uplift able to be predicted.
CEO has gotten some help - he’s gone from ‘Chief Cook & Bottle Washer’ to mainly big chair activities.
SBC of a million dwarfs all other income statement spends
60% of assets is their own paper, issued as ‘investment in associate’
$26MM of S/E? Please meet $26MM deficit in S/E. LIB’s capital is ostensibly only paper, and more paper.
If liquidated on hard assets, company would realize $2MM. I didn't have time to look into unconsolidated subs.
The loading of optionality in 2019? Pretty much all struck. Most of management's fruit has been shaken from the tree.
Whoop. Spoke too soon. Still 5MM of $0.17 options left to go. Looks like there’s still a lot of fruit up top yet
Note 19 is all one needs to read on this thing.
This feels like a squatter-aspiring-to-be-taken-out…..shifted to……business-accelerator-ATM-for-mgmt. The businesses they’ve invested in could use a lot of accelerating btw, they’ve picked ones that are like cars rusting in a field. The blockchain outfit has shed half its value since listing, and the late stage applicant’s business(es) appear to be suspended in amber. They’re also connected to some clinical trials, a retail facing outfit, among several others. All paper, all the time. If there’s a business in here outside of a cashlessly fuelled pitch deck (written on lots of paper), I can’t see it. Perhaps something will happen someday. Nothing has in the last 365 of them. Excepting SBC of course. It's been busy there. QCC - Quadron Cannatech Corp Price Then: $0.38 - Price Now: $0.12
Cash and inventory and liabilities and S/E relatively flat.
A/R shows sales throughput
30% margins. G&A lean. SBC exemplary for industry.
SBC might also be low because share price has tanked.
Sales needed. Slower industry ramp has slowed industry need for equipment. Should be stronger year if the underlying operational capacity begins to expand, and demand for units cranks.
Very clean financials. Not much else to say or see.
This one is dead simple in the financial statements. Love love love. Whether they’ll start extracting revenue, is solely a function of their sales channel. As I’ve learned over the past year - everybody (and I mean everybody) - is in the extraction space. Operating in this industry sub-sector is like being in a sardine can without any oil (pun intended). Crowded space indeed. Cashflow is the core of business, and, if QCC can compete and succeed within what is a very competitive landscape - all power to them (and Canadian manufacturing as well). Calling this a ‘challenging environment’ is an understatement. Sales need to begin growing. Another year in the same general state will test market patience, which, is looking like its' already becoming impatient. Disclaimer - I've met Rosy several times now, and have come to respect her very much. I believe she’s a class act: both professionally, and personally. FWIW, full disclosure. I’m gonna go have some egg nog with the elves and compliment them on their behavior. They don't start drinking until after 1PM most days now. That they get out of bed around noon, it's not really saying much. Still, a big improvement over last year.
Does anybody know more about FireLotto (https://www.firelotto.io/) than what is on their website/whitepaper? Their idea, although not completely original, sounds good. It makes sense to me as an application of blockchain technology and decentralization. They seem to have targeted a niche well and appear to be solving lottery-type problems. The team seems OK and the advisors too. And yet... they have raised so little so far; get so little attention online; cite publications that have mentioned them which are on the shadier side of the street as far as I can tell (e.g. ForexNewsNow) etc. They have social media going but it doesn't seem that dynamic. They're based out of Cyprus... TL;DR Is FireLotto a scam? Just wondering what everyone else thinks?
I have been thinking. Psychics can supposedly predict the future. If that's the case, why don't they predict the lotto numbers, the winning team in each World Cup match, the direction of a company's stock (or for that matter, forex and commodities), etc? They would make a killing. I know most of you would counter that they are not supposed to use their gifts for making profit. Okay, let's say they don't use their gifts for making profits. The question is can they predict any of what I mentioned earlier?
Tron (TRX) price surges, can one buy a Lambo with it realistically?
The recent Tron updates, pronouncements regarding the speed of the Tron platform and the resumption of TRX deposits trading in BitForex has been making headway in the cryptocurrency sphere. Going by Singapore time, on 26th June, all Tron (TRX) digital coins of BitForex had completed the main platform migration while the management of Tron Foundation went ahead to praise Tron’s speed jokingly refereeing to it as being faster than the Lamborghini. Getting the vibe from Tron Foundation, one of the candidates vying for the super representatives’ posts, Team Tronics, posted a post with a video on his Twitter page about the transaction speed clocking few seconds indicating the site is both user-friendly and swift at the same time. The tweet reads:
Twitter Ads info and privacy At the same time, Cobo wallet has also finished Tron’s new mainnet advancement and has recommenced services for TRX digital coins. On the other side, CoinFalcon, a virtual currency exchange whose intention is to thought-provokingly put the future of coinage, in the pockets of the world, listed Tron deposits and withdrawals recently. CoinFalcon disclosed:
“Users that have deposited their tokens to CoinFalcon before the migration will also now be able to trade their newly-minted digital coins.”
Will Lambo Speeds Lead to a Possible Bull Run shortly?
It is obvious by now that nobody can say or predict for sure cryptocurrency price valuation on a particular day considering the volatility of the market. However, there is no doubt about the exciting future Tron (TRX) has ahead of it. To many analysts including myself (I’m trying my best to be), the only outcome the market should expect is a boom in its prices probably in the early stages of Q3 this year. To simply put it, What am trying to say is that Tron’s value might be tanking, just like many other virtual currencies, but the level of tanking Tron might be experiencing might come to shock the whole world with a drastic price surge. I can advise you now for free that if you are searching for a digital coin to add in your portfolio, one of the currencies you might want to consider is Tron (TRX). Contrary to the market trend of selling cryptos when they are depreciating and fetching low valuations when the prices go down, it should be time for investors to buy and store the cryptos somewhere (Tronnow) until the day we are all waiting. When the values could fetch Bitcoin like prices that might just allow us to buy our very own Lamborghini. Time decides everything.
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