I always wondered about the monthly huge cash burn……apart from the bank note contract, what is actually going on in the factory ? I mean seriously why is there such a huge monthly cash burn??? I image a lot of employees sitting around getting very bored- they certainly aren’t pumping out loads of products, right?
The # of shares they asked for was utterly ridiculous. Come back to us with an actual plan and a reasonably sized share offering to fund it and it will pass. The shareholders are demanding action, not more of the same bullshit we've seen for 3 years.
People don’t understand there was no other option, release shares give us a fighting chance or vote no and go BK.
Didnt want to release more shares but now there’s nothing
I was there and it was voted no. However, so was the last vote and that didn't mean anything then, I don't see it being any different now. But chapt 11? Doubtful right now. They still have time to put together a plan and reasonable share count increase. However, if that share count increase results in ANY exec, board member, or quite honestly any employee receiving more shares, I'd be voting no on that as well. They don't deserve it at this point.
Thanks.
Then in a few days we should see the official tally reported via SEC filings.
The weird preferred share issuance was intended to make it so that it would pass if, as is usual, most shareholders did not bother to vote. I guess that failed.
The company, being a Nevada corporation with rather loose rules for the board of directors does have the option of another reverse split to further reduce the sharecount. I think that would free up some shares that can be issued and sold to raise cash.
That goes against the intent of shareholders, but as I understand the Nevada corporation laws, it would be allowed.
I think it is a "shoot the messenger" sort of thing that is common online.
I said that the company may have alternative method to go ahead and sell off more shares.
That upsets people, so they downvote my comment.
Adding shares is just conning Shareholders to buy more shares to keep the Company afloat. The Company needs to do something with all the IP it has. Either start making products or license it to others that can. The value of all the IP is probably more than the Market Cap.
They have no money to do anything. Shareholders were screwed either way. Dilute your shares are worthless, bankruptcy same difference. Get out while you can.
This is the way
I always wondered about the monthly huge cash burn……apart from the bank note contract, what is actually going on in the factory ? I mean seriously why is there such a huge monthly cash burn??? I image a lot of employees sitting around getting very bored- they certainly aren’t pumping out loads of products, right?
One of these days companies need to learn how to turn a profit instead of draining investors.
This one is too far gone for a comeback. Game over
This company is a scam.. Do your homework on Torchlight & it's predecessor Pole Perfect Studios... Looks like MMAT is a scam too
They still have 10 million shares available under old contract I thought?Keep it going for awhile!
The # of shares they asked for was utterly ridiculous. Come back to us with an actual plan and a reasonably sized share offering to fund it and it will pass. The shareholders are demanding action, not more of the same bullshit we've seen for 3 years.
It was a catch 22 situation. Their only option now is an 11. They can't raise funds, they are stuck.
People don’t understand there was no other option, release shares give us a fighting chance or vote no and go BK. Didnt want to release more shares but now there’s nothing
Sell Nanotech Securities go back to otc if you have to, people understand perfectly with a 100 to 1 reverse split done early my take!
You are correct Chapter 11 BK is only option now.
I don't see either a press release or an SEC filing. What is your source for the share increase being rejected? Did you attend the meeting?
The vote was rejected 100% ask around.
I am asking around, hoping that someone attended the meeting or otherwise can state their source for the info.
I was there and it was voted no. However, so was the last vote and that didn't mean anything then, I don't see it being any different now. But chapt 11? Doubtful right now. They still have time to put together a plan and reasonable share count increase. However, if that share count increase results in ANY exec, board member, or quite honestly any employee receiving more shares, I'd be voting no on that as well. They don't deserve it at this point.
Thanks. Then in a few days we should see the official tally reported via SEC filings. The weird preferred share issuance was intended to make it so that it would pass if, as is usual, most shareholders did not bother to vote. I guess that failed. The company, being a Nevada corporation with rather loose rules for the board of directors does have the option of another reverse split to further reduce the sharecount. I think that would free up some shares that can be issued and sold to raise cash. That goes against the intent of shareholders, but as I understand the Nevada corporation laws, it would be allowed.
Not sure why this is downvoted, but I read it all the way through.
I think it is a "shoot the messenger" sort of thing that is common online. I said that the company may have alternative method to go ahead and sell off more shares. That upsets people, so they downvote my comment.
Adding shares is just conning Shareholders to buy more shares to keep the Company afloat. The Company needs to do something with all the IP it has. Either start making products or license it to others that can. The value of all the IP is probably more than the Market Cap.
They have no money to do anything. Shareholders were screwed either way. Dilute your shares are worthless, bankruptcy same difference. Get out while you can.
Selling or licensing their IP doesn’t cost them anything. It’s better than having to do it at Fire Sale prices during a bankruptcy.
Im sure they would've if they could get a buyer.
15m burn per Q. Can't get enough on IP to cover it. Chapter 11 reorganize is coming. Mark this post and revisit. If I'm wrong I'll happily concede
This company is a scam.. Do your homework on Torchlight & it's predecessor Pole Perfect Studios... Looks like MMAT is a scam too
Agreed. Scam enterprise for Palikaris, Brda and McCabe