On November 20, 2015, Comstock Two Rivers I, L.C. and Comstock Two Rivers II, L.C., each a wholly-owned subsidiary of Comstock Holding Companies, Inc., (collectively known as “CTR”) received notices of default from Two Rivers Associates LLC under Sales Contracts originally dated May 29, 2014 (the “Two Rivers Contracts”) for their purported failure to purchase the minimum amount of finished townhome lots required by the lot takedown schedule set forth in the Two Rivers Contracts. According to the notices of default, CTR has ten (10) days to cure the default. In the event CTR is ultimately deemed to be in default under the Two Rivers Contracts, the sole remedy for CTR’s failure to cure the purported default is forfeiture of it purchase money deposit in the current aggregate outstanding amount of $1,444,000. CTR and Two Rivers Associates LLC are currently in discussions regarding the Two Rivers Contracts.
Harvest Natural Resources, Inc. (the "Company") previously announced that we have begun discussions with PDVSA toward reaching an agreement for an amicable exit from Petrodelta but that there could be no assurance that these discussions would be successful. To date, these intermittent discussions have not led to any offer or terms that would be remotely fair and equitable to Harvest’s shareholders, and PDVSA has been so advised. Again, as previously disclosed, if these discussions do not lead to a fair and equitable solution for our shareholders, Harvest expects to move forward on the arbitration path as previously announced, to the extent that it is legally permissible and that it continues to be in the best interests of our shareholders.
We may offer to the public from time to time in one or more series or issuances at prices and on terms that we will determine at the time of each offering, shares of our common stock, warrants to purchase shares of our common stock, debt securities, convertible debt securities, rights and/or units consisting of a combination of the foregoing securities, or any combination of these securities. The aggregate initial offering price of all securities sold by us pursuant to this prospectus will not exceed $25,000,000.
This from the 8-K issued this morning:
Effective March 20, 2015, at 5:00 p.m. EDT, the Board of Directors (the "Board") of Dataram Corporation ("we" or "our"), by unanimous resolution, removed John Freeman from our Board for cause (breaches of his fiduciary duty and duty of loyalty and his acts of fraud and dishonesty). Accordingly, his term as one of our directors terminated as of such date and time. The removal was consistent with NJ Rev Stats Section 14A:6-6 (3) and Article II Section 1 of our Bylaws. The Company will take all appropriate legal action to address his conduct. We are continuing our previously announced search for an independent director.
Today company reported a loss of 7 cents a share for the quarter and slashed the dividend from 5 cents to 3.5 cents.
This is from the conference call transcript:
Steve Lance - VP of Finance and CFO
"Let me just kind of go over the issues. Back in February 2014 we received a notification letter from NASDAQ advising us that we did not comply with the minimum shareholders’ equity requirement of $2.5 million. Since then NASDAQ has granted us two extensions with the latest expiring on February 16, 2015. For the quarter just completed our equity increased from about $900,000 at the end of September to $1.3 million at the end of December. We’re still short of the required $2.5 million.
We are still working on a way to meet the $2.5 million equity requirement and if we do not meet that requirement by the 16th arrangements are being made for us to be traded on the OTCQB marketplace on or about the same day or shortly thereafter."
From the earnings PR:
On February 12, 2014, the NASDAQ Stock Market ("NASDAQ") initiated proceedings to delist Giga-tronics from the NASDAQ Capital Market for failure to maintain the minimum required shareholders' equity. NASDAQ has granted Giga-tronics two extensions with the latest expiring on February 16, 2015. If Giga-tronics is not compliant by February 16, 2015, arrangements are being made to be traded on the OTCQB marketplace on or about the same day or shortly thereafter.
Well, Q1 is historically a weak quarter for them, and orders have a funny way of slipping from one quarter to the next. The following is from yesterday's earnings call:
"Thomas R. Brown - President and CEO
Actually last year and that was one of our better first quarters if you look back over history. First quarter is usually a bad quarter for us, but last year we did 3.8 million and a little bit – a small profit.
Lloyd Korten - Unique Investments
And you’re anticipating beating that for this quarter?
Thomas R. Brown - President and CEO
We’re hopeful, Lloyd. We’re hopeful. We get these orders in, we get these orders out. I hate to give any guidance. We’re hopeful."
Another thing to be aware of is that they are more than halfway through Q1, so they should have a pretty good idea of how the quarter is playing out at this point.
LRAD had net income of $3.3M for the year. $1.8M was paid out in employee bonuses. That seems a little high relative to the net income figure.
On the conference call, mgt said Q1 was off to a good start, but was noncommittal when asked whether it was going to be better than the previous Q1. Last Q1 had revenue of $3.8M and EPS of nil. I'm not getting a warm, fuzzy feeling about next quarter.
CEO Kenneth Ferry sold 20k shares on 08/19/2014 @ $10.06
SR VP Stacey Stevens sold 5k shares on 08/20/2014 @ $10.57
CEO Kenneth Ferry sold 40k shares on 08/25/2014 @ $10.71
CFO Kevin Burns sold 4.7k shares on 08/26/2014 @ $10.47
CFO Kevin Burns sold 31.7k shares on 08/27/2014 @ $10.43
Company announced new strategic direction which also includes suspending the dividend. Long term this might work out well, but in the short term it is going to create a lot of downward pressure on the share price as individuals holding this one for the dividend head for the exit.
On the flip side, the fact that YA Global is willing to invest in the company adds legitimacy which is always a question when it comes to these Chinese companies.
A huge turnaround? I must have missed it. Their sales are down for both the last two quarters y/o/y. Their sales have been going down for years. They finally eked out a 2 percent rise in sales this year, but still couldn't post a profit.
As a matter of fact, they lost more money this year than last year. They have posted a profit once in the last nine quarters.
If this company was profitable and growing quickly it might be a viable buyout candidate, but that's not the case here. Not even close.
The best this company has done in the last 10 years is post a profit of 10 cents per share.
Do yourself a favor and concentrate on companies that are profitable.
This from the 8-k issued today:
Because the amount of Merger Consideration is substantially less than the aggregate minimum liquidation preference of the Series E-2 Stock, all Merger Consideration will be paid to the holders of that series of preferred stock. In particular, the holders of the Company’s common stock, Series A Participating Preferred Stock, Series C Convertible Preferred Stock, Series E Convertible Preferred Stock, and Series E-1 Convertible Preferred Stock will not receive any consideration in the Merger. Additionally, each Company option or warrant outstanding immediately prior to the Merger, whether or not then vested and exercisable, will be cancelled without the receipt of any consideration.