From the Resonant Inc Prospective:
"Our auditors have expressed doubt about our ability to continue as a going concern." Sound familiar?
Fact: "Immediately following the completion of this offering, our authorized capital stock will consist of 50,000,000 shares, with a par value of $0.001 per share, of which:
47,000,000 shares are designated as common stock; and 3,000,000 shares are designated as preferred stock."
STI could end up with less than 2% ownership.
STI's convertible note converts to 700,00 shares upon IPO, Resonant Inc. will have 3,787,589 shares outstanding after IPO which excludes 1,580,894 warrants, options and grants, plus warrants for 10% of stocks issued during IPO by the underwriter.
If IPO is successful than STI will have at most 13% ownership less warrants exercisible by underwriter of 10% of stocks issued for IPO.
If Resonant Inc is unable to pay the $7m 6% secured note due Sep 2014 then STI's contributed patents are now owned by this secured note holder.
Let's see, STI doesn't have commercial production capability and is having problems with its prototype RCE-CDR, so not having a HTS commercial deal is no big surprise.
Does STI run out of money prior to prototype RCE-CDR reaches designed functionality? STI has only been tuning it for almost a year and a half.
STI's ownership of Resonant Inc is zero, but has a $2.4m subordinated convertible note receivable valued at $185k for the $608k worth of assets that STI contributed.
Last 10Q, "In July 2012, we contributed 14 issued and pending patents regarding our innovative configurable Resonance™ (RcR) technology, limited use of our Santa Barbara facility, experienced executive leadership and technical expertise as our minority investment in Resonant LLC. As of December 31, 2012 and June 18, 2013, our interest in Resonant was 30%, and the net value of the assets contributed, estimated to approximate fair value, was $423,000 and $185,000, respectively. We had accounted for this investment using the equity method and included it in Other assetsfor both periods.
At June 18, 2013, we announced via a press release, that we exchanged our equity interest in Resonant LLC, a wholly owned subsidiary of Resonant Inc., for a $2.4 million subordinated convertible note receivable from the new Resonant Inc. No gain was recognized for the exchange of our net equity interest on the date of issuance for the note receivable due to uncertainties in connection with the collectability of this subordinated note receivable. Our note is subordinated to a third party lender and is only convertible in the event Resonant, Inc. conducts an initial public offering and certain other conditions are met. We determined that our net equity interest of $185,000 approximated the carrying value of the note receivable at September 28, 2013."
Pay close attention to the cc. STI has repeatedly missed deadlines and has problems with the RCE-CDR prototype, i.e. able to produce only about 20% length of designed capability of 100m. Doesn't bode well for planned 1km machine.
The bottom line, STI has no means to produce enough revenue to cover costs. Its wireless business is obsolete and no meaningful income from HTS wire.
STI will need to raise more capital (dilution) mid-year, which it has done repeatedly in the past followed by two reverse stock splits. Examine the price history provided by Yahoo, which is not pretty.
mask_lpx_spx is an impersonation of mask_ipx_spx substituting a "l" for "i" in "ipx".
mask_lpx_spx was created for the sole purpose of deception.
I believe you're optimistic, STI's HTS manufacturing progress indicates a Chapter 7 filing is more likely.
The LYING TROLL pumped ISCO till it went belly up, now it it paid to pump STI till same.
Too add to r2d2's comments, there are basher's because STI doesn't have a commercial product, nor anyway near to having same. All STI has is pumpers, more dilution and more reverse stock splits.
Whatever happened to that cable demo project? How about those stage-3 orders by the end of 2013?
After over a year STI can manufacture (pilot) a sample presented at an investors conference of about 27 continuous meters (thanks to youthink for technical knowledge) with a minimum Ic of around 200 Amps after cutting out a bad section at the extreme, which is the metric that counts, average Ic is meaningless. This is the best that STI could offer to big investors.
STI's HTS process doesn't look promising. This has put THE LYING TROLL into a hissy fit, as it is given stock at low cost and profits if it can create a Momentum Play.
Next THE LYING TROLL will have it's 8 or more sockpuppets (think individual POTS lines which are given individual IP addresses to bypass YAHOO alias limits) to chime in.
THE LYING TROLL will also complain if anyone posts while it is sleeping off a drunken stupor.
I do believe THE LYING TROLL has once again proved it is a LYING TROLL in this thread, but that's what LYING TROLLS do.
STI provided evidence that it can manufactured (pilot) HTS wire of 30m with an average Ic of 350Amps, note the word average. Minimum amperage is what will be delivered end-to-end.
There was a bullet point in the latest presentation concerning "Compositional uniformity is within 0.5% from along entire 100m length", no amperage was given or tested samples or any other evidence to explain this bullet point.
The CEO of STI claimed between 30-40 meters as the longest continuous piece that STI has built. A 100m length would be a material fact, don't believe JQ is that stupid to misrepresent STI's HTS wire length.
Stupid LYING TROLL, time zones are not limited to the continental US, London (GMT 0); Wellington (GMT +12); Hawaii (GMT -10), etc. and people travel between time zones.
The longest tested built wire presented by STI is 30m, which is within the 30-40m longest length JQ stated as being built.
Pfeiffer and Huh need to further explain the 100m uniformity of the depositions bullet point, as the tested samples were no longer than 30m.
STI's past performance, remember the failed wireless business, requires that STI provide evidence of performance, rather than JQ's opinion.
THE LYING TROLL has lied about past performance than lies when caught, for example:
Reply to One week and counting by mask_ipx_spx •Mar 15, 2013 1:09 AM
r2d2_n_c3po • May 8, 2013 5:08 PM
they have been delivering 10-20 meter samples to customer for the 200-400 Amp wire and likely have been doing so for weeks..."
Reply to Momentum Play by mask_ipx_spx •Jun 6, 2013 6:15 AM
r2d2_n_c3po • Jun 6, 2013 10:20 AM
"The unmasked lying troll states that "It was pumping the lie that STI had achieved 10-20m commercial grade wire," That's another unmasked lying idiot lie. I never said they had, I 've said that we don't know if they have and neither does the unmasked idiot...but the idiot made this lying statement: "STI has NOT produced commercial grade 2G HTS wire." and he has absolutely no evidence of that. NONE WHAT SO EVER.... "