3 month delay not a lot of time-value decay. oversold IMO.
Affirms that the Mississippi court is proceeding with the case, and no inter parte review is likely by USPTO.
Meanwhile their ATM hasn't been tapped yet (min. share price of $2.50), so they are not worried about cash.
I did some digging and the controversy was over FTD players being upset about an email stating that they would be issued tax forms based on what appeared to be gross winnings. After a lot of hullabaloo in the last 16 hours, the company revised their position and stated it would be based on net winnings, not gross:
The email sent to FTD Users:
Hello FanTD User,
If you are receiving this notice, it means that you are on our master list of users who have met or exceeded the total in winnings that would require a tax form to be submitted. We would like to take this opportunity to inform you of our policy on this matter, as well as ask you to please submit the required forms as soon as is convenient for you.
For any user who has a total in gross winnings that equals or exceeds $600 for any calendar year, the government requires us to get a W9 form for US citizens, and a W8 form from users outside the US.
This total does not take losses or withdrawals into account, and is strictly a total in winnings that you have been awarded in one year’s time. Please understand that filling out the required form is NOT an agreement to pay tax on this amount, it is strictly the information WE need to report these winnings to the government as we are required to by law. How this affects your yearly tax burden is between you and the IRS, and our participation does not in any way affect that process.
Please note that any pending withdrawals are held from processing for any users who are required to send the tax forms and have yet to do so.
If you have any questions or concerns on this matter, please do not hesitate to contact us.
REVISED POSITION IN NEW MESSAGE from MGT regarding FanTD Tax Reporting:
We spoke to MGT’s CFO. This is his official stance as of now:
We will be reporting NET winnings. Our auditors gave us incorrect guidance.
A fuller explanation and an apology will be posted in the morning.