I have to wonder out loud whether IFNY rushed to file those 2 remaining 10-Q's because they intend to close the Grenada financing deal in the next week or two. In the cc Stan stated that he expected to close the Grenada Financing in the next sixty days "at the outside". It has been 34 days since Nov 17, the day of the cc.
That is what the PR that I received stated: "Sat, Dec 20, 2014 12:00 – Infinity Energy Resources, Inc. (IFNY: OTCQB) – Tier Change – The symbol, IFNY, no longer is classified as OTC Pink Limited. As of Sat, Dec 20, 2014, IFNY resides in the OTCQB tier."
Checked the SEC filings. They filed TWO today. One for Q2 2014, the other for Q3. That's it folks. The preconditions for the closing of the Grenada deal were the filing of the 10-K for 2013 and the 10-Q's for the first three quarters of 2014. Those preconditions have now been fulfilled. I would think we would see a PR and an 8-K on the closing of the Grenada financing by or before (hopefully before) mid-January. Then we should see another one when they contract a rig.
Why would IFNY go to all the trouble and expense of getting the SEC filings up to date so quickly if the deal is not imminent.
2015 may well be our year.
51750/122303 or about 43%. Assuming that all those short sales were covered intra-day (MM's regularly use intra-day shorts and covers to make a market), only about 18,800 of yesterday's volume was accounted for by true buys and sells.
Yes, of course. The main three are stock price, market cap, and being up-to-date with SEC filings. If IFNY finds oil, the stock price and market cap will take care of themselves. It is possible that just closing the deal and then starting to drill will have a major impact on those criteria. But the one criterion that IFNY can control right now is being up to date with SEC filings.
I looked at the full report on IFNY's website under SEC filings. This 10-Q is "For the quarterly period ended March 31, 2014." So we now have the 10-K for 2013 and the 10-Q for Q1 of 2014. In the CC Stan noted that they have to bring their SEC filings current before the deal with Grenada can close. That means we still have to wait for the filing of the 10-Q's for Q2 and Q3 of 2014. Because of IFNY's small market cap, the deadline for filing the 10-K for 2014 is not until March 31. So IFNY should be current when these last 2 10-Q's are filed. IMO, Grenada wants IFNY in the position to move to the NASDAQ or an exchange as quickly as possible in the event oil is found. And that move cannot happen if the SEC filings are not current.
I believe the deal will close within two weeks after the filing of the remaining two 10-Qs.
I agree. It's a very nice presentation. But I think we have to wait for the Grenada deal to be done and then for a rig to be hired before we start getting increased attention from the market. I remember how we ran up when Noble was drilling its well next door. The run up should be even bigger when we are drilling our own well.
BTW, we don't need to read anything before we can #$%$ on you. :)
As well as an 8-K about the loan extension. I expect the 10-Q's for the first three quarters of this year to come in by the end of December. As per the CC, these need to be filed before the a final deal ($) with Grenada can be reached.
Did you listen to the CC? The note date has been pushed out 5 months to April 7.
I listed all of the material points of the CC in my post "I think".
Oh, and they will be putting together a new presentation - incorporating info on the new seismic and financial info - for the LD MICRO Micro-Cap Growth Conference on Tuesday, December 2, 2014.
That should be interesting
I listened very closely to the CC yesterday. My four basic takeaways:
1. The loan has been extended to April 7. Very good.
2. Final deal with Grenada expected within 60 days "at the outside". Good. Depends on when they finalize and file the 10K for 2013 and the three 10-Q's for 2014. I suspect that this is not only for Grenada's due diligence but also to make sure they have their ducks in a row to be able to meet the listing requirements for NASDAQ or an exchange. They talked about moving to NASDAQ or an exchange during the CC.
3. They are still going to attempt to start drilling in Q2, but Stan noted that that was very aggressive; so I expect Q3. OK
4. IFNY's residual interest in the concession will be significantly higher than what they have been conservatively estimating. Good.
So it was a positive CC, but CC's nearly always have a positive spin. When the deal with Grenada actually closes and we have the money to drill, my confidence in IFNY will go up substantially.
I believe - believe - we will get a deal and then drill a well or two. Strike? Well, that's the big unknown, isn't it?
Surprisingly, we did get a piece of news (good news) yesterday. The deadline for the repayment of the loan was extended out to April 7. Stan indicated that the lender (SKM?) did not get anything material in return for the extension.
Why IFNY decided that they didn't need to 8-K this event before the CC is beyond me. It clearly is a material event regardless of the consideration given to the lender for the extension.
I am still intrigued by the timing of the CC. IFNY does not usually do CC's after the market closes. I cannot recall IFNY holding a late day CC before.