extends tender offer for shares of JPST until April 17 due to continuing discussions with the company
$3.7 million loss. Increasing from $2.9 million last year. And of course the share count continues to grow too.
As they just cant seem to sell or give away their shares fast enough.
The Company faces a number of significant risks associated with its current plan of operations. These include the following:
The effects of the recent global economic crisis has had an impact our business, operating results, and financial condition, and the rate of recovery is uncertain.
The recent global economic crisis has caused disruptions and extreme volatility in global financial markets and increased rates of default and bankruptcy, and has impacted levels of consumer spending. It has tightened the supply of investment capital. These macroeconomic developments and the unpredictable rate of recovery could continue to negatively affect our business, operating results, and financial condition in a number of ways.
Our limited operating history makes evaluation of our business difficult.
We have limited historical financial data upon which to base planned operating expenses or forecast accurately our future operating results. Further, our limited operating history will make it difficult for investors and securities analysts to evaluate our business and prospects. Our failure to address these risks and difficulties successfully could seriously harm us.
We have never generated any significant revenues, have a history of losses, and cannot assure you that we will ever become or remain profitable.
We have not yet generated any significant revenue from operations and, accordingly, we have incurred net losses every year since our inception. To date, we have dedicated most of our financial resources to research and development, general and administrative expenses and initial sales and marketing activities. We have funded the majority of our activities through the issuance of debt or equity securities. We anticipate net losses and negative cash flow to continue for the foreseeable future until such time as licensing or operating revenue is generated in sufficient amounts to offset operating losses. Our ability to achieve profitability is dependent upon our continuing research and development, product development, and sales and marketing efforts, and our ability to successfully license our technology. There can be no assurance that our revenues will be sufficient for us to become profitable or thereafter maintain profitability. We may also face unforeseen problems, difficulties, expenses or delays in implementing our business plan.
Our cash requirements are significant. The failure to raise additional capital will have a significant adverse effect on our financial condition and its operations.
Our cash requirements and expenses will continue to be significant. Our net cash used in continuing operations for the years ended December 31, 2013 and 2014 was $1,212,252 and $1,718,621, respectively. These negative cash flows are primarily related to operating losses and, to a lesser extent, fluctuations in working capital items. We continue to use cash in 2015 as it becomes available and we anticipate that we will require significant additional financing for working capital requirements for the foreseeable future to continue the development, marketing and licensure of our technology and products based on our technology. Although we have been successful in raising funds in the past, there can be no assurance that we will be able to successfully raise funds in the future, especially in light of current adverse conditions in the capital markets and the weak economy generally. The failure to raise additional capital will have a significant adverse effect on our financial condition, our operations, and our ability to market and sell our products. Our ability to continue as a going concern is dependent on our ability to raise capital.
From time to time, we issue stock, instead of cash, to pay some of our operating expenses. These issuances are dilutive to our existing stockholders.
We are party to agreements that provide for the payment of, or permit us to pay at our option, securities in consideration for services provided to us. All such issuances are dilutive to our stockholders because they increase the total number of shares of our common stock issued and outstanding, even though such arrangements assist us with managing our cash flow at a time of increasing operating expenses coupled with decreased and further decreasing liquidity.
Our stockholders face further potential dilution in any new financing.
Any additional equity that we raise would dilute the interest of the current stockholders and any persons who may become stockholders before such financing. Given the low price of our common stock, such dilution in any financing of a significant amount could be substantial.
Our stockholders face further potential adverse effects from the terms of any preferred stock which may be issued in the future.
In order to raise capital to meet expenses or to acquire a business, our Board of Directors may issue additional stock, including preferred stock. Any preferred stock which we may issue may have voting rights, liquidation preferences, redemption rights and other rights, preferences and privileges. The rights of the holders of our common stock will be subject to, and in many respect subordinate to, the rights of the holders of any such preferred stock. Furthermore, such preferred stock may have other rights, including economic rights, senior to our common stock that could have a material adverse effect on the value of our common stock. Preferred stock, while providing desirable flexibility in connection with possible acquisitions and other corporate purposes, can also have the effect of making it more difficult for a third party to acquire a majority of our outstanding voting stock, thereby delaying, deferring or preventing a change in control of the Company.
5.9 acres is only a very small part of the 383 acres they owned prior to the sale. The 383 acres were on the books for $17.84 million.
Land Held for Investment
Huntley, IL Land 383 17,840
But the current board has proven they cannot be trusted.
Groveland wont win, but maybe next year, someone will.
This is like a trial balloon. If Groveland can get 20-30% of the vote then next year if someone buys 5%+ and puts up a better slate, they CAN get control.
Unless Biglari realizes that he can live on $10 million a year.
Join me in writing to the board.
They sold a piece of land that had long been for sale.
And refinanced 3 properties and pulled out $3 million in cash.
sold 5.9 acres of land in its master-planned development in Huntley, Illinois to Advocate Healthcare.
Its been a long time but this MAY increase book value as I think that hand was on their books for very little and there may have been tax credits involved.
Its been a LONG darn time since this stock was $4.
Hopefully it continues higher.
Blocks were 121.036 shares each.
The stock keeps tanking but who cares, this is a stock for the next 200 years, right ?
Whats an extra $34 million a year ?
I expected to hold BH forever. That was back when I trusted him. Now I think he is a #$%$ so why should I hold it at all ?
The only reason I have is to avoid paying taxes on my gains. Not because biglari was honest, because he was lucky.
If its so simple, why did they hire an experienced professional instead of you ?
So you think every shipment coming from Dallas is cheaper than having closer DCs ?
The problem with any challenge is getting the funds back from Biglari.
He will keep what he deems his and the board would have to sue for the rest.
Just a really sad situation unless the board grows a pair and makes him ship up.
Yes, the punk jdrock thinks a respected publication like Forbes is full of idiot.
What a moron. Its clear this punk has a vested interest in biglaris continued theft from shareholders.
Bottom line is this year was just a test. Biglari and this crooked board will lose control unless they shape up bigtime.
But the sad part is he walks away with a huge going away package thanks to his criminal board cronies.
Honestly, Its just sad that the lawsuit was thrown out. This is a clear case of what is wrong with corporate America.
And this is coming from someone who bought SNS before Biglari got control. Indeed, I bought Western before he got control of it.
I used to be a big fan. The last few years have taught me that he and his board are dishonest criminals. In my
Perhaps, after years of hoodwinking shareholders, Biglari will see that he’s lost the confidence from the market and needs to reform. A look into the abyss of his career as a public company CEO may cause him to stop pillaging corporate assets, taking outrageous compensation and operating his businesses with impunity.
That, however, appears unlikely.
He and the board have given us every reason to distrust them.
They didn't even attempt to make reasonable changes.
My guess is this year was a trial run for NEXT year with a better slate and a hedge fund who takes a meaningful stake.
Even the proxy firms admit groveland made a good case and recommend to withhold the entire BH slate.
jdrock is either biglari or his stupid little brother who would be out of a job if Big lost control.