at a minimum $2-$3 mill loss per quarter, the equity requirement will simply become worse and worse.. It'll have to be a stock raise and good luck finding suckers to fund the $10 million... any raise will likely be well below $1... but hey there were enough IMBECILES last rights offering like $15 million raise well under the market price...will similar a$ shats be found to subscribe to another offer? you morons better get ready for another rights offering at 50-75 cents would be my guess. If the raise would be done by june 30 for $10 mill at 70 cents, the equity would be maybe $6 million .. which would quell the nasdaq... BUT not for long, since they are losing $2-$3 mill per quarter.
or it may be even less .. maybe 75 cents.. this will be required since they otherwise face a quick delisting.. A rights offering when revenues continue to plummet will be an absolute disaster.. but it will basically be required otherwise they get rapid delisted
Edwards gone like a fart in the wind. Edwards famous last words "these results are not acceptable"... but it was perfectly acceptable to pay Edwards large sums of money..
seems clear to me there will be no re-fi... I believe it MUST be paid or a forced bankruptcy will take place.. I imagine after 12 + years of operating losses the bond holders WANT their money back. enough is enough... even the corporate secretary gets over $200,000 salary per yr... how much is that per #$%$? what a laughing stock.
well when a company like hutch pays a $204,000 salary to a corporate secretary and company loses $30 MILLION a year, you know it's a scamola... more writeoffs are coming and higher losses. Market absolutely stinks for the small companies right now.. they'll just continue lower as shareholder disgust grows... afterall , how long can you spit out losses like this ? Look at the estimates, huge losses are forcast for this year as well as the year ended 9/30/15.. Not to mention $40 MILLION debt coming due in 6 months and panic spreading
a few years ago hutch had $300 Mill in book value, then $200 Mill and now $100 mill... just continues to PLUMMET.. soon it will simply vanish along with the stock price.. Now hutch will have to sell large assets simply to repay a portion of their debt. good luck with that one.. toxic factories with pollution have little value..
and you don't even know if some of it has been converted since 12/31.. for all anyone knows , the $200 mill debt has only increased... no communications, no nothing.. all you know is someone is getting millions in free shares and instantly dumping at market price.. I'm willing to bet their is huge debt still on the balance sheet even after all the endless dumping at market..
as shown below, cosi will likely be required to absorb RJ's locations.. this is horrible news whenever a company is forced to buyback previous franchisee locations... And where are RJ's financials? the blabber mouth is boasting about his apparent success but no financials have been provided. My guess is that RJ is drowning in debt and now wants cosi bagholder's to absorb his stink... this has bankruptcy written all over it... stores will continue to fail miserably, afterall competition is all over the stinkin place and cosi still has very poor service... customers will not return when it takes 15 minutes to prepare a simple meatball sub. RJ and Lloyd will simply bankrupt the public company and absorb all locations into private ownership..
"On March 18, 2014, Cosi, Inc. (the “Company” or “Cosi”) entered into an Election to Cause Merger Agreement (collectively with all exhibits thereto, the “Agreement”) with Hearthstone Associates, LLC (“Hearthstone”), Robert J. Dourney and Nancy Dourney (collectively with Robert J. Dourney, the “Holders”). Hearthstone, which is wholly-owned by the Holders, operates certain Company franchise restaurants through its wholly-owned subsidiary, Hearthstone Partners, LLC (the “Subsidiary”).
Under the terms of the Agreement, the Company granted to Hearthstone the sole and exclusive right (the “Right”), exercisable at the discretion of Hearthstone at any time after January 1, 2015 and before March 18, 2015, to elect to require Cosi to acquire Hearthstone by effecting a reverse triangular merger of Hearthstone with and into a subsidiary of Cosi (the “Merger”). If the Merger is consummated, the Company shall issue 1,790,993 shares of common stock of the Company to the Holders in the Merger.
hutch has been "promising" an increase in 2nd half sales for years and years and they NEVER accomplish anything meaningful... they just continue to barf out large losses.
fair value is about $1 right now... it is a pos.. employees are wildly overpaid, thus you'll never see any profits... insiders take all the margins into their own bank accounts.. hutch is a destroyed company, but don't tell execs this, since they want to burn off the remaining book value into their own bank accounts.
Sentiment: Strong Sell
close at 1.80... noses being pinched and shares being dumped by disgusted shareholders... I told ya so... this is such a corrupt pos company and it's LOADED WITH DEBT to boot.. Razor thin margins, wildly overpaid employees and large debtload spell absolute disaster
Sentiment: Strong Sell
and thus how much conversion is left etc.. there could still be $200 mill debt lying on the books.. who the heck knows.. this clown company keeps you totally in the dark