I appreciate the feedback—maybe not the tone 😉. You're absolutely right that the 10-K showed a $21.5M working capital deficit as of December 31. That reflects the past—a tough period where they had high-interest, short-term debt and low visibility into recurring cash flow. It also includes that nasty final quarter of legacy financing—terms written for a company priced like it might not make it.
But since then? A lot has changed.
They achieved adjusted EBITDA profitability in Q4
They’ve restructured all major convertibles
All toxic debt is gone or extended through partners
They’re now focused on recurring revenue from software and services
The float? As of the latest filing, there were 19.3M shares outstanding. So yes, it has grown from earlier levels, but it's not ballooning—and a huge portion is still tightly held. Float ≠ doom.
The company didn’t PR the earnings, which I think was a mistake from a retail communication standpoint—but not necessarily a red flag. They’ve been communicating much more since hitting profitability, and I expect a lot more clarity post-earnings.
Bottom line: I hear you. The 10-K wasn’t pretty. But it’s a rear-view snapshot of a company that was barely hanging on. The company we’re looking at today is profitable, strategically cleaning house, and aware of the disconnect between its performance and its price. I’m betting they bridge that gap.
I appreciate the feedback—maybe not the tone 😉. You're absolutely right that the 10-K showed a $21.5M working capital deficit as of December 31. That reflects the past—a tough period where they had high-interest, short-term debt and low visibility into recurring cash flow. It also includes that nasty final quarter of legacy financing—terms written for a company priced like it might not make it.
But since then? A lot has changed.
They achieved adjusted EBITDA profitability in Q4
They’ve restructured all major convertibles
All toxic debt is gone or extended through partners
They’re now focused on recurring revenue from software and services
The float? As of the latest filing, there were 19.3M shares outstanding. So yes, it has grown from earlier levels, but it's not ballooning—and a huge portion is still tightly held. Float ≠ doom.
The company didn’t PR the earnings, which I think was a mistake from a retail communication standpoint—but not necessarily a red flag. They’ve been communicating much more since hitting profitability, and I expect a lot more clarity post-earnings.
Bottom line: I hear you. The 10-K wasn’t pretty. But it’s a rear-view snapshot of a company that was barely hanging on. The company we’re looking at today is profitable, strategically cleaning house, and aware of the disconnect between its performance and its price. I’m betting they bridge that gap.