The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Weathergeek,
Thank you for your reply and the information regarding Guident.
As I have always maintained we will be successful because of the products in spite of the Management.
We will agree to disagree as in my naive way at looking at profits the bottom line is , not creative accounting , that TekCapital is running at a loss but reporting a headline of a profit owing to the value of the sub companies increasing.
Regarding the dilution of Salarius and MicroSalt have a read of all the Q&A’s on the funding page, here is the relevant Q&A below.
Question from Alan .....
what percentage will micro ventures investors own of the company after the offering assuming that the pfds are converted to commmon? will tekcapital still be an investor in the company and if so how much percentage will they own? what was the thinking behing saltme purchasing the company from Salarius?
Answer from Konrad Dabrowski our CFO ....
Hi Alan,
Many thanks for your questions and interest in Microsalt. Please note that should the current target of $250,000 be met, assuming the $40,000 note does not convert and taking into account the discounted price for the first $100,000 invested, it would result in 4.96% ownership by Reg CF investors and 82.72% ownership by Salarius Ltd.
Regarding the fact pattern in your last sentence, please note SaltMe!® brand remains an inherent part of Microsalt business, which concentrates operational activities of both Microsalt® brand and SaltMe® brand.
-------------------------------------------------------------------------------------------------------------------------------------------------------------
This was based on a fund raise of $250,000, they have now decided to triple it to $750,000 a massive jump why ?
The initial dilution was 4.96%, treble it which equals 14.88% take that away from our still quoted ownership of 87.1% we had so Salarius and Tekcapitals share will be down to 72.22% ownership of MicroSalt.
Please contradict the above and if you can then I will agree I am posting BS, if not as an investor in TekCapital you were obviously unaware of this dilution and did the RNS state this fundraiser would dilute the holding to this level , NO.
As for investing in our sub companies through the crowdfunding I have enough shares to track never mind having to invest in potentially 4 more. If these companies were IPO’d then maybe, also I am pretty certain the Lucyd fundraise was/is still only open to North American investors.
As a consequence of me trying to post factual information, with my own comments and being accused of posting “BS” and “bad mouthing” I will not post anymore on this board.
Stay Safe and good investing.
Adamsky
Weathergeek,
Thank you for your reply and the information regarding Guident.
As I have always maintained we will be successful because of the products in spite of the Management.
We will agree to disagree as in my naive way at looking at profits the bottom line is , not creative accounting , that TekCapital is running at a loss but reporting a headline of a profit owing to the value of the sub companies increasing.
Regarding the dilution of Salarius and MicroSalt have a read of all the Q&A’s on the funding page, here is the relevant Q&A below.
Question from Alan .....
what percentage will micro ventures investors own of the company after the offering assuming that the pfds are converted to commmon? will tekcapital still be an investor in the company and if so how much percentage will they own? what was the thinking behing saltme purchasing the company from Salarius?
Answer from Konrad Dabrowski our CFO ....
Hi Alan,
Many thanks for your questions and interest in Microsalt. Please note that should the current target of $250,000 be met, assuming the $40,000 note does not convert and taking into account the discounted price for the first $100,000 invested, it would result in 4.96% ownership by Reg CF investors and 82.72% ownership by Salarius Ltd.
Regarding the fact pattern in your last sentence, please note SaltMe!® brand remains an inherent part of Microsalt business, which concentrates operational activities of both Microsalt® brand and SaltMe® brand.
-------------------------------------------------------------------------------------------------------------------------------------------------------------
This was based on a fund raise of $250,000, they have now decided to triple it to $750,000 a massive jump why ?
The initial dilution was 4.96%, treble it which equals 14.88% take that away from our still quoted ownership of 87.1% we had so Salarius and Tekcapitals share will be down to 72.22% ownership of MicroSalt.
Please contradict the above and if you can then I will agree I am posting BS, if not as an investor in TekCapital you were obviously unaware of this dilution and did the RNS state this fundraiser would dilute the holding to this level , NO.
As for investing in our sub companies through the crowdfunding I have enough shares to track never mind having to invest in potentially 4 more. If these companies were IPO’d then maybe, also I am pretty certain the Lucyd fundraise was/is still only open to North American investors.
As a consequence of me trying to post factual information, with my own comments and being accused of posting “BS” and “bad mouthing” I will not post anymore on this board.
Stay Safe and good investing.
Adamsky
Morning Weathergeek,
I was hoping to refrain from posting this week as my frustrations were being aired on this BB.
Two points I would like to challenge you on.
My knowledge of accountancy is simplistic in that to make a profit your income has to be more than your costs. The profit before tax of US$1,897,629 was achieved by unrealised profit on the revaluation of investments of $2,301,963. In laymen’s terms, which is all I know, from a pure operating point of view the company lost $404,334 and achieved a profit by the underlying valuations of the companies being increased., by whom ?
All the accountants will descend on these comments saying the signed off accounts show a profit but on an increase in NAV which isn’t going to pay our ongoing costs, hence constant dilution at TekCapital level or this new , not reported immediately, ,crowdfunding method at the sub companies level.
As I am the one who has recently reported reduction in ownership percentage of the sub companies please can you expand on your comment below , what you are specifically disagreeing with ?
“However some of the stuff written here is utter BS. TEK isn't loss making nor have we reduced holdings as much as said.”
I look forward to your reply
Adamsky
Afternoon TopCatz,
In answer to your question one of these things has got to happen in the next two months for me to stay invested.
In order of likelihood, in my opinion ......
Belluscura - FDA Approval
Salarius - multinational snack food manufacturer signs a supply contract with us
Guident - very positive update on shock absorbers or JV with a major player in the EV/self driving arena
Lucyd - take over bid or partial buy out by a major company
Guident - Tesla launches a bid for our IP
I win £180 million on the euros tonight
Salarius - Manzanilla stops posting his videos and self promoting material on Twitter and concentrates on the job he is being paid by us for.
Sorry about the last two but needed to lighten the mood
Any other news you guys think might be delivered that I have missed ?
Stay Safe and let’s hope for some substantial news....soon
Adamsky
BigBang,
Excellent comment below .....
“There is no doubt the products being developed are for the good of mankind and will come good. However, they have to recognise this is a private company and investors are looking for a return. Usually, if people want to play the philanthropist, they do so with their own money!”
Even if this comes good I won’t be eating my own words as the postings by me over the last couple of days stated facts with my own comments thrown in. If anyone wises to challenge them feel free.
Let’s hope for some very good news soon.
Adamsky
ClenchedCheeks,
What a great post. As I was told first impressions count and the CEO of Salarius , Manzanilla, is posting 3 to 4 times a day on Twitter. For those who haven’t seen him some of the posts contain videos of himself and are not just your normal short Tweets , these videos took time to create.
One of the posters said Manzanilla had been with the company 18 months, incorrect, 1st August 2018, OVER 2.5 YEARS AGO.
Here is part of the RNS ....
Mr. Manzanilla has significant business management experience in Fortune 500 companies. His expertise is focused on building and leading teams, developing and strengthening both new and global brands and delivering financial performance.
As you say with the absence of data we only have the information from the RNS’s and the fundraising page.
Three distribution deals
Launch of some crisps
18 restaurants signed up
$50k a month cash burn
Dilution of ownership to TekCapital shareholders from 100% to 72.5%.
This product was ready to go when he was appointed 2.5 years ago, start to deliver or go.
We did hear that things are taking longer because of COVID but if anything this pandemic has focused people on a more healthy lifestyle.
Have a look at the calibre the management of Salarius , on paper they are amazing, I will repeat on paper.
https://www.microsaltinc.com/about/
I apologise for my negative or realistic posts but I am so frustrated, great products but failure to deliver is a common theme.
On a semi lighter note I think Clifford Gross is playing a video game similar to fantasy football called fantasy companies where you employ the best professionals you can hire. As we know it is not the players you have but the person who has the controller, get my drift Clifford.
I still believe but will TekCapital deliver ?
Have a good evening.
Adamsky
A good debate going here which is healthy
Why am I invested here as I think one of the products will take off despite management’s mismanagement. Like other investors I am going to give it another couple of months then sell up as I cannot invest in a company that constantly fails to deliver, however good we are told the products are.
Even in December they were claiming Belluscura FDA clearance by the year end, outrageous. Here are their previous track record from the RNS’s...
16/11/17 - Were going to IPO but on the 1/12/17 cancelled
31/5/18 - Filing of FDA in 2018
19/2/19 - X-PLOR launching later in the year
26/9/19 - Is on track to receive FDA later on the year
20/4/20 - FDA clearance in H1
1/5/20 - FDA clearance in H1 and manufacture in H2
17/6/20 - FDA clearance in H2
The management are either totally incompetent or haven’t a clue about the FDA process, or both. The communication during the process was shameful and other posters were finding out more information looking at deliveries of test machines last year to the FDA to find out progress. In the meanwhile owing to the constant delays our ownership goes from 95% to under 19%.
Salaruis becoming a similar story, as posted several times by me , 25 companies testing MicroSalt in January 2020, we will know within 3 to 6 months, 11 months later ,last December , 1 company carrying out taste tests. Meanwhile our CEO is having a great time self promoting on Twitter several times a day. Where are the sales figures for SaltMe or are we going to get told they have signed up mother distribution deal or another 18 restaurants, WOW.
Lucyd Lyte launching November 2020, launched late December 2020, missing the Christmas period. Vyrb App beta in December launching soon after. Did my ears deceive me or did Harrison Gross on the latest video say JULY, are they developing it on a Raspberry Pi !
Yes we are a company bringing new products to market but in all three examples above the management have failed to deliver on their own deadlines not ones we have imposed on them. Whilst they continue to dilute our share of the companies without much accountability.
Remember we own the company paid for by our own hard work and pay theses guys wages.
Am I frustrated , yes, as they have great products but need management to deliver.
Time to deliver is fast approaching.
Adamsky
BigBang, thanks for posting this document.
Please can someone with more legal understanding correct me as if I am correct I am one unhappy investor.
After reading the crowdfunding for Innovative Eyewear If we raise say $1 million a million more shares are issued meaning that Lucyd/TekCapital owns 3,750,000 of the new total of 4,750,000 shares in Innovative Eyewear, a dilution of 21%. Forget that we still own 100% of Lucyd as the only company and product under Lucyd is Innovative Eyewear. I am not sure about the patents. Also the document mentions up to 10,000,000 shares can be issued !
Are these crowdfunding legal under the current companies constitution as any fund raising at TekCapital’s level has to within the agreed constitution. Also we were not notified about them until they were several weeks into the crowdfunding . Also both crowdfunding started off at a lower amount and have now gone higher , MicroSalt three times diluting us by originally 5% to 15% and our share in MicroSalt down to 72.5%, again forget that we own 97% of Salaruis.
Why didn’t they just carry out a normal share dilution fund raise at the top level. The money they want is roughly equivalent to a 10% dilution across the board instead of heavy dilution at each company. Also can we take part or are they only for North America, personally I don’t want to have to invest in all these sub companies as with a normal fund raise I just buy more shares if I want to keep my stake in the company.
The last stock market fund raise was criticised by Align Research, their previous research company. Mainly about Clifford Gross fundraising to pay his large salary without delivering anything. Unlikely but did this have anything to do with this back door funding route without an RNS initially ?
I hope I am wrong, please , and we need more than ever FDA approval to get some money in, forget about a dividend do not dilute us to a minor share of the company like Belluscura and more worrying Harrison Gross was highly enthusiastic that this is the way to go!
A worried investor
Adamsky
The good news is TekCapital is far more active on Twitter BUT we need substantial news not just tweeting of articles telling us how important their products are.
Like Giancotti I am so frustrated but I am hanging on mainly because I know that one of the products will be successful. The trouble is TekCapital are getting a reputation of missing self imposed deadlines.
Apart from Guident , who have never committed to a deadline, all the three other major companies have failed to deliver on time, Belluscura is an absolute joke. I used to be a Project Manager and I would have been sacked ages ago if I was in charge of the farce that is FDA approval.
Salarius
Last reported sales of MicroSalt June 2019.
January 2020 - 25 companies assessing the MicroSalt product and we would know the outcome in 3-6 months !
2nd of December - Additionally, a leading global snack food company has successfully completed its initial evaluation of MicroSalt® and has proceed to begin consumer testing for potential inclusion with its products.
May 2020 SaltMe crisps launched, 10:months later and no sales figures.
Lucyd Lyte
Over a month late launching and missing the Christmas sales period also where is the App that was promised in December ? Hello , we are nearly in March.
Belluscura
Two of the many promised missed deadlines
RNS 31/5/18 - Filling for FDA
RNS 3/12/20 - hopeful that clearance still given in 2020 !
Great products, great prospects, great management (on paper) but failing to deliver.
Stay Safe and try to Stay Positive
Adamsky
Afternoon Everyone, I have been moaning , unlike me, about the lack of information provided by the company. There has been more tweets from all of the companies , generic information, in recent weeks. I have posted the links below please can you follow the companies as this will encourage more posting of information. Those who don’t have Twitter can easily sign up and you can just view the Tweets.
Thanks
Lucyd
twitter.com/lucydeyewear?s=11
Gudent
twitter.com/guidentltd?s=11
Belluscura
twitter.com/belluscura?s=11
MicroSalt
https://twitter.com/microsaltinc?s=11
If you need some light relief here is a link to the MicroSalt CEO who appears to be self promoting rather than getting a major deal across the line, enjoy.
twitter.com/vhmanzanilla?s=11
All,
Thanks for all the information posted, very informative.
Oldschool321,
Thanks for your reply. You appear to be more informed than myself and suggest the case is complex. I was coming from the naive point of view in that we had a U.K. High Court judgement in our favour and then it was a matter of investigating the transfer of the license.
I agree wholeheartedly with your comments relating to the U.K. Government and Bellingham, I was convinced with his posts in Government and contacts we could get a resolution, also agree that the Mozambique Courts were swayed with the shadow of Veloso looming large.
My thoughts are still that we can get the license back as if we go down the BIT route and win doesn’t the process allow/enforce for the original asset to be returned ?
This very well might take several years but on the other hand the Mozambique Government needs to take a good long look at itself and decide whether itself, the courts and the mining ministry have acted legally, within it’s own and international laws and without any outside influence, Veloso.
If the Mozambique Government thinks it has acted legally along with the courts and mining ministry then defend itself otherwise it is in it’s own interest to come to an agreement with Pathfinder U.K. before all the potential dirty washing gets aired for everyone to see.
Stay safe and positive
Adamsky
Afternoon OTB,
I am very well, hope you are also ?
I had just typed the below reply and olschool321 has provided a great link , so here are my thoughts.
I must admit I have done a little research and another poster shared some information they had found , the bottom line is that it could take up to 4 years.
In my optimistic view this case should take a far shorter time as it is not that complex.
The crux of the claim will be were the licenses transferred legally from Pathfinder U.K. to Pathfinder Mozambique with any supporting arguments and counter arguments.
I am invested here so some would say I have a bias view but when you receive the U.K. High Court ruling in favour of Pathfinder U.K. as the legal owners I cannot believe we can lose unless there is some technicality that the Mozambique Government find to dispute the claim.
I sincerely hope that the Mozambique Government sees sense and returns the license or compensation unless they want this dragging on with the potential of other companies becoming fearful of investing in a country where you can have your property taken from you whilst the courts and Government condone this behaviour.
Sorry this does not answer your question as it is in some ways ‘how long is a piece of string’ ? In my jaundiced view if we go down the BIT claim route throughout the process the Mozambique Government will just drag their feet.
I hope that in the next few months we receive positive news regarding the licence, although I have thought that every year since 2013.
Stay Safe and positive, our time will come.
Adamsky
Morning OTB,
Thank you for your reply, I bought initially in 2013 and have added since , am I clever or stupid, I think we will find out in the next few months.
As you say Richard Jennings has shown his continued support , he was a bit too abrasive for me and had a couple of spats with other posters, one an ex member of the board. Like you I wish he would come back to post without rising to any negative comments.
As regarding the sells could be someone taking 10% profit or a PI moving on.
Please remember we are due some news regarding the selling on of the court costs, not sure when though. Pathfinder’s Market Capitalisation is roughly twice their value if they were to become a shell company with some court costs recovered. Hardly any value attributed to the return of the license. The way I look at it is that even if we don’t get the license back or compensation you will not lose everything. On the positive side the value of the license must be in the region of £40 million , a return of 20x.
Am I willing to potentially lose half my money with a chance of a 20x return, you bet.
Stay safe and believe
Adamsky
Updated from a previous post with the recent share purchase by Peter Taylor added.
The BOD have shown their confidence yet again.
I am invested in numerous companies and one of the biggest criticism is that the BOD don’t have any “skin” in the “game”.
We have our CEO , Peter Taylor, who could just draw his salary and any perks and try his best for a resolution to this long saga. But no he puts his hand in his pocket again to buy shares costing £16,065 and since the 21st August £84,929.
Here is a man who puts his money where his mouth is and shows his confidence that whatever is the ultimate solution he is confident Pathfinder will reap their just reward.
The signs are there for all to see
It has surprised me that more has been made of the BOD and Richard Jennings buying shares out of their own pockets. The total amount purchased since the 21st of August is £132,929. Yes OVER A HUNDRED AND THIRTY THOUSAND POUNDS.
Do you think these knowledgeable individuals of the financial markets and business would gamble £132,929 of their own money in the hope that the current situation is resolved and Pathfinder gets a well earned reward ?
List below of the dates, individual, shares purchased and value.
21/08/20 - Peter Taylor - 4,000,000 - £28,880
28/08/20 - Peter Taylor - 3,200,000 - £23,584
29/12/20 - Peter Taylor - 4,000,000 - £16,400
19/01/21 - Peter Taylor - 3,150,000 - £16,065
Warrants
03/09 - John Taylor - 3,000,000 - £18,000
03/09 - Richard Jennings - 5,000,000 - £30,000
The signs are there for those who want to take notice.
Let’s hope for a better 2021 for the world and Pathfinder U.K.
Adamsky
Morning All,
Hope you have all recovered from your Christmas celebrations whatever form they took this year.
Another massive show of confidence from our CEO, all his shares have been BOUGHT with his own money from late August.
Need I say anymore ?
Stay Safe and Long
Adamsky