toastturtle
4月前
The info on the link is pulled from sedar/sedi directly. It took me a bit to figure out the symbol change hid the information but that site, CEO, was a hornets' nest of comments about it so I kept at it until I figured it out. I still have not worked out why the sedi/sedar systems are so unfriendly for users and think they have actually gotten worse with the changes last year. I find using the CEO data, which is accurate, is significantly easier than the parent site. It is there too, it just takes a lot longer than it should to be able to pull it up.
If we are to take the calming tone from TheMoneyNarrative, it isn't as dark as it seems on the surface. Regardless of the outcome, all Reliq shareholders should be angry at how things have been handled over the last year. With some level of forthcoming information, the negative voices would at least have a counterbalance. I am tired of communicating with the company and having everything they have indicated proven inaccurate every single time. I expect issues, I expect delays and definitely expect that timelines change. With all of that, I expect a company to meet its obligations. I have considered my investment with the company lost for at least 6 months now. I broke my rules on Reliq and over-committed and I have been paying for it since. I know I am not the only one. It would be nice to know it wasn't the biggest mistake of my life trusting Lisa and Chris.
Just for reference, Sedi is the site for insider filings although is terrible to use. Sedar Plus is for all other filings.
Sedi link: https://www.sedi.ca/sedi/SVTItdSelectInsider?locale=en_CA (Not sure it will open with the data populated or not. Never share the links from here and it doesn't seem to have identifier data.)
toastturtle
4月前
The company's onboard has never been an issue. They were over 100k onboard at the end of 2022. Problem has always been the number that qualified for payment which has never been properly managed. With the plan they had, over 200k by June 2023 and should be close to 300k now with more than 500K in the patient pipeline. None of that matters if they haven't executed and devoid of any relevant information, past performance is what we have to judge them on. Especially since the company has constantly operated on half-truths and incomplete information more than a political campaign would. I just can not take anything stated at face value unless I hear it from Chris directly. That said, Chris has, over the last 8 months continued the trend of not providing accurate information. Weeks not months is one we have all heard. I want it to be great and work out but we don't live in a fairy tale land where that generally happens. We have a few weeks to see. For the 2024 report to be on time, they will need to have the other one out as well as all subsequent ones before Nov, 1st. Personally, I am betting it does not happen. That's not the outcome I want, it is the outcome that their past dictates will happen.
StockItOut
4月前
They stated still onboarding new clients and patients. No mention they currently are $100M revenue company, as this would be insider info before released via financials. Generally though, as a $100M rev company it seems poised to become... is how it was meant. Balance that with what I did say and was told that they are working to become and are (as before) close to becoming profitable.
Yes, I considered that $5K month not a ton of money, though it helps bottom line.
Keep in mind a new iUGO software version has been developed and is soon to be released. Old (current) version to be used to example their product, previously held from release for competitive reasons. Canadian contracted software development team (labor costs) has been eliminated, to rely on remaining Canadian in-house employees and their Costa Rican software team.
But, at $30M a year revenue, and that an audit likely costs about .42% of revenue, and round up, that's about $125K to $150K per audit year. Cost of audit loosely based on this: https://www.ifac.org/_flysystem/azure-private/publications/files/IFAC-Audit-Fees-Survey-2022.pdf Cost of audits seems doable to pay.
And they have relayed they actually intend to release the 2024 Audited annual report on time by Oct. 31st, 2024. Which means the 2023 audited annual report will be (expected to be) released prior.
Plus an intended company update monthly is currently intended, which further suggests wheels have begun to move and roll.
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StockItOut
4月前
You can call the company. Leave a message and request IR. Call again and leave msg if no return call. They will call you back and take time to speak with you. Curious what you will discover doing so.
Inquiry was made about if "paying the auditors" was an issue, to which response was that the auditors ongoing and additional requests for substantiation of 'Subsequent Events' has been the current hold-up on the audited financials release. Granted, this may have been an evasive response to issue of available cash to actually pay the auditors, yet at the same time a reason was provided and not stated as inability to pay auditors, but as requirements to substantiate additional current Subsequent Events that (as you likely generally know) must be included when filed even for past financial years and quarters.
Just over breakeven suggests cash flow enough to have funds to pay auditors, or acquire shorter term loan to pay auditors. How much does an audit cost, are you familiar? Can vary, of course.
Seems you're suggesting current company annual revenues of about $30,000,000 per year ($2.5M per month).
StockItOut
4月前
Current reason for continued 2023 financials release delays is auditor's requirements for company submissions regarding and for additional 'subsequent events.'
Your narrative is primarily the same complaints as have existed.
As for CEO communication, agree Crossley was quite good in that communication-to-shareholders respect, though negated to inform other important relevant operations information, like collectables. Yet new CEO was dealt with quite a lot all at once upon previous CEO Crossley quitting for health reasons, years'-prior company mngt related to personally enriching financial arrangements, cease trade order, taking on new CEO position, undue KPMG influence and manipulation that has led to very long and current delay in the completion and the release of Reliq financials and thus the resulting CTO,
Over the past 5 years the company has grown and developed and become more efficient impressively. Their software developers have developed a more streamlined and iUGO platform with much greater functionality and use, in greater number of customer utilization opportunities in patient healthcare needs and treatment outcomes, as the company has learned from itself and its customers.
As for the $RQHTF stock price 'getting back', let's see the company financials, expected in the short term. I think Reliq Health is likely to move much higher in stock price quite readily.
Reliq Health seems wildly under valued to me, when and where trading on the U.S. OTC less that a month ago, at a very low $0.04 to $0.06. A 7X to 10X rebound to the RQHTF trading base U.S. price of $0.35 to $0.42, and previous to that $0.60s and $0.80s seems highly probable, if the financials as expected upon release show a Reliq Health to be a solid operation, as near-profitable, and as a $100M revenue company.
Good luck.
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toastturtle
4月前
Cutting 5K a month is reasonable. Generally, you forward your mail so it doesn't pile up inside the door but if that is accurate then it is reasonable. The financial updates have been weeks not months for a year so I won't extend any faith in that timeline until they meet it. Best case scenario is they can trade in December based on their timeline as it will take 30 days for the exchange and BCSC to reinstate them. If they do come back they will be on the Canadian exchange with value and volumes are so high the trade leaders can be under $5k in total trades. Point is, it will probably take a year or more for this to recover if they do what they have said. Which to date, they have never done. Intentions have a funny way of not working out with Reliq. Time will tell, but to date, Chris hasn't proven any more transparent than we saw with Lisa. Arguably worse as she was more available for comment. It isn't like they haven't had over 5 years to work this stuff out. (Assuming you consider the relaunch in 2019 the start of the current cycle.)
toastturtle
4月前
Most of what they said was repeated from before they were suspended. Their minimum duty is to keep shareholders informed and file their reports on time. Something they have not been able or willing to do. I have doubts that they are in the position they stated simply because they have left no credible alternative. The rumours about the Office and Ontario staff are from multiple sources but not from the company, so it could be just sour grapes but it is also current information we don't have from the company. I have been a hard supporter of the company for over 5 years. Without disclosing my sources, I can't highlight the credibility of my information, so feel free to assume I know nothing. Best case, we trade in December IMO. Information from Chris gives me no reason to believe otherwise especially since the information he chose to provide is the spin they want people to believe. It certainly isn't the entire story and didn't address any of their challenges. It was more that everything is progressing and while that is true, it also doesn't provide any transparency to where they are or what they need to do. The complete omission of details should be a flag. Although to be fair, no one can trade it anyway.
StockItOut
4月前
Seems a positive the company posted a webinar update at all.
I found it and listened, thank you.
As to no one getting paid, that is hearsay, and not in the webinar.
They claim that they expect the Annual 2024 filing to be filed on time, end of October. For Q1 2025 Quarterly filed end of November, and prior 2023 financials soon. And then trading to resume.
Eviction notice on door of office...you have evidence of this?
Seems likelihood of trading again is much much higher than your dour 50/50 conclusion.
The company is well operational, and still growing, they say.
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toastturtle
4月前
The Webinar was the update. Auditor demands to get paid. Who would loan Reliq cash right now? Their office in Ontario has an eviction notice on the door. People who worked there haven't been paid in months. Chris has been a part of the operation since 2018. Does anyone actually think he could turn the ship?
We all thought the would be generating cash now. Realistically, if they were actually moving to profitability they shouldn't have needed that cash in October. Past profits were all creative accounting with Dilution being the main reason they did not fold. This company is beyond frustrating in that they can't seem to get their shit in order on a product that has great profitability. I suspect they keep delaying so when the new billing options come into effect, they can collect some fees on most of their clients but until then, they still need patient adherence and they have not solved that or they would be fine.
None of it matters though. we can't trade it. I give it a 50/50 chance of ever trading again. If it does, and they haven't shown progress we will be lucky to get 20% of our cost back unless we have faith and will wait a few more years to see if they can get it done. I don't know what the failure is. The business plan looks solid so either they are not properly managing the different elements or worse, just assumed people would do it without a lot of prompting. It also assumes people want to use the service. I would, but I know others who absolutely wouldn't be bothered to.
My loss here will be over 150K. I want them to get their shit in order but it does not look like that will happen. Tired of giving them the benefit of the doubt against all evidence to the contrary.
toastturtle
4月前
They have been dragging their feet so long even the OTC pushed them off. If we believe their update, we will see the late financial reports by the end of October but that is based on them being forthcoming which they don't have a record of. In private conversations, I understand they don't have the money to pay for the audit and keep putting all available cash into operations which could be good but is also a terrible way to operate. You always have wants and requirements. Paying the auditor shouldn't be a want but clearly, if my info is accurate, they made it one. Time will tell but right now, 50/50 if they don't go bankrupt before trading again. Wish I had more faith but the ongoing delays show systemic issues. I have also been told that Chris has never spoken to the auditors and just relies on the consultants to manage that. If the CTO gets lifted, Chris is one of the first things that should go. He clearly doesn't understand that the CEO needs to ensure things get done. Especially in a growing company.
StockItOut
1年前
Yeah, wondered about account receivables as well. I prefer to not jump to conclusions and wait to hear from the company. As for Crossley a doctor so go soft, no, she's been running lots of companies as CEO, but does seem to like scams.
In terms of needing cash, let's see, you may be correct on ACs not wrapping up as collected as was conveyed.
And well, hey, 200k is a nice bundle. You get in in pennies?
There was a huge block buyer recently as reason for the recent market maker take down to the mid 0.20s that popped back to $0.30s usd right after. But stock price back there now.
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toastturtle
1年前
The timing of Reliq getting to where it is now has been disappointing and I doubt anyone would disagree with that. There was a big disconnect between seeing patients being on the system to being compliant that no one really saw. With the substantial AR they have been banking, they should have been profitable long before now but as a shareholder, none of us understood the terms that allowed AR to get over 20 Million and had it been payable things would have resulted in very different results. Not that they don't still have a lot of work to do on getting the patients on the system adherent so that they can be billed. A big part of the breakdown was trusting clinics to manage the patients but the company has addressed that. With all of the positive changes that we have heard about, I have no idea how to quantify their upcoming financial reports. All I can do is look at the potential as they realize the contracts and get people more and more adherent so that they can collect on the billings.
I still expect some low numbers in October with significant improvement in November. What that will look like in Q3 in May is what I am focused on now. Assuming the company can get adherence close to the 70% at year end, we will see a much larger AR for that period as at this time the company should be well over 200k people on the system and at $50 a person that should be 7 million a month billable. Considering they should have had 200k on by July, I hope my number is low. Company came clean on their issues and challenges in January so 10 months ago was a completely different picture. I still believe this gets to 1B market cap and gets bought out but the timeframe has been pushed 18 months to 2 years out while they address the challenges. Still likely a 10x for those who can wait.
All this said, the last two news releases were huge and show that the faith in the company was not poorly placed. Time will tell of course but for Maxim, I assume they, like myself have realized that the delay between operations and billing is basically 6 to 9 month minimum lag so they built themselves a buffer. As I see it, although most of the big stuff is done by an automatic upload, training the people takes some extra time. They all know it works but habits need to be made for Reliq to bill for it and habits take 6-8 weeks usually. So figure a month or two of not using devices properly. Then a month or two of automated daily reminders and some phone conversations until the average patient can be billed. Then add three months. Best case we are 6 month behind on billing from first contact. I assume 9 months and I think Maxim would have to as well.
StockItOut
1年前
Maybe, and also 10 months ago you stated, "This is shaping up for a massive rally through now to 2024," yet we've seen a trading range, and just recently the market makers took this way down to $0.27s for some big time big block purchaser (a positive signal). There's something odd about this stock. There's the lawsuit, and Crosely was CEO back then when we shareholders expected all the customers' patients onboarding and big revenue increases that did not materialize as projected.
I agree though that Reliq Health is growing, and increasing revenues fast. Wonder why the Maxim target is so low?
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