Re: SEC 10K released!! Death spiral. Where’s RobCos?
It's amazing this thing still has a pulse, faint as it may be. Per the 10K, BSGM recorded just 1 new customer in 2022 so they were up to 3 total as of 12/31. Revenue was $286k for the year, down from $441k in '21. They burned about $22m in cash and had just $357k in the bank at year end (talk about using every bit of your runway - eek!). So far in '23 they have issued 3.6m shares in exchange for services rendered and 8.5m shares at $0.80 plus warrants for 4.25m shares netting the company just over $6m. Meanwhile, the number of common shares outstanding went from 35.6m as of 12/31/21 to 66.9m shares outstanding after the recent issuances (all without factoring in warrants / options of which there are many, although most are out of the money).
So they will be out of cash in a matter of months, again, and they will have to keep raising money at lower and lower share prices until folks say no mas. This has gone on longer than I would have expected, but I guess there are a lot of suckers out there.