I share some of your confusion RE the presentations, and I...

I share some of your confusion RE the presentations, and I haven't been with the company nearly as long as you have. Some of the share price decline is probably due to them losing their big Westgem matter, but who knows.

Part of it, too, must be the transition to a fund based model where they invest other people's money. When the company started doing this, they gave the outside investors too good of terms (IMO), and for now all of the returns are going towards paying back the outside investors. Once they are all paid off, more cash will start to flow to the company. But it is a frustrating wait, especially when you see supposedly good results, then dig in and find that the company lost money while the outside investors profited.

Thankfully, the later funds are much more balanced, and we get paid back long with the outside investors, rather than waiting for them to eat first.