Here's another reason why the IPO didn't work.
Would you want to be an IPO invetsor based on above figures ? 74% of funding for 20% of the company, and competing against 21m shares sitting on a 300% profit and 40m shares that are free carried.
I think the McNeils are starting to take us for fools, giving themselves $250k for part time positions and a potential $1.5m profit on their seed investment. No wonder Bob was virtually begging for investors.
Not sure if we can bring Torque back under FNT due to the seed capital, however Bob needs to go immediately.
torque mining ipo, page-58
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