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Now, Fenix needs at least million per quarter to pay employees and cover other routine expenses. 2, Fenix states: “On September 2, 2015, the Company issued a press release reporting its second quarter 2015 pro forma consolidated revenues and providing an update on its second quarter Form 10-Q filing, which is now expected within the next two business days.” What happened two days later, on Sept. The company did recently tell investors to expect a loss for the second quarter. Directors Richard Kogler and Frank ten Brink were on the board’s compensation committee and audit committee. ten Brink was even considered the “audit committee financial expert.” As the sole director at the time, CEO and founder Kent Robertson installed both men as directors well before the initial public offering.But look at its cash position: Yes, Fenix’s cash has dwindled to ~8,500. So Nasdaq notified the company of its short-coming on Aug. Four business days later, Fenix notified investors about the Nasdaq deficiency notice, stating it would file its financials on Sept. The three had all worked for Stericycle – not in the world of recycled auto parts – but instead, in the world of medical waste disposal.Fenix Parts most recently submitted, first quarter, financials are shown below: (Source: Company SEC filing) So Fenix finds itself operating ~.6 million in the red. 3 “investor update” in which CEO Kent Robertson said, “…we are close to completing our second-quarter 10-Q filing. *Management Inexperienced; Directors Flee It’s always unsettling to see managers leave a company.And in just the first quarter 2015, the company burned through .1 million. This filing is complex …” This filing issue is yet another chapter in Fenix’s history of complex, incomplete financial details that managers must repeatedly apologize for in conference calls. Though Fenix has existed less than two years, two of six directors have already fled under curious circumstances.In fact, the Securities and Exchange Commission has already approved the paperwork to sell more stock at any time. Pending Insider Selling - Insiders will be able to sell currently locked up stock beginning Nov. *Risky Rollup - Running In The Red; Running Out Of Cash A risky rollup, Fenix acquired its first 11 corporate entities for ~ million cash plus about 3 million shares of stock just days after the company's initial public offering in May 2015.The CEO had prepared for that moment with a series of private stock offerings that cost insiders 10 cents apiece for some stock and ,000 to ,000 apiece for other stock, which ultimately underwent a 2,000-for-1 stock split.Alarmingly, that pitiful pinch of cash was reported the company made yet another acquisition. 14 to buy Ocean County Auto Wreckers for .6 million cash plus ~half-a-million-dollars-worth of stock. – the CEO said he plans to close one to three acquisitions per quarter. Interestingly, almost the minute Fenix reached the point that it couldn’t submit its financials on time, the company announced both men had resigned from the board.*Frequently Delayed Financial Report Raises Issues, Builds NASDAQ Deficiency Notice Pressure But cash-poor publicly traded companies are expected to file their financials on time, too. Fenix issued an odd press release stating: “While Fenix eagerly anticipates the addition of these executives (to the Fenix management team)… Kogler and ten Brink were required to resign from the Fenix Board, effective immediately.” Yet investors might wonder why Stericycle would suddenly raise conflict of interest concerns now …
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