Due Diligence for Investors in Cardinal Resources, Inc.
We’ve linked two recent company press releases, both giving details of the company’s recent deployment of its Red bird System. The very recent form 14-C linked below reports changes to the company’s share structure, specifically an increase in authorized common shares. The form 10-Q found below is the most recent financial data available on CDNL with information as of June 30, 2015. The company has filed for more time to issue its financial information for the quarter ended September 30, 2015.
Our View: The company press releases indicate that the Red Bird System is gaining acceptance both in the field and potential customer interest. The CDNL business model is focused on becoming a global provider of sustainable water treatment systems using a distributed architecture. Cardinal Resources has over $30.0 million in commercial contracts to provide the Red Bird System, ancillary equipment, and associated services in the US, Cameroon, Nigeria, Senegal and Panama. These contracts, which are backed by a combination of bank guarantees, sovereign guarantees, and export bank financing, are scheduled for completion in 2015 and 2016.
Earlier this month the company elected to raise its level of authorized common shares from 300,000,000 to 1,000,000,000. That move could indicate that more shares will be issued in the future to finance the company’s operations. CDNL is not generating cash from its operations yet and has largely relied on financing to pay its bills.
Providing clean water will be a lucrative worldwide market. We think CDNL may have a positive future but that future could be further down the road than some investors anticipate.
CDNL – Press Release – November 19, 2015
CDNL – Press Release – November 23, 2015
CDNL – Form 14-C November 20, 2015
CDNL – Form 10-Q – August 19, 2015
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