Google Finance
Filing
June. 15, 2017
Q1 2017
Current Price: $0.15
1.Basic Information
(1) History
The company was co-founded by Karl Kenny and Anthony Paul at 1996. Previously its called Marport Canada and later merged with Marport Deep Sea Technologies(founded by Anthony). It is mainly for deep sea fishing etc. At Sept. 2012 it spun off the Sonar business which is Kraken Sonar. Rest commercial fishing business was acquired by Airmar Technologies, another private company. At early 2015, the company IPO'ed through reverse merger.
(2) Business related:
The company's main product is call AquaPix, a SAS system (Synthetic Aperture Sonar) developed at 2012. Later it added KATFISH, a full towed SAS system. It aimed to provide SAS system that is in a lower price but provide similar resolution as its competitors. Current the KATFISH is price around $1.5m-$2.5m/unit while it is competitor is over $10m/unit.
(3) Management.
Karl Kenny is the key person at this company. Previously he co-founded Telepix Imaging Inc at 1996 and later sold it for $50m at around year 2000. He seems quite a risk taker.
He created Marport and left at 2011 and the CEO was replaced by Cyril McKelvie. Based on his Linkedin profile, from 2011 to 2013 Marport was going through a CCAA restructuring.
(4) Debt and Credit facility.
250K credit line currently.
(5) Insider holding, options, Insider trading info, share buy back.
2014: 45m shares . 64%.
2015: 42m shares. 59%
(6) Employee numbers
8 at 2012 and now it has 30 employees.
(7) Industry comparison.
(8) Major events
2. Financial data.
3. Valuation
(1)The company is currently has heavy losses and it is hard to evaluate based on this.
(2) The company said it has invested over $20m in IP so far yet the current market cap is less than $15m. Based on this, it is quite cheap.
(3) If indeed the company can sale its products, then the stock might be very good.
4. Risk
(1)The management doesn't seem to focused on profitability currently. The product might not be able to sell and it is cost might continue to grow. The losses might continue for quite a while.
(2) The previous CCAA restructuring doesn't give a good record of the management.
5. Conclusion
(1) The company might do very well in future but the track record of the management is questionable. Should stay sideline for now.
6.Links
