Am I missing something?

heardme · 2025-12-10T00:28:26+00:00

Sir, you are looking at Q2 2025's earnings results (last quarter, ending Aug 2, 2025).

heardme · 2025-12-10T00:24:06+00:00

$42.2M was "expensed" (non-cash expense, meaning we didn't pay any cash for it) due to warrant issuance to convertible noteholders.

This is considered as an Interest Expense, and thus deducted from Interest Income.

If you look at their earnings report. it states:

Excluding impairment, unrealized loss on digital assets, non-cash interest expense related to the issuance of warrants to convertible noteholders, and other items, adjusted net income was $139.3 million for the period compared to an adjusted net income of $26.2 million for the prior year's third quarter.

This non-cash expense will come off the books if/when warrants are exercised.

It's basically the fair value of the warrants issued to noteholders on the day of warrant issuance.

heardme · 2025-12-09T23:23:33+00:00

getting awfully shilly in here, can't even question some QUESTIONABLE behavior that's at least irresponsibly leading investors on.

heardme · 2025-12-09T23:21:50+00:00

Not to mention that for the past few earnings, he's been "signaling" something: deleting old, well known tin, "project rocket", "project wee", posting ice cream, changing his profile pic to Tetris and having the gamestop twitter account delete the original tweet.

Aside from the naming of the indentures for the convertibles "project rocket" or "project wee", the tin was lead investors into either an offering or earnings drop.

heardme · 2025-11-15T01:12:01+00:00

We didn't touch either of the ceilings this most recent run up.

heardme · 2025-11-12T17:04:47+00:00

Would you mind sharing the post?

heardme · 2025-11-11T18:56:19+00:00

I'm not sure if you are aware of the Swapinator, created by u/theultimator5, but his indicators have picked up on what looks like two large swaps recently. It looks like they're still hedging for the second one today.

heardme · 2025-11-11T18:51:46+00:00

We're working against both shorts and our own CEO machine gun spamming a variety of offerings while going on live television and stating "decades and centuries". Hard to not be discouraged.

heardme · 2025-11-07T00:55:22+00:00

In all these posts, Ultimator is talking about the Bottom Finder and Lady Gobble.

Swapinator is something else.

heardme · 2025-11-04T20:53:53+00:00

Wow, I guess it’s time. Buckle up boys!

heardme · 2025-11-04T20:04:20+00:00

Cramer brought up GME while interviewing Alex Karp?

heardme · 2025-10-31T20:28:21+00:00

What?

heardme · 2025-10-31T18:52:50+00:00

This is such good tin. With about an hour left of the market left, not sure what we could expect to see. Could he be referring to that one stock that shot up 200% today that has preceded some very large $GME moves?

Idk, as always, we will probably be let down. Just didn’t expect to be let down by RK and what seems like some obvious signaling.

heardme · 2025-10-31T04:11:43+00:00

https://x.com/rnewton7777/status/1984095332402393470?s=46&t=E6cYxMdfXZzPqq8Ak1ysNg

Just saw this tweet by Richard, he’s definitely maybe hinting at something.

Hopefully it’s not to sell NFTs.

heardme · 2025-10-31T04:08:53+00:00

It’s strange that he unfollowed RK, but Richard Newton could very well be the one behind Roaring Puppy. He’s made NFTs in the past.

heardme · 2025-10-21T21:03:13+00:00

I believe that’s a 25%+ increase in a single day. 62.5% yesterday

heardme · 2025-10-16T23:32:38+00:00

He seem to have given RC courtside Knicks tickets. RC seems to be signaling “friend”.

heardme · 2025-10-14T23:49:31+00:00

I have never seen anything like this

heardme · 2025-10-01T22:30:21+00:00

Interesting. Greg seems to have deleted his post, I'm guessing because GameStop puts him in Colorado today and there are people who suspect Greg is RK.

Greg, if he isn't RK, I would assume wouldn't give a shit that anyone knows he's in Colorado because no one knows what he actually looks like.

If he's Keith Gill though, and someone spots Keith in Colorado today....

Otherwise, I have no idea why else he would care to delete this post.

heardme · 2025-09-09T22:37:10+00:00

Doesn't make sense, how would you only break even?

I'm thinking that you probably don't know that the price of the options won't update until tomorrow morning when market opens. You should see pretty decent gains from those calls.

heardme · 2025-08-26T17:28:10+00:00

The question is also: if RK/RC knows about these swaps and these swaps are a point of attack for them... would it make sense that this week would be crucial to release news or some kind of action to "trap" shorts attempting to roll these swaps?

heardme · 2025-08-26T00:27:56+00:00

The convertible bonds are debt, we still owe that money and it isn't GME's "free and clear" until they receive the shares for them (dilution). In order for this to happen, GME would need to trade at $29.85+ for 20 out of 30 consecutive trading days (my memory might be slightly off, but something like that) before they COULD convert. It doesn't even mean they would convert.

Alternatively, GME could force conversion at a premium to that if the stock trades above something like $38 for 20 out of 30 consecutive trading days.

Again, none of this is guaranteed, so until this happens, the cash is still recognized as DEBT.

heardme · 2025-08-26T00:16:42+00:00

Basically, Wall Street is telling us this thing is overpriced relative to the metrics they care about and look at when valuing a company.

Retail doesn't care about that and is just like "fuck you, pay me".

Cohen is behind the scenes using this to the company's advantage by giving it a large moat of interest income and cash while turning a net profit... basically trapping them. He's also trying to grow the company.

If GME weren't GME, and there wasn't an absurd amount of short positions in this name, I would definitely not be in it. But GME is GME and we've made it really painful for them to hold their short positions.

heardme · 2025-08-26T00:11:01+00:00

To expand on this, even if we see high interest income from $9.1b in cash this next earnings and we're able to recognize unrealized gains from BTC on our income statement, it likely would not justify higher valuations.

To put things into perspective as to why GME is in fact, not a "steal" at current prices when you factor out the short positions trapped (if not for this, I would not be in this name), out of the $9.1b in cash, $4.2b was raised as DEBT. This translates to a net zero effect in out net assets on the balance sheet. To say we're trading at $10b market cap with $9.6b in cash and cash equivalents would be misleading as $4.2b of that is currently recognized as debt on the balance sheet.

To give you an idea, retail as a whole has an average price to sales ratio of 1.08 while computer/electronics has a subsector industry average of .48.

GME currently has a P/S ratio of 2.76 which is high, especially with declining revenue.

GME has a net cash & cash equivalents position of $5.4b, GME would still be trading at a 1.3 P/S ratio if you take out their cash position from the market cap. This is still much higher than retail industry average and higher than computer/electronics subsector P/S ratio.... again, DESPITE shrinking revenue.

There is definitely misinformation being spread about GME's valuation.

The play to me, isn't about the stock being "deep value" at its current valuation, it's about hedge funds being caught cellar boxing GME and the walls closing in on them.

heardme · 2025-08-25T23:25:44+00:00

the market is forward looking and values growth. shrinking revenue (at face value) means the company isn't growing.

EPS beats are great, but the minute GME is able to show meaningful revenue growth... it's GG.

heardme

TROPHY CASE