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   Technology StocksSequans, the investors board


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From: frmrVZguy7/7/2019 11:23:34 PM
   of 256
 
Interpreting market signals: Math versus DD. Spotting what's Next before Opening
Sunday night Pre-Market Tips: Bank Stress tests and DHS $500k fines suggest D_o_Treas War against foreign contagion ramps up this week

Banks have ramrodded their cannons and fired test salvos. Its time for the real deal.
DHS has threatened $500k fines per junk news stories but the real target is EB-5 holders who qualify with $500k minimum investment accounts.

Expect banks doing business with EB-5 holders to be effected and USA banks to step in as Angels and White Knights. One example is Bank of California.
- Run for cash and safety is expected.
- Foreign accounts possibly liquidated as Congress threatens additional PRC equities suspensions for failures to disclose.
- Volatility as selling increases might be misinterpreted but buying opportunity is arriving: see any and all equities held by PRC EB-5 firms.
- Real Estate is a major target.
- PRC ADRs a major target: think Alibaba.

50 years ago I was a surprise local standout in track. The little kid everyone dissed became a shock.
Decades later that kid survives only due to heart training from the past.
But in between there was another moment with another standout in track. This guy was a true Olympic challenger and V.Pres of a global investment and trading firm. We crossed paths socially one day and briefly had business ties. He had a fallout that resulted from an SEC investigation. I had unique insight due to personal knowledge plus a company he IPO'ed had a (former) CFO who was also a personal friend.

It is only some 20 or so years later that the public learned dotGOV was battling currency and FOREX abuses in those very same years. But privately the drug money was well-known to be flowing. HSBC is famously in the news but details were secret in my own experience. However the dotcom bubble had a bubbly machine connected to it.

All these years later Congressperson ties to the situation are still not revealed which proves that its better to ask forgiveness than permission if you're a Congressperson. Treasury seems to have a confessional booth.

Why the walk down memory lane?
Treasury is about to conduct another financial crackdown and it has its partners all prepared according to reports. While this might seem a new and unrelated crackdown it is a continuation of the older HSBC and FOREX abuses in a new arrangement. This time the dollars are being laundered in plain sight. The players and accounts are now distributed widely rather than concentrated in trading houses. Self-trading and money transfers are now normal. Back then they weren't.

You know the news. You just haven't connected the dots because you don't think about the subject much. Because my father was a Federal Reserve official these topics are my daily bread.

What you know:
- Companies have been reducing debt and CAPEX for 6 months and more.
- Congress warns to expel and de-list PRC companies failing disclosure regulations.
- DHS warns of $500k fines: think EB-5, not penniless immigrants.
- POTUS warns of financial penalties for PRC economic abuses.
- Treasury completes stress tests for banks.
- Even Mother earth is shaking to get attention (maybe).

These mean all the branches of dotGOV and dotCOM are synchronized and ready to act.
You need to be aware and ready.
A dash to cash is about to occur and the SP effect might be called an end to a bubble by reporters unaware of a major equity liquidation by PRC EB-5 and offshore accounts. These accounts are now a tail that wags the dog.
This is the next stage of responding to the PRC contagion.

This will be a buy opportunity after a shake-out.
Expect Blue Chips and Small Caps to be winners.

You should know that banks handling these PRC transactions will be adversely affected.
Highly leveraged businesses and individuals will suffer.
You should expect financial liquidity emergencies requiring outside Angels and White Knights.
You should expect a wave of effects from equities trading to real estate to high growth industries that are darlings of investors: think Alibaba as an offshore case and Amazon as a domestic case.
You should read news critically as these events unfold.

IMO
--------------------------------------------------------------------------------------------------
a very short list of REFERENCES
RE: EB-5 visa holders and Honorary Consuls
fox29.com
Trump administration issues notices of $500K fines for immigrants in US illegally
----
marketwatch.com
Bank stocks rally after passing latest stress tests By Ciara Linnane
Published: June 28, 2019 10:11 a.m. ET
----
ft.com
Deutsche Bank to exit equities trading in radical overhaul...
The new strategy signals a retreat from Deutsche’s global ambitions and its aim to be Europe’s main rival to Goldman Sachs. One year ahead of Deutsche’s 150th anniversary, Mr Sewing is refocusing the lender on its historic foundations — financing German and European corporate clients and domestic retail banking...
The actions “are designed to allow Deutsche to focus on and invest in its core, market-leading businesses of corporate banking, financing, foreign exchange, origination and advisory, private banking and asset management,” the lender said.
----
wsj.com
Deutsche Bank to Exit Global Equities, Trading Business
German bank will cut 18,000 jobs by 2022 and will focus on serving European companies and retail-banking customers, including wealthy clients
By Jenny Strasburg Updated July 7, 2019 11:56 am ET Deutsche Bank AG moved Sunday to gut its global ambitions as a trading powerhouse...
---
reuters.com
July 5, 2019 / 9:12 AM Buoyant U.S. stocks at odds with downbeat market signals NEW YORK (Reuters) - Even as record highs this week in the major U.S. stock indexes telegraph confidence on Wall Street, caution abounds in other U.S. markets, where falling bond yields and flailing small-cap stocks indicate investors are torn about where to place bets.... With the muddled market outlook, several market strategists suggest splitting the difference: adding to positions in defensive sectors while looking for opportunities within beaten-up areas of the market, such as small caps...
---
reuters.com
July 6, 2019 / 7:45 PM China will further open up forex market: regulator BEIJING (Reuters) - China will fend off cross-border capital flow risks and continue to open up its foreign exchange market, the forex regulator said on Sunday. The regulator will deepen forex reform and strengthen a crackdown on forex-related irregularities, the State Administration of Foreign Exchange said in a statement on its website.
-----
cbsnews.com
Top immigration official says ICE is ready to deport 1 million undocumented immigrants
Jul 7, 2019

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From: frmrVZguy7/10/2019 12:57:00 AM
   of 256
 
Bank Wars have Started: My Letter to President Xi. "the Way to the Future "

Dear President Xi,
During my more than six decades of life, there has not been a better time for rapprochement with USA and all that means for peace and prosperity than this current Presidency of President Donald Trump. Here's why.

Sir, I stipulate your high intelligence, and that of Premier Li. I do not dispute the challenge of presiding over a nation of 1.5 Billion people. I do not forget the history of colonial invasions of your country.

Sir, I remind you of two great and high historical Truths that are rarely if ever taught in the West:
- Anglican colonialism is the colonial effort that is most successful in all of the world including your own land. And it is ongoing to this very date as President Putin can describe in the Caucasus. That exact colonial ambition and effort is the casus belli for the military event that in USA is called the 9/11 attack.
- The philosophical engine behind Anglican colonialism is a form of Christianista Fascism in which a sectarian faction holds enough key offices to control Government.

This is the Anglican ambition you are currently inviting into your country under the false belief that USA is a willful bully on a global scale.

I write to you to correct your understanding and hope that in doing so, your eyes will be opened to the expertly formed lies of Western History, and thus you can be corrected.

I hope I am not too late.

Sir, the USA belligerence and invasion of Central Asia was established by Anglican American Christianista Fascists, headed by an Anglican family named Bush, who are in lock-step marching with England's plan. They are baptized and sworn members of the Anglican church. This means they had hidden and divided loyalties.

The war was initiated by a grand deceit once those Christianista Fascists had assumed office. It was not the Will of the American People nor was it fully supported by our Congress because so many so-called facts were in dispute. And it is even more today criticized by the American People as Truth has been cleared from the 'Fog of War'. The PLAN was enunciated by the Englishman Worth Smith and published in London in the year 1952 under the title: Miracle of the Ages. The War was described along with the casus belli, declared and dated Second week of September, 2001. They did it. This is published fact. If you ignore this it will become your truth also.

Sir, This Anglican Christianista Fascism is what you are inviting into your country as you embrace England. It is a disease and a curse that you will not survive, exactly as it has slowly invaded and strangled opposition in USA political governance since the end of our Civil War in 1865.

Sir, There is one TRUTH I am confident you agree with: USA rejects an official State Church and an official Church membership to hold office. The sad state of politics in USA is due to poor education of its citizens, expertly deceived by the curricula of Schools and colleges financed by the 'generosity' of Andrew Carnegy. This wealthy Anglican Christianista Fascist and Lodge Man endowed in perpetuity the project I write about here and described it in his Second Edition dated 1893 of TRIUMPHANT DEMOCRACY. His Anglican Supremacist Christianista Fascist racialized view was elaborated in the final chapter named EPILOGUE.

Sir, There is a second TRUTH I am confident you agree with: USA has been a friend of the People of China during terrible times of War. We have proven with Time, Talent, and our most precious Treasure that we have an agreement with your County's Welfare. And I ask that you pause and consider my words of History and how WE the PEOPLE of USA contrast with the English and American Anglican Supremacists.

Last, I call to your attention the pragmatic and Monarchy-sceptic character of our current President Donald Trump. I believe you will agree it is true that President Donald Trump is not an Anglican Supremacist Christianista Fascist as was G.H.W. Bush and G.W. Bush. Even B.J. Clinton was a marching Euro-Supremacist who brought debauchery to his term just to prove how USA was being debauched and failing those higher Principles in its Declaration of Independence which rejected the historical debauchery by Europe's Monarchs.

It is the non-sectarian pragmatism of President Donald Trump that brings the greatest opportunity to forge in perpetuity an economic, political, and cultural agreement between our United States of America and One China. Yes, Sir, One China.

I genuinely and sincerely hope and pray you take these humble words and this moment of history together as they offer to us a genuine opportunity we likely will not see again in our lifetimes.

And I hope that careful consideration of the contrasting and invasive Anglican history will give you reason to consider these humble words. If you err, you advance to your eventual doom just have other nations before you.

Sir, long years of sectarian war in your country have taught you to hate Sectarianism. Those lessons are the reasons for your political system. President Donald Trump represents a non-sectarian pragmatism you may not see again in a negotiation if you allow Anglo- and Euro- centric politicians to frustrate our negotiations.

It is precisely the non-sectarian pragmatism of President Donald Trump that offers such an opportunity, so that you must not dare history. And I remind you of another such great non-sectarian pragmatist, that of President Ronald Reagan and his borrowed remarks: Trust, but Verify. And then also the words: Mr. President, Tear Down This Wall.

Please look, Sir, at how the slow march of time has mellowed the hatred between USA and Russia since that Cold War began thawing. We Three Nations are the result of precisely the non-sectarian pragmatism of our Ancestors. We should be friendly trading partners and economic leaders. And our non-sectarian pragmatism should be for the whole world. "the Way to the Future "

I hope, Sir, you can hear the wisdom of your predecessors, as well as the wisdom of my and Russia's Ancestors as we discuss a non-sectarian and pragmatic version of 'Trust, but Verify' for our world today. War can be a cruel teacher but the lessons are remembered.

Finally, I understand that the news of your banking represented by the REUTERS news below represents another action to discipline your Market behavior. I also recognize that it is the first known Regulator cannon salvo fired by your government at a foreign bank, one from a country that has already acceded to your entreaties in your Belt and Road project. They are a SAFELY WEAKENED BANK AND STATE SINCE THEY ARE ALREADY ACCEPTING YOUR FINANCIAL OFFERS. Thus I realize you consider it safe from reprisal. I realize it is a demonstration of your desires and a carefully selected test, not likely a broadened reprisal policy. And I realize it is also an expression to the West of a general desire for Market discipline and your Will to achieve it. This is therefore possibly hopeful for additional Regulatory discipline and verification in the future. Nonetheless it is hostile and deserves more sunlight.

Let's talk. I'm certain President Donald Trump welcomes an outcome stylized as 'Trust, but Verify'. And I'm confident Europe will welcome a warming of the current economic chill.

Be Well.
Regards.

FrmrVZguy
----------

reuters.com
July 9, 2019 / 6:43 AM China fines UniCredit AG unit $1.5 million for embezzlement BEIJING (Reuters) - China’s banking and insurance regulator said on Tuesday it fined an onshore branch of Italy’s UniCredit Bank AG [UCCDB.UL] 10.3 million yuan ($1.50 million) for embezzlement. A UniCredit employee transferred “a huge amount” of clients’ money to external accounts without authorization, according to a statement issued by the Shanghai bureau of the China Banking and Insurance Regulatory Commission (CBIRC) on its website...

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From: frmrVZguy7/20/2019 2:54:12 PM
   of 256
 
What we learned from EUTC COMP/39711 Qualcomm (predation) (No Public Version available) 18.07.2019
SUMMARY:
- the penalty was LESS than the Enterprise value of Icera
- the time-to-settlement was NINE YEARS
Soooo.......
Reflect on ^THAT^ SEQUANS shareholders.
Notice the highlighted quotes in RED are the arguments also relevant to Sequans vs UNNAMED DEFENDANT.
We began 2014 and 2018 with Statement of Objections if I read the news correctly. Thus the pace MIGHT be quicker but the UNNAMED DEFENDANT is a well-known master of delay tactics to create a Pyrrhic result.
-------------------
FIRST this old report
Nvidia buys UK’s Icera for $367m | Financial Times
https://www.ft.com/content/da840890-7a92-11e0-8762-00144feabdc0
May 10, 2011 · Nvidia, the US chipmaker, on Monday announced a $367m cash deal to buy privately held UK rival Icera. The deal will allow Nvidia to compete better …

SECOND these reports
complianceweek.com
predatory-pricing/27427.article
“Our investigation found that, during two crucial years for Icera’s development prospects,
Qualcomm offered three of its leading-edge chipsets at prices below cost to both these key customers,” Vestager said. “The prices set by Qualcomm did not allow it to cover its cost for developing and producing these chipsets.” “The evidence we have seen shows that this was done on purpose to prevent Icera from gaining a foothold in the market, at a time when Icera was Qualcomm’s main contender in the market segment of chipsets for data cards.”
Ultimately, such anticompetitive behaviour prevented Icera from gaining reputation and scale as a supplier of chipsets for data cards and from entering the larger smartphone segment. It was bought in 2011 by Nvidia, which decided to abandon the baseband chipset market a few years later. “In short, Qualcomm’s behaviour deprived consumers of a wider choice of technologies and affected Icera’s ability to develop chipsets for the next wireless technology generations,” Vestager said. “This is why we have fined Qualcomm 242 million euros; the fine reflects both the seriousness and the duration of the infringement.”... She also spoke about the amount of time and effort it took. The
Commission opened its formal investigation and sent a Statement of Objections to Qualcomm in 2015, and that was just the start of deliberations. From that point, Qualcomm was sent a supplementary Statement of Objections; two oral hearings were held; and the Commission engaged in “detailed exchanges with the company concerning additional information required for our investigation,” Vestager said. “Qualcomm has also appealed one of our information requests to the General Court and, after losing in the first instance, it appealed the Decision to the European Court of Justice.” “These procedural steps are a key part of the checks and balances that ensure the procedural fairness of our enforcement system, but they do take time. We have made progress in this mandate in expediting our anti-trust procedures, but that is a challenge that will also stay with us for the future,” Vestager
said...

fortune.com
Qualcomm’s Mollenkopf on Its Anti-Trust Battle and the Rise of 5G: CEO Daily
By Alan Murray and Katherine Dunn July 18, 2019...
Yesterday, Mollenkopf was back, and discussing another challenge—a ruling that the company’s licensing practices violate antitrust laws. Again, he was confident. And adding to his confidence was a Department of Justice filing this week that sided with Qualcomm and cited the need to protect the company’s business model for national security reasons. (Qualcomm is critical to “the race for 5G.”). “We think we will prevail,” Mollenkopf said....
After his interview, I asked Mollenkopf whether the regulatory battles were changing the way his business operates. He said the main change is that the company is spending more time documenting its licensing negotiations and practices so it can show that “we don’t do a lot of the things we are being accused of.”...

EU fines Qualcomm $272 million for modem antitrust violations Reuters July 18, 2019 8:23 AM
venturebeat.com
(Reuters) — Qualcomm, the world’s number one chipmaker, was fined 242 million euros ($272 million) by the European Commission on Thursday for blocking a rival from the market about a decade ago, its second EU antitrust penalty. The European Commission, the EU’s competition regulator, accused Qualcomm of predatory pricing between 2009 and 2011 aimed at forcing out British phone software maker Icera, now part of Nvidia. “Qualcomm’s strategic behavior prevented competition and innovation in the market,” Competition Commissioner Margrethe Vestager said in a statement... The fine amounts to 1.27% of Qualcomm’s turnover in 2018. Qualcomm said it would appeal the decision, saying it was “unsupported by the law, economic principles or market facts.”...

bloomberg.com
predatory-pricing-scheme
Qualcomm Fined $272 Million by EU for Predatory Pricing By Aoife White
July 18, 2019, 3:45 AM MDT Updated on July 18, 2019, 5:05 AM MDT
Company sold below-cost chips to eliminate U.K. firm Icera
Second EU antitrust fine for firm after $1b fine last year
Qualcomm Inc. was fined 242 million euros ($272 million) by European Union antitrust regulators for deliberately pricing some chips so low they could eliminate a smaller rival....
The Qualcomm investigation targeted 3G chips for internet mobile dongles sold between 2009
and 2011. Regulators said these were sold below cost to Huawei Technologies Co. and ZTE Corp., "two strategically important customers," in order to push Icera, now owned by Nvidia Corp., out of the market...
Companies have complained about the slow pace of EU antitrust enforcement in fast-moving
technology markets. Icera sought to draw in the EU by filing a complaint in 2010. It was sold to Nvidia a year later in 2011. The EU opened an investigation four years after that.

...
“The commission’s decision is based on a novel theory of alleged below-cost pricing over a very short time period and for a very small volume of chips,” Qualcomm’s general counsel Don Rosenberg said in the statement...

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From: frmrVZguy7/21/2019 1:12:47 PM
   of 256
 
errata: 2017 statement of Objections, not 2018

There are two apparent reports that give hope to SQNS shareholders
- EUTC attempt to streamline proceedings and total duration to conclusion.
- My offer and request at the initial filing of COMPLAINT requesting that EUTC give regards to the UNNAMED DEFENDANT's reported actions to enforce compliance internally waaay back dated 2016, with the actual internal training initiated 2015 around the time of C-Level management changes. I noted that those actions indicated remorse and reform and desire to remain in compliance to a prior order and thus we should consider them genuine and thus EUTC should consider some charges of a lesser degree than initially indicated in order to expedite the entire case.

Is EUTC and the UNNAMED DEFENDANT willing to have a 'come to Jesus' and finish this early?

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From: frmrVZguy7/22/2019 5:31:43 PM
   of 256
 
7/19 Fiercewireless Report: CBRS Testing completed SAS vendors begin filing to FCC. ops 4-6wls
Thanks Monica.

fiercewireless.com
NTIA’s ITS wraps final CBRS test reports by Monica Alleven | Jul 19, 2019 3:52pm...
“We received our final ITS report yesterday and filed it with the FCC today," Federated Wireless CEO Iyad Tarazi said in a statement provided to FierceWirelessTech. "This initiates a review process that will last approximately four to six weeks, at the end of which ICD will begin...

----
reader mode
NTIA’s ITS wraps final CBRS test reports by Daniel Bukszpan Jul 22, 2019 12:43pm

ALSO
Bevin has two mmWave devices to discuss: a MiFi-type and an overheating smartphone.
Gawd, how do people ignore this stuff? Oh yeah, muppets. (Security, Android, privacy....sad)
Thanks Bevin.

fiercewireless.com
5G networks deliver super-fast speeds, but new next-generation smartphones need to chill – WSJ by Bevin Fletcher | Jul 22, 2019 10:56am
and
fiercewireless.com
Verizon lights up 5G in St. Paul, introduces new mobile 5G hotspot by Bevin Fletcher Jul 18, 2019 10:51am

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From: frmrVZguy7/23/2019 9:57:51 PM
   of 256
 
After six years of MDM modems ends where does AAPL get its LTE-only modem? Inquiring minds wonder..... MDM is QCOM. XMM is INTC.

I posted some justifications to buy XMM IP assets and tech here
Message 32252755
There's gotta be more than one reason to spend a billion dollars. In a futurQualcomm Moderated Thread - please read rules before posting-20 minutes ago

  • There's gotta be more than one reason to spend a billion dollars. In a future LTE-only world mmWave isn't enough.

But the curious path AAPL is on suggests they want a Single-RAN solution to match a future world of LTE-only cellular with a built-in HUB for all the LoRAN connectivity needs of IoT and IIoT. It has seemed that XMM never acquired the low-energy IP needed for future long duration devices.

Do you recall how AAPL's Cook made a trip to Paris waaay back when President Macron was elected and then pushed an opening of IoT beyond DRC to include PRC?

Hmmmmm........

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From: frmrVZguy7/29/2019 1:46:35 PM
   of 256
 
IIoT Zero Day Recovering from a quietly conducted discovery and patch
Longer post under AMD
Was this the reason for IoT and IIoT delays?

here Message 32260128
Wind River's VxWorks Zero Day allert: Warning As 2 Billion Medical, Industrial And Enterprise IoT Devices At Risk Of Attack

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From: frmrVZguy7/30/2019 5:57:22 PM
   of 256
 
2Q19 CC quotes: USA NB-IoT launches this Q, Our 3 biz segts doing and moving well

Well that's it in a nutshell, folks. Unless you needed another dose of GK here:
  • " We have 6 months to come into compliance."

^THIS^ gem was the response to Deb's response to Gary Mi about Share Price recovery as the final question of the CC wherein she said:

  • "We expect Share price to recover (on its own)"

From the Fin Stat this gem: 3mos 3mos
  • Accumulated deficit (289,965) (272,036)
  • Convertible debt and accrued interest 17,747 19,723
  • Total non-current liabilities 41,248 40,396
Oh, you want an encore of GK? Here:
  • I can confirm gaining iot traction
  • bbd recovery on track
Just like green cheese pizza, its warm and fuzzy.

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From: frmrVZguy7/30/2019 6:07:43 PM
   of 256
 
Charlie Ergen of DISH cancels NB-IoT network plans leaving TAM fight to others. In USA that's T, VZ, TMUS and S.
It's helpful to reduce splintering the market into itty bitty deals.

Now the question is can SQNS make a sale when the other guy is already winning and leading the RACE to SCALE.
GK says he has the only non-PRC optimized NB-IoT so why is the other guy winning?

------
fiercewireless.com
Dish execs confident on ability to offer disruptive wireless pricing by Bevin Fletcher | Jul 30, 2019 11:14am ... Along with its $5 billion agreement for assets, Dish also struck an MVNO deal with T-Mobile... Ergen acknowledged its NB-IoT network, which Dish started building last year and planned to spend up to $1 billion on, wasn’t one “to be proud of.” Still, it provided Dish with experience about wireless network permitting, site construction, and provisioning. Dish is halting work on the NB-IoT network, and will redeploy those resources for its 5G standalone (SA) mode network plans. “It’s a very cloud-centric approach, it embraces the mentality of virtualization from the ground up,” said Ergen of the network.

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From: frmrVZguy8/1/2019 6:56:51 PM
   of 256
 
CC Quote: "recurring revenue from your wildest dream" Has he gone mental? Candyman can.
He has caught the Beijing Flu and gone all frothy in the head with notions of dotcom super-successes.

Cash is low. Debt is higher. Sales are lower. Forecast for sales is uncertain.
Never been closer...

Cue the Music:

en.wikipedia.org
  • Who can take a sunrise
    Sprinkle it in dew
    Cover it in chocolate
    and a miracle or two?
  • The candyman can cause he mixes it with love and makes the world taste good


seekingalpha.com
As indicated last quarter, we believe we are very well positioned to complement various mass market device technologies with LTE for IoT connectivity via some sort of non-exclusive licensing arrangement with recurring revenue from your wildest dream. We are engaged with a few potential partners to develop this new go-to-market strategy. And on the last call, we indicated that we were close to finalizing a new deal this time. To update you on the status, some of the discussions have become more complex as we are potentially expanding the scope of this relationship...
As I noted on the last call, there is no doubt that the interesting value of our technology, our know-how, our existing relationships and our large pipeline of business is increasing all the time...
Accounts receivable at June 30, 2019, was $12.5 million, an increase from $8.3 million at the end of Q1, reflecting the increase in revenues, invoicing of NRE milestones and the timing of shipments and billing. DSOs were 113 days, up from 101 days at the end of Q1. Our inventories decreased to $6.9 million from $7.6 million at the end of March, and trade payables were about the same at $7.4 million compared to $7.5 million at the end of Q1...
So I don't want to give a projection, but we are optimistic on -- that we will be on target for the second half of this year... (ED: << There it is folks, that old Christmas chestnut. The gift that keeps giving.)
Tristan Gerra
Since the Huawei ban was enacted, have you seen any renewed interest from non-Chinese customers that previously were looking at using high silicon and any other impact that you may be seeing from those trends that are unfolding?
Georges Karam
Tristan, obviously, I mean without commenting the geopolitical, say, impact of this that could be negative and so on for everybody. But if we focus really on the positioning of Sequans, we have definitely a unique position there because we can take advantage of this, specifically in the NB-IoT area because all the NB-IoT technology has been originally driven by the Chinese and all the Asian customer focus on building NB-IoT and dropping CAT M are doing much from CAT M. On the other side, U.S., Europe, I would say, semiconductor company were building CAT M, and they did the NB-IoT just only as a version of software without major change of the cost structure. And Sequans, we took the bet to start like this, but very quickly come with then a solution, which is NB-IoT only that looks like the Chinese version, essentially to address the remaining of the market. And from this point of view, definitely, we have a highway in front of us to be almost uniquely positioned if the Asian, they don't come to this market to serve the market with NB-IoT only. Because all our competitor, the closest to us in the western world, they have solution that they are dual-mode CAT M/NB, which is we have already, as you know, but they don't have a solution, which is dedicated NB-IoT. So this is a plus for the company. But it's very hard to predict the future on this business only as this is related to geopolitics decisions that can change over time...
Unidentified Analyst
I'm sorry. Sequans' stock has been out of compliance for about 1.5 months with the NYSE. Is it more likely that it will come back into compliance by the stock price recovering? Or will you be looking at doing a reverse split?
Deborah Choate
We believe it's more likely it will come back into compliance through an increase in the stock price.
Georges Karam
And we have six months, as you know, to be in compliance.

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