That's not the word at all. Why troll these boards. I happen to know how things are really going and your story could not be further from the truth. But that is what these boards are for right to make up stories
Scanner Advocate, while I agree with much of your assessment, I don't believe they will raise $6M next summer. They were going to be out of cash by Christmas this and this new $1.8M in funding gets them almost 1.5 to 2 Quarters more, so I agree they will be out of funds in next 12 months. We agree on that.
However, they can't raise $6M more. Word is out that Roof doesn't live up to his promises and all his pay bluster about turning around the company is exact opposite. Company declining and worse in every aspect since he took over. Costs way up, tech team quit in mass about a year ago, sales force not producing and half of them left or fired including Chief Revenue Officer.
Word is the Board sees the writing on the wall and they went out to raise funds before the dismal Q2 results the street. This stock will be sub $1 shortly after that August 12th (lack of) earnings call with even bigger losses than ever.
They are already in death throes now and have given up their recent hopes of sales. ID patents most expire in just days! Lawsuits are costly and not going their way.
Now they are trying to develop a new technology on ChromaID. Ok fine. Even if it works, which is unlikely given VSUL terrible track record, it takes 6-12 months to have anything working, and another 6 months for sales people to sell it.
By then, they will be dead.
They are already a dead man walking. Roof spent company into death spiral. Maybe the board will fire Roof. If so, a new CEO might be able to save it, but unlikely that will happen. So, it I'll just be bonuses to Roof as the ship goes under.
It's like watching a train wreck in slow motion.
As I stated in my last post, IDN needed to raise funds and now its proven true.
Here is my next predication - IDN will raise $6M on 6/2018.
IDN's main product is stock certificates. They continue to sell them to pay management and board member salaries/perks. Yesterday they announced what I think was their 14th IPO (can anybody research the exact number) and I know IDN's has raised almost 100,000,000 dollars - yes one hundred million dollars and lost it all - see the "accumulated loss" item on IDN's balance sheet.
NO intelligent investor would put money into a company which has NEVER had a profitable year since going public (20+ years), therefore it must follow that IDN is selling stock to people not interested in a traditional return.
Here is how a money laundering scheme would work. Dirty money forms investment shell companies (For example look at two most recent large investors of IDN, both are DE corporations) with funds from unknown sources. These investors buy the stock, thus funding IDN for two more years. Then these stocks get sold and funds are cleaned. IDN's sole purpose is the remain open and ensure the stock continues to trade - which is what has happened for last 20 years.
Unfortunately, this is such a small company, the SEC will not bother. Who cares about a $6M when there are much bigger frauds on the street.
But if you are one of the unfortunate small investors to buy this stock, then consider a class action law suite and try to collect from the board of director's insurance company.
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Timing- trying raise money before disastrous Q2 results are made public? No PR of sales of any type for over six months, poor results Q1, Chief Revenue Officer left last month, all numbers worse since Roof took over 6 quarters ago, costs way up, and NOW they are running out of cash. Board, Fire that loser Roof before you raise more money. The guy has been a disaster. Enough is enough. FIre him NOW!
We currently hold patents that are scheduled to expire in 2016. Patent No. 5,864,623; Patent No. 6,463,416; Patent No. 6,920,437; Patent No. 7,478,067; Patent No. 7,899,751; and Patent No. 8,566,244, all of which pertain to the authentication system for drivers licenses, are scheduled to expire on July 15, 2016.
We are currently involved in two lawsuits as a plaintiff in order to enforce our patent rights. Litigation can be very costly and divert management’s attention. An adverse outcome in any litigation may have a severe negative effect on our financial results. To determine the priority of inventions, we may have to participate in interference proceedings declared by the U.S. Patent and Trademark Office or oppositions in foreign patent and trademark offices, which could result in substantial cost and limitations on the scope or validity of our patents or trademarks.
Additionally, third parties, including our competitors or licensees, may seek to have our patents reviewed by the Patent Trial and Appeal Board of the United States Patent and Trademark Office in a post grant proceeding, such as post grant review or an inter parties review. Such proceedings, if instituted could cancel our patents or narrow the scope of our patent claims. We cannot predict the effect that such proceedings, if instituted, may have on our business or revenue received from licensing our patents.