And why has the company sunk almost $1 million of its cash into it? I noticed it in the 10-K just filed. Seems the first investment was more than a year ago, but they just got around to disclosing the name this year. A million of cash is certainly material for this company, so a press release would be nice explaining why they think its a good idea spending our money this way.
Didn't they use Tracciare to do the work for their discontinued product line? If that product line is so bad that they had to write the inventory to zero, how come they still carry the amount that they lent Tracciare at full value??
Also, if the product line wasn't working, why did they lend Tracciare more than $500,000. Does any one know if anyone with the last name of Asher owns Tracciare?
Very fishy..... Expect a full write off on this one!!!!
Well answer part of your question it was in the prior years 10K
FORM 10-K (Mark One) [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended May 31, 2010
NOTE 6. NOTES RECEIVABLE On December 8, 2009, the Company entered into a $500,000 Principal 8% Per Year Senior Secured Convertible Note with Tracciare, Inc due in full on May 31, 2011. In addition, the Company received a warrant to purchase up to eighty percent of Tracciare’s equity for a total price of $500,000. At May 31, 2010 Tracciare, Inc. had drawn $432,146 of the $500,000 note, with $67,854 available for funding.
Now that we know that it was there It was not addressed to a satisfactory extent then as it was in the past 10K
I cannot answer your question as to why as I have the same question.
alos how is that working for us and to What End.
It definately dows not appear to be a risk free investment nor one that ANTP should be involved.
They got locked into some Auction Rate Securities a few years ago and the was a liquidity freeze up that eventually worked out with UBS this is a horse of a different color.IMO.
There appears to be a connection in the 10k for business use of this companys product.
sometime you have to read the 10K a few times to pick up on things. Or at least I do.
!)K was ver informative on plant and Property I liked that information.
On December 8, 2009, the Company entered into a $500,000 Principal 8% Per Year Senior Secured Convertible Note with Tracciare, Inc. due in full on May 31, 2011. In addition, the Company received a warrant to purchase up to eighty percent of Tracciare’s equity for a total price of $500,000. In March, 2011, the note was amended to extend the maturity date to June 30, 2013. At June 30, 2011 Tracciare, Inc. had drawn all of the $500,000 note, along with additional fundings in the amount of $463,684 all under separate notes with the same terms and agreements as the original note. Traccaire, Inc. is a development-stage company in the pilot-project phase. It focuses on automated meter intelligence for municipal utility customers. Financing Activities
10K Distributed Antenna Systems). The DAS antennas for Cellular/SMR, AWS and PCS frequencies are installed on utility poles, street lights, rooftops and lamp posts in urban and remote areas to increase wireless carrier services.
*******These product lines complement Antenna Products Corporation's existing product lines of cellular, PCS, paging, ISM and AMR (automatic meter reading),
omni-directional and sector wireless antennas. Phazar Antenna Corp. sales for the twelve months ended June 30, 2011 amounted to 20% of total sales. We expect that for fiscal year ended June 30,