Wow. Nice job Jon Boy. Major loss, A/R is essentially worthless (82% reserve for bad debt), burning cash, and here's the note that really is the clincher:
"In November 2012, we commenced the sale of marketing tools that help local businesses manage their online presence under our Velocity Local™ brand, which we refer to as “online presence marketing.” We continue to actively develop, revise and evaluate these products and services and our marketing strategies and procedures."
In other words, folks, contrary to Jon Boy's 4-23-13 announcement of rolling out Velocity Local, VL has been around for 5 months during the incumbent financials, and essentially added a big fat ZERO to the top and bottom line.
Great job, Jon Boy. You really know how to turn a company around.