To say it was necessary because of Fair Disclosure is too simplistic although ultimately it, the final earnings release, the CC, and the announcement of new orders and contracts are all related in one form or another to the next financing --- which IMO will be a private one with Farhi and his Canadian friends.
One reason for the preliminary earnings release may have been because they didn't have anyone who could do ceiphering until recently. Sometime between 2-2-2012 and today they dropped the ad for the Administrative Specialist-Finance. The CFO, Mechanical Engineer, and Materials & Logistics Manager positions are still open. I am beginning to think that those major hires are not going to happen until after we do this next financing. They probably want to make sure that MVIS will have the resources to actually pay them before they hire on. After last Spring's RIF prospective employees are probably gun shy and a CFO's departure is almost never a good thing.
The preliminary earnings release says that Q4 revenue was about 2.7M. In Q3 it was 2.613M which consisted of Product Revenue 2,015M + Contract Reveue 515K + Royalty Revenue 83K. The MVIS auto development manager who jumped ship for Microsoft said he "delivered 2M in prototypes" in 2012. Cumulative contract/prototype revenue at 9-30-2012 was 1,261M. So if he wasn't lying then Q4 contract revenue will be about 740K and the product revenue will be around 1,775M down about 225K from Q3. If that is the case it suggests that Pioneer is stretching out the deliveries on it's auto HUD.
Nostrdamus says that the "bigger picture" will be more profitable so maybe the preliminary revenue of 2.7M doesn't include Q4 contract revenue of 740K or maybe they just deliberately low-balled the numbers to make the final numbers look better. Nostradmus also said around the time of the CES show that we had received another order. So we will just have to see what kind of a batting average he has this time.
PS. Those who are asserting bankruptcy don't understand MVIS's affairs. It is quite possible that we are currently watching the slow motion take over, and/or privatization, of MVIS.
If Farhi and his friends are willing to double down at this point then you are spot on.
I would think they are fully up to date on what the company has going on right now and going forward and are salivating at the chance to grab as much of this company as they can. Interesting to see just how this financinig goes down. The time line is also intresting as we are quickly running out of cash and Tokman doesn't seem to be in a hurry. Seems Forrest is just sitting there unconcerned.
"PS. Those who are asserting bankruptcy don't understand MVIS's affairs. It is quite possible that we are currently watching the slow motion take over, and/or privatization, of MVIS."
That's why I voted against the reverse split. Time will tell whether Farhi becomes the king-maker and takes the lion's share of the kingdom, but in that case where's the big payday for AT and the BOD unless the stock price soars to make their way out-of-the money options worth exercising?
I can pretty much agree with your way of looking at this, and have said somewhat the same for some time now.
They will not go BK any time soon when they can print up shares and convince someone...anyone, to buy them. However this pans out you can be sure that the Commons will get the smallest percentage of the gold...or the shaft.
IMHO, of course.
Hi Cuda, the reason I voted in favor of the revised R/S was that I wanted to see this technology have a chance to come to market. Some time over the next 12 to 18 months the verdict will be in on whether that comes to pass in the major way I have been hoping for. In the meantime it will be the height of irony if the public shareholders are diluted to simerthereens or squeezed out in the process. I might just as well have voted against the R/S.