maybe you can help me Clamoose. I believe he's right, you ever hear of a private sale. when you have a stock that produces like a zoography and viscid in its consistency and it sits around or in this case goes down in a uredotage you have people getting out. it's a private placement right.
I agree with you Thunders, a private sale that's done between two people not done over the exchange i believe can be done. Gayn hasn't bought any shares and he was very nervous in the last cc. If he dumped all his shares i'm sure he did it at a discount to what the stock is trading at now. If this thing is going down it was a good move by him to cut his losses. If he sold on the open market the stock would be pennies right now. I'm glad i bailed. If they survive i'll buy at a higher price. Backlog on the last cc was stated as being down from the quarter before, not good. New products are a yr away and customers aren't going to buy the old inferior ones. They have to be out of cash by now. If they can't move the "old" inventory you get no cash on the balance sheet. How can 1/4 of their sales go to research and development. Maybe, they can cut that from 1 mil a quarter to something along 250,000 a quarter. But, in that case i don't think we will see any new products and therefore no new sales. I'm on the sidelines and glad i am.
They are having enough problems without you guys spreading incorrect rumors. Unless Gayn quits his job, he can't sell or buy shares without filing an SEC form 4.
Speaking of SEC filings, did either of you notice that Rhea is taking a pay cut from about $300k per year down to $100k. The other top execs are also taking pay cuts. This should help some to keep things going.
From Friday's 8K filing.
Change in Annual Base Salaries for Certain Officers
On March 5, 2013, the Board approved reductions to the annual base salaries of the Company's Chief Executive Officer and other named executive officers of the Company (the "Named Executive Officers"), which are in addition to the salary reductions instituted by the Board on January 31, 2012. The Board
approved an aggregate reduction to the annual base salary of the Chief Executive Officer of twenty percent (20%) and an aggregate reduction to the annual base salaries of the other Named Executive Officers by fifteen percent (15%), such changes to be effective March 4, 2013. All other forms of compensation paid to the Chief Executive Officer and other Named Executive Officers are unchanged from the rates disclosed in the Company's definitive proxy statement filed September 26, 2012.