No much $$$$$$$$$ for all the years of litigation.
Rambus should of just went on it way and not litigated against Memory Manufacturers - who has the power and influence to beat down Rambus politically. It could be a theme on a soapy prime time drama. JR vs. Barnes. JR being Micron and Barnes being Rambus. LOL!
I should of held on to this stock but sold out at $4 and change after the SF civil suit went against Rambus. All the experts and pundit at the time said that how can Rambus not win when the FTC ruled against Samsung. Well, the answer is that the judge did not let that evidence in the trial along with out evidence. So Hyria and Micron just had to slander Rambus again and the jury ruled against Rambus and Rambus had to pay $22 million in legal fees to the defendants. Then their was the Judges Whyte and Robinson! I think it was 5 years when I sold out my shares. Complete second act like Virginia Judge Payne with Inferion? Got pennies on that one. And then Rambus was hurting for funds and got a super bad deal from Intel with a perpetual license agreement for only $40 million.
Rambus had bad management from CEO Tate and on.....! I don't know anyone who made any money on this stock unless they sold short that is! Bad memories. LOL!
I hope this is not the case; since if it is; that means they are crooks!
I am betting they are straight but are poor managers! I mean how many Chinese led top managers U.S. ADR public stock companies have we already have that turn out to be crooks? I think about 40% is what I read. And all of them have been taken out between 2007-2010!
I am for liquidating the company or selling it to someone else. The loses this company is taken, is one for the books. Either way; it only going to get worse if the company does not sell or liquidate! I don't think their grand idea of an online website to incorporate everyone, even their competition will be successful! Why would their competitors do it in the first place? I we know; from Palm among others; software has little value if it does not generate income!
In the U.S., most of the testing training is done not in training centers but in small groups that hold meetings in coffee houses or in the park or other public locations and video chats are used with either Skype or Face Time to do one on one training. Training material can be online or in paper. The sign up is through the company website. The onsite training center concept is just 10 years behind the times.
Let's hope the Mr. Yu sees that he cannot win and does the right thing for shareholders.
I did some financial projections for 2013. Total revenue will be $7.4 million and net loss will be $15.4 million. Advertising/selling expense will be over $11 million.
Cannot believe CEAI is doing the annual shareholders meeting on Christmas eve! Does not look like a very Merry Christmas for CEAI shareholders.
From the 3rd Qtr.:
Selling expenses increased by 1.086,927 or 42% to $3,697,071...."
•Total revenues decreased by 21% to $1.6 million.
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CEAI management spend over 2X the total revenue generated. How many business have you seen with that lopsided marketing? And it result it a decreased in total revenue still!
CEAI like I been posting; need to get a marketing firm to do their marketing. I don't think the management knows anything about marketing - advertising, promotions and public relations. Just look at this ridiculous ratio!
Going through the 3rd quarter statement and found this info below:
Selling expenses include advertising expense, consulting fees, sales commissions, and other expenses. Selling expenses increased by $1,086,927 or 42% to $3,697,071 for the September 30, 2013 Quarter, from $2,610,144 for the September 30, 2012 Quarter. The increase in selling expenses was mainly due to the increase in advertising and marketing expenses. We incurred advertising and marketing expenses of $2,832,246, an increase of $1,963,339 or 69%, due to increased marketing and sales promoting activities to rebuild our brand name and reputation. Such activities include advertising through media, online and onsite promotion, handouts, brochures, etc.
Administrative expenses increased by $256,814 or 9%, to $3,089,854 for the September 30, 2013 Quarter, from $2,833,040 for the September 30, 2012 Quarter. This was mainly due to the increase in research and development expenses relating to the development of the web-based platform, the office expenses, and labor costs throughout the period. In the future we expect the administrative expenses to continue to increase because: 1) we will incur maintenance expenses for the web-based platform after it being successfully launched; 2) we will incur expenses associated with the expansion of our onsite training centers for purposes of gaining more market shares. The office and administrative expenses associated with the newly opened onsite training centers also contributed to the increase in administrative expenses. "
It seems even with a million dollars increase a quarter in advertising expense; the onsite center revenue has kept going down even as 12 more have opened in Beijing in the past quarter or this quarter? So you calculate the revenues and divide it against 22 you can get the average revenue per onsite center of $1.1M/22 or $50K per center per quarter or about $4,100 a week! 3 yrs ago - 12X more!
What a surprise! I was expecting it on the 25th since the company missed the 11th! There was no CEO Yu this time; and only one person - Jared Cohen from JM Cohen & Co. He was asking questions that CFO Li did a impersonation of Mr. Yu in replying back to Mr. Cohen.
Go to the headlines and the Seeking Alpha written transcript for 3rd Qtr. Results. No concise answers to the questions ask. I think Mr. Cohen was frustrated.
"Jared Cohen - JM Cohen & Co
Yeah, just have a few questions. One, I know that the last quarter you had 35 centers, can you give us a count of the number of centers you have? And where, I know the centers are between Beijing and --. Are you seeing any increase in any of those centers of students anywhere where, you can start there?
Cloris Li - Chief Financial Officer
Hi Jared, thanks for the question. In the last conference call in which we had mentioned we have around 35 centers that’s basically around 10 of them in [Liaoning] over the Northern provinces and the rest of them are in Beijing which I think 12 of them were newly opened from end of last quarter and beginning of this quarter. And of course yes, we are trying to get more students joined us by opening more centers under the same brand name, early to, we are very stronger.
Jared Cohen - JM Cohen & Co
Okay. Now in this quarter you spent more on advertising, was that advertising spend in terms of for the learning center business or more for the e-commerce business that you’re getting ready to launch or a combination of both?
Cloris Li - Chief Financial Officer
The advertising we spent mostly for the onsite training centers. It’s like summer vacation promotion that we see during the quarter.
"Thank you, Mr. Chairman. Hello everyone. I’m Kevin Wei. I’ve just recently joined Xinyuan as the CFO in September and I would like to thank you for joining our call today."
Well, Mr. Wei stayed only three month duration of time! September, October and November! I think he did not work out or he did not like the job! The previous CFO - Tom Gurnee was more trustworthy and was at the company for four years?
I hope XIN can get another "white" guy in as CFO!
Thanks Higgins.boson for the continues updates on the take it private battle. I just am hoping for $15 a share offer by ZTSN management! They own it to use long termers who have stuck with their company and their face - potentially ill well by the management. I pulling or Deutch and company to get justice for all!
I am all for your recommendation on taking it private!
Mr. Yu should do it! It would only cost him only $36 million or about 60% the company's cash if you wanted cash per share. I would like to have the $8 book value. Most company are sold at book value or more. This company is not using the cash anyways to build the business into profitability so I am with you on a buyout of existing shareholders. I think Mr. Yu probably now will come around and strongly think about going private.
I think you should be on the CC and make this recommendation on the 11th or 12th? You do not have to use your real name if you prefer not too! I know some people who are "personal investors" that make up an synonym. That way; you can act like you are posting now with me without disclosing your identity!
I hope you do it for the good of all existing shareholders!
I like to know how the two active shareholders participates in the CC will react to this SEC news release in the CC?
In March 16, 2013 China Education Alliance received a letter from SEC about Sherb & Co not being in technical compliance for audits in 2010 and 2009 could not be relied upon.
From company news release:
"China Education Alliance's Board of Directors and management continue to believe that the affected audit and reviewed reports fairly present, in all material aspects, the Company's financial condition and results of operations as of the end of and for the periods presented.
The audit for the year ended December 31, 2011 was performed by Baker Tilly Hong Kong, a member of the Baker Tilly International accountancy and business advisory network.
he Company will take whatever action necessary on behalf of its shareholders to rectify Sherb's non-compliance and default."
In 2013, from company press release:
HARBIN, China, Jan. 16, 2013 /PRNewswire/ -- China Education Alliance, Inc. ("China Education Alliance" or the "Company", OTCQX: CEAI), a China-based education resource and services company, today announced that it has appointed Albert Wong & Co. ("AW") as its independent registered public accounting firm effective January 14, 2013.
AW is a full-service CPA firm based in Hong Kong. AW provides a comprehensive range of professional services including audit, tax, risk management, merger and acquisition, and corporate and business advisory services to clients in Asian countries and the United States of America.
The decision to change auditors was not the result of any disagreement between the Company and Baker Tilly Hong Kong on any matter of accounting practices, financial statement disclosure, or auditing scope or procedure.
AW will start its work for the Company with the audit of the full year ended December 31, 2012.
The Company thanks Baker Tilly Hong Kong for their dedicated service over the past year.
This is bad! But the company is suppose to report third quarter on the 11th; and maybe they will address it then. Since it is the cash the company has on the books that investors are investing in; the training centers are a total joke anyways.
But this is not good that the so called Chinese Alliance managers either did not communicate clearly who own the businesses to the training center heads managers. It all confuse right now for me. I do remember that they did buy some training centers at some time. But now they are creating them. It is about Sherb & Co. and not CEAI directly.
From the WSJ and Michael Rapoport:
"Sherb & Co., along with founder Steven J. Sherb, partners Christopher A. Valleau and Mark Mycio, and audit manager Steven N. Epstein, all agreed to the bans on appearing or practicing before the SEC as accountants. They didn't admit or deny any wrongdoing.
Messrs. Sherb, Valleau and Mycio may apply for reinstatement after five years, and Mr. Epstein may apply after three years. The firm also agreed to pay a $75,000 fine. ....
In one incident cited in the SEC's complaint, the commission said China Education managers "hastily exited" a training center to which they had brought Sherb & Co. auditors for a visit after they were questioned by the center's staff, leading at least one of the auditors to conclude the center didn't really belong to China Education. But despite that and other red flags, Sherb & Co. didn't go any further to verify China Education's revenue from training centers, the SEC said.
Just have to wait and see how this plays out in a few days.
Will the management hold their usual CC? That will be a big indication of where the company is headed with shareholders.
I for a take it private at bookvalue by the Yu!
Try this case number: 1:2013cv03781. It dated April 2013 but it still should be the same.
Sorry to hear that you have decided to sell! You have to do what you think best. Hope you make it up in other stocks investments or on other investments. Take care!
After hearing it; the cash is only $14 million along with a bank line of credit. I think the audited financials for 2009 will appear by the beginning of 2014 is my "guess" and full financials should be by middle 2014! The BOD is committed to at least an annual shareholders meeting which is good for an unlisted stock.
Back in 2009; FUQI had like 200 million or more in cash along. Very dishearten to see they only have small amount left. Wonder if it is in inventory?
Have no choice but to hold and see what the company is going to do! Any valuation of the company will only take place after the 2013 audited financials are in. It looks like another 9 months of wait it out! Did not anticipated that FUQI would delist from the SEC however.
If Mr. Chong - the Chairman is suppose to be very wealthy; he should just buy the remaining shareholders out!
Could not find the on "Yourlisten". Too many entries and no way to search for it. Can you post the same on Youtube?
No news out yet! Might have to wait till next week for the legal media to say something about it! I usually find it by doing search on: "ZST Network vs. Peter Deutsch - october 4, 2013 meeting". WSJ Michael Rapoport reporter has been following this case with interest too. Mr. Rapoport covers accounting for The Wall Street Journal's Money & Investing section.
I subscribe to the publication and nothing is showing up yet! Just hope they settle!
It not Goldman Sachs. It the insiders of the company including the CEO and BOD that is taking over the YONG which is being sold to the holding company top shareholder Full Alliance International Ltd and its affiliates.
"Full Alliance, which owns about 15 percent of the company, Yongye chief executive Zishen Wu, Morgan Stanley affiliate MSPEA Agriculture Holding Ltd, and Abax Global Capital Ltd had offered to take the company private in October for $6.60 per share. Full Alliance has up the offer 9 cents in August!
Yongye said Abax is not a part of the new offer and has opted out of the consortium. Abax, which primarily invests in China, owns less than one percent of Yongye's shares."
Just read up on another taken private Chinese stock - YONG!
Look at shareholders problems of YONG! BV of over $10, cash of 5? and the BOD are trying to take it private for about $6.69 a share. EPS of over $2! Peter E. Deutsch is preventing ZSTN management from doing what ZONG has done!
Look at shareholders problems of YONG! BV of over $10, cash of 5? and the BOD are trying to take it private for about $6.69 a share. EPS of over $2! Got to be on guard for such a move by CEAI in the future!