Clearly, the 10 year $7M contract is basically useless. While it does stand as being the first meaningful revenue producing contract, it appears to be too late and too modest. For a "leader in the field" of a sector that is skyrocketing in importance, this company has come up small time and time again. When it can be noted that the 2 most important things a company ever did was bring on BOD "names" without commitment and move its offices to the more expensive Washington, DC, it's simply a sad tale.
Great. Finally a revenue announcement is made and NOT A SINGLE SHARE IS TRADED off a very low share price for the first hour+. Some fun, eh???
$7M divided by 10 years = $700K per year. I'd say that isn't even enough to cover salaries and office rent expense. This better be the first of many contract. Also, marketing guys have to get in gear and explain to potential purchasers of our solutions why the Mexican customer bought it and exactly whats it' expected to solve for them.
So, even though UPS paid $40M and acknowledged that we should have been more vigilant and Google paid an enormous $500M fine for advertising for these unlicensed pharmacies, FDX is the outlier in taking any level of responsibility? Who the F does Fred Smith think he is? Rules are broken and fines are paid by everyone else but him? Throw in the French lawsuit for price fixing by the company they acquired (where was the due diligence?) and they are almost becoming a lawless enterprise. Oh, I forgot to even throw in my pet peeve about thievery of state and federal treasure thru their independent contractor business model. Somebody please take him to task. While I'm at it, how many CEO's ran over and killed someone and fled the scene and got away with it? This man is a #$%$.
Due to my total lack of anything approaching faith in the ability of the management team of this company to even pretend to be competent, I just offloaded 25K shares at the princely sum of $.07. I intend to repeat this at various price intervals to avoid having a ZERO valuation level when they file for bankruptcy in the not too distant future. After having read their 10Q with the highlighted significant "going concern" reference, I don't see how this group of uninspired, unimaginative, on the cusp of lying about "even the sniff of some level of a revenue possibility" stiffs can keep their Washington "so we can be closer to the decision makers so who cares about the rental costs" door open. I described their apparent profiles/contributions in a prior post and I certainly stand by the observations. I suspect these people will ultimately be ashamed to have to list this "stop" on their resumes. The advisory board people may not have to. All in all, this has been a sickening experience and one I hop not to repeat.
Claudio Ballard- "oops, I found out that over-exaggerating my activities with 30 Fortune 500 companies didn't translate into building his own successful business"; Paul Klapper- "maybe I really am too worn out from my 50 yrs in the business world- I seem to be sleepy all the time"; Ron Guido-" you mean old-fashioned mafia type intimidation won''t sell our product? Gee's that's all I know"; the infamous Jonathon Weinberger and Constance Harriman government contact tandem, "Gosh, we thought just dropping our famous names would generate interest in whatever it is this company is doing. Sorry." But let's not forget our illustrious Advisoy Board. I mean, what company could possibly succeed without the expertise that these hand-selected stalwarts brought to the table? Craig "Van" Helsing's incredible contributions culled from his long tenure in government affairs (did he have one on the side? Better check his expense account). Mark Juliano's ability to win over the casino industry is being reserved for another company that might pay a little better. The nattily dressed ex-CEO of Player's International seems to have forgotten that he was actually playing with other people's money - then again that seems to be his modus operandi. My bad. The respected HIV founder Dr. Gallo can save people with HIV but even his heroic efforts couldn't keep this company on life-support. It is curious that he was even on the AB. Perhaps they misinterpreted his life support service portfolio. He actually was more like Dr, Kervorkian. Aidan Butler has a cool name. He also has zero ability to analyze the value of intellectual property even though he's a specialist in the field. Rochelle Bloom continues to wear her make up well and it hides her embarrassment from eve being associated with this company. Mr. Ono puts too much effort into his Subway commercials to be bothered with this commitment. So there it is folks- your group of valiant superstars that suckered us.
Much as I agrtee with you REG- there is the basic fact that Scott and Wachter were able to pick up shares for under $1. The win either way.
The dreaded, "substantial doubt about the company's ability to continue as a going concern" statement has been officially submitted to the SEC. So, let's recount the heroic history of this abysmal excuse for a cutting edge company. Lousy management- check. Uninterested/unaccountable board members- check. Sloppy website maintenance- check. Overstated progress on products sold with no reported revenue- check. The failed performance as a self-identified leader in a field that is dynamic and booming- check. Today's 10Q even brings into question of there was any value whatsoever to the ":technology" that VerifyMe supposedly brought to the table. If the determination is made by our crack group of nincompoops that there is no redeeing value the company will fold in short order. If the geniuses actually see a way to make something of the technology, they would owe VerifyMe the incredible sum of $4.5M due in January, Payment would be in the form of the presernt stock price minus a 10% discount. In other words, simply to satisfy this potential debt, LLTI would need to issue an additional 140M shares on top of the existing 450M or so. In other words, we share holders would be left holding an enormous bag of dog excrement worth just a few share- maybe. Now, I'd be curious to know how this whole up to $.50 mania was generated and if there is any way to hold these far less than honorable creeps accountable for their unscrupulous actions. Comments? .
Things are so bleak with the company it's not even worth the effort to try to be critical anymore. The prototype rudderless, shoulda/coulda business story. They had their chance with all the influential folks that were brought in but they came aboard in name only - no spirit or resolve to do anything. I wonder if their meetings were simply glad handing events or whether they ever talked about turning this company into something of consequence?
Can you translate that into English please? What you've typed seems vaguely like an LLTI P/R release in its specificity.
BTW, I have a ridiculous limit offer for someone to strip me of my cherished shares. If some behemoth (as Cramer would say) wants to augment their holding with my considerable sum, have at it. I'm simply trying to come out a bit ahead. Go ahead big fella, make my day. Just think, big Kahuna whoever you might be, you can pick up a princely sum of shares while helping out a poor schmoe who thought he was smart (me). At the same time, if someone does does buy me out I promise to quit posting. Is it worth it? Hey guys- to some it's ONLY money.
Klapper has not sold below $.22. There are no new SEC filings that Yahoo Finance is listing so the last 3 are for 22, 31 and 41 cents. At this point, I'd gladly get out at any of those figures.