Wireless Ronin Technologies Inc. Message Board

The incompetent management team is desperately trying to hide their failures. You've been warned.

P.S. Why downgrade a stock with so much "potential" for Google deal?

This is the sme Seeking Alpha pump/scam as RNIN. Note that the company constantly states "no comment" when media sources "report" orders/contract with Google.

Please read the 10-K SEC filing from 03/01/2013 Part II Item 7 Liquidity and Capital resources for the full documented truth.

We incurred net losses and negative cash flows from operating activities for the years ended December 31, 2012, 2011 and 2010. At December 31, 2012 we had cash and cash equivalents of $2.3 million and working capital of $1.8 million. The cash used in operating activities for the year ended December 31, 2012 was $4.8 million. At December 31, 2012, we had an outstanding balance of $0.4 million on our line of credit with Silicon Valley Bank; additionally, Silicon Valley Bank has issued a letter of credit in the amount of $0.2 million as collateral to the landlord of our corporate office. We can not assure you that funds would be available or sufficient under our loan and security agreement with Silicon Valley Bank, and we may not be able to successfully obtain additional financing on favorable terms, or at all. Although we were not in compliance with the minimum tangible net worth requirement under the loan and security agreement as of December 31, 2012, we obtained a waiver from Silicon Valley Bank for the default. From time to time we have failed to satisfy such covenant, which must be satisfied in order for us to borrow under such agreement. Furthermore, as a result of the contractually imposed limits on our borrowing base, the amount available to us under the loan and security agreement, based on calculations as of January 31, 2013 was approximately $0.2 million. The line of credit, which is secured by all of our assets, matures on March 13, 2013. We are currently seeking to negotiate its extension with Silicon Valley Bank; however, we cannot assure you we will be successful in this effort.

The following information is reported pursuant to Item 3.01(a) of Form 8-K: On February 27, 2013, we received a deficiency letter from the NASDAQ Stock Market Listing Qualifications Department notifying us that our $2.3 million shareholders’ equity as of December 31, 2012 was below the $2.5 million minimum required for continued inclusion on the NASDAQ Capital Market under Marketplace Rule 5550(b)(1). We have been provided until April 15, 2013 to submit a plan to regain compliance. If NASDAQ accepts our plan, we may be eligible to have an additional period of 180 days to regain compliance with the minimum shareholders’ equity requirement. Alternatively, we could appeal a delisting determination to the NASDAQ Listing Qualifications Panel and thereby attempt to retain our listing on the NASDAQ Capital Market. There can be no assurance that we will be able to regain compliance with this NASDAQ continued listing requirement or maintain compliance with NASDAQ’s other continued listing requirements. If our common stock were delisted, the delisting would likely have an adverse impact on the price of our shares, the volatility of the price of our shares, and/or the liquidity of an investment in our shares.

We can give no assurance as to our ability to generate adequate revenue, raise sufficient capital, sufficiently reduce operating expenses or continue as a going concern.

In addition, our financial condition and potential for continued net losses could cause current and prospective customers to defer placing orders with us, to require terms that are unfavorable to us, or to place their orders with marketing technology suppliers other than ourselves, which could adversely affect our business, financial condition and results of operations. On the same basis, third-party suppliers may refuse to do business with us, or may do so only on terms that are unfavorable to us, which also could cause our revenue to decline.

Due to losses suffered from operations, in its report in the attached financial statements for the year ended December 31, 2012, our independent registered public accounting firm expressed substantial doubt about our ability to continue as a going concern. We do not currently have sufficient capital resources to fund our operations beyond May 2013. We continue to experience operating losses. Management continues to seek financing on favorable terms; however, there can be no assurance that any such financing can be obtained on favorable terms, if at all. At present, we have no commitments for any additional financing. If we are unable to generate sufficient revenue, find financing, or adjust our operating expenses so as to maintain positive working capital, then we likely will be forced to cease operations and investors will likely lose their entire investment.