Looks like they timed it right and took everyone with a stop loss. Buying FB at 72 they made 10 bucks a share in 30 minutes. Of course you had to be Wall Street trader to be there at the the right time. And the SEC says there is no market manipulation yeah right, All the big broker houses made tons of money on commissions today. with all the volume.
I thought they IPOed becuse they were making a profit. Competing against Sales Force and Oracle.
I'm sure he got in and out and made a ton of money. He buys 50K shares at 22 then sell at 32. Makes 500K and laughs all the way to the bank and back at you bag holders.
No, just adding that maybe with the debit SCB had it could have been worse,
Who would buy it at 1.75 when you can buy it for 1.20 on the market. And that whole warrant thing, the exercise price is 2.35. Good luck with that. They say they raise 3 mill. who would put that money into this, what did they do give them half the company. The common stock is going to be made worthless. Looks like 15 cents by the end of the year.
On my first review I said had about the same impression as some form San Disk. Not sure a VP would bash a product maybe they are coming up with there own brand. But for all the tech out there it could have been a lot slicker.
I'm not sure what all the complaints are about it not working are. I tried it at 5 different places it it worked. Some of my cards have not worked at places and they had to enter the number so filed cards is not just a Wocket issue. I'll be posting my first failure when it happens.
Not sure who designed this, but maybe like someone said, it was never going to go into production they were looking for big pockets or a buyout to turn into something really cool. I see Geno has a 9 million shares so that would be a big pay day for him at 3-5 dollars a share.
By the way I did buy some stock but sold all when it came close to 2 dollars. I'm probable like a number of people thinking this was a great idea, and in fact I do like the idea, it's just the implementation was not good and lost money. Looks like no bottom to this thing at the moment.
Here's my review.
I was able to load a few cards on once I worked with the interface for a while. All in all it could have been done better for all the technology out. The user interface is fairly simplistic and could have been richer. The navigation and menu screens are really low tech.
However once you get your cards loaded it's just a case of putting in your pin and using a menu to get to the card you want.
First issue is getting the card out of the Wocket. It's squeezed in between the device and the jacket. If your fingers are wet or slippery it can be difficult to get the card out.
The other issue which is bit more serious is the security, it only has a 4 digit pin, what were these guys thinking. It does make you wait 20 seconds if you are wrong 3 times but do the math. That means someone could guess around 6 pins a minute. So if there 9999 possible divided by 6 comes out to 1666 minutes or 27 hours. But if your pin starts with a low number and they start from 0, it could be cracked in less then 10 hours. Thieves have lots of spare time.Because once they get in now they have all your cards and other stuff. Now you have to change all your passwords.
This not like a bank card where you need the card and the pin.
Bottom line here is this is not a secure device, it just a simple lock. If it gets stolen it gives you enough time to call your bank and cancel your cards and change your passwords.
Just a few other thoughts, it's a bit bulky so with the wallet and phone not sure where to put it. It's almost the size of my smart phone yet just keeps a very small amount of info. The plastic jacket that hold the card is way to big. I think they make them in a shop with a few machine tools and molder, some standard parts they bought. This is more of prototype with a min of investment. Could easily have been engineered to be wafer thin but that would mean China and a million widgets which would have taken some investment $.
What the market is saying is FB is worth more then INTC and CSCO combined. That is a combined revenue of over 100 Billion vs 12 for FB. Kinda makes you wonder.......................
Can't be sure of the exact price, but the report stated something about the new company would take all it's debt. So if they had 5 mill. in debt it was sold for 7 mill. Looks like a bit of cooking the books somewhere by SBC. It's always interesting no one is going to jail for such a debacle to the share holders maybe even some accounting fraud. Some SBC sitting pretty somewhere laughing their #$%$ off.
Only $2 mill for the sales ouch. The really sad part is all the former execs have tons of shares for creating a giant screw up so if the stock rebounds they will be sitting pretty and get rewarded for sitting on there butts. Everyone will be pulling the load to make Berry rich. It goes to show how some execs play craps with the company to make themselves wealthy. I guess you #$%$ out Berry. Way to go Berry, you should sell you shares back the company for a dollar, because that is all you are worth!
At the moment the card does not work with chips. Here is the email.
"Thank you for your interest in Wocket! The current version of Wocket does not support chip and pin (EMV) partly because EMV has evolved over the years and taken up root in Europe and Canada mostly. It has never fully come to the US and even though the industry claims it will be here by next year, we are confident magstripe technology will stay around for a lot longer. We chose not to use Chip payments on version 1 of Wocket because the payment industry is in so much flux right now with what the standard technology for payments will be. "
I'm sure they are. I'm not sure of if you are large investor you want to do your laundry in public. They're not as stupid as the rest of the world.
If you look at the number here. Margins are off the chart so what really dragging the profits down is selling costs. They have to sell all on their own. Being bought by the right company and that company adds 200 mill in revs and your selling costs could be just a part of a package. Plus now it becomes part of your portfolio of products. Long term I see something like that here, I'm not to concerned with the PE because this technology can't last as a separate entity it needs to be part of a bigger picture. What is has is worth more then what it is.