To put that number in perspective, CEO Brian Tuffin took $54K in salary during the period the company posted $80K in total revenues.
It needed subtitles. I couldn't understand a word David Ortiz said. It reminded me of Benicio Del Toro's character Fenster in "The Usual Suspects" where he mumbles unintelligibly through the whole thing.
Fuse Science grosses $100K a month in revenue according the most recent Q3 10-K,and Tuffin takes $17K which is 17%. Can you do math?
Fuse has since taken DIP financing. Fuse Science loses ($11.28) for every $1 in revenue.
In that short period of time between the most recent Quarterly Filings and today, the company is 3 weeks from liquidation and it's share price has fallen 90% YTD.
The CEO is raiding the company bank account as Brian Tuffin takes a salary of 17% of the total company revenue. Never a good sign. If Apple's Tim Cook did the same, Tim would take home $24 Billion in salary a year.
Go look it up. David Ortiz release was published 12:13 PM and Jody alerted longshooter who shared it with board at 10:26 AM.
Jody has been banned for life from the securities industry and works around that penalty by providing inside information to others for compensation.
Here is Jody doing the same thing for longshooter providing inside information on the David Ortiz press release.
longshooter Tuesday, 11/26/13 11:04:30 AM
Post # of 65069
I emailed IR and Jody? Said an announcement would hopefully be made in 60 minutes.
StockOptions Tuesday, 11/26/13 11:13:52 AM
Re: longshooter post# 63712
Post # of 65069
Was that a typo? In the next 60 minutes? Just checking.
longshooter Tuesday, 11/26/13 11:15:57 AM
Re: StockOptions post# 63718
Post # of 65069
No. I emailed IR at 10:23 and received a response at 10:26. In the email it said 60-90 minutes. But being that I posted around 11:00 and 30 minutes had passed I just referenced the 60.
Long_vestor will get back to you when he is finished accusing IHUB of shorting the shares of DROP. He is having a manic attack and is unable to multi-task at the moment.
Wrong_lester. You really need a time-out for own mental health. I realize your losses in DROP are painful but you are experiencing a severe mental breakdown.
Jody Janson, Fuse Science Investor Relations Spokesman has been fined $50,000, censured, and banned for life from the securities industry in 1996 for failing to cooperate in an investigation by the National Association of Securities Dealers, Janson opened up an Internet-based "investor relations" business under the name Investors Stock Daily, Inc.
Jody's has a long and checkered history in this industry even after his lifetime ban.
I have backed out all interest expense and encourage all investors to work a spreadsheet based on the most recent Q expenses. Fuse posted $322K in sales in that Q but any increase in Q4 would be accompanied by the exponential increase expense of cost of goods, G&A and S&M.
Higher sales = Bigger losses
Fuse reported we have a working deficit of $(17,803). The overdraw is primarily attributable to the Company buying additional inventory on credit as well as issuing notes in the amount of $181,000 during the period.
General and Administrative Expenses
Sales and Marketing
Professional Fees Expense
Consulting fee to Durschlag
$100,000 in addition to a 5% royalty of the gross sales
Our primary source of operating cash has been through private placements of our securities, principally convertible notes and warrants and the subsequent exercise of certain of those warrants.
With the $700K Debtor in Possession financing vehicle due in 3 weeks it looking like default is imminent as total gross revenues are only a small fraction of expenses.
9. All of Grantor’s present and future books of account of every kind or nature, purchase and sale agreements, invoices, ledger cards, bills of lading and other shipping evidence, statements, correspondence, memoranda, credit files and other data relating to the collateral or any account debtor, together with the tapes, disks, diskettes and other data and software storage media and devices, file cabinets or containers in or on which the foregoing are stored (including any rights of debtor with respect to the foregoing maintained with or by any other person) (“Records”); and
10. All rights, claims and interests in any of the foregoing, and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products and proceeds of the foregoing, in any form, including, without limitation, insurance proceeds and any claims against third parties for loss or damage to or destruction of any or all of the foregoing.
5. All of Grantor’s now owned and hereafter acquired equipment, machinery, computers and computer hardware and software (whether owned or licensed), vehicles, tools, furniture, fixtures, all attachments, accessions and property now or hereafter affixed thereto or used in connection therewith, and substitutions and replacements thereof, wherever located (“Equipment”);
6. All of Grantor’s now owned and hereafter existing or acquired securities, financial assets, securities accounts, securities entitlements and all other investment property of whatsoever kind or nature, wherever located, including, without limitation, securities issued by any subsidiary of debtor (“Investment Property”);
7. All Intellectual Property, including, without limitation, the Intellectual Property listed on Schedule 1;
8. All securities (including, without limitation, the Pledged Equity);
3. All present and future monies, securities, credit balances, deposits, deposit accounts and other property of debtor now or hereafter held or received by or in transit to the secured parties or their affiliates or at any other depository or other institution from or for the account of debtor, whether for safekeeping, pledge, custody, transmission, collection or otherwise, and all present and future liens, security interests, rights, remedies, title and interest in, to and in respect of accounts and other collateral, including, without limitation, (i) rights and remedies under or relating to guaranties, contracts of suretyship, letters of credit and credit and other insurance related to the collateral, (ii) rights of stoppage in transit, replevin, repossession, reclamation and other rights and remedies of an unpaid vendor, lienor or Collateral Agent, (iii) goods described in invoices, documents, contracts or instruments with respect to, or otherwise representing or evidencing, accounts or other collateral, including, without limitation, returned, repossessed and reclaimed goods, and (iv) deposits by and property of account debtors or other persons securing the obligations of account debtors;
4. All of Grantor’s now owned and hereafter existing or acquired raw materials, work in process, finished goods and all other inventory of whatsoever kind or nature, wherever located (“Inventory”);
GRANTOR: FUSE SCIENCE, INC., a Nevada corporation
COLLATERAL AGENT: MUSCLEPHARM CORPORATION, a Nevada corporation
The Collateral consists of all rights, title and interest in and to the following assets of the Grantor:
1. All accounts including, without limitation, all present and future rights of debtor to payment for goods sold or leased or for services rendered, which are not evidenced by instruments or chattel paper, and whether or not earned by performance and all rights to payment arising out of the use of a credit or charge card and all information contained on or for use with any such card and all records and evidences of credit card transactions (the “Accounts”);
2. All present and future contract rights, general intangibles (including, but not limited to, tax and duty refunds, goodwill, processes, drawings, blueprints, customer lists, licenses, whether as licensor or licensee, choses in action and other claims and existing and future leasehold interests in equipment, real estate and fixtures), chattel paper, documents, instruments, securities and other investment property, letters of credit, letter of credit rights, commercial tort claims, payment intangibles, software, supporting obligations, bankers’ acceptances and guaranties;
Prove your worth. NASDAQ Cap Market requirements still fall short for MSLP. If you have less than $750K in pre-tax income in 2 of the past 3 years (MSLP has no chance to meet this requirement as losses are projected as far as the eye can see), you must have greater than $15 million Market Cap subtracting insider holdings.
It is clear MSLP cannot qualify for NASDAQ listing and will be on the OTC for at least several years.
The primary focus of the formal SEC investigation in MSLP is the massive insider selling of shares and the lack of reporting and accounting. Go do some research into the $ millions that were granted to Pyatt, sold and not reported.