I think it's time to clean house. I believe the market is clearly telling us that there is nothing significant the way of orders with this company at this time. The so-called big bank job is in all likelihood nothing but a pipe dream. No pun intended there but if you look at the discount of 30 million down to $25 million in the so-called pipeline, I would probably guess that the 5 million Dollar Bank job is history.
This company has 20 employees with $4 million in sales at this time. Unfortunately, half of that, if not a little more is probably nothing more than residual maintenance on old contract. There appears to be no significant new business and I hardly see a reason to have 20 employees chasing after a couple of million dollars in business. That translates to $100-$200,000 in business per employee. Too many high paid vice presidents producing an insignificant amount of business. I think it's time to trim the headcount until this company can see a profitable stream of revenue on the horizon.
There is something seriously wrong here when a company that is in a field such as biometrics, a hot industry in today's economy that can't muster enough business to sustain itself. What's even more concerning is that investors do not believe in the future of this company. You have to wonder where all the selling is coming from and at this point I believe it is our new institutional investors that are dumping the stock and plan to ride their free warrants. The next step will be more dilution and then a reset of those warrant prices. All very very troubling.
A long time, average investor is all done. It's just a matter of time before this company is taken over by the sharks on Wall Street and our investment dollars become nothing more than vapor.
BoD, please sell the company.
