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When they bought HTS they stated in a press release:
https://www.globenewswire.com/news-release/2018/10/11/1620033/0/en/Quest-Solution-Announces-the-Acquisition-of-HTS-Image-Processing-Inc-a-Leader-in-Artificial-Intelligence-Based-Automated-Vision-Solutions.html
"For fiscal year 2018, HTS is expected to generate approximately $10 million in revenue with operational profitability and average gross margin of approximately 38% -- significantly higher than Quest’s average gross margin of 21%"
The court noted: "[HTS] Revenue for fiscal year 2017 increased to $4,094,000 - the highest record for the company." It declined after they acquired it because they did not pay their vendors.
They destroy everything they touch!
when they bought Dangot they said $120 million in revenue AND profits
they LIED
they have not made ONE PENNY since Shai n Co took over
Well yeah. that is the conflict of interest where the consultant gets commission for both the acquisition and the debt financing in his $30K a month contract...It's like going long and short on the same stock
they are in default with the bank and taking on more debt
Afcon owns 100% of the shares of TBSI and 99% of the partnership equity rights in TBSI LP (the remaining 1% being held by TBSI), and Ateka owns 100% of the shares of TTT, and 99% of the partnership equity rights in TTL LP (the remaining 1% being held by TTT) (collectively the “Purchased Equity”). The Agreement provides that the Purchaser will acquire from the Sellers, the Purchased Equity in exchange for total consideration of $15.25 million (the “Purchase Price”) to be paid as follows: (i) $12,500,000 in cash and (ii) shares of the Company’s common stock having a value of $2.75 million based on market prices at closing. It is expected that, as part of the consideration, OmniQ will arrange a loan to TT in the approximate amount of $6.1 million that will repay all debts of TT to the Sellers. This $6.1 million debt repayment is part of the $12,500,00 cash portion of the Purchase Price. The Sellers are also eligible to earn an additional $750,000 of shares of OmniQ common stock if TT’s EBITA is positive in 24 months from closing.
The closing of the Agreement is subject to certain closing conditions including but not limited to obtaining approval from the Israeli Competition (Antitrust) Commission, all necessary union approvals, certain third-party consents, and the compliance with certain cash and working capital requirements.
As predicted.
Hail Mary PR's will continue.
"On August 9, 2023, the Company received a deficiency letter from the Nasdaq Stock Market advising them that based on the Company’s Market Value of
Listed Securities (“MLVS”) for the last 32 consecutive business days, the Company no longer meets the $35 million standard. The Company has 180
calendar days to regain compliance."
So they PR a huge new contract and the stock doesnt budge
They had a CC today and there was ONE PERSON on
No one cares, no one believes
Hey OMQS, keep paying for LOSER advice from LOSERS and IGNORE the only one that has shown HE CAN HELP
another quarter
this time a decline in revenue and a huge loss
BK incoming
they bet on the WRONG horse
instead of listening to and using the ONLY ONE that could help and has done so for years
they decided to HIRE and LISTEN to a BS artist
they chose poorly
BK inevitable
so essentially its off the shelf stuff
it is a 120 page decision and order.
They filed Intellectual Property claims against a competitor in 2019.
In layman terms, the court concluded that what they claim as their IP (intellectual Property) is very basic level industry knowledge, which they fail to protect properly.
A few other notable mentions is the convoluted corporate structure, The family relations between the Nissensons, and the way they mistreat customers and employees.
The whole document should be unsealed and available to the public in a couple of weeks.
for us non lawyers
what was case about
what did they lose
what will it cost them
On August 3rd a Utah Federal Court handed OMQS a major blow. They lost a 4 year long litigation they spent $Millions pursuing. They never disclosed it in their SEC filings.
They delayed their Q reporting by 5 days till Monday.
Prediction: a hail marry fury of press releases and possibly a Q report that is so unrealistic based on their past. It's crunch time and they will do anything to pump before they dump.
https://s.ipvm.com/uploads/embedded_file/663784c1761d66631c4882dcdd70418f9814fff56da50a228e97ea4e711ace67/2b13a4c3-170c-496d-9461-bb2a00a9e2b7.pdf
gonna go lower
they paid HUGE CONSULT fees to a loser
and
disrespected the ONLY one that ever helped them
SHAME
Sinking
With no bottom in sight
This despite what seems to be "good" news
Gee, its a good thing they relied on a clown act for advice
and
Ignored the ONLY ONE who ever got the stock higher
to be fair
not really OMQS related
or
is it guilt by association
OTOH, QMQS should not have the two on the BOD
On Thursday, Alex Mashinsky of Celsius Network was arrested
As usual
They come out with what seems like good news and the stock trades HORRID
The mkt must know something we dont and that something is BAD
Meanwhile a junk like REKR has tripled this year
WHAT DOES THE MKT KNOW WE DONT?
All their court filings paint a picture of a shady organization.
In every action their first motion is to seal the court documents from public view!
I have been told the case is settled
Is that true or more lies?
Which OMNIQ? important for the regulators to realize there are many shells involved in this scheme.
I think OMQS is gonna go BK
Another OMNIQ support-team member is out the door. Following his Linkedin feed he mostly complains about leadership...
https://www.linkedin.com/posts/steven-ruch-0a229926_i-am-excited-to-announce-that-i-will-be-starting-activity-7078384380259274753-_3GD?utm_source=share&utm_medium=member_desktop
I think they have 2 bigger problems
Being in non compliance to a ban, which will cause its largest creditor demand its money back
and a crap stock
which they cant sell any to raise money
Here is Lustgarten lying again, this time under oath, in a deposition.
He says he "does not know" how Haim is listed on their SEC filings while the last frame clearly shows he signed for Haim/Carlos on their HTS purchase agreement.
they are gonna raise $50 million
doin an ATM
going to $1 and a RS and more sells after that
but Haim gets his commish
https://fintel.io/doc/sec-omniq-corp-278165-s3-2023-june-23-19531-2756
They come out with what seems to be good news
They scream AI over and over again
Yet the stock trades bad?
Why?
I say BK
Today they announce they're going to another conference to talk about how great they are
the conferences have not helped because everything they promise has turned out not to happen they. Shouldn't waste their time or money
They owe blue star about 35 million dollars. I wonder when blue star comes knocking on the door I'm thinking sooner not later because of what you issue with the bank is.
Obscene
they fire the wrong people
why are they BURNING 25K per month on Haim?
what do they get for that 25K BURN?
300K per year BURNED
I'm not an accountant but they have an Accumulated Deficit of $88 Mil
? Working capital deficit of $39.6 million as of March 31, 2023
? Accumulated deficit of $88 million as of March 31, 2023
? Multiple periods of losses from operations
? Noncompliance with certain debt covenants
Either way their the company is worth less than its current liabilities.
Rumors are they fired a few of their support folks and their reputation is tarnished
I dont think 88 million
Rather what they owe Israel banks and BlueStar,
I think BlueStar, who hasnt bothered them ever will start to knock on door now that they are non compliant with Banks
If Dangot really does about 20 million per Q, then the original business to losing revenue Q to Q
They promised increased GM, and they LIED!
BK IMO
looks to me the company is thisclose to being BK, especially if BlueStar gets nervous and asks for the money they are owed
Thoughts?
As of March 31, 2023, the Company was not in compliance with certain financial covenants related to the Bank Leumi and Bank Hapoalim debt. The Company’s failure to comply with these financial covenants could result in an event of default under its debt agreements. Therefore, we reclassified the total balance as current debt on the balance sheet. The Company is actively pursuing options to address its noncompliance. The lenders have not requested early repayment of the loan as of the date when these financial statements were available to be issued.
Another quarter report
More junk
More LOSES
but this time they are in
NON COMPLIANCE WITH 2 BANKS
Gonna go BK?
OMQS signs another city, Population: 972 (2021)
so they blamed the 16% profit margin on a non recurring item
4th quarter in a row they have some non recurring item
its like a recurring non recurring item
oh, and had they not had that
they would have a 20% profit margin
JUNK!
So the headline reads great, but in fact its as bad as ever
Another huge loss, despite us being told profits were coming with Dangot deal
Three times as much EBITDA loss as last year
Almost no cash...and they cant raise any!
The fourth quarter would have been down almost 75$ from last year if not for Dangot
Fourth Quarter 2022 Financial Results
OMNIQ reported revenue of $25 million for the quarter ended December 31, 2022, an increase of less than 1% from $24.9 million in the fourth quarter of 2021. Our Gross Margin was 16% compared to 2021 which had gross margin of 19%. Total operating expenses for the quarter were $7. 5 million, compared with $7.6 million in the fourth quarter of 2021.
Net loss for the quarter was $4 million, or a loss of $0. 53 per basic share, compared with a loss of $2. 2 million, or a loss of $0. 36 per basic share, for the fourth quarter of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the fourth quarter of 2022 amounted to a loss of $1.4 million compared with an adjusted EBITDA loss of $553 thousand in the fourth quarter of 2021.
Cash balance at December 31, 2022 was approximately $1.3 million compared with $7.1 million at December 31, 2021
Going onto the low 3 s
Just a reminder of who these people are.
Note the address on SEC filing is in Tel Aviv. When you Google it, it doesn't exist...
This is true for all the directors of #OMQS... They file fake addresses
Be careful here!!
https://omniq.com/investor-lounge/#popup_yaron_shalem_
https://www.timesofisrael.com/another-2-leading-israeli-blockchain-pioneers-named-as-suspects-in-vast-crypto-scam/
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