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This is not accurate. His contract is for $30k a month from OMNIQ plus $10k a month from HTS. its all here https://content.edgar-online.com/ExternalLink/EDGAR/0001493152-19-013874.html?hash=f2f55b03dd61e9ec5df68062a4c7d2834c41d95dcd14c892ad05d2bc100560a2&dest=EX10-2_HTM#EX10-2_HTM
but You are missing the point.
Haim is the puppet master in all this. They can't fire him because this whole ponzi scheme is his brainchild. He's been a consultant to his children's public companies since early 2000's
1- https://www.sec.gov/Archives/edgar/data/1383637/000110801711000083/ex103.htm
2- https://www.sec.gov/Archives/edgar/data/1126216/000110801705000145/ex1046.htm
3- https://mayafiles.tase.co.il/RPdf/243001-244000/P243339-00.pdf
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
Looking at their Linkedin page they seem desperate to share AI "News" even if such news have nothing to do with what they do. https://www.linkedin.com/posts/omniqcorp_ai-transformation-innovation-activity-7069340967329280000-5z1i?utm_source=share&utm_medium=member_desktop
They are in a hole of $88 Million
Diminishing margins in the OCR/LPR business as the product falls into commodity level.
Their financials fail to show which business unit does what, but the only way out seems to be to take it apart and sell the parts. They may still evade liability because majority shareholders are registered outside the U.S. and hold company assets in shell companies in Cyprus
looks to me the company is thisclose to being BK, especially if BlueStar gets nervous and asks for the money they are owed
Thoughts?
They Keep borrowing money to maintain the $2 Million CEO, CFO and his father pay themselves annually.
During the year ended December 31, 2022, the Company entered into five short term loans totalling NIS 26.8 million, approximately $7.6 million. The note accrues average interest at 6.3% per annum.
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.
NOTE 2 – LIQUIDITY AND CAPITAL RESOURCES
The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. The following are the principal conditions or events which potentially raise substantial doubt about the company’s ability to continue as a going concern:
? Balancing the need for operational cash with the need to add additional products
? Timely and cost-effective development of products
? Working capital deficit of $39.6 million as of March 31, 2023
? Accumulated deficit of $88 million as of March 31, 2023
? Multiple periods of losses from operations
? Noncompliance with certain debt covenants
As of March 31, 2023, the Company was not in compliance with certain financial covenants related to the Bank Leumi and Bank Hapoalim debt. The Company’s failure to comply with these financial covenants could result in an event of default under its debt agreements. Therefore, we reclassified the total balance as current debt on the balance sheet. The Company is actively pursuing options to address its noncompliance. The lenders have not requested early repayment of the loan as of the date when these financial statements were available to be issued.
Another quarter report
More junk
More LOSES
but this time they are in
NON COMPLIANCE WITH 2 BANKS
Gonna go BK?
Important article. OMNIQ does NOT have AI, it has an OCR engine, also known as Machine Vision. It was built with open source OCR engine.
Don't buy into their hype.
https://slate.com/technology/2023/05/artificial-intelligence-hype-ibm-ftc-twitter-threadbois.html
OMQS signs another city, Population: 972 (2021)
so they blamed the 16% profit margin on a non recurring item
4th quarter in a row they have some non recurring item
its like a recurring non recurring item
oh, and had they not had that
they would have a 20% profit margin
JUNK!
So the headline reads great, but in fact its as bad as ever
Another huge loss, despite us being told profits were coming with Dangot deal
Three times as much EBITDA loss as last year
Almost no cash...and they cant raise any!
The fourth quarter would have been down almost 75$ 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/
Here it is. The recent activity is from insiders exercising their 2018 grants which expire last week. https://www.sec.gov/Archives/edgar/data/1716133/000149315223007055/xslF345X03/ownership.xml
Their latest press release about Airports was a project awarded a year ago. They waited for the right timing for this PR. Also, money wise that project is under $500K in revenue and OMQS/HTS historically lost 20% on airport projects.
Sorry if the reality doesn't fit your hopes.. Just providing the information so you all can make educated decision with your money
6.95 after hours. Interesting. We will see if it can hold. Something up??
6.95 after hours. Interesting. We will see if it can hold. Something up??
Wonder why all the activity today? As predicted a few months back, the insiders exercising their option which expire this weekend...
so a same type of company REKR can sign cities with 180,000 in population
https://beststocks.com/rekor-systems-awarded-1-8-million-contract-f/
and OMQS does deals with cities that have 28 people and 11 dogs and 3 pigeons
OMQS had a meeting with investors
OMQS had a PR with a new "customer"
No one cares
For obvious reasons
Unprofitable
Zero Margins
Zero Growth
Huge Debt
Little Cash
Loss on every city they "deploy" the tech
Other then that
Its perfect
well, they are moving up
they got a city with 6200 people
sure beats the 2000 people cities of the past
its just to free up shares for possible sale eventually
the real issue
is shitty business
CAN SOMEONE PLEASE EXPLAIN THIS??
I am looking at the list of names of employees (Page 21) who are offering their stocks and stock options for sale.
Some of those employees are giving up their complete ownership of the company. For example, Guy Dangot who I am guessing is the son of the owner of Dangot (Recently acquired) is giving up his complete portfolio (51K share vested and unvested)?!!
Is this normal? If so, what is the purpose?
I don't want to make assumptions or statements without understanding this..
https://seekingalpha.com/filings/pdf/16368997
https://ipvm.com/reports/favorite-and-worst-lpr-anpr-providers
These losers are not even mentioned by name in this widely covered article...Rekor is there, but also as a small player...As if OMQS doesn't even exist!!
Not just their CEO. The majority of their employees are getting rid of all their shares
https://seekingalpha.com/filings/pdf/16368997
$OMQS overpaid ceo files to sell almost 1 million shares
All AI stocks hot
They finally go to bottom of the barrell
Hmmmmmm …….
A little positive action today.
AI is all the craze on Wall Street
AI stocks soaring
Except OMQS,
Of course, they are a PRETEND AI BS "COMPANY"
Here is another one: https://www.sec.gov/Archives/edgar/data/1383637/000110801707000054/ex102.htm[3/21/2022 10:32:42 AM]
"Phoenix International Ventures Inc (PIV) of Carson City Nevada, PIV is owned Mr. Zahir
Teja, the Nissenson family and others.
Anney Business Corp. (Anney) of British Virgin Islands, is wholly owned by the Nissenson family.
PIV retains Anney in order develop the business of PIV by adding the experience and expertise of Anney's management in the fields of defense
aerospace industry as well as financing, business development and public company
management."
Page 80 of this SEC filing shows beyond reasonable doubt that this is not the first "Rodeo" for the Nissenson family. Person known now as Carlos Nissensohn was Haim Nissenson back in 2007. Different business, same swindle, same swindlers. Even Itzhak Almog, former DOB is there... (signature page 114)
http://pdf.secdatabase.com/1163/0001108017-07-000424.pdf
Here is Dionysos FB page: https://www.facebook.com/profile.php?id=100044435352782
"The parties agree that Dionysos Investments will be compensated by the Company for the Services provided to the Company in the amount
of Eight Thousand British Sterling Pounds (£8,000) per month, beginning on January 1, 2007; (ii) In addition, the Company will pay Dionysos
Investments a one time success fee in the amount of Ten Thousand British Sterling Pounds (£10,000), for initiating, establishing and developing
the relationship between the Company and certain Israeli financial institutions during fiscal years 2005-2006, relationships which resulted in
significant investments made by certain Israeli financial institutions; (iii) In addition, the Company will pay Dionysos Investments a success fee
for any future investments in the Company made by Israeli investors during fiscal year 2007, provided such investments were a direct or indirect
result of the Services provided to the Company. The success fee will be equal to 0.5% (half percent) of the gross proceeds of such investments"
In my opinion omniq is a zombie company they could never ever make money selling their gizmo's and they can't get any city That has a population that will bring in serious money plus they have to pay these small cities to take their technology and they will never get your money back
ATTN Shai and BOD
I know you wont listen, cause OMQS exists to waste shareholder money on WORTHLESS consultants, way too much of a salary to a CEO that cant deliver profits or growth, and to enrich insiders
but here goes
Stop with the BS 2000 citizen town deals, that will just lose you money.....everytime you announce of these it just show you got NOTHING
Stop selling GIZMOS and no profit.....its useless....
Fire the consultants that cost you $50k or so per month....PLUS commission on useless deals they do
The CFO has ONE job, to get the numbers out quarter, to pay him a salary AND a bonus to do so is a slap in the face of us all
Look at this NEWS, https://www.rekor.ai/post/rekor-announces-multiple-state-departments-of-transportation-task-orders-and-contract-extensions-for-non-intrusive-roadway-data-collection
Real CITIES, real STATES, not like some 2 horse towns you get
I could give you more ideas, but you never listen
If you cant get it done and in 5 years you have shown you cant.....not to mention, you DUMP on the one that has shown since 2014 that HE is the only one that brought value
RESIGN
or
SELL
This "new" OMQS is worse then the old company, at least they had EBITDA
You have given us junk for 5 years
ENOUGH!
PS....THREE CC's ago you said you had 60 city backlog.....since then you got 5 cities, with a total population of my LOCAL SUPERMARKET......you either LIED or YOU CANT GET IT DONE
Enough already
once again
news
and 200 shares trade
good they spend 10's of thousands per MONTH on consultants that bring less then zero value
while shunning those that have gravitas
meanwhile REKR comes with somewhat same news and almost 1 million shares
wake up OMQS
Well they got 2 more cities in their safe city's program one has a population of about 1301 has a population of about 2600 they're doing absolutely great in focusing on little tiny cities where they will never ever make money the stock is a cell
well
I cant respond
Cause I have no clue
I have other issues with OMQS
I have posted often
One of the issues I have is.....they bought TEAMTRONICS for (among other reasons) to use its scanners instead of big label and have better profit margin and NADA
Nothing they ever said has been borne out in reality
SCREW EM
I brought one deal to em and it got done, I had other deals for em and sent em info and they never got back to me
SCREW EM
SUE THE CRAP OUTA THEM
"Jason has done nothing for the company for yrs"
Oh yeah??
https://www.sec.gov/Archives/edgar/data/278165/000149315217010372/ex10-1.htm
Who do you think owns YES IF??
How about LVHenderson?
https://stocktwits.com/lvhenderson
This is only the tip of the iceberg
It's time for some under oath depositions!
Jason has done nothing for the company for yrs,
I dont know the other rules you mentioned
If it is illegal, why would OMQS lawyers allow it?
No one was forced to sign the agreements
"To b fair"
"The prior iterations of omqs means nothing to the current omqs"
NOT TRUE! there is one person who stayed all along "consulting" under a different name. The ticker was used as a dormant for companies to uplist.
"That those that were owed money agreeing to vote with mgt, is understandable"
again, NOT TRUE, the concentration of power in a public traded entity is illegal and goes to the heart of the RICO statute. Also, under contract law, forcing someone to sign such clause in order to receive a consideration they are legally owed is an "Abuse of process" and an invalid contract as it was forced on the individual using "Economic Duress".
To b fair
The prior iterations of omqs means nothing to the current omqs
That those that were owed money agreeing to vote with mgt, is understandable
What is an issue
Is the huge monies paid out to Consultant that does squat, n all the monies for so called professional services, n the huge salary Shai gets for running a losing money company, n the zero profits, even though they promised us they would be ebitda profitable THIS YEAR
RICO? GOOD, GO GET EM
I just went back to the history of this forum...
There were red-flags all along.
back as far as 2016 Eldorado413 pointed out some folks are pumping the stock here:https://investorshub.advfn.com/boards/read_msg.aspx?message_id=126667954.
This link shows the history of this shady ticker as it switches hands, names and purposes:https://research.secdatabase.com/CIK/278165
all the way from "Gaming Technology" back in 1995
"Left Right Marketing" in 2003
"Strategic Gaming" in 2006 (the most appropriate name for this shady stock)
"Amerigo Energy" in 2008
It even tried "Le Flav Spirits" at some point. The only common denominator to all is greedy individuals milking money from you, the shareholders...
The new regime came in in August 2017 and awarded themselves with stock options at $0.12. They issued new stocks to the outgoing regime in settlement agreements.
The former regime all conceded their votes to the new CEO making him unremovable for all practical purposes:
1. “the Marins agree to execute the voting proxy agreement in favor of the Company’s
CEO, Shai Lustgarten” (David and Kathy Marin Settlement agreement, at 2(b))
2. “Thomet agrees to execute the voting proxy agreement in favor of the Company’s CEO,
Shai Lustgarten” (Kurt Thomet Settlement Agreement, at 2(b))
3. “ Zicman agrees to execute the voting proxy agreement in favor of the Company’s CEO,
Shai Lustgarten” (George Zicman Settlement Agreement, at 2(b))
4. “Griffith agrees that the Voting Agreement dated September 8, 2017 by and between
Griffith and Shai Lustgarten shall remain in force for all shares that possess voting
rights which are owned by Griffith after this Agreement” (Jason Griffith Settlement
Agreement, at 2(b))
The links below are for the stock options the new regime awarded themselves:
Yaron Shalem -http://pdf.secdatabase.com/732/0001493152-18-003286.pdf
Neev Nissenson - http://pdf.secdatabase.com/731/0001493152-18-003285.pdf
Lustgarten - http://pdf.secdatabase.com/733/0001493152-18-003287.pdf
McMillan - http://pdf.secdatabase.com/734/0001493152-18-003288.pdf
Those options will expire on March 2023, so unless they sold without submitting insider trades, they can still buy and sell at profit. Question is to who?
Last but not least: On January 2018 "Teamtronics" acquired "HTS" for $4m
Former CFO Benjamin Kemper is listed as the officer of Teamtronics but he's only the "fall guy". He resigned in 2019
At the time of the acquisition Guy Nissenson, Son of "Consultant" and brother of CFO was the CEO of HTS
In , October 2018 Quest/OMNIQ acquired HTS for $7m from "Walefar" and "Campbeltown"two Cyprus based shell entities owned by Nissenson and Lustgarten
I have evidence that prior to the acquisition HTS was still profitable. Upon information and belief, Lustgarten and Nissensons pocketed the $3M and the profits of the acquisitions
I already notified their lawyers of my intention to file a civil RICO. if anyone has tips to submit or wants to hold them accountable in court, PM me.
Big F*&%ING difference, BOD, Advisory, this is not news worthy. was an "advisor" for 3 years already, what difference will it make that she is on the board other than more expenses??
Same bunch of cronies that are positioned in place by the insiders. almost the exact number of votes for each director.
https://www.sec.gov/ix?doc=/Archives/edgar/data/278165/000149315222035874/form8-k.htm
well, that was advisory
now its BOD,
so there is a difference
but
What about
Growth
Debt
No cash
Tiny profit margins
ETC
GOING LOWER
#OMQS
Now you are just recycling OLD NEWS?!?!
You really insult your clients intelligence....
https://www.globenewswire.com/en/news-release/2019/01/10/1686154/0/en/Quest-Appoints-Scientific-Luminary-and-Technology-Thought-Leader-to-Advisory-Board-To-Support-Company-s-Disruptive-AI-and-Big-Data-Strategy.html
Opps
I was told its not a 5 yr low and I just checked and indeed it isnt
One of the [altforms I saw showed it at the 5 yr low
they 5 yr low is below $2 https://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=omqs&insttype=&freq=2&show=True&time=12
ITS GOING THERE!
Five yr low is here
Great job mgt at OMQS
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