Verses AI Inc (VRSSF)

[Capt_Smith77]

If I ever needed a quick confirmation that Verses was a train wreck, and likely remains as such, they just released their FINS for the year, which included some updated nuggets that they kept completely silent about.

Page 44 and number 26 on the items list of their FINS.....

In May of this year, an independent contractor was awarded 6.3M from Verses and Cyberlabs, on which Verses has set aside the entire amount in its quarter. In addition, nearly 3.6M in damages and expenses are supposedly to be paid by a subsidiary of Verses, Cyberlabs, and both co-founders of Verses. Considering both co-founders of Verses are involved, I can only imagine that Verses, or more precisely its shareholders will be footing the entire bill one way or another unless the co-founders made out big with those book sales.

A final arbitration award was issued in this action on May 17, 2024. The final award imposes liability against: (i)
Verses Technologies USA, Inc., a subsidiary of the Company, jointly and severally with Cyberlab, LLC (a company
owned by the Company’s president, Dan Mapes), in the amount of $6,307,258, inclusive of interest; and (ii)
Cyberlab, VTU and its principals, Gabriel René and Dan Mapes, jointly and severally, for damages in the amount
of $1,900,000, interest of $709,973, costs of $64,303 and the fees of plaintiff’s counsel totaling $920,231. To
resolve their part of joint and several liability, Mr. René and Mr. Mapes are working toward satisfying the portion
of the award that applies to them as individuals. The remaining liability belongs to VTU, a subsidiary of the
company. VTU is pursuing resolution negotiations which are ongoing. However, the likelihood of a favourable or
unfavourable outcome, or an estimate of the amount or range of potential loss, which is isolated to VTU, is not
reasonably foreseeable at this time.

https://www.otcmarkets.com/otcapi/company/financial-report/406991/content

[crazyflavor]

Completely agree, with tech it’s not all that uncommon to have founders who come out of nowhere and kill it. But the stock promotion was a huge red flag for me.

While I understand that this is a big market, you have to deliver something that investors can hold on to. When your raising millions and diluting investors while paying out promoters and you still haven’t delivered your product, their are going to be torches & pitchforks coming for you.

[Capt_Smith77]

Anyone remember this news release about GIA, and remember listening to both founders talk about it as if it was coming out to the masses last summer as a personal agent? If GIA wasn't the very definition of Vaporware, what is?

https://finance.yahoo.com/news/verses-announces-next-generation-ai-135900909.html

[Capt_Smith77]

I'll admit that I was wrong about this company.

I wanted to believe that they had a real product that would amount to something significant in the AI space, but was mistaken.

I gave them a second chance after GIA was a huge letdown, but after watching the latest webinar I knew it was a huge mistake believing in this company's management and giving them a second chance as they barely had half a product on the timeline, and were essentially showing us all that they had come up with a calendar planner, or at least part of one.

Dan Mapes is a co-founder, but has literally disappeared from the radar since last year, and there was never a reason given why. When he did speak, he would ramble on and on about evolutionary BS, and I'm actually surprised that George Gilder recently supported the company, as he doesn't believe in the same ideals.

All I ever hear about on the forums is how they're close to getting contracts, and yet we never heard updates on..... well anything. Not with the supposed rollout of Wayfinder, BlueYonder, or the pharma contract that was hoped would ultimately lead to a nationwide rollout. To make matters worse, the company added enterprise level beta testers and act like they're partners, while at the same time pulling logos from the site as well as news pieces and social media posts. Its just a complete clown show at this point, and I finally get why they spent so much on penny stock promotional services.

[einstock]

"US$350 million at an anticipated post-money valuation of US$3.5 billion"

[timorr]

Verses granted the Investor (or an affiliate of the Investor designated by the Investor) the right, but not the obligation, to be the lead investor and invest up to an additional US$90 million in a subsequent private placement of securities of Verses to raise aggregate gross proceeds of up to US$350 million at an anticipated post-money valuation of US$3.5 billion (the “Financing Round) whereby the Investor (or its affiliate) shall receive a 25% discount (based on the lower of US$3.5 billion and the actual valuation of the Financing Round) on its potential investment in the Financing Round.

[Capt_Smith77]

No doubt, it was downright horrific.

If the company should amount to anything in the future, it'll likely be because of Hari as he seems like an asset.

If it proves one thing, its that putting together a work force that's entirely made up of remote workers rarely pans out.

[TheBigDT1314]

I just watched that "live" webinar and omg, it was awful. Hoping we get another spike so I can get out of this without losing too much money...

[Capt_Smith77]

G42 quietly backs Verses AI with 10M investment

https://finance.yahoo.com/news/verses-announces-us-10m-investment-134100915.html

So basically, Microsoft is quietly backing them as well, as they just poured 1.5 BILLION into G42 while taking a minority stake in the company. Its G42 that happens to be backing Analog and Alex Kipman, and saw Verses announced immediately as its first partner. Kipman is also an advisor to Verses. I can't help but wonder if G42 was also part of the 10M funding that just closed.

It shouldn't come as a surprise, however, as Verses and Microsoft were partnered on the FF2020 program, which includes the autonomous compliance of drones and other smart city connections. Directly or indirectly, Verses will be working with Microsoft, OpenAI, and others on the upcoming smart city projects in the Abu Dubai region.

G42 has been scrutinized by US regulators as they have done dealings with the Chinese in the past, and that's why G42 has shifted their focus and ended dealings with the Chinese. Microsoft was quietly working behind the scenes through the end of last year to pour big money into G42 and its subsidiaries, and that was before the announcement at Davos that Analog was formed, with Verses becoming its initial partner tied at the hip.

[FuriousX]

Your theory would definitely explain a lot of what I see then.

[Capt_Smith77]

I believe that Intel has major support, and likely funding from the US government to create a massive amount of fab production capabilities over a seven year project.

Its mostly about the political waves in Taiwan, and the major implications you'd have if China does what it claims it will soon do in taking over the island nation.

I think most of your fab production is based in Taiwan, and while I have some doubts that a war would ensue, I can't even fathom the amount of $$$ China would make off tariffs for the chips alone. They could literally cripple entire industries that rely on these chips if they desired, and that's just not an option.

[Capt_Smith77]

Wrong, but what else can be expected.

The company already laid out the timeline on expected final vote of the standards. It was a few on the message forums that thought they could dig and find an actual date, but in the end were incorrect. The standards will be approved, but there's a process it must go by, plain and simple. The company came out with the official announcement of the Beta release and webinar because investors were antsy to know if it was still on, and now have a limited window of opportunity to sign up for the Beta if they should so desire.

They added a countdown timer on their website, meaning that they must feel very confident in what they plan to show to the investment community, and those interested in development of agents.

[Bill_ENG]

Looks like they made a 1 month premature announcement in order to distract from the standards vote that didn't happen. A month ago that was all verses pumpers talked about , now its all quiet about the "vote" and instead the current subject is the public beta.

I wonder how the narrative will change in a few weeks.

Good ole Verses , make noise, set a deadline, go quiet , then set a different deadline.

[Capt_Smith77]

“

We’ve designed Genius to empower developers to create a new class of intelligent software systems that transcend the capabilities of today’s AI platforms,” said Thiruvengada.

René comments, “That’s why major players like JPL and Volvo are working with us and why thousands of other developers have signed up for access to Genius. Today we’re thrilled to announce that we will begin rolling out beta access to the broader developer community starting June 20th. We look forward to collecting feedback and feature requests and improving Genius to enable a smarter world.”

[Capt_Smith77]

VERSES Announces Genius™ Public Beta Preview and Webinar

https://finance.yahoo.com/news/verses-announces-genius-public-beta-120000689.html

[Capt_Smith77]

Why ChatGPT is the Last Gasp of the Machine Age

https://www.gilderreport.com/why-chatgpt-is-the-last-gasp-of-the-machine-age/

[Capt_Smith77]

Nasa likely chose Verses as its cognitive agent solution to reaching out to ancient Cydonian tech and attempting to communicate with it in the near future. JPL had taken photos of Mars decades back where the CIA was attempting to gather intel. The CIA used the Stargate program to remote view Mars a million years back to gather as much intel as possible.

[crazyflavor]

https://www.verses.ai/press-2/verses-announces-private-placement-of-special-warrants-and-closing-of-first-tranche

Here comes the dilution!

[Capt_Smith77]

Yes, they've had more promotional services than I'd like to see, especially of the type that do very little.

I understand that they want to get the word out about the new methods revolved around active inference, but the way they've gone about it has produced limited results to date, IMO.

Hopefully that changes for the better, and we start to see the stock price reflective off those changes.

[crazyflavor]

Respectfully, your argument is a legal one. A disclaimer in your videos most likely protects you from being sued. In my opinion.

However, do you really believe in this company? if so you must own 10s of thousands of shares. If you don’t then all you are doing is trying to hype a stock you don’t personally own or own much of.

[einstock]

Anyone who highlights a penny stock WITHOUT disclosing the extreme risks, in my opinion, is misleading the public.

There are numerous entities that tout the potential of lower-priced stocks but never tell the audience the risks associated with them.
Having invested in lower priced, unprofitable stocks for over 30 years, many never make it or investors get extremely diluted.
However, the ones that do can offer extremely life-changing opportunities.

[crazyflavor]

So I’ll say shame on me 1st. I made a few assumptions looking at their filings about where their marketing was going. I spoke with management a few months ago but the person I spoke with was more on the technical side (not finance or accounting).

My issue is there is ALOT of money going to people that don’t look like they are adding much value to the company.

VHLA media got $110k (that’s a rough conversion from CAD)

“This communication is a paid advertisement and is not a recommendation to buy or sell securities. Its owners, managers, employees, and assigns Black Swan Solutions Inc, DBA VHLA Media Inc has been paid for by Verses AI Inc. (the “Company”) CAD$150,000 for an ongoing marketing campaign including this article among other things. This compensation is a major conflict with our ability to be unbiased”

And

Real Creative Agency (who appears to be einstock here on I-hub) is being paid 10k per month. Here is a quote from his YouTube disclaimer.

“VERSES Technologies is an extremely high-risk investment, and it is HIGHLY LIKELY you can LOSE YOUR ENTIRE INVESTMENT.”

My problem with people who post videos claiming they have found a company that has solved AGI (or the cure for cancer) and then throw a disclaimer out there where they think no one will look for it is it is a pretty crappy thing to do. It feels scammy.

Most importantly this is a small public company. They should be spending money carefully. The amount of money spent on these two stock promoters alone probably would have paid another programmers salary for a year. These “influencers” are putting out a handful of videos that at best have 1-2k views.

Don’t believe me check the description for VHLA Media and real creative agency YouTube videos.

I’d love to know if either of these promoters own shares in Verses & if so how many shares?

Since the company doesn’t have open source software it is hard to know if what they are selling is what they say it is. None of us can really look under the hood, and yes I understand that Karl Friston is their head scientist (he adds a lot of credibility). However, Karl Friston is not a software engineer. By December of this year we’ll know if they have what they say they have.

All the best (& Happy Tax Day),

[Capt_Smith77]

VERSES Provides Q1 2024 Corporate Update

https://www.morningstar.com/news/globe-newswire/9089451/verses-provides-q1-2024-corporate-update

[einstock]

A great summary of Verses and the report.

A point by point summary on CEO Board that refutes the NMR report
Verses Summary

[FuriousX]

I live in a major metropolitan area of the country where Intel has been constantly adding on to an existing facility via massive construction for the past several years now. I always ask myself what is going on there that they are continuing to add on to that location and why is it taking all these years to complete? Total speculation but Gabe has compared Verses technology to Intel and how it’s edge and/or end use technology.

[Capt_Smith77]

When the fake short report came out, there were multiple people on some of the boards that claimed they sold their shares on the report because in the end they didn't know what they owned. There were even some that sold shares, and bought back cheaper same day, which can lead to tax issues with wash sales. It was said by some that the short report included made up email addresses. There was so much that wasn't covered by this report, also, as the company employs dozens of PHds, many of whom work in active inference, didn't bother to address the fact that Friston, Ramstead, and other high profile individuals work at the company, nor did they bother to tackle anything related to the claims by the company of having a superior product ready to challenge all of the supposed pillars of AI to benchmark tests.... .a product that has actual explainability and doesn't require much to power it. If you need to train AI agents with the Genius platform, a simple laptop will suffice, and doesn't require the huge infrastructure of expensive NVIDIA GPUs.

In reality I think that they may need more promotional activities if people don't understand what the company and its technology is based around. Stock promotions are one thing, but getting the word out about the difference between what's already out there available and what Verses AI is all about and what exactly sets it far apart from the rest is key.

The only thing that changed last week was that the company is one giant step closer to becoming a major player in enterprise AI as the non profit side of their business succeeded in moving forward the spatial web protocol standards to a final vote. Funny how this lame short report and attack came just two days prior, with so many demanding that the company answer up to this bullshit. Once these new standard protocols are approved, companies that support the open standards will come out of the woodwork and be the first to join Verses in the new web layer that's offered on a global scale. As co-founder Dan Mapes stated on the video two years ago where he spoke about the company's partnership with Microsoft, the huge part of the new web is in digital twins, as you'll eventually have digital twins of practically everything on the new web, including cities, landscapes, oceans, companies and their supply chains, etc. This is no longer down the road.... It's here on the doorstep. The IEEE called the development of these new standard protocols a public imperative.

On a side note, the company has a patent revolved around neuromorphic computing, and I urge everyone to go back and listen to the interview between Gabriel Rene and George Gilder. Despite Verses AI being known solely as a software company, Rene oddly approaches Gilder near the end about the hardware side of things, and while Mr Gilder rambles a bit on and on about graphene, once finished, Gabe returns to the discussion about hardware and neuromorphic computing. He's basically throwing it out there that the company has successfully used their active inference methods and coding on a neuromorphic chip level to see a combined hundred thousand times increase in processing power. Now there are only so many companies and entities working on neuromorphic computing, and I sure as hell am curious who they're working directly or indirectly with when it pertains to neuromorphics. I always believed that there must be a hardware connection with a company like Verses, and this video sheds light that indeed there likely is a major connection as they plan to disrupt the entire industry on the edge. A little reasearch into neuromorphics, and its believed by some to be far more important than quantum computing, which is much further out. If the company is quietly working behind closed doors with Intel, IBM, Brainchip, or one of the others that offers a type of neuromorphic chip on the edge, this is huge. It would also help explain the level of enthusiasm that Gabe showed on the company's webinar from just a few short weeks ago.... an exciting event that so many have already apparently long forgotten.

We all have our own decisions to make whether we buy, hold, or sell the stock, but I'll continue to hold as I believe in the company and its vision. I couldn't even fathom selling my shares at this point either, as the company is about to embark on its next level of beta testing in a matter of a few short weeks with what I believe will be dozens or more of potential enterprise level clients, some of them being rather large.

[crazyflavor]

Gotta say it feels extremely odd that a company of this size is paying so much $ to stock promoters. This is honestly my first experience seeing this. Huge red flag.

I’m out

[crazyflavor]

There are some weird things going on with the bids (lvl 2). Is anyone else seeing what I’m seeing? There are mirror bids going in at 1/10th of a cent for 30k shares then 5k running the price up slightly then down. These bids are changing within fractions of a second. I’m not saying there is anything nefarious, but it is very odd

[Capt_Smith77]

VERSES Advances Spatial Web Protocol, Architecture and Governance Standards to Final Voting Stage

https://ceo.ca/@globenewswire/verses-advances-spatial-web-protocol-architecture

[einstock]

"Verses AI is literally the first company in the world that is already prepared to take off running with the new web layer."

Great way to summarize it Capt.

[Capt_Smith77]

Its being reported by various individuals around the web that the IEEE working group voted on and approved what I understand to be the final draft of the spatial web protocols. Gabriel Rene is the head of the working group, but I believe that most of the group itself have zero ties to Verses AI itself. The company is basically gifting the standards to the world as part of their non profit.

There was an individual that posted on the yahoo board just yesterday that appeared to be working for the company, saying that he, (he likely meaning the CEO) was busy preparing for the speech of his life, and basically needed to be left alone to get the job done. While I knew that this meeting was important and revolved around the final draft of the standards, I was unaware that any vote was necessary by the group, and possibly underestimated the importance of it, despite my enthusiasm. I've read that even Karl himself and other key members were present for the vote, and that there was a celebration of sorts with the resulting vote.

The short report couldn't have come at a more inconvenient time for the company and its shareholders, but it was likely timed as such. If the standards are approved by the IEEE then Verses AI is literally the first company in the world that is already prepared to take off running with the new web layer. I believe voting will be within a few weeks time, but am expecting the company or individuals within the company to update shareholders, possibly as early as Friday.

[at online tipletter]

Were you expecting some news today? I haven't seen anything.

[Capt_Smith77]

I'm sure that the company will have something to say. Proving academics should be easy.

[scottyb]

could someone please verify if these accusations are false or true

[Capt_Smith77]

LMAO. That's old stuff right there.

The company does have an actual location, but most of the staff meet thru video conferencing as most work is remote. The staff is from all parts of the world.

One of the latest blogs was from a staff member in Australia, and the one interviewing her mentioned the cockatoos outside.

[crazyflavor]

Honestly I’d love to see it keep trading lower I’ll keep backing up the truck (to buy more).

Once they release the white paper and start to demo these agents. Hold on

[scottyb]

yea but someone pisted that they don’t even have annoffice location

[Capt_Smith77]

The only thing fake is this short report. It does, however, help explain why the stock has been trading lower for a while as this group has heavily shorted it.

[scottyb]

down it goes fake resumes misrepresented partnership inflated demand ouch timberrr

[crazyflavor]

Volume is insane this morning

[crazyflavor]

Yep, you’re right.

Pulled the video up on my laptop. Couldn’t see it on my phone. Thanks

[Capt_Smith77]

Has nothing to do with their new hire.

[Capt_Smith77]

The link is directly in the video itself. It takes you to the actual youtube page.

[crazyflavor]

Are you referring to former MS employee Peter Provost?

[crazyflavor]

Can you post a link, I can’t find this

[Capt_Smith77]

Blockchain and the new COSM Architecture

Dan Mapes with Verses AI speaks multiple times about the company working with Microsoft on a new layer for the new web. April 11th is the date for the final draft of the Spatial Web protocols that will be submitted. Only three days to go!

On a side note, this has to be one of the most cringe worthy moderators I've ever listened to. He kept throwing George Gilder's name out there as he must have been a big fan of his books, and even George Gilder himself who was in attendance at this conference is now backing Verses AI two years later as the ethical and sustainable solution for AI.

[JJ8]

Symbol VRSSF
LastQuote 1.06
Change +0.01 (+1.1%)
Bid 1.06
Ask 1.07
High 1.09
Low 1.04
Volume 142,770
Time (ET) 12:10:23 PM

[scottyb]

and yet no big company has boughtvtgem out must be vaporware

[JJ8]

Day order to buy vrssf shares at $1.05 per share- Step 1 in process..

Bearish Signal Reversed on 27-March-2024 GLTA

PS: Price of share happens to be low as both the Dailies and Weeklies in negative territory at this time. Hopefully, it continues to go lower in order to add more in Step 2 of the buying process. We shall see.

[Capt_Smith77]

Its been said in the past that Verses has somehow included neuromorphics into the HSML language for the new web, but I've always expected that they were working on the hardware side (chips), as hardware will always be required to make anything happen at the edge.

In the long interview between Gabriel Rene and Mr Gilder, at the 45:00 mark, I had to play that over again several times to really believe what I was hearing. If I'm hearing it correctly, it sounds as though the company has successfully incorporated active inference into someone like IBM or Intel's neuromorphic chips, which has created a combined increase in performance of many magnitudes. The company already has a patent related to neuromorphics.