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I think there are many institutional investors waiting for the Big Reveal. Certainly, Ed's peers in the payments space are aware he is building something.
Thanks for the excellent summary. I love this company and have always enjoyed the ride.
Hopefully, he can do something with their next-to-useless rewards app. I didn't like having to buy a gift card first, then have it scanned by a customer service rep's hardware scanner.
I don't use the majority of their merchants either.
The silver lining is our app will eventually be a pay-at-the-pump option.
We do not have a definitive answer from Sionic so at this time I can't state their intention, we would like to move forward asap. They hired a new guy to run the company and I think they are going in a different direction focusing on rewards over payments. We intend to pursue gas station business either way.
Source: CEO via Company Facebook Page 11-01-15
The new guy was hired in July. Here's his bio:
Spencer White
COO and EVP Business Development
Has more than 25 years industry experience and co-founded Softcard (the AT&T, Verizon and T-Mobile mobile wallet joint venture –formerly Isis) whose technology was recently purchased by Google. Prior to Softcard, White served as Director of Mobile Financial Services for AT&T, leading the company’s strategy and product efforts. White joined the Sionic Mobile in 2015 to help drive Company’s vision and leverage its product platforms in forging strategic alliances and partnerships across multiple channels.
The BVN, an initiative of the CBN and the Bankers’ Committee, was launched on February 14, 2014. It is a unique identifier for each bank customer across the financial industry, making it possible to build and track customers’ financial history and activity.
Resolving Bank Verification Number challenges (Nigeria) By Staff | BusinessDay, Nigeria November 18, 2015
Nearly three weeks after the October 31, 2015 deadline given by the Central Bank of Nigeria (CBN) to all bank customers to enrol for the Bank Verification Number (BVN), it is sad that there are still unresolved issues around the BVN. Some of these issues arose primarily out of negligence by some Nigerian bank customers who, in the usual Nigerian way, waited for the last minute to besiege the banks, the same way they did on the initial deadline of June 30, while others waited until their accounts were restricted by the banks. Incredible as it may sound, there were also some bank customers who claimed that they were not properly informed about linking their BVN to all their bank accounts. Without agreeing with such excuse, we daresay it perhaps calls for a deeper look at information dissemination channels by both the CBN and the deposit money banks.
Beyond the negligence by bank customers, however, there have been issues that had to do with the way the banks themselves have handled the whole process. For instance, there have been cases where bank customers who properly enrolled for the BVN in a particular bank still had access to their accounts restricted by the bank at the expiration of the deadline. Other issues have had to do with challenges of linking the BVN with other accounts owned by the same account holder.
But these issues were foreseen, and we must admit that some of the banks were not proactive from the beginning. When in July the United Bank for Africa (UBA) plc, in response to some of the challenges associated with the exercise, introduced a simple, convenient and hassle-free process that involves bank customers who already had their BVN from other banks sending their BVN to a short code number *919*6#, BusinessDay had in an editorial then commended UBA for the initiative and urged other banks to borrow a leaf and come up with fresh initiatives to make the process easier for customers who were either enrolling for the first or trying to link their accounts. We had also called on banks in the country to join hands with the CBN in heightening the tempo of public enlightenment campaign on the BVN. Apparently, most of the banks seemed to have preferred to wait until those issues arose, and then they became reactive.
It is heartening, however, that as we write, most of the issues around the BVN are being sorted out, with more and more customers enrolling or getting their BVN linked to their accounts. Some of the banks have also responded positively by setting up special desks in their banking halls to resolve all BVN-related issues, with some of them even working on weekends solely for this purpose. Others, such as GTBank, have also toed the technology path by coming up with short codes through which customers could link their BVN to their other accounts without necessarily visiting the banks.
While we commend these moves and call on other banks that are still lagging behind to quickly do the needful to ease the process and ensure speedy resolution of all pending issues, we insist that the lessons from the pitfalls in this process must not be lost on all concerned – the CBN, the deposit money banks, and Nigerian bank customers.
The BVN, an initiative of the CBN and the Bankers’ Committee, was launched on February 14, 2014. It is a unique identifier for each bank customer across the financial industry, making it possible to build and track customers’ financial history and activity.
Many companies have floats in the billions. If the CEO believes we will grow into the share structure, well then he must know something that we don't know today.
I'm looking forward to seeing the revenue projections from the Africa bank project alone. I bet they will be enough to pay off debt SOON, grow the business, and keep investors happy for a long time.
Because we are a new reporting company, we have 45 days from our effective date to file our first Q report, an extension over the regular due date.
Securities and Exchange Commission, Section 240.13a-13 Quarterly Reports on Form 10-Q
"The first quarterly report of the issuer shall be filed either within 45 days after the effective date of the registration statement or on or before the date on which such report would have been required to be filed if the issuer has been required to file reports on Form 10–Q as of its last fiscal quarter, whichever is later."
This means we have until November 27 to file our Q3 report with the SEC.
Anyone can test drive the app by downloading from Apple or Android stores, setting up a personal account,and then purchasing an item from the company store. You can donate to the Food Shelves if you don't want a promo item.
I wouldn't interpret Ed's response as an "at any time" scenario. He clearly did not use your words.
Since that December 2013 Q&A, during the October 2014 Annual General Meeting (AGM), Ed stated his belief we would grow into the share structure or get bought out for dollars.
You can listen to his statements in the video below between the 19 and 20 minute marks.
So, in summary, while they considered a reverse in 2014, they couldn't justify it.
Let's see what those Africa revenues look like, get the Green Pay spinoff complete, attend the 2016 AGM and see what he says at that time.
"The Sleeping Giant" Instablog is what first piqued my interest. I did some preliminary DD and bought my first lot within days. I have never regretted it.
Below is an excerpt from that post that references share structure. It is from a Q&A with the CEO that was conducted late December 2013.
Q: Why are there almost 5 billion shares authorized and 3.6 billion issued and outstanding, this seems like a lot of shares compared to other companies, does it pose any unique problems and is the Company considering restructuring its equity, would management retire their shares?
A: The current equity structure is the result of re-organizing the Company that enabled management to regain control of the Company and restart liquidity in the public market, and that process is still going on. The equity structure has served an important purpose for the Company and has proven to be the right structure during the past year. Currently there is no need, therefore no plan to restructure the Company equity. A reverse split at this time, for example, would cost shareholder value we believe and would give shareholders fewer shares at an inequitable value. We are however open to restructuring if and when we believe there is a viable reason to do so. It is very likely that equity restructuring will be considered in 2014. The idea that management would give away their ownership positions is unrealistic.
The bank is translating the software for use in other countries, they are also talking to the cable and mobile airtime billers about using the system across the continent. Bills would be emailed and the recipient simply clicks to pay in real time with guaranteed funds.
The accounting method has nothing to do with customer's decision to change their path, sell Green Pay to the company, and the company's decision to develop it into a profitable subsidiary.
Ed was honest and accurate when he announced profitability. Circumstances changed when the licensee decided they didn't have the technical fortitude to follow through on their project plans.
Ed then announced how and why he was adjusting the numbers in the Q2 Financials. It made complete sense.
The company engaged auditors, registered their stock, ensured they otherwise met the OTCQB standards, and paid fees to OTC Markets.
They did exactly what they said they would do.
I have always seen this as a long-term investment, not as a quick flip, or focal point for shorting the stock through negative inferences. Therein lies the difference in strategies.
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