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I see it more like this: A person goes to buy a pair of shoes. He finds a pair and tells the salesman, "I'll take these." The salesman tells the customer to pay for the shoes at the cash register. The salesman tells his wife, "I made a sale."
ONLY after the transaction is complete, after the person pays for the shoes, is it truly a "sale" on the books of the company.
It could be the "sale" announced by SMME is at the "I'll take these" point in the transaction. Cards may not yet be delivered in the quarter the "sale" was announced so no revenue may be reported until later, cash or accrual method used. Value needs to be exchanged for a revenue to be reportable.
(I believe only expenses are "accrued", not revenue.)
I think visitors to this site need to know that each person speaks for themselves...as far as I know.
My comment to the "launch" is only my belief of what Duke wrote. I was responding to someone's comment regarding Duke's use of the word "launch".
The English language has multiple words to express one's thoughts. Some words are more descriptive than others.
Let's see what Sept brings.....
The "launch" is the availability of the newly developed "all-in-one" board for The Card. Appears buyers have been waiting for this development.
Hopefully this response to your inquiry will meet the standards to remain on the site so you will have an answer to your concern.
What is EPIC is the development of The Card as it was announced in the August 29,2018, PR.
The 'where' and the 'when' of the 'launch' I do not know. I believe the "what" referred to is what is stated above in my comment.
Well, maybe because "no-one actually reads the press release" could be the reason "no-one" is aware of the "launch/release" of the newly redesigned internal board for The Card.
EPIC !! Truly EPIC !!
August 29,2018, Press Release.
Reading the most recent PR will answer your question.
I trust you are aware that there is NOT just one card, buy several: a credit card with EMC chip used by insertion into a POS terminal; a credit card used as a "pass and go" card; a debit/ATM card with EMC chip used to withdraw cash from an ATM machine; a security card useable to access security areas and to identify the holder of the card as its rightful user.
There is also, dare I mention it, announced in a recent PR that yet another feature has been added to The Card which will allow its owner to use it to purchase items online.
So, of the many cards developed and useable, only the security card can presently be purchased for use.
The other cards, though developed and workable, need a "network"--such as Visa, MC, Discover--to allow the card's use. Don't know where that stands but those credit; debit/ATM cards need that permission of the network provider before card buyers can or will buy it.
However, with the credibility of the distributors who signed on to market The Card in all its many variations I BELIEVE Chaya's dream will come true and investors will be very happy...and rich.
We don't know if The Card has been approved or not by a network company...So why cast negativity on the company and the CEO? Let's believe all is going positively and we will know the good stuff when it happens.
Likewise, there is proof that what she has been said and promised has actually happened....
You admit the possibility of sales in Argentina. That can only happen, no matter how many cards were sold, if The Card exists and works...thus promise fulfilled.
The sale of cards in Argentina also carries with it the university's allowing itself to be a site for others to come and evaluate The Card's use in a real setting. THAT is worth selling cards at a reduced price.
It seems even when promises are fulfilled and progress in the marketplace is announced, disappointment is expressed. The only thing that MAY give cause for positive reactions is when the share price goes up and up...which is why we all invested in Chaya's dream...and which is on the path to reality.
Actually, The Card has only been available for purchase by card issuing companies for about 6 months or so.
Previous versions of The Card were viewed by card issuing companies which then made suggestions for improvement...such as an "on/off" indicator light.
Any card issuing company will most certainly do its own testing of any product they consider purchasing. My brother has worked for banks in the past, years ago, and told me that the "beta testing" they did on potential products to be used by his company could take as long as a year before a decision to purchase the product or not is made.
The Card developed by SmartMetric is useable as a security card; a credit card; a debit card--just mention a few possible uses of The Card.
For it to be purchased by a company to be used as a credit card the network it is to be used on--Visa, MC, Discover--also needs to do its own testing of the product before it will allow it to be used on its system.
You seem to know the terminology...so you must know that certain factors must take place for a "sale" to be completed and thus REVENUES to be reported.
A contract for the purchase of goods (a"sale") is one thing....Reporting the revenue from that "sale" another.
All I intended to say was that the REVENUE from the SALE may be reported, not in the quarter the "sale" was announced, but MAY BE a following quarter because of factors which determine WHEN, based on Generally Accepted Accounting Principles, REVENUES can be reported.
When might the REVENUE from a SALE be reported if the purchaser, in the sales contract, wants to receive the product 3 months after the sales contract is signed?
The MONEY (REVENUE) from that SALE is reported when the SALE is complete, 3 months after the SALE is announced.....that's all I wanted to say.
So, when Apple says their sales projection for the year ahead is an increase of 10%, do you think investors ignore that information?
NO, of course not.
The Safe Harbor Statements merely allow companies to give a best guess of the future...AND PROTECTS IT FROM LAWSUITS should that information not be attained.
It DOES NOT protect a company from making knowingly false statements.
Thus, an investor who buys Apple stock because they BELIEVE Apple's sales will increase by 10% because of the announced statement in the company's PR CANNOT sue Apple for making a false statement should Apple's sales increase less than 10%.
HOWEVER, if a company says sales have been made---and they have not been made; or the company says we have distributors working on getting our completed product to market---and they have no such distributor, the Safe Harbor Statement offers the company NO protection.
The Safe Harbor Statement in NO WAY is telling investors not to believe in the PR's content. It does, however, call investors to be discerning with that information.
Yikes....MC is NOT a buyer of any card. It, along with Visa, Discover, and others are NETWORKS; like train tracks; that carry the transactions from point A to point B. The owner of the network must give approval for banks and other card buyers to use their "train tracks". Until such approval is given--after much testing--no one will buy any card available for use. MC may not want to test the card...for whatever reasons...or allow use of that card on their network...Perhaps because they are involved with Zwipe or because another network company is looking into the Smartmetric card for use on its network.
I'm not sure other competing companies are signing real contracts with other card companies. I've asked more than once for someone to tell me where I can get one of those other cards. No one has told me where...so if you know where I can buy one of those "real" cards from a "real" company please tell me.
I'm not sure when the revenue of the sale of the cards to the university will be recognized. There are different methods available for such recognition by American companies....all legal.
And when revenues are announced what will YOU say?
You do state the facts of the market as Chaya has also stated.
As for hot air, my brother used to do "beta testing" for the bank he worked for. He told me, back then, some 15-20 years ago during his working years, it would take over a year to test out some products. THIS IS FACT.
Since The Card developed by Smartmetric has only been available much less than a year it seems to me no bank would or could make a commitment to purchase....however it does seem there are some purchasers of The Card who are interested in it. And before you tell me The Card has been in testing for years let me remind you that previous testing was by a card network company, not a card purchaser.
As for your critical comments:
The company has potential purchasers talking with it;
Your personal attack regarding Chaya is without basis---and will you make an apology to her when The Card is out in the public domain and the share price is in the dollars?
The North American distributor of The Card of Smartmetric, ProTek, has stated that it works.
And there obviously is a market since a university has already acquired The Card...
How do know what Chaya's bank account looks like?
And finally, I believe MC has partnered with ZWipe...been over a year now. Ask MC how that's going? I would like to acquire one myself.
you show yourself to NOT understand the Smartmetric card and its characteristics.
I encourage you to go to the Smartmetric website and familiarize yourself with it. I believe you will become a believer.
Some people like second best.
If you are new to this blog/company you will see there are two sides to the discussion.
One critical, stating information with a slat toward not understanding the process of bringing a TOTALLY unique product to market; a concept to reality.
The other side expressing understanding of how an idea of the mind becomes a product in one's hand or wallet. This side understands that challenges arise that require redirection of thought; that along the way one learns of better alternatives to original decisions made; that buyers of a NEW and PROPRIATARY product affecting BILLIONS (in this case credit/debit cards) is not done without huge amounts of time and testing and discussions; that such a product takes years of development.
The product of this company only came on the market for sale within the last 6-8 months. There are 3 well-known and respected distributors who sought to involve themselves in the sale and distribution of this product. I strongly believe this company did not beg them to join the process but that they sought this company out to be a part of something new and helpful to society...perhaps because of the multiple news reports released advertising the product.
As for the personal comments regarding the CEO...my opinion is that she has been as forthcoming as the SEC will allow and chooses to err on the side of caution. The multiple times announcements were made regarding progress of The Card's development only to be met with unforeseen issues requiring a change of direction she was met with a barrage of criticism. One can only believe such comments would lead anyone to a reluctance to provide more PR's on the progress of The Card.
Time will tell if the derogatory comments made about her and this company will show themselves to be true or false....
would you compare it to Amgen when it started?
The SMME company PRs and its website indicate The Card has been developed and is now being offered for sale via distributors in many countries as a security card and as a credit/ATM card in the USA.
Let's talk in 2 years
See post 12003
"the company is emerging as a key player in the contactless payment card space."
I emphasis "CONTACTLESS PAYMENT CARD SPASE". Small part of the market SMME's card has access to: Security, ATM, credit card markets.
SMME has only recently brought its card to market with its first distributorship signing on within the last 12 months. I believe the company has announced that 3 distributorships are now on board. As Duke has pointed out the distributors now signed on to SMME do not do so without great inquiry into the product they wish to distribute. I also believe that Chaya would not take any company on. She has shown herself to be selective in taking on funds to finance the company and will do so to market The Card. That would include the markets of :security, ATM, credit cards....chips and CONTACTLESS chip cards.
And refresh my memory....where can I get one of these Zwipe cards???? I live in America.
Let's talk in 2 years.
Also, read my post again. I'm not mocking Zwipe….I'm only pointing out the type of card I'd like to own...and Zwipe does not meet my criteria.
Zwipe...is that the card with the internal battery?? Or the card that can be used in an ATM machine? Or is that the card that can indicate the holder of the card is the actual owner of the card??
I have heard such a card exists...so please direct me to that website since I believe THAT card is the one I want in my wallet.
It may be rumor, but I believe I heard that the Zwipe card was financed in part by a major network company....
I believe the card I would like to have in my wallet was not funded by a Billion dollar company with thousands of employees and contacts around the world. Rather, I've heard, it was developed with the funds of small, hopeful investors to develop an unique and proprietary product....
In all sincerity, since you are well informed of products in the biometric world of credit/ATM and security cards, if you can be so helpful and direct me to the company I seek with the above characteristics I've listed I would like to invest in it....would you???
Sorry, my mistake. I must have misunderstood your comment as to "when". I took it to indicate that you wanted something specific. However, since you were only indicating a general "rough timeframe" then let's say....how about in the next 2 years or less.
Also, this product HAS HAPPENED. NOT will or maybe or never.
And numbers will be printed in the next quarterly report.
Why do you think I or anyone can predict dates??
However, knowing something WILL HAPPEN, but not the exact time of its happening, is another story....
When I had my Morgan Stanley account I was told by my friend and broker that the policy of the company would not allow me to purchase any penny stocks.
I have had NO problem buying or selling SMME stock over the last 10 plus years through my old firm, Scottrade or my new one, TDAmeritrade.
clarity on your response would be helpful...what are you saying?
Would you be more specific? A few more details? :}
What kind of news???
What was his reply? Did he say anything about how the right-to-try bill would affect the trials at hand or patient's ability to use it?
And they said it would never happen...
NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) -- SmartMetric, Inc. (SMME), SmartMetric is pleased to announce that through its newly appointed security card distributor, Groupo Datco it has secured a sale for the SmartMetric multi-function biometric security and identity card. A large University has provided an order for the SmartMetric biometric card and it will be used to secure cyber and physical access on campus.
“We are delighted to see that our newly formed sales and marketing relationship with Groupo Datco is now delivering results. The exciting thing about this new strategic sale is the University has agreed to have its campus used as a demonstration installation allowing Datco to show others including businesses and Government the working biometric card said SmartMetric’s President & CEO, Chaya Hendrick”
6.6 million shares traded at $.00046 average price per share, very close to the Ask.....what could this mean?
Don't know how....I did contact the Investor Relations company listed on the website....no response yet.
Anyone know how to contact the Board of Directors and ask the question?
If the product is good think someone will pick up the company?
Sorry...but what sad news are you referring to?
The number cards manufactured is immaterial because they would only be for testing purposes. If a million cards were manufactured now they would have cost the company working capital and been sitting on a shelf.
As for the sales of The Card, I see every investment I make as a risk. I am, as are all shareholders, so far from the management and process of bringing The Card to market. I trust management to do their job. That's why I'm still a shareholder. If I lose my trust in them, I will eliminate my investment in the company. I believe Chaya and ALL involved at ALL levels of the company want to make this company a success...What is there to be angry about?
"Nothing independent"!!!!!! What are you saying!!! All I know IS what is made public. I have NO knowledge of what is taking place beyond what is made public. The difference between believers and non-believers is trust in management........
As for timelines you "regurgitate" my point. That is why I am against the statement of timelines. Too many unknowns will make a timeline ineffective.
Well, if you read the PRs you will see that some of them do inform the public of the company's progress. For example, we are in discussions with companies to sell The Card for its use in the world of security.
Don't know what you mean about appeasing potential buyers. Potential buyers offered comment on what they would like to see in The Card...thus an on/off light was added. NO appeasement.
As for the lawsuit of 7 years ago...you are completely misinformed. Business is business. If The Card will save Billions for a company that we went to court with....do you really think a failed lawsuit will keep them away???? They won...why would they not want to enter into a business transaction that will save them money???? The testing of The Card is being done under the watchful eyes of some major card company for use on its network...far from being alienated.