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Not hard to believe at all, since VLDI is still trading below last year's high of .027 which also was made in May. Last year low was .0046, so if the 5 year trend continues of making annually lower highs and lower lows for the 6th year we need to put in a high below .027 and a low below .0046 for 2019.
The trend is your friend until it changes.
First I do not know how many times I have told you that I never made a prediction of trips. I predict this year will be the rinse and repeat most likely for VLDI.
Second I guess what you are saying is that there will be no trips and there will be no shareholders meeting. I never expected a shareholder meeting because Bruce could not face the shareholders with his record of failures.
Third I have no axe to grind, since I made money trading VLDI several times, twice getting out around .10.
Fourth I just love some people's blind faith in a company that after 20 year still has been unable to launch a single product into commercial use. I do not need much more DD than that, but I have accomplished many hours of talking to experts in Cyber security, reading many white papers on the subject and the direction of the industry and countless discussions over the validity of VLDI product, which by itself has proven no one really wants the product after months of field testing.
Smoke and mirrors!
Smart investing in penny stocks has more to do with results and DD usually is a good prognosticator of expected results. So far My DD has been spot on in forecasting VLDI failure after failure. When one believes the smoke and mirrors, the Ganthet Sham, and Bruce's spin stories of OEM mobile operators rolling out the product globally, that is not DD it is wishful thinking or rather drinking the Kool Aid! The question never answered is why after all that tested the product either walked away or if they signed a license agreement never put the product into commercial use. That says it all as far as results not much need for further DD in my book.
I wonder how TPP is doing with the shareholders meeting.
Wrong Bruce was spending at a rate of .5 Million per year, last year and so far this year he his already spent over .5 Million. With over 200 k in financing costs, accounting, and fees, how does anyone expect Bruce to do anything for 300K that is left.
If Bruce is Frugal, why is he filing on time when he told some that by filing late he was saving over 50K. What a joke that is now that they have no funds and they are filing on time.
You can not trust Bruce since he is all smoke and mirrors and Raphael is one expert in Cyber Security Forensics that recommended the product, but no one else has pick up on it in over a year and Bruce continues to miss the RSA opportunity year after year.
What is there to spend money on when you are doing nothing but sitting there without a commercialized product and no potential sales and simply filing 10Qs and 10Ks.
Yes very bizarre indeed!
That why this year is the end! Borrowing from Peter to pay Paul has definitely has a very short life, especially when the company has nothing to show for over the last few years. Nothing to report, no more deals with Channel partners, not more license agreements that go nowhere, and not a single revenue producing end point.
Yes the Buzzards are circling, LOL!
I have to keep reminding myself that this is a one man shop, especially since the promissory notes are increasing every quarter, and there is no funds to pay the interest rate of 12% which is accruing. Based on the May 10th total of $695,744 in promissory notes, the interest alone is now $83,489 annually and growing. If you add last years accounting cost and fees of approximately $108K to this amount, you come close to 40% of last year negative operating cash flow. It is buzzard that Bruce can keep this going as long as he has.
At some point VLDI will probably have to refinance these promissory notes, probably with convertible preferred stock especially since they have no operating cashflow to pay the interest or repurchase the notes. Bruce can only continue so long before this blows up in his face since every quarter he is digging a deeper hole.
A perfect correlation to the company!
It is getting to the point the 10 Q isn't even worth reading any more.
The only two stand out items are they expect Revenue in Q3, but no guarantees, standard kicking the can down the road and the subsequent items of financing show an additional 126 K in promissory note financing was raise after March 31, 2019. As of March 31, 2019 they had $569,506 in promissory notes plus the subsequent financing items brings the promissory note total to $695,744 as of May 10, 2019.
No changes in common stock, preferred stock, or other debt instruments. It appears as soon as the cash comes in it goes out on an operating basis, just keeping the company barely alive on life support.
Too bad the relevance is too obvious too absorb. No need to appreciate my efforts simply appreciate the facts and it will sink in, but if one still listens to Bruce after 20 years of failures and smoke and mirrors there is no hope for relevance!
Eventually it will sink in!
Here is one more item to consider Ganthet is now approaching 2.5 years since signing a license agreement without a product launch. They still have no website or phone number for potential clients to contact them and no endpoint to produce ongoing revenue for VLDI. In addition the ISV is also now 2.5 years old and still has not integrated the product into their developmental software for a money transfer apllication, but VLDI is now forecasting Q2 2019 according to the 10K.
It is matter of prospective. A stock that continues to make lower highs and lower lows year after year for the last five years is hardly alive rather it is dying on the grapevine. VLDI now approaching 18 months without a single PR from Bruce when on average he was putting out 7-10 per year, what Bruce has no more smoke and mirrors. Still waiting for Bruce to be forced into a shareholders meeting that VLDI can't afford both financially and Bruce telling the truth! Annual spending dropping from 2.1M in 2017 to .5 M in 2018 of which 22% or $108K simply goes for accounting services and fees. That leaves only .4 M to run a business , but then again it is a one man shop.
Like I have said too many times penny stocks never die they simply rinse and repeat by reinventing themselves or taking a private entity public. Big difference between being alive and being on life support and that support is failing fast toward a rinse and repeat.
That makes perfect sense for a stock that is all smoke and mirrors, nothing real worth talking about and what there is to talk about is pure torture, since other than talking about struggling to stay alive and making it through another quarter, there are no sales, no on going revenue, no buyout offers, no real financing, and no common stock to issue to talk about.
Muppet show no, but more like Fools rush in where wise men never go!
Still waiting to hear about the Shareholders meeting!
I can not understand why anyone would think Bruce would be agreeable to a shareholders meeting or that they could force Bruce into one , especially since VLDI is barely keeping alive on the limited funds that they have.
Yes, I am well aware, the 10Q is due on May 15th for on time filers, but I included the extra 5 days for late filers, which everyone should be aware of that VLDI files late the majority of the times and has only filed on time twice going back more than 10 years.
Well we are only a week away from Q1 financials assuming they come out by the 20th. Maybe then there will be something to talk about.
You were looking for a rinse and repeat in Validian:
You're also saying that penny stocks never die they just rinse and repeat. Actually, penny stocks die all the time. And a rinse and repeat, if it were actually going to happen, would have happened long long ago. 15 years
FYI
The Company was incorporated in the State of Nevada on April 12, 1989 as CCC Funding Corp. to seek out one or more potential business ventures. It has changed its name on four subsequent occasions to: American Gold Group Inc. (February 3, 1992); American Group, Inc. (August 26, 1992); Global Science Corp. (December 23, 1993); and SOCHRYS.com Inc. (August 9, 1999).
LOL, VLDI annual operating budget for 2019 is estimated at $1.5M and last year they had the same operating budget of about $1.5M yet they had an operating loss of only $513,000 and negative cashflow of $173,000, the difference was financed with stock, convertible preferred, and convertible promissory notes. As of Q3 they stopped issuing stock, convertible preferred, and convertible promissory notes. All present and future financing appear to be 12% cash promissory notes without any convertibility into stock. They have not been paying the interest on these notes since they do not have the cash to pay the interest, so the interest in just accruing. They can only do that so long.
Yes, it is amazing they raised about $315K by March 19, 2019, but that is hardly a drop in the bucket, especially if you account for Q1 expenses which will be known when Q1 financials come out, plus $900K for R&D and $300K for sales and marketing they are budgeting but highly unlike they will incur those expenses just like they did not last year. It simply looks like the are borrowing from Peter to pay Paul.
In summary, provided we are able to obtain adequate funding, we expect to spend a total of $1,472,000 for all expenses during the year ending December 31, 2019, subject to our ability to generate revenues from the licensing of our products and our ability to raise additional capital.
We were incorporated in Nevada on April 12, 1989 as CCC Funding Corp. to seek out one or more potential business ventures. On January 28, 2003, we changed our name from Sochrys.com Inc. to Validian Corporation
I have not heard nor read any such information that would indicate his endorsement is anything less than full-throated
Smoke and mirrors !!!!! and a glimmer of hope after Rafael's glowing recommendation which too is fading fast.
Nothing strange penny stocks never die, they simply rinse and repeat!
This really states the current state of affairs:
Future operations:
The consolidated financial statements have been prepared assuming that the Corporation will continue as a going concern. The Corporation has had limited revenues to date, has negative working capital of $4,904,673, has accumulated a deficit of $55,273,224 as at December 31, 2018, and has incurred a loss of $513,396 and negative cash flow from operations of $173,068 for the year then ended. Furthermore, the Corporation failed to settle certain of its promissory notes and 10% senior convertible notes when they matured on various dates during the years 2007 through 2018, resulting in a condition of default for all of the 10% senior convertible notes and the promissory notes; a significant portion of these notes remain in default as at December 31, 2018. In addition, the Corporation expects to continue to incur operating losses for the foreseeable future and has no lines of credit or other financing facilities in place.
If the Corporation obtains further financing and generates revenue, it expects to incur operating expenditures of approximately $1,472,000 for the year ending December 31, 2019. In the event the Corporation cannot raise the funds necessary to finance its research and development and sales and marketing activities, it may have to cease operations.
Same common sense that all those used to invest with Bernie Madoff and/or the same common sense that all those used to invest in Enron.
If it walks like a duck, quacks like a duck, it is a duck.
The problem is that everyone knows that over the last 5-6 years VLDI has been unable to get a single real client signed producing ongoing revenue for VLDI with a commercialized product. Also everyone knows VLDI signed about 5 license agreements between 2006 and 2016 and all have gone nowhere.
I will stick with what I do know!
Yes it was about three years ago some investors put up $1.225M for convertible preferred A stock with a conversion feature @ .10, but required twice their money back and first preference in a liquidation. I guess they knew the stock would be down to the penny-sub-penny level 3 years later. They must of known something the rest of us did not know, right!
Validian Closes Significant Financing, Strengthens Balance Sheet
Company Now Positioned for Negotiations with Major Companies
PR Newswire
OTTAWA, June 7, 2016
OTTAWA, June 7, 2016 /PRNewswire/ --
Validian Corp. (OTCQB: VLDI), a leading innovator in cyber security technology, today is pleased to announce that the Company has successfully strengthened its balance sheet through the completion of the following financing:
$1.225 million U.S. for the purchase of 1,225 Series A Preferred Shares, with a stated value of $1,000 per share that are convertible at $0.10 share with no interest coupon;
an exchange of $929,533.81 of Senior Secured Convertible Notes plus $74,747.92 in unsecured Senior Convertible Notes, both of which are convertible at $0.03 per share, for 1,005 shares of Series A Preferred Stock, with a stated value of $1,000 per share, convertible at $0.10 per share with no interest coupon, thereby reducing the Company's fully diluted common shares by more than 23 million;
an exchange of the remaining balance of $2,835,025.46 of principal plus accrued interest of all Senior Secured Convertible Notes, which were issued from 2009 to 2011, convertible at $0.03 per share and earn interest at 10% per annum, for 3,900 shares of Series B Preferred Stock with a stated value of $1,000 per share, convertible at $0.03 per share with no interest coupon; and
an exchange of $1,603,802.26 of principal plus accrued interest of unsecured Senior Convertible Notes issued from 2009 to 2015, which are convertible at $0.03 per share and earn interest at 10% per annum, for 2,325 shares of Series C Preferred Stock with a stated value of $1,000 per share, convertible at $0.03 per share with no interest coupon.
Combined, these transactions not only strengthen Validian's balance sheet by eliminating all of its secured debt and much of its unsecured debt, as well as by eliminating approximately $600,000 per year of interest costs going forward, but also provide the Company with more than a year's worth of working capital to be used for completing revenue generating installations and deployments with the Company's established channel partners at their existing customers and in their growing sales pipeline of qualified prospects.
"We are very pleased to complete these strategic financings which are undoubtedly a testament to the support and guidance of our largest stakeholders and new investors, each of whom have a keen understanding of the significant value that Validian's unique technology brings to commercial customers and the magnitude of our potential in several market verticals which are currently being explored," commented Bruce Benn, Chief Executive Officer of Validian. "Post transaction close, the Company is better equipped and empowered to continue its current and pending negotiations with a number of major companies to partner in the integration, deployment, use, and commercial roll out of Validian's technology in regional and global markets. Validian looks forward to securing those partnerships in the time ahead."
His ultimate goal has always been to sell the company, but it looks like there are no one interested in buying, especially since he can not get a single real client with a commercialized product to come on-board.
Here we go:
1. the 10K shows that the common share count now has remained unchanged at 688 M shares since Q2 2018. It looks like Bruce is doing everything possible to avoid a R/S or increasing the authorized share count beyond 700 M shares. He is accomplishing this by current financing via non convertible promissory notes bearing 12% interest. In addition to this he has not been paying the 10% senior convertible debt coupon interest in stock, but he has been accruing it as interest payable. Not sure how long he can get away with doing this. Also these promissory demand notes are only payable in cash. I imagine at some point the holders will demand principal payment as well as interest payment.
2. The fully diluted share count also remains basically the same at 988M for the same reasons as above.
3. The 12% promissory notes increased from 61K in 2017 to 259K in 2018 and further increase to 574K as of March 20, 2019. it looks like Bruce will need to raise at least an additional $1M to meet his total operating budget of $1,427,000 for 2019. These 12% demand promissory notes are becoming his only source of funds. I can't imagine they will last too much longer as viable financing.
4. Employee head (contract/salary) count drop from 11 to 10 by the reduction of one salesman.
5. Interesting that now VLDI indicates no legal proceedings, yet no mention of resolution of the legal proceeding from Q3 over a vendor payment dispute from 2017. So I assume they must have settled it somehow.
6.
We anticipate further commercial sales during the second or third quarter of 2018, however we cannot be assured that this will be the case
We had no revenue during the years ended December 31, 2017 and December 31, 2018 as a result of a shift in our selling focus to large companies for whom the sales cycle is much longer.
I will post a detail analysis later on the 10K but my initial reaction is run for the hills, especially since Alla Pasternack holding are based on last year's filing. She did not file this year so there is no way of knowing if she continues to hold or if she has been selling. Second Bruces holding decrease from 6.2% to 5.7%. Second they lost one salesman and total operating expense including R&D for 10 employees contracted and salaried is only $333K for the entire year. Last in subsequent events they raise $315K of funds via 12% interest promissory notes that are payable on demand.
This stock for the last five years since the high of .105 has put in lower highs and lower lows annually. For 2018 the the high was .027 and the low was .0046. I expect 2019 will continue the same trend and I believe we have already put in the high for the year at .016. Following that logic it is highly likely that VLDI is headed back to the sub penny level for a long time to come. Of course that could change with some real news worthy PR like an infusion of cash or a signing of a real agreement all which in my opinion are unlikely considering the current state of affairs of running out of common stock to issue and without a single company progress report on the status of signing any potential client in about 1.5 years.
For VLDI getting back to .105 will be a feat in itself, if it ever gets there again, which is highly unlikely at this pace of annual decline.
BTW VLDI had its first closing bid below .01 today.
Yes VLDI definitely does smell like rotten apples in a barrel.
What definitely is not coming is a real contract, with a real client, producing ongoing revenue!
I look forward to reading how Bruce expects to keep this company alive, without any financing in place or announced and only 11M shares left to be issued to make it through 2019.
I guess he is filing, just late as usual:
https://www.otcmarkets.com/filing/html?id=13335095&guid=-GJ3U6lorYG_E3h
Actually that is a valid point! Bruce might not have the funds to file audited financial statements and he may have decided to simply go as a non reporting pink company.
The EDGAR system hours of operation for submitting files are 6:00 a.m. to 10:00 p.m. Eastern Time, weekdays, excluding Federal Holidays. Files submitted after 5:30 p.m. Eastern (with the exception of Section 16 filings) will receive the next business day's filing date
The joke is that VLDI is going on 17 months without a single company update and/or a single news worthy PR other than the quarterly and annual filings. Like I stated before the only news coming out of VLDI will be their annual and quarterly filings.
So I hope VLDI does file tomorrow then at least there might be something to talk about. We sure haven't got any information about all those qualified potential clients from years ago getting ready to sign up out of all those majors proposing anything from license agreements to outright purchase.
Like I said a day or two doesn't make any difference when it comes to VLDI nothing ever changes just the smoke and mirrors.
Its 90 days from year end and that takes it to March 31. So they are due on or before March 31. April 1 is 91 days! One day or two does not really matter, but it just shows you that Bruce is back to his old habits of filing late and adding to that he is now late on giving notice that he is filing late!
Not only is VLDI once again filing their 10k late, but they are also late on filing their notice that they are filing late.
Well VLDI only has about a week to go, that is if they post on time for YE financials, which are due March 31. If they file late we might have to wait an extra 15 days so around tax time.
This is most likely the only news coming out of VLDI, since there has not been a PR in over 16 months, since Rafael glowing recommendation! You would expect if it takes some 9-12 months to test the software you would at least expect to have a few signed agreements from the old sales pipe line of 20 plus from August 16, 2016;
Over the past 30 days, the ongoing exchange of marketing and technical documentation, discussions, meetings and demonstrations have doubled Validian's sales pipeline. Now, Validian has scheduled the next round of discussions and negotiations with senior decision makers of more than 20 qualified prospects, comprising large to major companies, during August, September and October 2016
We are pleased with the progress of discussions and the level of interest of each large corporation in arranging a strategic partnership with us. These discussions and negotiations are continuing into November, with the structure of a strategic partnership now ranging from licensing to exclusive rights in a particular market sector to acquisition,” commented Bruce Benn, Chief Executive Officer of Validian