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SH, also I believe the 10K outlined in related party transactions that info.
JMHO
BRMC is WRONG...
the 10Q cash flow statement clearly states cash from operations separate from proceeds from PP subscription.
JMHO
Thanks TA
FG, I posted earlier (11283) asking for a link to 10Q. My edgar doesn't seem to be working. I will gladly give my opinion of that statement upon reading the 10Q in search of that amswer..
I will say right/wrong/or cant tell from the info.
TIA
diverdan,touche.eom
No threat to me, just the reality of lawsuits and burden of proof. Sorry my friend.
JMHO
sorry that should be "isn't".eom
Cabo, it seems to me Rich is going to play your little game. I don't see a threat there. sorry.
Can someone post a link to 10Q. My edgar does not seem to be working and I want to look into BRMC's statemet about revenues including PP money. I think he is flat out wrong and the cash flow should demonstrate that.
TIA
FG, that is a TOS violation!eom
FG...
I do not consider myself backing mcbride, that is the problem. I am simply decerning what the actual meaning of all this is. There are several possibilities, as I stated here
http://www.investorshub.com/boards/read_msg.asp?message_id=164514
Also, any info you could come up with on the privatization(sp?) requirements would certainly be appreciated. For example, how much (%) ownership is needed in order to initiate such an action and if the privateers have to buy all non-comers. There must be some SEC regs on this topic.
TIA
FG, on the $25k boat cost...
I think you might be confusing 2 different items.
first, the cheoy lee, I believe is group owned.
second, the $25k was what he had in his other boat. a 30 footer I think?
JMHO
bigbizz, I agree.excellent.eom
Bigbizz, it is a good idea except...
you will be lucky to get a bank to loan anywhere near 70% more like 50% and only if you demonstrate enough cash flow to warrant such a loan. We all know cash flow is sevu's serious problem.
I have also been thinking that the new management team is who is taking this thing up and they are doing it for very little money. These have left the earning capacity big 5 cpa firms and JcPenny top manangement. They have taken these positions for money I would spit on. They deserve to get the compensation they deserve and since sevu has no cash they should have a stake in the company. I personally, want them to have a stake in the company. Who else is gonna want this thing to take off? granted I think 17million share is huge. but instead of just giving these shares they are at least funding this company with enough $ to get through this growth cycle (hopefully).
A subscription is just that a subscription. I believe these shares will be issued at the end of this arrangement upon payment and not in the beginning when only 20% has been paid. I don't believe this is on credit. If it was, why have the number of shares not changed since this deal was supposedly done in the 2nd Q and on 8/14/01 the same number of shares exist.
Of course trying to stay off a takeover is another possibility and wanting to privatize it is not out of the question. I need more info on this privatize thing.
It is obvious no non-insider can possibly know which it is.
JMHO
TA,could be possible...
I would not worry about being an expert or guessing. Just about everyone else except for maybe Rich is guessing and no one seems to be an expert.
JMHO
FG, what I can't understand is how you could possibly say the terms are unacceptable? All we know is the number of shares and the price. We have no idea of the conditions of the transaction. length of restriction. when the shares will be issued (subscription, remember?). As of 8/14/01, NO SHARES WERE ISSUED.
Also, $.10 is a very low price, but what is more appropriate?
$.25 or $.45. tough question. say the subscription period is over 1 year from now and the shares are then issued as restricted for another 2 years (insider restriction period) then the float is unaffected for 3 years. furthermore, in that time the $1.7 million raised within the 1 year subscription period was all that was needed to suppliment sales as production steadily increases as does front-end costs of the increased production.
If all this were true, I think your statements would look awefully silly. (remembering of course that these posts are able to be referenced long after all have forgotten about them, as UB and others keep demonstrating with posts from 2000).
My point is this, Bill Branum is well known for his conclusion jumping. Don't fall into this closed minded game. Pursue the matter and discover the true facts as I and others are trying to do.
JMHO
DMWG, nice post.eom
Cabos, perhaps matt should take this site down! from what I have read lately, ihub has surpassed RB for garbage posts. the sad thing is that all those posters everyone tried to get away from are free to rome ihub. strange about FG. I think there is alot more info about FG to come out. Possibly, somewhere between Rich's story and FG's story is reality.
JMHO
George stated suburban bot in the open market.eom
My PM to matt...
Matt, unfortuneately, I feel the need to resign as director of the sevu thread. Perhaps if available I will submit to be reinstated, however at this time there are far to many posts that fall right on the removal line and I am not comfortable with the director duties anymore.
Regards
Gotinearly
Did anybody notice home depot's name in that PR?eom
Nobusiness, your statement makes sense to me. That would explain the share descepancy between the transfer agent as of 8/14/01 (date the Q was released) and the PP as people are stating. meaning the shares have not been issued and won't be issued until some specified time in the future (maybe 2 years) at which time all the money will be paid for the subscription.
How much would you pay now for sevu shares 2 years from now? I don't know but I will tell you that .10 seems like a good deal.
Before anyone asks, no I did not get nor was I offered and shares.
JMHO
SH, neither can I.eom
DK, I'll second that!eom
I like these items from 10Q...
"The company completed the transition to the new management team in the 2nd
quarter. We began the process of positioning the Company for significant sales
and profit growth. The main efforts focused on the basics of business with
emphasis on two key components: building the product; and selling the product.
In addition, we installed a new accounting system and implemented internal
accounting controls. We also initiated the development and implementation of a
budget process, which contributed in part to the -66.9% reduction in total
operating expenses for the 2nd quarter, and which produced an improvement of
+83.2% in net income from operations."
-------------------------------------------------
"Our Government Sales effort continues to evolve from our GSA listing, police
departments, and schools. We continue to move forward on negotiating and closing
a Taiwan contract for SecureView product. The closing of any Taiwan contract is
not expected until late 2002."
Question, we must all ask ourselves...
how much would we pay per share right now for restricted sevu stock. remember no sale for 12 months.
just a thought.
According to the transfer agent...
there is a total of 18,434,909 shares outstanding at the close of business 8/14/01.
My question as is everyone else's is how can this be given the 17 mil share PP. From my
read of the 10Q I gather that the PP is on a "SUBSCRIPTION" basis and when all
subscriptions are paid then the shares will be issued.
Therefore, when the remaining $1.3 million is paid the shares will be issued by the
transfer agent.
That is the only explanation I can come up with for the transfer agent's share count. Also
the 10Q states in no uncertain terms at the very beginnig the share count which is
18+million.
JMHO
Bill you are wrong....
per transfer agent as of 8/14/01
# of active shareholders 1288
# of regular shares 11,679,750
# of restricted shares 6,755,159
total shares 18,434,909
signature stock transfer, Inc 912-788-4193
fax 912-788-4194
you need to fax your request and indicate that you are a shareholder and they will fax back the next day.
end of conversation.
taken from UB43 on RB...
"Although our aggressive selling efforts achieved approximately $9 Million in SecureView
product orders from independent retailers and individual consumers, shipments were
unable to keep pace with sales." - Amended SEVU Y2K 10k
Bigbizz, I have first hand knowledge that Ann was contacted first. My understanding was
that the law firm or someone involved at some level called her and asked if she was happy
with her investment. she of coarse said no because at the time she was down. Then she
was asked if she would like to recover some of her losses and she said of coarse.
They took her pertinant(sp?) details and that was it. Next she found out she was lead
plantiff in a potentially class action suit. Then she found out that her name was being used
by this group to get other people to join and broadcasted over the internet. (shortened version)
Ann is not at fault.
My opinions and experiences.
inthelead. my sentiments exactly.eom
DK, I believe sh had a total of $2000 invested. will check.eom
FG, no problem. I don't know if this actually weakens the case much but it feels good to see some of the detail behind this suit.
one for our side.
JMHO
shamus, it seems to be approaching small claims status fairly rapidly. maybe we could all watch it on judge judy.
JMHO
update class action...
1) her name is spelled Ann Sheuer (sorry)
2) taken word for word from her request...
"Steve...I have thought about this class action law suite and have decided to withdraw my
name. I do not want to become involved."
"Thank you for taking care of this request."
JUSTGOTTOLUVIT
byebye
I seem to remember that the revenue for the second quarter was small becuase they were only shipping secureview for about 2 weeks. I believe it was around $500K. But, I have large hopes for 3rd qtr.
JMHO
Class action news...
I have first hand knowledge that Anne Schuler (sp?), the lead attorney's primary plantiff (as listed in the lawsuit) has officially removed herself form the case. Anne owned approximately 400 shares (no typo) and was unaware as to the extent she would be used to further this action. As soon as she became aware (hehehe) she immediately faxed a letter requesting her removal from the case.
Sorry, it took so long for me to report back but I wanted her permission and confirmation in order to post.
my experiences, other should independantly very.
bigbizz, the last hardware show in orlando a month or so ago I heard there were long lines just to see secureview in action. I agree, this could be the big breakout we're looking for.
JMHO
Lets visit the footnote regarding shipping...
Being in the profession I can understand how this could happen (I don't run my business
this way, but I can understand). First, a compilation requires absolutely no verification by
the CPA. The CPA has a canned footnote that states Revenue is recorded when product
is shipped. (no problem). However the company reports to the CPA that sales are X and
A/R is X. The company has based its calculation on the SEC allowable method as
posted earlier by me. Then provided the summary data to the CPA for preparation of the
Financial statements.
In this sinario, there is no fault on either party and no intent to defraud. Just a simple
miscommunication. Sure, it can be said that SEVU should have caught the descrepancy
between the footnote and actual reporting method, but with RICH handling the whole
show (trying to save money) this to is understandable.
This problem has been corrected via the hireing of 3 professionals to handle the aspects
that Rich was doing as well as R & D.
This is why I believe the restated reports will fall under the changed rules. the benefit of
the doubt will most likely fall to SEVU.
JMHO
FG, I am working on something right now...could be big, but could be nothing will let all know when I can.