Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Sam Simon?
Really?
Multi multi multi millionaire Sam Simon is not only going to sink money into this black hole of a company but also is going to build a studio for a show to brodcast on radio IO?
Are we REALLY expected to believe this?
This man has won Emmy awards folks.
Come on now.
Would the authorization of 80MM add'l shares require an 8K before the 10K since it is a material event?
It is only material if it actually happened.
At this point I am very skeptical about anything that comes out of IWDM that isn't backed up by an actual 8-K or PR.
Something does not smell right about this "news". I think whomever is giving Tony his info is leading him on.
8-K's are not filed for things that didnt happen.
Just saying...
So IWDM is going to gain almost 15 cents per share tomorrow?
They were supposed to be at 20 cents by Xmas, right?
How in the hell is that gonna happen?
Maybe Sony will buy up the 80 million remaining shares?
Well, this is the season of miracles...
0 Shares traded 2 hrs into day?
I thought we were supposed to be up at $.20 by this friday?
How can that possibly happen?
I'll give you a hint - it can't. To suggest otheriwse is naive at best.
4 trading days left until $.20??
Riiight.........
Are you talking about PR's regarding Sony & Unation?
If so, what is there to release that hasn't already been said in publications quoted here?
Also, there is no legal requirement to release PR's regarding anything a company does. They are merely a form of self-promotion. Is it ill-advised for a CEO hold PR's? Yes, if he wants his and his stockholders shares to rise in value. However, it is not illegal.
What is illegal is to not release an 8-k regarding a material event. This is how you can really tell (if you were being honset with yourself) that the Unation & Sony "deals" do not have material financial impacts on the company. If they were going to cost and by extension, generate money, then an 8-K is required.
No 8-K about Sony/Unation=no material financial impact on the company.
What does this have to do with IWDM?
If the intent is to point out that RM is making moves for a company he has an actual stake in, then successs!
He isn't doing anything for IWDM as far as I can see.
This has got to be some sort of a record for IWDM.
Buy with no fists...
2+ hours into the trading day and not a single share of IWDM traded.
Hmmmm....
Google search yields no news results other than the UYR deal closing.
So, yeah, WHAT NEWS?
Michaels is a Strategic Adviser.
He can not "lock up" anybody's stock. Only the Board can even attempt to do something like that.
The cash is disappearing too...
Unless there is a huge infusion of cash within the next few weeks, IWDM will be out of money.
Q1 2011 Cash $761,494
Q2 2011 Cash $420,051
Q3 2011 Cash $155,333
Now how are they going to process those refunds for the people that paid $300 for something that is now free?
Go ahead. Call me a hater. Facts and figures sure are hateful, aren't they?
30 Million Shares?
Wow....20 plus percent of the current float?
You can not honsetly tell me this is good for SH value.
And he is breaking the law
He is on the BOD releasing inside information to a limited number of people - his audience.
The legal way to do so is with an offical PR and an 8-K.
Strategic Advisors can not remove board members or officers.
But Michaels and Chase aren't even strategic advisors yet are they? No announcement on the UYR deal closing and that role was part of that deal.
The only way they can do anything about the board and the officers is to pick up a majority stake in the company and that doesn't sound like it's even close to happening. Even if they buy all of Edwards' stock, there are still the millions of shares both Bean and Stanton own.
I know, I know...
Chase=Michaels=Zell=buy with both fists, right?
Wrong.
Stock is cheap @ .04...
Buy with both fists...
Nice tight share structure...
UYR deal will not dilute...
Chase=Michaels=Zell...
RM will soon clean house....
Unation will save IWDM....
Lookc pretty silly when you see all these "facts" in one place, huh?
IWDM will be sub .04 before too long.
BK soon after.
Wow... Unation has less than 10K followers
To the moon with the stock....right
Unation will do NOTHING for IWDM.
An 8K is required for Material Information
NOT a PR. There is a big difference.
And no, it being after trading hours does not mean it is ok.
Was ir "on the board" or
"on board"?
This was being reported second hand from a listener that could have heard "on the board" when Bubba actually said "on board".
If he did truly say "on the board", then no, he can't legally release that information before an 8K is issued. PR does not enter into the discussion as far as legality is concerned because that does not satisfy the SEC requirement of releasing the information to ALL potential investors. It is essentially the same as Bubba saying it on air - a PR goes out to a select audience.
Not good business and ILLEGAL
If that is true
Then Bubba could be in trouble for saying that on the air. SEC guidelines prevent the relase of material information to a limited group of people before releasing it to the general investing public.
A radio audience defitnitley qualifies as a limited group of people.
He may have really put his foor in his mouth this time.
Timing is everything....
There's a method to the madness at IWDM.
Or something like that...
I would be the first to admit I was wrong if RM does say something major about IWDM at this conference, but my gut is telling me nothing is on the horizon.
0 shares traded is very telling.
Nobody is even buying with one fist let alone two.
As a matter of fact it does.
Furthermore, where in the UNATION press release is an equity investment - potential or otherwise - by DeBartolo even mentioned?
Or can possibly be inferred?
Seems to be a large leap from his group being one of the partners listed to his group or him personally taking an equity position in IWDM.
Does it not bother anyone that UNATION
is another Tampa-based company?
Something does not look right there.
The 10-Q for Q2 2011 still only shows $10,904 in Capital Expenditures for YTD 2011.
All the news articles in the world can claim to back up the $1MM in infrastructre quoted here before, but the important numbers, the reality reflected by the 10-Q does not bear that out.
Old news...
This is part of the 10-Q released one and a half weeks ago.
Buy with both fists, i know....
I was wrong....
58 locations x 35.95 per month x 12 months = $25k a year in additonal revenue....assuming all of the locations sign up (which is not guaranteed).
Yup buy with both fists, feet and any other appendage you may have.
If this is the best news they could release, then everyone holding the bag on this stock is in for some nice tax writeoffs when the stock is officially declared worthless...
Where is his incentive to promote RadioIO?
Sure, it might increase the value of the 10MM shares of stock he and the crew have, but with the limited reach he now has how many people can he reach that don't already listen to the show for free on FM or on the RadioIO free stream on Bubba 1? Not nearly enough to generate enough revenue to get the stock up to 30 cents or more.
Cash incentive? Forget about that. The cash balance is disappearing quickly and will be gone soon.
I think he realizes RadioIO was a mistake and that he should not have turned down the $200K per yr Sirius was offering him. At least it was guaranteed money coming in. Bean sold him on the RadioIO idea knowing full well Bubba would turn around and sell enough of his Army on the explosive potential of IWDM stock, therby pumping the value so that he (Bean) could get a few extra marbles out of the deal.
Bubba was duped, plain and simple. He is up the same creek without a paddle as his fans are in this deal.
You say they spent $1 miilion on equipment but on the statement of cash flows they only show $10k in capital expenditures for the 6 months ended June 30, 2011.
Where is the other $990k?
Expand on that?
Fine.
How can both the statement in the news release that they are "moving toward profitability" and the statement in the 10-Q "The Company has not attained a level of revenues sufficient to support recurring expenses" both be true?
Here is a hint....they can't.
Even if all $133K of non-recurring expenses (assuming they are all cash expenses) are eliminated, the cash burn rate was still 70K per month.
And I strongly contest how they can claim they are moving towards profitability with a cash burn rate that increased by 14% from Q1 2011.
They make reference to "non-recurring" expenses but do not give any insight as to the nature of those non-recurring expenses or the duration they will be "non-recurring". Sounds highly suspect to me which is probably why they made it in a news release instead of the 10-Q.
I guess we will agree to disagree then.
Yes, cash is way up over 2010. But IWDM is currently burning cash at a rate of $114K per month. You can not possibly argue with that. It is all in the 10-Q and I even walked through how I came up with my starting cash number for the beginning of January 2011.
At this rate, based on the $420K in the bank at 6/30, the company will be out of cash by the end of October. That takes into account any revenue that will be booked (based on current monthly revenues) between now and then less any expenses (based on current monthly expenses). Of course, if either of those two numbers change favorably (extremely so, the burn rate will go down and would extend that date. However, we have seen no signs of that happening.
You keep referring to 2010 vs 2011 and using those comparisons as a basis for the argument that this was a good 10-Q and that I am missing the bigger picture. You are right in one respect. I am purposely discounting any comparison to the 2010 numbers because it is an apples to oranges comparison. IWDM 2011 is very dissimilar to IWDM 2010. The operations and business plan have changed greatly year over year, so any comparison between the two years is not going to tell the whole story.
Look at what has happened since the beginning of 2011, when this all changed. The stock price has gone down by 58 cents a share and the company has gone through $684K in cash.
You say I lack in adding numbers, which is ironic because all IWDM is doing is subtracting.
Partial information?
So now you are saying the 10-Q just filed has partial information in it?
I bet the SEC would like to know that.
And nowhere in any of my posts did I say that the EE's are supposed to support the company. How you came to that conclusion is suprising.
I had one reason for mentioning the EE's - to give a more complete picture of how much cash the company had gone through in the first 3 months.
The rest of the business, the regular recurring revenues are not supporting the expenses being incurred. It specifically states this within the 10-Q itself. They are going through cash at an alarming rate - $114K per month. Unless someone comes in and gives them a boatload of money, they will be out of cash by the end of October 2011.
Can revenues all of a sudden go up drastically and turn this around? Absolutely. In fact, I would like to see that happen so that the current SH do not lose what is left of their stake in the company. However, the quarterly numbers presented so far this year do not indicate that and we have seen no PR's that would indicate otherwise.
Look at the volume so far today.
Less than 10K shares traded so far after this latest 10-Q. The market seems to be less than impressed.
Cash coming in?
During Q2 their burn rate on cash was $114k per month. How is that cash coming in?
Oh wait. You mean over 2010. Yes, over 2010 they did increase cash by $400k. That's true. However, it says nothing about how the company is doing on a quarter to quarter basis with their consumption of cash, which is the number the "smart money" should be looking at. So let's look at that.
There were 2,817 EE's that generated $842K in cash at the beginning of the year. They also generated $218k in cash from revenues in Q1 ($293K in Revenue less $70k for EE Revenue less $5K increase in A/R). Taking the total of that gives you $1,060K. Backing out the $760K in cash they had at the end of the quarter, you get a $300K consumption of cash in the quarter, at a rate of $100K.
Q1 cash burn rate $100K per month.
Q2 cash burn rate $114k per month, an INCREASE of 14%.
This is NOT cash coming in. It is cash flying out the door at an increasing rate.
Now here is the proper way to read the filing...
Debt is gone, but if you read further than just the comparative Balance Sheet, you will learn that it was converted to stock, not paid down through cash flow from operations.
Income did double on a YTD comparison Q2 2011 vs Q2 2010. But look at the QTD comps. EBITDA is down 27% QTD for Q2 2011 vs Q2 2010. Not a good trend.
Assets did go way up, can't argue with that. However, the most liquid asset, Cash, is being burned at a rate of $114K per month. Without a huge influx of cash through debt or equity financing, they will be out of cash by the end of October 2011. Equity financing will be bad for the current SH because their positions will be diluted. Debt financing will again saddle the company with debt that they do not have the cash flow to service. No bank is going to lend them money with these numbers so the most likely source would be a related party. What happened to the last round of related party debt? It was converted to stock, which diluted the postions of all SH.
The only positive thing about this report is the large increase in revenue. However, even with this large increase in revenue, the company still has that monthly cash burn rate of $114K and in the notes section, it is clearly stated that "The Company has not attained a level of revenues sufficient to support recurring expenses."
Any attempt to paint this filing as "great", "nice" or "awesome" is patently incorrect. While this will probably not cause the stock price to fall too far, it most certainly will not be an enticement for the large volume buys needed to raise the price.
This filing is just more of the same lackluster performance we saw in Q1 2011.
It will be the beginning all right.
The beginning of the end.
We are now 43 days past the end of the quarter with no 10-Q.
If the news was so good, why not release it NOW? Why wait?
I'll tell you why - the numbers are going to be lackluster at best, dismal at worst.
Oh and please don't try to prove me wrong by saying that we are still early for the 10-Q based on when Q1 was released. They also released several years worth of 10-K's at that point and in all likelyhood waited until those were complete and ready to go so they could release it with the 10-Q for Q1.
Any accounting department or outside accountant performing that service would not consider it taking 43 days to be acceptable.
So...the numbers are done but the release is being delayed.
Why?
Something they don't want us to see?
I will say again....if all of that were true about the exploding ad revenue and io4business, we would have seen the 10-Q already. It is now 42 days after the end of the quarter.
Companies much larger and more complex finacially than IWDM have already released their 10-Q for the 2nd Quarter.
Why won't IWDM?
Something to hide perhaps?
Slight correction -
The Q2 report will only show another 3 months of EE revenue for a total of 6 months so far this year.
Based on the fact that they are waiting this long to release the Q2 numbers - it has been 39 days since the end of the quarter - there is not going to be good news coming. Remember, if it was good news, they would have released already. I am skeptical that they are going to report Q2 at all. They went a very long time until just recently wihout releasing quarterly or even annual numbers.
It does not take 39 days to produce a 10-Q. Why the delay?