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seriously
you think if they report $10m in revenues that liabilities will be reduced by $10m
what are you hoping the financials show - within reason?
LS said business as usual
in other words
false promises
continued dilution
mega net losses
more new bagholders
Yep, business as usual
LS is truly a man of his word
LMAO
more like a noose
70 million @ .0002
230 million @ .0001
$37K "invested" in this POS
Be serious - either someone is FOS or an idiot
stock was .0001 on the ask recently so if you had your order in for 3 weeks you should have been filled
something's not right
quote:
Patients is a virtue these next few days.
LOL
Really, how can you not just walk away from this POS
The company is delinquent in filing it's reports with the CEO and you're praising him for having a conversation with an investor.
Somebody needs to get their priorities in order and it's not Robert, obviously Lloyd is more interested in making "friends" then in the company making money.
I would think he'd be working on the 10K instead of conversing with an investor
Oh I know, it's done but it can't be released since they haven't paid the auditor yet
my bad
are you talking about the company making money off loans
how exactly does that work
they're not making any money from the dumping either
there seems to be a bit of a misconception here:
the company is not diluting the OS count, it's the debt holders converting - i.e. the company realizes no cash from these conversions, all it does is reduce the debt
they are most likely in default of the "forbearance agreement" since I'd be willing to bet they never made the required interest payments and I'd also bet they never repurchased a single share of stock (whether it's illegal based on the law or they realized what a foolish thing that would be based on pure mathematics).
Anyway here we are at no bid with an inevitable RS to be announced in the near future since even if the debt holders can not immediately sell their converted shares there's nothing that prevents them from converting and therefore exceeding the current AS count.
read the "fine print" about forward looking statements in the PR's
no bid - grab all the 1's you want
LOL
profitable???
What financial statements are you reading?
Wow, blood in the streets. Welcome new bagholders to COWI
Guess I was correct when I told you they wouldn't file the 10K
How many people now believe that I know what I'm talking about when I said they don't have the money to pay for the audit thereby their inability to file
Anyone on this board who owns more than a few million shares is just burning their money, the convertible debt holders have you outmatched by a long shot
RS is coming in the very near future
Assume the 1 Billion shares dumped today were debt conversion, that would equate to $50K of debt relieved from the balance sheet
Company had 2.795 million in debt as of 9/30 which would leave 2.745 after today
2.745 would convert into 54+ billion new shares, that's a whole lot more than what's authorized so company would have no choice but to do a RS
Anyone holding now is basically screwed - so much for all the great DD
And this just keeps happening, hard to believe there are that many people that think their going to hit it big on this or any other sub pennies - you'd have been better off putting your $$ in a savings account
so when will the debt be paid off?
when do you think the debt will be paid off??
Agree with that
and yet all the longs put their faith it his estimates as far as the revenue for Q4 and FY 2015 and FY 2016 as if it's a given
I think there in for some disappointment based on history
they haven't had a "real" CFO for many years
another 30MM dump, who got it
I kind of doubt (actually I'm certain) that cowi is not on the cash basis of accounting so they would have recognized any revenue in the period when it was earned
more likely that they don't have the money to pay for the audit so the 10K can not be released until the auditors are paid
and if we don't see it on the 14th or 15th, maybe we'll see it on the 18th and so on
last year was filed on 8/24
20MM on the bid, probably company buy back
I think the more important question is who sold them??
dumping that kind of weight below the bid has got to be conversion
debt holder converts $11K worth of debt and buys 221MM @ .00005 (50% of .0001) cost is $11K
sells at .000097 Proceeds = $21.5K
quick $10K profit and adds 221MM shares to the OS
not good when you look at how much debt still OS - billions of shares to be added which can only result in another RS
anyone notice that the last 2 RS they decreased the OS shares but never reduced the authorized shares by the same proportion
yeah, LS has the shareholders best interests in front of everything esle
a couple of things wrong with your logic
1. How do you know that the forbearance agreements are still valid? Cowi had to make interest payments of > $100K, do you know for a fact that they made those payments? Based on the cash flow statements for their entire history my guess would be they did not make the payments to YA Global.
2. If by some miracle they did make the payments and the forbearance agreement is in place, what's to stop all the other convertible debt holders from converting??? There are numerous other debt holders besides YA Global.
No doubt the selloff today was conversion selling. Only other explanation is someone on here who claims to be a long and has a boatload of shares dumped.
Either way not looking good.
Also everyone expecting 10K by the end of this week. Last year it wasn't filed until August I believe. I would not be holding my breath for it to be filed anytime soon, but when it is I don't expect any dramatic news that will make this suddenly skyrocket as so many on here are expecting.
I await your intelligently crafted responses/rebuttal of my statement.
how do you know cowi is buying
why would people try to entice me into selling, I though we were all in this together with the fabulous DD going on here. Am I wrong to assume that facebook posts, twitter, pictures, claims about MS buying out COWI, a share buyback, debt reduction, increased revenues claimed by management are all untrue.
boy oh boy do I feel like a fool for falling for that, I guess I should have done some real DD like reading past financials and then maybe I wouldn't be stuck with this
did you sell all your shares, was that the huge sell at .0001?
and if it's not then what do we do????
20 million dump on the opening
ouch
seriously
are you saying the report they filed with the SEC is inaccurate
that they forgot to mention the other directors
see that's what the problem is here, you don't understand that SEC filings do qualify as "real DD" whereas linkedin, facebook, twitter are all BS
LMAO
when/if the 10K gets filed:
what will all of you longs do if the report shows that no shares have been repurchased by the company???
I wait for your clever responses/explanations
possible explanations/answers
1. They didn't have the cash to buy back the shares but they'll start in 2016 Q1
2. I was never investing in the stock based on the assumption of a share buyback
3. They couldn't legally buy back shares due to their financial condition
4. Shoot myself
5. All of the above
From the 2014 10K filed with the SEC
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
Our directors, principal executive officers and significant employees as of December 31, 2014 are as specified on the following table:
Name
Age
Position
Lloyd Spencer
58
Chief Executive Officer, Interim Chief Financial Officer, Director, Treasurer, Secretary
The principal occupations for each of our current executive officers and directors are as follows:
LLOYD T. SPENCER became our Chief Executive Office on January 28, 2008, interim Chief Financial Officer on November 17, 2008, and a member of the board of directors and Vice President since September 20, 2007. Beginning in May 2006, Mr. Spencer has served as President and CEO of our subsidiary, CoroWare Technologies, Inc. Beginning in October 2004, Mr. Spencer was co-founder and President of CoroWare, Inc., a Washington State private company that was acquired by Innova Holdings, Inc., which is now known as CoroWare, Inc. From June 2002 to September 2004, Mr. Spencer was Vice President of Sales at Planet Technologies, a systems integration company based in Germantown, MD. From November 1996 to August 2001, Mr. Spencer was Solutions Unit Manager and Group Product Manager at Microsoft in Redmond, Washington. Prior to Microsoft, Mr. Spencer served as Assistant Vice-President and Business Unit Manager at Newbridge Networks; and Product Line Manager at Sun Microsystems. He is an active contributor to the robotics community in the Seattle area through his participation in the Seattle Robotics Society. He is also instrumental in initiating and fostering 4H robotics clubs and programs in Washington State. Mr. Spencer received his Bachelor’s degree from Cornell University in 1980 with a major in Biology and Animal Science and with an emphasis in Immunogenetics.
On February 14, 2014, Ms. Shanna Gerrard resigned as Corporate Secretary of CoroWare, Inc. (the “Company”), effective immediately. There was no disagreement between the Company and Ms. Gerrard which led to her resignation.
On February 14, 2014, Mr. Lloyd Spencer, Chairman of the Board of Directors, was appointed as Interim Corporate Secretary. Mr. Spencer continues to serve as President and Chief Executive Officer.
Our director (SEE THERE'S ONLY ONE) will serve until the next annual meeting of stockholders. Our executive officers are appointed by our Board of Directors and serve at the discretion of the Board of Directors.
i love how they mention the buyback was authorized by cowi's board of directors
does anyone here know what makes up cowi's board
hint:
there's only one member on the board
i don't think they pr'd elimination of debt, just paying past due interest
kind of a big difference between paying past due interest and eliminating debt but you never seem to care about the facts
carry on
you're assuming they'll file by 4/14
perhaps they won't file, look at last year's 10K - it was filed in August, probably because they didn't have the $$$$ to pay for the audit in April
this company is notorious for late filings, doubtful it has anything to do with a share buyback, buyout from MS or anything else that has been speculated
they're just financially inept, hell they can't even file a proper 10NT
did you forget to include the word partially?? Did you miss the part where it says "the interest portion"
Nothing about paying off principal
Seriously, they're going to pay of $2+ million of debt in 2 months
Do you also believe in Santa and the Easter Bunny
In return for YA Global’s forbearance, CoroWare has agreed to a monthly repayment plan that will partially extinguish the unpaid interest portion comprising the convertible debenture during a period ending on April 30, 2016, and provide CoroWare with the opportunity to restructure its outstanding debt in cooperation with strategic investment partners.
where does it say the debt is to be paid off - I guess if you're blind to the fact that this is a dying company you can't see that there's no mention of paying off debt, just pay interest in arrears
but you keep believing that they're paying off the debt
LMAO
it certainly hasn't helped in the past
you can see they've never made a profit nor have they ever had positive cash flow - not sure why everyone thinks this is going to magically turn around if they increase their revenues
all you care about is increased revenues??
how about making a profit, paying down debt, generating positive cash flow - are they of no concern?