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Mark is big on claims that Zerify products are the solution to every security problem.
What he needs to do is translate that capability into revenues that exceed the salaries of the 3 amigos.
His PR from earlier this week suggests that the big money will soon be rolling in. Mark has made that prediction in the past and it did.not.happen.
Maybe this time it will come true?
My American History teacher was a fall down drunk. He'd sit at his desk and sleep most days. The administration knew all this was going on, but for whatever reason they refused to deal with it. Not long ago I googled the teacher's name. He died before he was 50.
My high school World History teacher was the football coach. He knew pretty much nothing
I'm here for entertainment and to warn others to keep their hard earned money away from the three amigos.
And, yes, I am quite confident that I am much smarter than you.
Your assumption is that they give a hoot about shareholders
What choice do they have? Revenues are pretty much non-existent. Any B.S. that comes out of Mark's maw that says revenues are coming is not to believed until the money ends up in the company's bank account.
ZRFY needs to find ways to dump shares, either on the open market (which is probably difficult given the history of this dumpster fire) or they need to make a sweetheart deal with the warrant holders. Anything necessary to make sure the paychecks keep flowing.
Alternatives:
a) Shut down the company. The best option, IMO.
b) Have the 3 amigos take a drastic pay cut and/or accept IOUs until the promised revenues start appearing.
You stated:
Except the company does not get any cash.
Read the filings.
Well there's a reminder that the stock price is down 90% since last August.
But why wouldn't the company receive the cash after renegotiating the conversion price? Mark getting his mitts on those Benjamins is the only reason the company continues to exist.
Yes, but.those shares would be sold following conversion of outstanding warrants. The conversion price is .0036 per share. With ZRFY shares currently selling for .0010 it would be crazy for those conversions to take place. Now, if Mark starts issuing pie in the sky PRs in an effort to bring the price above the.0036 conversion price that would be interesting indeed. After all, there is the potential to bring in $ 3.4 million to the company as a result of those conversions.
That's money that will go toward paying Mark and his two cohorts lots of salary and bonuses for a few years. After all, those bank accounts aren't going to be replenished by selling products.
OTC website which also shows the filing to dump: "up to 990,444,446 shares of our common stock
Yes, but knowing how overloaded my HS guidance counselors were, I was referring to a visit that I made to a PAID college CONSULTANT. Her specialty was finding suitable schools for the students who PAID for her advice. She opened my eyes to schools that I had never considered (Emory, Washington U in St. Louis) which was helpful.
But her discouraging me from apply to the school that I really wanted to attend (Penn) was disappointing. And she was wrong
In prior earnings calls, the only people permitted to ask a question were the toadies that started out by congrating Rory on a great quarter. It would have been entertaining to hear those sentiments this time around.
High school guidance counselors were tasked with writing college recommendations for any student who asked. My Senior year there was yet another budget cut and the number of GCs was reduced. The counselor I had known for several years was reassigned to other letters of the alphabet.
I had a meeting with my new guidance counselor who repeatedly called me by the wrong name, even after I corrected him. I envisioned the recommendations that he would write all referring to the wrong name.
So I asked my old GC if she would write my recommendations. Which she agreed to do.
As for knowledge about different schools, I hired a private consultant who helped me to pick colleges that would be a good fit. She discouraged me from applying to my top choice, saying that I would never get in. Despite her advice I applied...and was accepted.
Some other key metrics:
Revenue run rate: $ 12,000 per year
SG&A run rate: $ 10,740,000 per year
Total current assets: $ 3.76 million
Total current liabilities:$ 12.74 million
Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment
Lawsuit: Sotheby's $24M sale to FTX gave Bored Ape NFTs "an air of legitimacy."
https://arstechnica.com/tech-policy/2023/08/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment
Be sure to read the comments...(sort by votes)
Another 3 day weekend for the VERB/MARKET team. No streams until next Monday.
The company had huge liabilities including a lease obligation on the store (which the company did not own).
There are plenty of creditors who have not been paid. Certainly there isn't anything to distribute to holders of the common stock.
Have you ever seen the Michael Moore documentary "Roger and Me?"
One scene has him stop at a residence where there is a sign out front
RABBITS FOR SALE - PETS OR FOOD
Moore has a casual conversation with the vendor, who casually ties a bunny to a tree limb, he whacks it with something and strips off the fur - all while in mid conversation.
You copied in my old post without crediting the author. In return for this violation, I DEMAND the pillows.
Every. Last. Pillow.
I'm waiting for the announcement about the closing of the Newport Beach office. The monthly rent is $ 35K and runs through mid 2027. The sublease market is probably crap so expect something interesting to happen there.
Why is the mushroom invited to the best parties?
Because he's a fungi.
I shall see myself out.
Thanks for the trip down memory lane.
I remember doing some DD on some of these Zerify "Partners."
Each is a 1 or 2 person company (in the case of CloudCycles a husband and wife even though the wife uses her maiden name to hide the fact that her husband is the CEO), operating out of a private home, sometimes without a phone number on their web sites.
Mark really knows how to pick 'em.
I could be wrong, but I thought SHS lost a ton of weight using Ozempic.
Sounds like toxic financing. Selling shares to the general public is probably difficult given the company's dismal financial situation and the series of reverse splits.
Creating a sweetheart deal with potential investors keeps the money flow into Mark's pockets going.
It makes perfect sense.
Didn't I see a similar comment during the 2 minute drill livestream?
Man, what a snoozefest that was. I lasted about 20 minutes of the jibber jabber before I bailed.
$35 hats. $40 water bottles. $ 55 hoodies.
Does Meltzer need money that badly?
Could be. I can think of numerous scenarios that would cause either party to walk away.
I've always felt that Sound Concepts was in a sleazy business - selling software to further pyramid schemes. Scaleworks may have decided that the VERB products aren't really a good fit with the rest of the Scaleworks portfolio: https://www.scaleworks.com/how-we-operate
(Skip to the bottom of the page and you'll see who they own now and companies that they've exited from.)
I am beginning to think the deal has fallen apart…
I predicted earlier that Mark will say that revenues from the "big deal" won't show until next Spring.
But you raise a good point since awfulness is probably priced in.
2nd quarter financials are due next week. Makes you wonder if Mark knows they are going to be so bad that he wants to bring cash into the company at these crappy prices...knowing that after the Q is released the stock will take another dive.
Link to the news:
https://finance.yahoo.com/news/zooms-updated-terms-creates-huge-115700547.html
Headline: Zooms Updated Terms of Service Creates Huge Opportunity for Zerify’s Secure Video Conferencing Service
OK...it's a huge opportunity, Mark. Now what?
No. I had never seen login.gov until you sent that link. That seems to be a type of single sign-on system that allows users to reduce the number of separate user IDs/passwords that they need when logging into participating web sites.
I was referring to email. Government employees, elected officials and, in some cases, volunteers are provided with a government email account. They are instructed to use that account for anything that involves government business.
Just as the financial industry requires that all messages be traceable, nearly all government emails (with exceptions for things like personnel matters, litigation, contract negotiations and the like) are considered public records and, if a member of the public puts in a request for copies of those emails they must be provided. There is also the need to produce emails for legal discovery, which is all too common in the government space.
If someone uses their personal account (GMAIL, AOL, YAHOO, etc.) that will often prevent messages from being properly searched and produced to fulfill a public records (or legal discovery) request.
I work in the government arena and encourage everyone to use their government issued email account for anything relating to government business.
I remind them that courts (in my state) have ruled that if someone uses their personal email account for government business, then their personal email accounts are subject to search.
That usually causes the naughtiness to stop.
Yes...but as far as I can see, the agreement doesn't say how long that pledge lasts.
Week 1: C'mon over and work for us. We will match what Rory paid you.
Week 2: Sorry, but we need to cut expenses....
The employment offers Buyer makes (i) shall have total compensation and benefit terms comparable to the employment terms provided to such Business Employees by Seller on the Closing Date (or as Buyer and Seller may otherwise reasonably agree), and (ii) shall provide that the Transferred Employee be eligible to participate in employee benefit and compensation plans that are generally available to similarly situated employees of the Buyer.
The company that financed VERB's receivables is likely asking for their money immediately...and good for them. Maybe there is a covenant in their contract that blocks the sale until the $ is repaid.
The plan is also to have the majority of VERB's employees become employees of SW Direct, the asset purchaser. SW will be very reliant on developers and support personnel to keep the CRM products humming. But will SW provide the same (likely outrageous) salary and benefit package that Rory dished out? Probably not, especially if SW wants to see the CRM products become a profitable enterprise. It wouldn't surprise me if VERB employees are balking and that could kill the deal.
As if there was any doubt, we know why (for the umpteenth time) Mark trotted out his "big things coming" PR.
Won't anyone think of the cleaning crew that continually has to wipe down the walls before the ketchup stains set?
Or is it catsup?
MTG had a PPP loan of more than $ 183,500 forgiven.
I know that it's impossible for anyone to underestimate MTG's stupidity, but do you think she has any idea what communism is?
Do you ever visit the site egullet.org? Your link to the classic menus was posted to egullet some years ago and it occured to me that there may be areas of the site that interest you.
I don't post there, but I do lurk quite a bit.
Biden is putting his name on economic progress, but will voters just drive right by?
https://www.cnn.com/2023/08/04/politics/biden-signs-claim-credit-for-economy/index.html
I saw some commentary that each sign should also indicate whether the Congressperson of that district voted for or against the Infrastructure Bill.
Here's a project funded by President Biden's Infrastructure Bill.
YOUR Congressman (insert name here) voted against funding this project.
It's a lie. Please do tell us when they invite you back with the $35 offer.
After today, you will no longer receive this offer.
Were you ever a fan of The Office (US version)?
Creed want to fit in with the young crowd...to save his job:
The 8K announcing the asset sale also mentioned (although did not name) a possible acquisition - there is a non binding LOI:
The Target’s unaudited financial statements indicate that for the year-ended December 31, 2022, the Target generated transactions totaling approximately $9.5M in gross merchandise value (“GMV”) and was cash-flow positive. It was represented that the GMV was generated by the Target’s approximately 70,000 current active subscribers, each of whom receive daily auto-generated communications from the Target about the preferred brands and products the subscribers selected at sign-up, available for sale each day
Well, yeah. They can use the excuse that it will take time for the "team" to entirely focus on Market (vs. that pesky CRM business that Rory ruined).
And, of course, the pending acquisition will greatly expand the number of visitors to the Market platform. That according to Rory who has proven repeatedly to be a fantastical liar.
The company owes oodles of money so it's not like the company could sell itself and return money to common shareholders. There would be nothing left after paying off the debt.
Rory has plenty of room in the AS but whether he has the ability to reel in enough suckers to raise capital to keep the train running is a big question mark. Existing commons can be diluted down to 1% ownership.
Oh, and the $1 NASDAQ rule violation is lurking.
Nothing but bad news ahead, IMO.
A bad idea poorly executed.