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Maybe. If the capitalized cost is related to the sold assets then it would seem sensible to show that as a disposition on the pro-forma balance sheet and expense that amount. They wrote down over $ 9.5 million of goodwill (largely related to the Sound Concepts acquisition) so why not write down the development costs? There are some rules about R&D and software development so perhaps they can't just write this off in one year.
I'm sure the new auditors (who, as I recall are specialists in non-profits) will be all over it.
https://www.sec.gov/Archives/edgar/data/1566610/000149315223021782/ex99-3.htm
I can see where a terrace or balcony wouldn't be allowed, but couldn't you set up something like this in a parking area (away from cars, of course) ?
https://www.amazon.com/Masterbuilt-MB20030819-Portable-Propane-Stainless/dp/B09GC6CD1X/
It would take some planning and lugging stuff around, but there's nothing like a burger fresh off the grill.
Does your apartment complex have a written prohibition on outdoor grilling?
When I lived in an apartment building there were a few areas where one could discreetly use a portable gas grill. No one that I know of ever complained. Handing out a burger or dog to any passing neighbors might have something to do with that.
You raise a really interesting point. The Pro-Forma Balance Sheet that represents what will be left of VERB after the sale of the CRM and related assets shows an entry for "Capitalized software development costs" totaling $ 5.6 million. None of that is in the disposition column, so that "asset" will remain with VERB.
In prior financial statements, the company has revealed that it pays a licensing fee (presumably to Vimmi) to use the platform on which Market.live operates.
That seems odd. If VERB paid $ 5.6 million to develop the Market.live software platform, why is it also paying licensing fees to Vimmi?
You can find that sort of talk on the other board: Buy out in the $7 to $10 range. Even a mention of $ 40 a share.
At $7 per share that would value the company at almost a billion dollars. Just laughable.
As if you needed any more information about why ZRFY has virtually no revenue...
Check out the Google Play Store reviews of Zerify Meet (or SaveVChat):
https://play.google.com/store/apps/details?id=com.strikeforcetech.safevchat&hl=en_US&gl=US
There is a flurry of 5 star reviews in January through March of **2021**. Then another 5 star review in 2022. Since then, nada.
Total number of downloads is 500+. Since the next tier is 1000 that means that there have been 500 to 999 downloads of the app through Google Play.
Apple doesn't show the number of downloads for an app. There are a bunch of reviews of Zerify Meet in 2021. Since then, nothing.
In my mind, walking away with the most "toys" does not make one a winner.
I was using the term "loser" in the metaphysical sense. Mark Kay is a loser in life. That will be his legacy.
Laugh all you want about the Admiral. He's now a PRIME MINISTER:
https://morungexpress.com/naga-american-council-appoints-dr-thomas-a-cellucci-as-prime-minister
Now we know why Mark released a B.S. PR today: Block trade of almost 6 million shares. He had to rope in some buyers so he could dump on them.
Such a scheming loser he is.
It's another joke company. No street address listed on their web site.
If you google them there are various addresses listed for the company including
109 Holiday Ct STE D5, Franklin, TN - a condominium
110 Carphilly Cir. Franklin, TN - a single family home
1550 W McEwen Dr, Franklin, TN - a class A office building. If the company was located here you can be sure they would show tis as their address.
What ever happened to the guy in Chicago who was going to get ZRFY products into the large hospital chain? You know, the guy who Photoshopped his company's name and logo onto a prestigious office building when he actually operated out of his row-house.
Mark finds a way to partner with the most interesting companies.
just planning to retire and screw everyone
Clearly.
It's pretty clear that they are just "playing office" at this point. No real business is being conducted. But even if they did have a functioning operation, a tiny software company is a perfect example of an organization that should not be wasting money on an office and all of the expenses having an office entails (rent, utilities, insurance, internet service) - everyone can work remotely.
Unfortunately, ZRFY is stuck with an office lease until January of 2024. $ 61K was pissed away in 2022 to pay for the space. That number will be approximately $ 63K for 2023.
Look for ZRFY to not renew the lease. That $ 60K+ is money that will go into Mark's pockets instead.
They both sat on their hands for years while Rory burned through millions of dollars of injected capital with zero to show for it. They also allowed Rory to line is own pockets....and they collected some nice Director fees to boot.
Bond and Hammerschmidt should hang their heads in shame.
I wouldn't be shocked if the company changes is name away from VERB. VERB is synonymous with losing and, as I predicted a while back, Rory will disavow any relationship with the "old company."
The question is who will be the host of the Market livestream where all the Vern office furnishing and trinkets (sign from the front of the building, beer coozies, autographed Rory photos) are sold off?
I believe that is the very definition of the word...meta.
Jr. and Meghan McCain are lecturing about the evils of nepo babies.
Rory J. Cutaia on the Big Biz Show
Yes, I've thought about it...I need to check the paperwork to see what the payoff $ is.
After 33 months the car has fewer than 17k miles on it. It's probably worth quite a bit more than the payoff.
It seems that a lot of the supply chain issues have eased considerably.
I lease a company car on a 3 year cycle. My current term is up in September. The dealership has been pummeling me with snail mail, email and phone calls trying to get me to terminate my lease a few months early and to pick up a new car. Apparently they have plenty of them.
I'm with you. Patience.
Bingo. Assuming that TFG still holds a commanding lead he would only be setting himself up for making a blunder. Of course he would be chomping at the bit to hurl insults at the other potential nominees...so there's a small chance he will show up just for that.
In March, the WSJ ran an article about how the heydays of the RV market are over. Lots of people during Covid looking for a way to travel while not having to interact with those outside the family.
Boom...bust.
Not a bad idea to diversify. Whether cupcakes is the best way to do that is unclear.
And let's not forget that Christie was part of TFG's debate prep team in 2020.
As I said, if he happens to do damage to TFG and to DeSantis I think that's terrific. Christie tries to come off as being moral and above the fray. He's not. He's just another a**hole politician.
Is "approval" the same as asking if someone has a positive opinion about someone?
From the Crumbs Wikipedia page:
I live in New Jersey and voted for Christie twice.
But then...Bridge-gate happened and despite Christie professing that he had no knowledge of the plot, I never believed him. He also abused his access to a State Police helicopter, flying around to see his son's high school sports games.
And when he allowed the entire State Government to shut down, he plopped himself down in a chair on a closed public beach while ordinary citizens of the State were prohibited from being on that beach.
Christie has a lot of things to say about Trump, and I hope he hurts both TFG and DeSantis, but Christie has plenty of his own baggage that would never allow me to vote for him again.
He's a politician, after all.
Have you ever watched episodes of The Profit on CNBC? I don't think it's in production any longer.
The "star," Marcus can be insufferable at times, but each episode is supposedly a naked portrayal of his efforts to either save a failing company or help a modestly successful company expand.
There have been many instances that he made a deal to buy a portion of a company, but then walked away (sometimes after throwing lots of money into the venture) because he found that the principals lied...about financials, about costs, about customer relationships, etc.
Lots of DD is important.
Ads...on Market? PULLEEEASE.
To sell ads you have to have visitors. To have visitors you have to have compelling content.
Market.live is a joke. A joke that Rory spent many millions of shareholder dollars to create. Because HE was (and is still) convinced that it's a good idea.
I can't vouch for these numbers, but when searching for web site ranking it shows that market.live has had 4800 total visits in the past month. That likely includes bots (like Google) that crawl sites. The average time on the site is less than 5 minutes. Most of the live shows on Market run at least 30 minutes. Some upwards of an hour. People may look around, perhaps they even start to watch a video. Then they bail. Quickly.
People are not visiting the site. People are not watching the crap content. There is no reason to expect that any of that will change. Revenue for the entire 1st quarter was TWO THOUSAND DOLLARS. Think about that.
ZRFY paychecks going out tomorrow.
Gotta have the cash to cover them.
ZRFY already owes $ 1.5 million to a group that funded its prior patent litigation. Finding someone who will finance more litigation (the only way ZRFY would end up winning money against an alleged infringer) could be challenging.
Besides, why would Mark bother? He sits back in his easy chair, plays golf or does whatever and watches the paychecks come in every month. You think he wants to start getting involved with lawyers, depositions, expert witnesses and all that? That's work!
There are multiple methods for MFA.
In the 1980s (pre-internet) a friend had remote access into her employer's mainframe. She would dial a phone number and punch in her access code. The automated system would say "Hang up now...I will call you back." Based on her access code, the system knew her home phone number.
A second later her phone would ring and she would place the handset into an acoustic coupler. She could then sign into the mainframe on her dumb terminal.
You can be sure that there was plenty of profit tacked on by the production company.
Vain people will pay whatever in order to be the center of attention. ESPECIALLY when it's someone else's dough, as it was with Rory.
Ever been pitched getting a listing in a "Who's Who in XXXX" The publishers sell acrylic "awards," wall plaques and other stuff all playing to people's egos.
And don't get me started on those SUPER LAWYER publications
LOL. Gamblers gonna gamble.
I prefer to invest in more stable ventures.
It's all about the Yucks.
I don't know who buys crap OTC stocks based on charts or based on anything else. To me it's all a game of hot potato (or musical chairs) with each buyer hoping that they can unload onto the next poor sap in line.
Net cash burned in the most recent fiscal year was $ 4.2 million (incredible in its own right).
If there was any significant deal signed we would have seen an 8k.
That cash shortfall has to be covered by printing out more shares.
And so it goes...
If I was to rub it in I would point out that the (double) reverse split adjusted all time high for VERB is $ 600 per share.
Rory's leadership had burned through many millions of shareholder's money while he lined his pockets with millions for himself.
And he has the hubris to appears on AppleTV portraying himself as a successful entrepreneur.
He can only live on the success of TELX for so long.
The company was losing massive amounts of money. While the SaaS product was the only meaningful source of revenue, getting that business cash flow positive wasn't even on the horizon. Cashing out might not have been a bad move since it cast off most of VERB's expenses including employees, which represent the bulk of the overhead.
That Rory blames the economy and other non-Rory factors is typical narcissist behavior which is just precious. I will allow him to take one of the office pillows to cry, but I want it back after the office is closed and the furniture and other asset are sold.
The question is what can Rory do with what Verb has retained. After nearly a year of operation (and the much touted ShopFest) Market revenues are virtually non existent: $ 8000 run ran for a full year.
The beauty of bifurcating the business is that we can now see what Market is doing as a stand alone business. Which is, to say, not much except generating huge losses.
Could that change? Doubtful. But at this point the company has no other options.
The next thing to watch is what happens when the stock loses compliance with NASDAQ's $1 per share rule.
Quick fun facts:
The stock is down 95% in the last 12 months
The stock is down 76% since the 1:40 reverse split that took effect a little over 3 months ago (stock price was $ 4.32)
The stock is down 97% since its 12 month high of $ 35.60
At the current $1.10 price point the pre reverse split equivalent is less than 3 cents
Reminder: Rory is not to blame for any of this. He's just the CEO.
Well, yeah. And perhaps if I click my heels 3 times I will become 6 foot 3. Expecting things to change after 20+ years of Mark's bullshit is beyond wishful thinking. It's delusion.
The only reason the company exists is to stuff dollar bills into the maws of the 3 guys at the top. That money comes from the poor saps that buy OTC stocks.
What makes you think that Mark is desperate?
On June 13 the company filed to increase the authorized number of shares from 4 billion to 10 billion:
Market.live taking the next 3 days off. Can't even be bothered to stream a "replay."
Even VERB is asking..."What's the use?"