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Greg
You know better than that - Nothing is free - check the disclaimer and I am sure there were some shares and/or cash which traded hands...
http://www.wallst.net/disclaimer.asp
Here are some examples from the site:
Digital Wall Street, Inc. has been compensated by one or more third parties on behalf of the companies listed herein.
• Small Town Radio- twenty-thousand dollars.
• Pocket Spec- Fifty-thousand shares (all shares sold)
• China Ventures- two-hundred-and-ninety-five dollars
• Order Pro Logistics- two-hundred-and-ninety-five dollars
• Universal Detection Technology- two-hundred-and-ninety-five dollars
• GeneMax Corp.- two-hundred-and-ninety-five dollars
• Dianor Resources, Inc.- two-hundred-and-ninety-five dollars
• Sur American Gold Corp.- two-hundred-and-ninety-five dollars
• AXCESS, Inc.- two-hundred-and-ninety-five dollars
• ITEX Corp.- two-hundred-and-ninety-five dollars
• WARP Technology Holdings, Inc.- two-hundred-and-ninety-five dollars
• IBIZ Technology Corp.- two-hundred-and-ninety-five dollars
• Great Western Minerals Group, Ltd.- two-hundred-and-ninety-five dollars
• Premier West Bank- two-hundred-and-ninety-five dollars
• Canadian Metals Exploration, Ltd.- two-hundred-and-ninety-five dollars
• First Narrows Resources Corp.- two-hundred-and-ninety-five dollars
• On2 Technologies, Inc.- two-hundred-and-ninety-five dollars
• Universal Express, Inc. - We have received sixteen-thousand-one-hundred-twenty-five dollars , and are expecting to receive an additional three-thousand-six-hundred-twenty-five dollars for press and advertising services.
• MFIC Corp.- thirteen-thousand-and-five-hundred-dollars
• Searchlight Solutions and Services, Inc.- eighteen-thousand-dollars
• Viper Networks, Inc.- one-hundred-thousand shares from Alexander Lyndale (all shares sold), for July 2003.
• Gateway Distributors, Inc.- twenty-three-thousand dollars
• Green Dolphin Systems Corp.- eighty-thousand shares from Catherine Tough; thirty-thousand shares purchased on the open market (all shares sold), for the month of Sept. 2003.
• XRG, Inc.- thirty-thousand shares from Alex Consulting, Inc. (all shares sold), for the month of Sept. 2003
• EFoodsafety.com, Inc.- fifty-thousand shares from Ventana Consulting, Inc. (all shares sold), for Oct. and Nov. 2003.
• Chilmark Entertainment Group, Inc.- fifty-thousand shares from Ventana Consulting, Inc. (all shares sold), for Oct. and Nov. 2003.
• MBA Gold Corp.- eleven-thousand-and-three-hundred dollars
• Quotemedia Inc.- One-year of free quote services valued at twenty-thousand dollars
• Quality of Life Health Corp.- three-thousand-seven-hundred-and-fifty dollars for participation in WallSt.net small-cap conference; eleven-thousand shares purchased in the open market. (all shares sold)
• PCS Edventures!.com, Inc.- six-hundred-and-eighty-thousand restricted shares; purchased one-hundred-twenty-thousand shares in the open market.All free trading shares sold.
• Viscount Systems, Inc.- four-thousand-and-four-hundred dollars
• Kingdom Ventures, Inc.- two-hundred-and-fifty-thousand restricted shares recieved from the Company, five-hundred-thousand free trading shares from Huff Marketing Group, Inc., and one-hundred-thousand shares purchased in the open market - all free trading shares sold.
• Mergence Corp.- thirty-thousand dollars expected from Arrow Capital, Inc.
• Spectrum Sciences and Software, Inc.- forty-thousand dollars from Endeavor Capital Group, Ltd.
• HairMax International, Inc.- three-hundred-and-fifty-thousand shares from a third party. Two-hundred-seventy-thousand shares sold.
• Newport International Group, Inc.- eight-thousand-shares from Market Pulse. All shares sold.
• Desert Health Products, Inc.- three-thousand-seven-hundred-fifty dollars for participation in WallSt.net Small Cap Conference.
• MFIC Corp.- three-thousand-seven-hundred-fifty dollars for participation in WallSt.net Small Cap Conference.
• Innovative Food Holdings Inc.- one-hundred-thousand free trading shares from Power Network Inc. All shares sold.
• IPIX Corp.- three-thousand-seven-hundred-fifty dollars for participation in WallSt.net Small Cap Conference.
•HydroFlo, Inc.- We have received two-thousand-eight-hundred dollars for press and advertising materials.
•Imperial Petroleum, Inc.- We are expecting to receive one-hundred-forty-five dollars
•Diamond Discoveries International Corp.- We are expecting to receive one-thousand-five hundred dollars
•Biophan Technologies, Inc.- We have received five-thousand dollars and are expecting to receive three-thousand dollars for conference registration and advertising fees.
•Diversified Product Inspections, Inc.- We are expecting to receive one-hundred-forty-five dollars.
•Universal Ice Blast, Inc. - we are expecting to receive five-hundred dollars.
•Webb Interactive Services, Inc . - we are expecting to receive one-thousand-five-hundred dollars for press release dissemination.
•American Medical Technologies, Inc.- five-hundred dollars for press release
dissemination
•Bentley Sports, Inc.- We have received one-hundred-thousand shares of BESR.PK from a third party for advertising services.
•PlayStar Corp. - Sixty-thousand-dollars from Pine St. Ventures on behalf of PlayStar Corp. We have purchased thirty-thousand-shares in the open market. All shares sold.
•Atlantic Synergy, Inc.- We have received one-hundred-forty-five dollars for the dissemination of a press release.
•Ultradata Systems, Inc.- We have received one-hundred-forty-five dollars for the dissemination of a press release.
•Digital Lifestyles Group, Inc.- We have received three-thousand-seven-hundred-fifty dollars for conference registration fees.
•Tech Laboratories, Inc.- We have received five-hundred- dollars for advertising services.
•Thinkpath, Inc.- We have received five-hundred-dollars for advertising services.
•Cypress Communications Holding Co.- We have received five- hundred dollars for advertising services.
•MIV Therapeutics- We have received three-thousand-seven-hundred- fifty dollars for participation in WallSt.net Small Cap Conference.
•Edgarization.com - We are expecting to receive a monthly fee of two-thousand- five-hundred dollars for advertising services.
•NicoDrops Inc. - We have received one-hundred-thousand shares from a third party.
•World Golf League Inc. - We have received two-thousand-dollars for press and advertising services.
•IA Global Inc. - We are expecting to receive one-thousand-five-hundred-dollars for press and advertising services.
•Explorations Group Inc. - We are expecting to receive five-thousand-dollars for press and advertising services.
•American IDC Corp. - We are expecting to receive two-thousand-five-hundred-dollars for press and advertising services.
•Itronics, Inc. - We have received five-hundred-dollars for press release dissemination services.
•Avitar, Inc. - We are expecting to receive five-hundred-dollars for press release dissemination services.
•Intermap Technologies , Corp . - We have received fifteen-hundred-dollars for press release dissemination services.
•Worldwide Manufacturing USA, Inc.- We have received seven-thousand-five-hundred-dollars for press and advertising materials.
•China Mobility Solutions, Inc.- We have recieved twenty thousand dollars from the company and two hundred fifty thousand free trading shares of CHMS from a third party (all shares sold) for press and advertising materials.
•Intenational TME Resources, Inc. - We have received two-thousand-five-hundred dollars from TME resources for press and advertising materials.
•Itronics, Inc. - We are expecting to receive fifteen-hundred-dollars for press release dissemination services.
•New Jersey Mining Co.- We have received five hundred dollars from the
company for press release dissemination services.
•Vista Continental Corp.- We have received one-hundred-thousand shares from a third party for press and advertising materials.
•XRAYMEDIA Inc.- We have received twenty-five-thousand-dollars from a third party for press and advertising materials.
•The Wholefood Farmacy Corp.- We have received two-thousand-dollars for press and advertising materials.
•Fieldpoint Petroleum Corp. - We have received five-thousand dollars from the company for press and advertising services.
•EYI Industries Inc . - We have received thirty-thousand-dollars from a third party for press and advertising materials. We have purchased one-hundred-thousand shares of EYII in the open market.
•Silverado Gold Mines Ltd.- We have received one-thousand-five-hundred-dollars for press service dissemination
•International TME Resources.- We have received one-thousand-five-hundred-dollars for press service dissemination
•Chiral Quest - We have received five-hundred-dollars for press service dissemination.
•ASCONI Corp. - We have received two-thousand-five-hundred-dollars for press and advertising services.
•Stellar Technologies Inc.- We have received five-hundred-dollars for press release dissemination services.
•VOIP, Inc.- We have received four thousand dollars for press and
advertising services.
•Baja Mining Corp.- We are expecting to receive two thousand five hundred
dollars for press release dissemination services.
•iSECUREtrac Corp.- We are expecting to receive one thousand five hundred
dollars for press release dissemination services.
•Extreme Poker Ltd . - We have received one-million-one-hundred-thirty-seven-thousand free trading shares from a third party (all shares sold) for press and advertising services.
•Cyber Digital Inc. - We have received one-thousand-seven-hundred dollars for press release dissemination services.
•Amarillo Biosciences, Inc. .- We have received two-thousand-five-hundred dollars for press
and advertising materials.
•Nutra Pharma Corp. - We have received ten-thousand-dollars for press
and advertising materials.
•Falcon Natural Gas Corp. - We have received fifty-thousand free trading
shares of FNGC from a third party for press and advertising materials (all shares sold).
•Acies Inc. - We have received two-hundred thousand free trading
shares of ACIE (all shares sold) from a third party for press and advertising materials.
•China Digital Communication Group- We have received three thousand dollars for press and advertising services.
•Emergency Filtration Products, Inc.- We have received two thousand five hundred dollars for press and advertising services.
•Fidelis Energy, Inc- We have received twenty five thousand dollars from a
third party for press and advertising services for FDEI, and have received
fifty thousand dollars from a third party for a separate contract for press and advertising
materials for FDEI.
LitFunding Corp.- We have received thirty thousand dollars from a third
party for press and advertising services for LFDG.
•Texen Oil and Gas, Inc.- We are expecting to receive thirty thousand dollars
from a third party for press and advertising services for TXEO.
•ISCO International, Inc.- We have received three thousand dollars from the company for press and advertising materials.
•International Card Establishment Inc.- We have received two thousand five hundred dollars from the company for press and advertising materials.
•Wysak Petroleum Inc.- We have received fifty thousand dollars from a third party for press and advertising materials for WYSK.
•International Card Establishment Inc.- We have received two-thousand five hundred dollars for press and advertising material from ICRD.
•Domino's Pizza, Inc.- We have received one thousand dollars from the company for press and advertising services.
•Proxity, Inc..- We have received one thousand seven hundred and fifty dollars from the company for press and advertising materials.
Anyone
Does anyone know how many shares and cash the wallst.net interview cost?
Fool
Why hold news? You would think mgmt would want to stop the bleeding of the stock price plus if they have to draw on the Dutchess line to pay salaries and for working capital it is in the company's best interest to have the price as high as possible to attempt to reduce dilution
It is troubling why the SEC filing is taking so long when Kelly said it would be out 30 days early or 3/1.
Sounds like the auditors have a # of questions that need to be answered prior to signing off on it...
Weeble From 12/29/04
"We're so close SirFelix. Judging for the cc we don't have any huge deals that are finalized yet but Kelly said "most definitely" so I'm expecting some MAJOR announcements by the end of January, the type of sales we've never seen (10+ million). A 10+ million sale will send this stock sky high."
It's March 15th - looks like Kelly needs more time again
Time will tell
David
From the FATS PR: ""FATS is proud of our ability to provide the best technology and services"
They think they have the best technology too - the difference is it turns into sales as well.
If the sales were "done" as you point out - by law they cannot be held and must be announced to avoid insider trading...
Greg
I thought these "message boards" were about opinions and discussion of the "facts"...
Greg
I prefer to stay - my posting style of posting facts seems to fit here just fine...
Take care
Alexcop
You get the feeling no post qualifies for the board based on "the rules". Greg - I guess the purpose to to suppress opinions, discussion etc so it reads like VTSI's press releases for the last 4 months - very vanilla see below. "See no evil, speak no evil, hear no evil"
To be candid the discussion appeared to be very healthy pro and con prior to the clampdown. It's Greg's board and he is the editor and it seems like the old Soviet Union Tass agency....I guess you'll get what you want - no activity or the same 5 posters who have been here for 7 years waiting patiently touting the company line
HEADLINES Change Display
• VirTra Systems Names Tactical Training Coordinator
PR Newswire (Mon, Mar 7)
• /C O R R E C T I O N -- VirTra Systems, Inc./
PR Newswire (Wed, Mar 2)
• VIRTRA SYSTEMS INC Files SEC form 8-K, Entry Material Agreement, Financial Statements and Exhibits
EDGAR Online (Wed, Mar 2)
• VirTra Systems Installs Simulator for Air Force
PR Newswire (Tue, Feb 1)
• VirTra Systems Names Army Major General Perry Dalby to Advisory Board
PR Newswire (Wed, Jan 12)
• VIRTRA SYSTEMS INC Files SEC form 8-K, Sale of Equity
EDGAR Online (Thu, Dec 16)
• VirTra Systems to Host Shareholder Conference Call
PR Newswire (Tue, Dec 14)
• VirTra Systems, Inc. Financials
EDGAR Online Financials (Tue, Dec 7)
• VIRTRA SYSTEMS INC Files SEC form 10QSB, Quarterly Report
EDGAR Online (Mon, Nov 15)
• VIRTRA SYSTEMS INC Files SEC form 8-K, Other Events
EDGAR Online (Fri, Nov 12)
David OT
7 Years!!! Now I think the law states if a man and a woman live together for 7 years aren't they considered married? So based on that rationale you and Greg would be considered married to this stock....
I guess the filing is not coming out this week...sure is quiet...
Twister - Employees?
SORRY FOR THE DUPLICATE POST
You said "Virtra is not comprised of 11 employees"
Ok - then how many emplyees are there??
Yahoo profile - 11 employees
http://finance.yahoo.com/q/pr?s=VTSI.OB
The quarterly filings do not show the # of employees but the annual filing from a year ago 3/30/04 showed 11 employees
"Employees At March 25, 2004, we employed 11 people."
The 2 military announcements are not employees IMO but consultants paid in stock.
One of the reasons for the Dutchess line IMO was to pay the salaries of the 11 employees based on the negative cash flow of this company.
It appears your knowledge of the company is inaccurate - how many paid employees do you think they have and document.
Take care
Twister - Employees?
You said "Virtra is not comprised of 11 employees"
Ok - then how many emplyees are there??
Yahoo profile - 11 employees
http://finance.yahoo.com/q/pr?s=VTSI.OB
The quarterly filings do not show the # of employees but the annual filing from a year ago 3/30/04 showed 11 employees
"Employees At March 25, 2004, we employed 11 people."
The 2 military announcements are not employees IMO but consultants paid in stock.
One of the reasons for the Dutchess line IMO was to pay the salaries of the 11 employees based on the negative cash flow of this company.
It appears your knowledge of the company is inaccurate - how many paid employees do you think they have and document.
Take care
Greg
When Kelly said the filing would be released 2/28 - he obviously knew it needed to be fully audited and signed off before being submitted to the SEC as with all annual reports - right?
Twister
Can't we all just get along? At the end of the day these boards become conversational and banter along with discussion of the company.
Twister's most recent posts:
- Very interesting the massive ratio of non-shareholder posts.
- Not enough selling for all the crying!!! eom
- Nice BIG volume day.... closing up .02! eom
- Trouble being, Bush put the pirates in! eom
- Gutsy move Doug! Good luck!!! eom
- SirFelix, your words (constant harping) speak for themselves.
Actually, I don't believe you will leave. ...And 'as' bitter may be a better description. Twister
Now that's quality well thought out posts and adding much to the discussion!!! lol
Paul
This is America - forget the vote - make your own decision if you want to stay or not...
Bill OT
Copy and paste lesson
Highlight the area you want to copy - click on Edit - pull down in the top left - click on copy. Then go to where you want to put it - then click on paste - done.
You can do the same with a URL to copy a link
Bostom.com - Patriots page
http://www.boston.com/sports/football/patriots/
Good luck
Hound
I add value...but thanks for asking.
Take care
Hound
Installations, Immersa-Dome™ and IVR™ sales.
Sales?????
You said: "...When is the last time you talked to Kelly? Who was the last person that posted their in depth conversation with Kelly? You...No way. Me....Yep" YOU DA MAN!!!
Yeah and...so does that only people who have spoken to a CEO of a company can post on the company message board?
No response needed....
Hound
You're the one trick pony posting the same thing over and over again - forget Charlie look at the Hound's posts....lol
KP
We can make this board as quiet as the company - 14K shares traded. The board is to share opinions pro and con I thought...
As you stated "bring balance to the otherwise biased koolaid drinkers that used to post here." The only change is "used to" - there are a small few that take mgmt to task when they see fault otherwise they just sit there and take it.
If they asked a few more hard questions they might effect change
What is interesting Paul, you, I and a few others actually try to do some analysis about the company, competitors, etc.
If you check my posts I link facts from SEC filings or other facts found on the internet
Go through the last 100 posts like Charlie's for example - Charlie relax and don't get defensive - and you get the one liners - value added????
Charlie
I did not specify - I just said "A Friend" ....
Charlie
That makes me a Friend...
Greg
Where is the 10K that was promised a week ago? I guess Kelly has gone in a bunker...
2600 Shareholders???
If there are 2600 shareholders by did last year's filing say 120???
From the filing:
Shareholders
As of March 25, 2004, we had 49,908,327 shares of common stock outstanding, held by 120 shareholders of record.
Charlie
My wife works too - she'd divorce me if I'm 50 yrs old making $20K - lol
Red Sox - Yankees on HD - gotta go - even exhibition games generate interest in New England with the Evil Empire...
Charlie/Anyone
Can you and your family survive on $20K/yr and no stock sales?
Kelly Jones Full Time CEO?
David you said: "Kelly is a CEO, a lawyer, owns a law firm and probably does not feel financial strain based solely on his shares of VTSI."
Bingo we got bingo - guess this is how per the SEC filing last year he draws a salary of only $20K - Is his main interest "Cannon and Jones" and VTSI is a hobby???
Started as a brewery, then video games, amusement park and now police and military training - now that's a transition...
All IMHO
KP
Well said and I do not think every OTCBB's company's SEC filing looks like this - and if they do then they all would all get funding with stock as equity from the likes of Dutchess vs non-equity line of credit like FATS did in Sept 04.
One More Time
A completed SEC filing is NOT when a company finishes or is "essentially complete" - it is when the auditor completes their review and signs off on it. Kelly inferred/stated the 10K would be released 30 days days early or by 3/1. He sure plays with words and they continue come back to burn him. His 3/1 date we all assume meant filed with the SEC and released to the public not to his auditors and IF they have questions or concerns the process could drag on for days or weeks - already a week so far....
"We look forward to the early filing of our 2004 10-K, as our portion of the report has been essentially complete for a week or so as we await the conclusion of our auditors' report."
David
Agree - Banks or Dutchess in this case who fund companies have full access to the company. I also think the leaseholder debt conversion improving the balance sheet assisted VTSI getting the line.
Bottom line - the conference call held in December was purely a lovefest from 3 or 4 shareholders saying "you're the man" - that "per them" VTSI was "best in show". The conference call hah no steak and when one caller asked for some guidance on the future it was avoided. The purpose of con calls IMO is to spend time on past results - what worked - what didn't and then guidance on the future.
Now one of the main players is sick - had surgery and I suggested Kelly jump in and do some sales calls or ??? With an 11 person company people need to wear many hats.
So to answer your question I am not sure there was much more to tell Dutchess because when Kelly DOES have some news he is not shy
Be well
KP
Interesting - there still must be some liability or certification needed...
Here is the one from last year's annual SEC filing:
Chief Executive Officer and Chief Financial Officer - Rule 13a-14(a) Certification
I, L. Kelly Jones, certify that:
1. I have reviewed this Annual Report on Form 10-KSB of Virtra Systems, Inc.;
2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Date: March 30, 2004 /s/ L. Kelly Jones
L. Kelly Jones
Chief Executive Officer and Chief Financial Officer
In stating that the above matters are true "based on his knowledge," the signer does not mean that he knows such matters to be true, but means that after reasonable inquiry he does not know of any facts which indicate to him that such matters are not true. He further notes that there are no "other certifying officers."
Exhibit 32
CERTIFICATE
As required by 18 U.S.C. Section 1350, (as amended by Section 906 of the Sarbanes-Oxley act of 2002), I certify that:
(1) The Annual Report of VirTra Systems, Inc. for the fiscal year ending December 31, 2004, as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in that Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ L. Kelly Jones
L. Kelly Jones
Chief Executive Officer and Chief Financial Officer
March 30, 2004
Paul
Read the filing - it is 100 pages long in the RTF format. They cover their a$$ and have very little risk. As I have said before they are not in the business to lose $ and make sure they make it.
Take a minute and browse through it. I printed it off on a high speed printer I have available at work and it was put together by a "Philadephia lawyer" and I am sure the "Texas lawyer" took quite some time puruse through it before approving and signing - lol
http://yahoo.brand.edgar-online.com/doctrans/default.asp?doc=a-1085243-0001162327-05-000019&nav=...
David
This is a public company - the SEC filings ARE intended to open the Kimona of a company and the tell the whole truth. If they do not fully disclose then then you get an Enron. With Sarbanes Oxley the CEO personally signs off on the filings and is personally liable. Go to the end of a filing and you will see. CEO's do not want to run the risk of going to jail unless they are ...... - you fill in the blank.
The company is not holding any sales or material events as they are obligated under law to disclose them via press release within a short time (a day?) to ensure no insider shenanagans aka trading.
All IMHO
Paul/David
Private placement means 1 year restriction - my guess is they do not want to take the 1 year risk
David
I disagree - companies like this (Dutchess) I am sure have been burned. Dutchess Equity Fund IS the funding source for the OTCBB IMO - type their name in Yahoo and it confirms it very quickly. It is in most cases the ONLY funding source undercapitalized companies that do not generate their own cash must go to. A very expensive - highly dilutive option.
This is a very thinly traded stock and Dutchess does not want to be left holding a very large position. My opinion is when I said they play both sides and the middle is they also probably have a short position to cover them if "a downside surprise occurs".
In addition the discount from the bid and instant 6% interest is not a GUARANTEE of profit if a stock goes down quickly.
A good analogy is if a large company offers an employee stock purchase plan ESPP and the plan buys at a discount of 15%. Some employees may feel they get 15% but ONLY if they sell right away. Many hold and get burned if the stock goes down.
Take care
Selling
Do you think it is in Dutchess's best interest for the price to be low for their strike price for shares for VTSI's current money needed (plus they obtain more shares) or do they need to sell stock so they make money from the stock in their account which was obtained at lower prices from the prior funding?
David
No buyback without positive cash flow and profits so the stock printing press will continue until that happens IMO.
The float will continue to go up as the restrictions come off the previous Dutchess funding (Dutchess needs to sell to make $ off of those shares), when the restriction comes off the 6M? leaseholder debt shares, and of course the new Dutchess deal.
Do the Dutchess shares have restrictions or are they free trading when $ is sent? My guess free trading adding to the float.
The above is why I do not like this type of funding...
The company needs money to pay overhead and salaries as the lack of sales are not generating cash.
Oh and one more thing I checked last year's SEC filing from 3/04 for 2003 - Kelly Jones salary $20,000??? - no one lives on that - is he a full time ceo as he "has not sold a share" from previous comments? Let's see what the 2004 filing shows
David
I needed a decoder ring to figure out his post - I learned a long time ago a stock with a 10M float will move a lot faster with some buying than one with 500M shares in the float - maybe it's just me lol
FATS - Funding
Here is the difference - it is paid through operations not stock
This is how FATS funded operations - non-dilutive. Covenants in the agreement regarding debt etc. Funded and paid by positive cash flow. As of February 9, 2005, there were 70,694,173 shares - from FATS SEC filing plus their revenue is $80M/yr plus some large recent contract awards. VTSI shares as of 2/25 58M - with this new funding deal the share total will be about the same.
This is why FATS price is $1.75 and VTSI is $.30
VTSI - Revenue/yr Est $1M - Employees 11
FATS - Revenue/yr $80M Emplyees 420
FATS - With this funding arrangement and PROFIT Net worth went from negative $38M to Negative $5M - huge improvement as of 12/31. It is not the amount of debt is the amount of Assets less debt = equity or net worth. The real measurement.
VTSI - as of 9/30 Negative $9.3M - but it will look better as of 12/31 with the debt reduction.
Cash flow positive Q3 and Q4 - $1.4M
Full yr profits
3/31/02 $4.3M
3/31/03 $7M
3/31/04 $5M
3/31/05 Not announced yet
Form 8-K for FIREARMS TRAINING SYSTEMS INC
6-Oct-2004
Entry Material Agreement, Termination Material Agreement, Financial
Item 1.01. Entry into a Material Definitive Agreement
Credit Agreement. On September 30, 2004, Firearms Training Systems, Inc. ("FATS"), along with its wholly-owned subsidiary, FATS, Inc. (collectively, the "Company"), entered into a Revolving Credit, Term Loan and Security Agreement (the "Credit Agreement") with CapitalSource Finance LLC ("CapitalSource"), as administrative, payment and collateral agent for the lenders named therein. The Credit Agreement permits a maximum borrowing capacity of $42 million and matures on September 30, 2009. Special Situations Opportunity Fund I, LLC, one of the Term A lenders, is an affiliate of First Source Financial, Inc. ("First Source"). First Source is a preferred stockholder of FATS and an affiliate of First Source owns approximately 13.5% of the outstanding common stock of FATS.
The Credit Agreement provides for a revolving credit facility pursuant to which up to $12,000,000 in principal may be drawn (subject to adjustment based on required rent reserves, letter of credit usage and compliance with identified leverage ratios), a $15,000,000 "Term A" loan and a $15,000,000 "Term B" loan. The revolving credit facility requires the Company to pay interest on a monthly basis in cash at an annual rate equal to the "prime rate" plus .5% subject to a floor of 4.75%. All amounts outstanding under the revolving credit facility are due in full at the maturity date identified above.
The Term A loan requires the Company to pay interest on a monthly basis in cash at an annual rate equal to the "prime rate" plus 3% subject to a floor of 7.25%. The Company must also make scheduled quarterly payments of principal under the Term A loan. The quarterly principal payments required are in the amount of $531,250 for the first year of the term, $750,000 for the second through fourth years of the term, and $968,750 in the fifth year of the term.
The Term B loan requires the Company to pay interest on a monthly basis in cash at an annual rate equal to the "prime rate" plus 6% subject to a floor of 10.25%. The Company is also required to pay interest payable-in-kind ("PIK interest") which accrues monthly at an annual rate of 1.5%. The PIK interest is due and payable on the earlier to occur of (i) the Company's early redemption or termination of the Term B loan, (ii) the lender's demand as a result of a default or (iii) at the maturity date identified above. The Company has the option at any time to pay the PIK interest in cash. Outstanding principal under the Term B loan is due in full at the maturity date.
Borrowings under the Credit Agreement are secured by substantially all of the Company's assets. FATS has also pledged all of the stock of its operating subsidiary, FATS, Inc., and 65% of the stock of its foreign subsidiaries. The Company generally will be required to apply all proceeds it receives from transactions in which it sells any material assets, sells equity securities or incurs indebtedness for borrowed money as a mandatory prepayment on the outstanding obligations under the Credit Agreement. In addition, subject to certain availability exceptions, the Company will be required to apply 50% of its excess cash flow each year as a mandatory prepayment. Among other restrictions, the Credit Agreement includes certain restrictive covenants, including covenants related to indebtedness, asset acquisitions and dispositions, investments and maintenance of required leverage ratios, minimum EBITDA and fixed charge coverage ratios.
In addition, the Credit Agreement requires the Company to pay a number of lender fees including: (i) an unused credit line fee equal to 0.0417% per month of the difference between average outstanding revolving loans and the revolving loan cap; (ii) a monthly collateral management fee equal to 0.0417% per month of the . . .
Doug
It shows the status of the company as of 12/31 but the # of outstanding shares are real time at the date of the filing
Outstanding Shares FYI
From yesterdays filing:
"The Outstanding # of Shares as of 2/23 was 58,684,064 shares.
The Company has reserved 18,000,000 shares for issuance to this agreement..."
My guess is the 10K will include the # of shares for the $500K taken upon signing.