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dig a little deeper into the 10K
Annual fee for outside Board membership and meeting attendance
restricted common stock valued at $25,000
Annual fee for audit committee chair
restricted common stock valued at $8,000
Annual fee for compensation, nominating and other chairs
restricted common stock valued at $6,500
Annual fee for committee membership
restricted common stock valued at $5,000
if you do the math this works out to be about 40 million shares to be issued for services in 2008
add the 2007 shares of about 2 million
add weisels shares about 22 million
add gartlans shares about 16 million
that's about 80 million shares excluding cornell conversions
I'd guess that at the end of next year they'll have issued about 200 million additonal shares
also look at the income statement - margins are down on increased revenues and they lost $3.2 million from operations.
without the $600k from cornell they'd have negative cash of $400k
the other income expense is meaningless
other income of $1.8MM is ABB
derivative income is due to fall in share price, not real $ they can spend
revenues are up but margins are down, not so good
look at cash flow from operations - they can't generate enough cash to keep the operation above water - oh well they'll just go back to cornell for some more $.
look at the shares they'll be issuing in 2008 - mega dilution, time for another reverse split.
but by all means add to your positions at these so call bargain prices.
LMAO
OK, here's a game for all of you posters:
how many mistakes/misstatements can you find in the recently filed 10K?
Here's a couple to get you started
1. Look at the 9/30/07 10Q balance sheet under preferred stock - 184,666 shares outstanding. On the 10K there are 200,000 shares issued and outstanding. Where did the 15,334 additional shares come from????
2. On the 10K stockholders' equity section it states that there were 60,000 shares of preferred stock issued in connection with a private placement for cash and yet in the notes it states that there were on 35,000 shares issued - a difference of 15,000 shares.
Guess Mr. Smith the new CFO is not quite as detail oriented as he should be.
There are several other examples of misstatements but let's see if anyone else can dig in and find them.
Good luck!!
1st quarter 10Q is due today also, they'll file a notice of late filing for that too probably.
guess she's gone now that robison is corp sec. according to form 3 filed today
If I were Jerry Horne I'd be a little bit upset.
I would have converted almost 300K of debt with interest ranging from 7% to 10% into stock worth 90K.
Gee, I'm down 210K and not getting any interest on my money.
Yes, I guess you could say he's a patient man.
No, i was being sarcastic. This thing has little chance of recovery. Just look at the balance sheet - huge debt, huge deficit, interest expense is going thru the roof (cornell will be redeeming monthly just to cover the interest). The company can not generate positive cash flow and therefore has to continually borrow from cornell at very unfavorable terms.
help with cash flow at this point - LMAO
go back and look at the cash they've managed to burn thru
2MM from ABB
600K from cornell on 10/25/07 - is that all gone???
they can't generate enough cash to keep the business going even with all of the overhead cut back. This will never recover.
Read on guys
Cornell has the right to convert at 85% of the 30 day volume weighted average price (down from 95% on previous issues)
Company is issuing $600k, 300K now, 100K after Q1 results are issued, 150K after Q2 results (paying 50K to Yorkville and 10K out of first 300K so they'll net 240K)
Sounds like they're a little desperate for cash
Will be interesting to see the 10K cash flow
But as some on here say - be patient, you'll be rewarded
I find it suprising that he'd go from being a creditor to an equity holder - he's subordinating his position in case of bancruptcy. The only reason for this might be that the company is still trying to get additional funding from CORNELL!!!
Ex Coroware employees did not have shares - only options exercisable at $0.04. The dumping is being done by cornell and will continue. They had $2 million of principal left and can redeem up to $500K per month and convert into common stock @ 95% of volume weighted avg price over the previous 20 days. This means that they'll be dumping for the forseeable future - at least until INRA gets delisted for not filing its 10Q
Actually WW and Sheri got a rather hefty bonus after RWT settled the ABB suit
Interesting!!
Without DK, KP and BK, how is coroware going to generate any sales despite the fact the Elmer Fudd has been hired.
Who's managing the labs now?
I'm one of those former INRA employees who is still waiting for a substantial amount of accrued compensation to be paid.
I know they've not paid past bills (such as auditors) and probably will not be able to file their 10Q which is due by 11/20/07 (or they'll be delisted).
Hopefully they'll get a bailout from the guy SPIN mentioned in his post - amazing how he has such a handle on what's going on there, and pay what is owed to former employees, although i can't imagine why this guy would want to throw any more money away on this POS.
Was KP paid his commission and accrued PTO?
Was Samantha paid her accrued PTO?
Were you paid your accrued PTO?
Have Daniel and Brian bailed?
The next Q may not be filed. Who's going to file it, there are no financial people left at INRA. Besides, they owe the auditors for the last Q so they can't do this one until they're paid in full - independence issue.
you guys don't have any idea what's coming, hold on to you hats
10 q filed
Prophet,
don't you know by now that SPIN is the KING of this board and anyone that questions his judegment shall be duly punished, lmao
We met to discuss why (in our opinions) the abb lawsuit was settled so cheaply and how the money from that settlement was/is being used.
You state here that you think the suit was settled too cheaply???
why was ABB settled so cheaply
time to buy more
who's lying??
why are you lying about stopping by????
Not an insider, just tired of all your whining here.
BTW, when i say insiders own majority of stock not just referring to employees, directors etc. I meant that investors close to the company have majority so there's not a thing you can do to change board, effect any voting issues, etc.
10k was just filed
no, not affiliated with company, but do live in ft myers and invested about six months ago. like you waiting for something to happen with this.
What else did this murphy tell you, he must be some new guy, never seen his name listed anywhere.
Does he have information that he's willing to share? Can't get anything from walt or vandenberg.
When did you call and who did you ask to speak with? I've tried to get to the new CFO but he doesn't return calls, neither does Walt.
Who did you speak with at the company. Did they give you any information about what's going on? I tried to call and couldn't get any info either.
how do you figure his salary is 55% of PY revenue. According to 2005 10K revenue = $0 and Walt's salary was $150K?