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Klein said we should get details on the 3-Restaurant locations once
all accounts, telephone numbers, public filings are concluded in about a week or so.
Lets hope it doesn't take longer than that.
Looks like there may be another one coming your way
What a fiasco!!
Did anybody else get Klein's email today?
There is a Powerpoint presentation and audio(coming soon) from the shareholder's meeting.
How do you know that?
Klein has only been CEO for about 4 months and already the SEC is on to them. I doubt that. I am pretty sure the SEC already has a lot on their plate.
The lack of an SEC complaint just seems strange to me.
It feels like there is more going on here.
You know what I find interesting?
All these posts containing "incriminating" evidence but not a single one indicating that a SEC complaint was filed.
Why is that? I wonder who is really benefiting.
The 10K is due January 29, 2016
They have 90 days to file the 10K and their fiscal year ended 10/31/2015.
Given that I doubt we will see any financials this week.
Restrictions on uses for cash on hand
This was stated in their last quarterly report:
Cash on deposit in China is subject to the regulations of the PRC which restricts the transfer of cash from that country, except under certain specific circumstances. Accordingly, such funds may not be readily available to us to satisfy obligations which have been incurred outside the PRC.
Some notes from the Shareholder meeting:
1. Klein extended an offer to those holding convertible notes to turn them in for a non-convertible note paying 5% interest.
-moving forward he wants to rid the company of different classes of shares i.e preferred, class D and just wants to have common shares.
2. He also stated that he wants to put an end to the dilution. He wants to get the PPS up very soon. If I remember correctly I think he said in about 4-6 weeks.
3. There are about 2.4 billion outstanding shares.
4. No reverse split is planned. Why? because it does not make sense at the current PPS.
5. Klein did not provide a specific time frame for when the share buy back will occur. I believe his thinking is if the PPS continues to linger in the triple zeros he will do it sooner rather than later.
6. Closing on 3 existing restaurants (I believe this includes the property too) in Oklahoma City generating about $3 million in revenue. The restaurant sellers have agreed to carry a note. There will be a PR when deal is complete.
7. The Round Rock location should open in a few days.
8. The 11 LOI's from Clarion Hotel is still on the table. Klein stated that Clarion Hotel does not want to be in the business of running a restaurant. The vision there is to take over the restaurant spaces at Clarion Hotels, remodel them to Grillit, and make them open to the public instead of just open to hotel guests. Progress has not been made there because they don't have the finances to support this endeavor yet.
9. Klein was not aware of the 10% ownership of Gaucho Rancho. I wonder what the deal is there.
Klein admitted that the Kentucky and Nashville stores failed but stated he did not know why.
He wants to move away from the franchise model and have corporate run stores.
He also admitted that the Miami store was struggling but stated some adjustments can be made to address that.
He specifically said that Grillit probably won't make it to the New York Stock Exchange.
Endeavor Meshtech, Inc. v. Redpine Signals, Inc. update
https://dockets.justia.com/docket/new-york/nysdce/1:2015cv05153/444279
It looks this case was voluntarily dismissed without prejudice by both the plaintiff and defendant on 12/9/2015. Not sure what that ultimately means. Could that mean they reached an agreement?
NITE definitely does retail. I have seen them on L2 sell/buy my shares.
Usually when VNDM shows up the selling spree begins... and when they leave the selling slows drastically.
I think VNDM and possibly VFIN are the cd sellers
Most likely when they release their quarterly report. Last year the report for the period ending in Sept. was release on Dec 30. I suspect the report will come out by the end of the year in order to get it out of the way since they will need to start working on the annual report.
13G filed today
Looks like they got rid of a toxic debt holder: VIS VIRES GROUP, INC.
Why? because I don't trust Melvin right now.
I would prefer not to willing give out my personal info to someone I don't trust. Who knows what Melvin's ultimate plan is. Maybe it is to make Oveedia into something big or to do something much more sinister. I am not convinced his motives are genuine yet.
If Melvin can redeem himself then maybe...
Interesting...is booking really enabled?
The booking is disabled message is now gone.
I am sent to a form to enter my payment information. However, I do not dare enter my credit card information.
I would be curious to know if anyone is able to successfully book anything.
No doubt Melvin is a BIG FAT LIAR
It is hard to keep up with all his stories.
This is a quote from the initial Oveedia BETA launch PR:
When Oveedia beta launches, travelers will be able to book hotels virtually anywhere in the world. Management encourages shareholders to test the platform and recommend their friends and family do the same – booking their next travel plans through Oveedia.
They have two more inspections scheduled for tomorrow:
ELECTRICAL FINAL
FIRESTOP/FIRECAUL
They also have final PLUMBING inspection they still need to pass.
http://etrakit.roundrocktexas.gov/etrakit/Search/permit.aspx
Description: grillit
IMO, I suspect they will have their grand opening before the end of next week.
Melvin has too much free time on his hands
This is obvious based on the latest PR.
One distraction after another. If he was busy doing real work he wouldn't be bothered with such things.
Melvin, why do you care so much? The only way to silence the naysayers is to start doing the right thing. Stop wasting your time writing up ridiculous/misleading stories (i.e nameless German traveler (why can't he/she have a first name) booking a hotel through Oveedia) and just get Oveedia working completely. If you can't do it please don't hesitant to resign as CEO.
By the way, still waiting to book a hotel through Oveedia....
Progress on RR location
They passed two FINAL (Ahh like the sound of that) inspections today
MECHANICAL FINAL
ELECTRICAL FINAL (MECHANICAL is listed twice but most likely it is ELECTRICAL FINAL since they failed that yesterday and it is the same inspector)
They have another final PLUMBING inspection (failed yesterday) which they have not scheduled yet.
You can verify it yourself here:
http://etrakit.roundrocktexas.gov/etrakit/Search/permit.aspx
New name but same company...
Melvin may have a new title but he has been at this company for years.
Found an interesting press release from 2008:
http://www.prweb.com/releases/2008/09/prweb1387324.htm
Makes me wonder why booking is taking so long???
Just as I predicted...
Melvin came up with a clever story to distract us ( and also pump up the PPS) from the fact that Oveedia doesn't allow any booking.
Sounds like a load of BS to me. A nameless "traveler" was able to book a hotel through Oveedia. How did they find this "traveler"?
How was booking possible? Magic? Fairy dust? The funny thing is that if you search for hotels in Costa Rica Playa Escondida Lodge doesn't show up.
Melvin also backtracks and states that booking is in ALPHA testing. How is that possible I thought it was complete and in BETA testing and you were just fixing a security issue?????
I did find this picture of Grillit RR location with a sign in the window stating they applied for a liquor license.
https://instagram.com/p/6nINQUA6SF/
TABC1511-0001
I found it here:
http://etrakit.roundrocktexas.gov/etrakit/Search/permit.aspx
RR grand opening should be any day now...
They haven't released an official PR yet but I suspect the grand opening will be soon. Their liquor license just became active on Nov. 5.
Melvin can't keep his story straight
At one point he said that booking was working but just "disabled" (He cleverly deleted that tweet already). Even the message on Oveedia says it is just "disabled".
Now on Nov. 5 Melvin tweets:
"After a long day testing the booking script, we decided to start designning the RECEIPT the customer will get."
Here is a riddle for you: How do you start something that you already finished????
Money down the drain IMO.
I would have waited until an announcement from PNOW that booking is available.
PNOW is worthless until the booking feature is "enabled" which I suspect will happen when hell freezes over. I hope I am wrong but everyday that passes makes this more likely.
The only way I see this going up is if Melvin has another clever story up his sleeve to distract us from the fact that Oveedia does not allow anyone to book any hotels.
This Dragon is dying! Need news stat!
It looks like DRGV is stuck in this funk until the next 10Q comes out.
It is a shame that a company making $800,000 in net income is trading for less than a penny. SMH
Countdown to RR grand opening!
Hiring for Grillit Round Rock location already started:
http://austin.craigslist.org/fbh/5264076194.html
Only three permits left to be issued according to
http://etrakit.roundrocktexas.gov/etrakit/Search/permit.aspx
What a bold claim!
Can you guarantee that the lawsuit won't be won? To me the lawsuit is a bit of a stretch unless they can find a loophole to invalidate the contract or demonstrate some extreme unfairness imposed on them by the lender.
Why would GRLT be in competition with the lenders to dump shares if they are in cahoots? That makes no sense.
All I am seeing is a bunch of wild accusations prompted by the lawsuit filed on Friday. Haven't seen these accusations against GRLT before Friday. Seems quite suspect to me.
Also if the lawsuit filed by Klein is won it would be a devastating blow to them.
Keep the faith GRLT longs.
Left in the dark...
What is wrong with DRGV. Don't they realize they are a public company and not a private company. They need to be more transparent. A shareholder update won't kill you. Guess what? It might make you more money. Management knows what they want to do why not keep us in the loop too.
If they don't care about their shareholders they should just go private and go do their own thing.
The stock looks like it is heading to No bid. Maybe that is the wake up call they need.
Crappy is the word.
Something new is broken on the site. Wonder how long it will take the incompetent fools oops I mean Softon to figure it out...
Buying frenzy today!
They changed the dividend record date from September 30 to October 30.
Looks like those who sold after Sept. 30 sold thinking they were getting the dividend are SCREWED.
Really? It is working.
I don't get it.
Why is it acceptable for the booking feature to still not be working after two weeks?
It would be unacceptable for any well respected technology company to release an update that broke their main function.
How do you think Google's gmail users customers react if they released a beta update where sending email was non-functional for two weeks?
Better yet how many customers would Priceline or Expedia lose if booking was broken for 2+ weeks? Can you imagine what that would do to their share price?
Really how long should it take to fix a "security" issue? Processing secure payments has been done many times before it is not rocket science.
IMO I think we should have higher standards...
Still not impressed...
They may have the pieces to put Oveedia together doesn't mean that it will be successful in the end.
IMO Oveedia is a disaster in the making...
Oveedia implementation is flawed
Setting aside the fact that booking doesn't work, I think there are some fundamental flaws with how Oveedia has been implemented. Oveedia is supposed to be a "Central American-Caribbean online travel hub" so why are hotels included for New York, California, etc...? The pretty pictures on the front page are nice but if I stumbled upon this page I would have no idea this was a site that was intended to cater to Central America-Caribbean regions. I don't understand why the company didn't just focus on this region in this initial release. I also think it was not a smart move to release without including the hotels that signed contracts with them. That is how they can differentiate themselves from Expedia and Priceline.
I also have to say this. I think it was the DUMBEST move to release without having the booking feature working (especially without being upfront about it). Booking should have been tested by the development team like their lives depended on it. At least they would have been generating revenue from the site while they make improvements and add more features.
My initial impression of the site when I used it was "did anybody test it?" There were too many obvious "bugs" that the developers, management and the "consultants" should have caught and fixed before the launch.
Overall, I question this company's execution strategy and their ability to deliver a quality product.
That must be it.
At this point, PNOW can't be trusted (IMO).
Buyer beware. If you think this company will take off just remember this is not their first attempt at a hotel booking site. Why couldn't they get it right this time around?
Oveedia.com launch a success? I highly doubt it. The PPS at the end of the day will determine that. If it drops then the CEO is clearly out of touch with reality.
I also find it quite deceiving to say that the booking features is disabled. How do you disable a feature that never worked in the first place? I don't think anyone here was able to book anything. Please correct me if I am wrong.
How can you launch a hotel booking site even as Beta with the main feature of being able to book a hotel non-functional? That is the most important feature. Also with the booking feature missing this site is not feature complete. In the software release cycle that is a requirement before you can label something as Beta: https://en.wikipedia.org/wiki/Software_release_life_cycle.
At this stage this is just a prototype or in more technical terms an Alpha release. They need to fix ASAP the css (layout issues) on the main page and the decimal issue with the prices ($102.7 needs to be $102.70). Those are easy things to fix. They should also highlight hotels that can be booked exclusively to them.
I hope the next press release includes an apology for the fiasco of this "BETA" release and an outline of how they plan to improve the site. I would also like to know what the advertising/marketing strategy is.
It is so frustrating they are 80% of the way there. If the CEO or Softon needs to go to get this 100% then so be it.