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Total assets $8,414,907
Total liabilities $277,734
Total liabilities and stockholders’ equity $ 8,414,907
Total operating expenses 1,381,430
Total other income (expense), net 2,465,380
Net income (loss) $ 1,096,215
Cash and cash equivalents, end of year $ 7,572,887
As of May 31,2013 Revenues $0
Name Amount & Nature of
Beneficial Ownership Percent of Class
Gloria H. Felcyn, CPA 1,501,690 (1) *
Carlton M. Johnson, Jr. 1,075,000 (2) *
Clifford L. Flowers 250,000 (3) *
All directors & officers as a group (3 persons) 2,826,690 (4) 0.70%
*Less than 1%
(1) Includes 550,000 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of August 16, 2013.
(2) Includes 550,000 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of August 16, 2013.
(3) Includes 175,000 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of August 16, 2013.
(4) Includes 1,275,000 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of August 16, 2013.
Liquidity (from 10-K)
Our cash and short-term marketable securities balances increased from approximately $7,606,000 as of May 31, 2012 to approximately $7,767,000 as of May 31, 2013. We also have a restricted cash balance amounting to approximately $21,000 as of May 31, 2013 and 2012. Total current assets increased from approximately $7,860,000 as of May 31, 2012 to approximately $8,040,000 as of May 31, 2013. Total current liabilities amounted to approximately $278,000 and approximately $307,000 as of May 31, 2013 and May 31, 2012, respectively. The change in our working capital position as of May 31, 2013 as compared with May 31, 2012 results primarily from our capital contributions to and distributions from PDS during fiscal 2013.
The cost of accessing the credit markets could be challenging as many lenders and institutional investors have enacted tighter lending standards and reduced or ceased to provide funding to borrowers. Credit sources if identified, could come at significant cost. Adverse changes in the economy could limit our ability to obtain financing from debt or equity sources or could adversely affect the terms on which we may be able to obtain any such financing.
Cash shortfalls currently experienced by PDS will have an adverse effect on our liquidity. During the fiscal year ended May 31, 2012 we and TPL each contributed $650,000 in additional capital to PDS, in order to fund a portion of a legal retainer. During the fiscal year ended May 31, 2013 we and TPL each contributed $1,097,809 in additional capital to fund the operations of PDS. To date we have determined that it is in the best interests of the MMP licensing program that we provide our 50% share of capital to provide for PDS expenses including legal retainer payments, as well as licensing and litigation support payments to Alliacense, in the event license revenues received by PDS are insufficient to meet these needs. We believe it is likely that contributions to PDS to fund working capital will continue to be required.
Some highlights (most are known)
On August 16, 2013, 405,247,405 shares of common stock were outstanding.
Judge Grewal then issued a supplemental claim construction ruling on December 5, 2012, which preserved our ability to proceed with our infringement claims. Judge Grewal considered a number of motions challenging our claims on August 13, 2013 but has not yet ruled on them. The N.D. Cal. case is set for a jury trial starting on September 23, 2013.
On August 16, 2013 PDS’ cash balance was $206,605. Management’s plans for the continued operation of PDS rely on the ability of Alliacense to obtain license agreements to cover the operational costs of PDS. Notwithstanding the November 30, 2012 and May 31, 2013 fiscal quarters, PDS has experienced a decline in licensing revenues and has experienced significant legal costs due to the patent litigation actions currently in progress. As the litigation with HTC Corporation, and Acer, Inc., in the U.S. District Court, and the actions with the ITC Investigation No. 337-TA-853 progress, PDS is incurring significant third-party costs for expert testimony, depositions and other related legal costs. We will be required to make capital contributions to PDS for these costs in the event that PDS does not receive sufficient licensing revenues to pay these expenses.
On March 20, 2013, TPL filed a petition under Chapter 11 of the United States Bankruptcy Code. We have been appointed to the creditors’ committee and will be closely monitoring the progress in this matter as it relates to our interest in PDS. If we provide funding to PDS that is not reciprocated by TPL, our ownership percentage in PDS will increase and we will have a controlling financial interest in PDS, in which case, we will consolidate PDS in our consolidated financial statements. If we determine that it is appropriate to consolidate PDS, we would measure the assets, liabilities and noncontrolling interests of PDS at their fair values at the date that we have the controlling financial interest.
http://www.sec.gov/Archives/edgar/data/836564/000101968713003304/ptsc_10k-053113.htm
At .12 of course, why not? It should be easy to buy back below .11 IMO. I have some at .118 for sale. Just part of the game in pennyland.
looks like we are headed down below .10 again. We need some news.
Your right, we had an end of day spike to .11 or are you referring to something else? lol
I can't even put in a price of .1079 with Fidelity.
I got a sell at .108 that I bet will never be purchased to prove there is manipulation.
Just when I think we will not get below .10 so I cancel my buy at .096 and put it at .10, it fills and now we are sitting at .0961. Tell me this isn't someone playing with us, thanks market makers. At least I got some volume started this morning.
I got more shares at .096 and yes I expected this to pop back up to the .11 range before weeks end.
Germans! Big market down day and we are at .10, would like to see .095 today so I can buy more. News release this Friday...maybe?
Should have a like button for this comment. I still think I had the worst buy of anyone at 2.25. I don't think I still own these shares but if I sold them it was probably in the 20 cent range. For what it matters I don't believe that someone made a million $ on this stock and still trading on it, most people are full of (it) or they lost it all on something else. I always hear about people making money or paying for there trip to Vegas too. It may be true but you saying it does it make it so in my mind.
I doubt it will get below .10 again, even if that has been said many, many times. I just hopeful to get one of my accounts cost basis below .101582. Maybe one more shake down by MM before the upcoming surge?
This is awesome news, he says 1 we say 10 and somewhere in the middle we get a formula for all the other companies to know what they need to pay. Then it's sit back and collect. I wish, this is going to be a fight at every turn but still good news.
That is nice sign, maybe it is a gift for niece/nephew. I know the bunch I have will be used for something like that or they will be just asking why I didn't save for retirement. PTSC should be moving soon with news but we all have been saying that for a long time.
I bought a little (29K shares) but they sat out there since yesterday and it was at .092 and no one touched mine at .097 (all or none) until late in the day. Someone made a $145 profit today.
Never to late to file... www.obermayer.com/blog/7088/
I had a buy out there at .097 that did not get filled, maybe tomorrow.
90,000 share buy at .105, replaces the 75k I sold at .13x?
a couple of more highlight from 10q
At April 10, 2013, PDS cash and cash equivalents balance was $1,093.
Judge Grewal has set the N.D. Cal. Case for jury trial starting on September 23, 2013. However, the N.D. Cal. Case is currently stayed under 11 U.S.C. § 362(a) due to a filing under Chapter 11 by TPL. TPL has asked the bankruptcy court to lift the stay of the N.D. Cal. Case; and believes that the stay will likely be lifted by no later than April 24, 2013.
...In the event that we provide funding to PDS that is not reciprocated by TPL, which would result in our having a larger ownership percentage in PDS, we will have a controlling financial interest in PDS...
the down side:
At February 28, 2013 and May 31, 2012, our share of loss in PDS exceeds our investment in PDS by $854,618 and $740,824, respectively.
We could have bigger loss in the future if things don't turn around on MPP revenue.
I haven't changed my mind at all, do you see the difference between listed assets and liability ranges? Something is not right there. Intellectual Property can and will often trade hands in chapter 11. Why are their assets so low? 1 mil for part of MPP? I don't think TLP will consent to this but I would still like to see it happen.
Sorry, reorganization is more like going from $100/month for 12 months to $80/month for 15 months. It's not a paid first situation unless liabilities are more than assets and they need to liquidate.
For one you are putting words in my mouth. Chapter 11 allows them to reorganize. The court may also give them a chance to cancel contracts. The joint venture is a contract and MPP is an asset. Do you think new lenders are just going to give them money without asset collateral?
From:
http://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code
If the business' debts exceed its assets, the bankruptcy restructuring results in the company's owners being left with nothing; instead, the owners' rights and interests are ended and the company's creditors are left with ownership of the newly reorganized company.
I understand chapter 11, IP is an asset we just don't know what it worth. Don't you think one of the creditors is Phoenix Digital Solutions? If so, what happens to the joint venture? Maybe we can get a bigger part of the MPP license pie? Doubtful. It's up to the judge but it will probably end this joint venture. I believe bond holders get their money first but it's been awhile since I studied chapter 11.
I would like to see PTSC bail them out and take the MPP. They are in the hole:
http://business-bankruptcies.com/cases/technology-properties-limited-llc
No creditors are listed yet.
Low volume in first 2 hours of trading, a 31,000 sell trade and now the fact we are at .131.
It doesn't look like it will hold .14 today.
PTSC is doing up and down ticks of .0001, isn't this program trading? I can't enter anything less than .001 difference. Nice slow move upward seems to have stopped.
Is it possible that they would be considered infringing before we sold a license to INTL etc and not after if they have a renewed license agreement with INTL etc? Wouldn't the burden of proof be on them that they have the documents saying the MPP was part of the license agreements they have with INTL etc?
Thanks, for the info. I know this board is for dd but it's also a group of investors going through the same experience. Sharing their ups and downs added tidbits of info when they get it. Asking questions for information they do not have is useful as well, part of dd just using the board as a source. We know the validity hearings are scheduled for March or April and have been looking for the actual schedule or some clue that it has been pushed to April. I was looking for more dates specific facts on any events that are coming up, if anyone has it?
Since I can only post once a day, this is it.
Okay, I am getting in desperate times here and need to sell some shares in the next month or two. Anyone have a best guess of when the next possible event date that could cause this stock to pop above .14? Or are we just stuck in limbo land until months from now. Willing to take opinions as well as facts and will sort them out. Thanks.
ZTE (world's 4th largest mobile phone manufacturer) could be our next settlement. LOL.
I managed to buy some more 15K at .121, usually for me this means it will go a cent or two down from here.
I don't think the BOD really cares about the shareholders or the share price, they are working on the success of the company and figure the share price will take care of itself. This will happen shortly after they buy some shares knowing they have a good thing. Until then I believe we will get small bumps up like now (.135 / + 8%) and a slow drift down (to .1225). Trade it and take the risk of big news.
This is sad, 10Q better than usual and the stock needs a wake up call: no press release, no movement in the stock, volume is a little higher and no messages on this board. What is going on?
Income (loss) from continuing operations before income taxes increased from approximately $1,192,695 for the three months ended November 30, 2012 due to the change in equity in earnings of PDS.
Would that make eps about 0.00294 cents. Maybe it will be a penny next quarter.
We have negitive cash flow still...maybe next time.
Agreed, I hope closer to 20 million but I'm doubtful we will not getting screwed by TPL (again).
I think the point was finding the dollar amount based on the info given. If TPL got x# of dollars the PTSC should have gotten that as well but we have not seen it. Or have we and we got the shaft too?