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How nice of the board to agree to shift 25% of their compensation from cash to equity awards. For 4 months.
Not a reduction in their compensation, mind you. Just a change in the way they will be paid.
The second paragraph states that board fees in 2023 will actually increase a bit. How is that consistent with the first paragraph's statement that this is part of the cost savings plan?
What a bunch of double talk.
You would have to look at the prospectus of various funds, but in general, if a fund says that it presents the total NASDAQ market they have to own proportionate shares in every NASDAQ stock. Good, bad or indifferent.
Take a look at the screen shots on the Vimmi web site:
https://vimmi.net/
Video-first Ecommerce Platform as-a-Service (E-PaaS)
Vimmi’s E-PaaS is an enterprise grade e-commerce platform that natively supports live shopping, shoppable videos, and video testimonials that boost revenue, increase conversion rates, and reduce cart abandonment.
| No need for developers
| Customizable templates
| No setup cost, flat monthly fee
| Omnichannel support
So yeah, I think the evidence is pretty clear that VERB is licensing Vimmi's tech.
When I was a kid, we had a neighbor that owned a company that distributed newspapers, magazines and comic books. If an item didn't sell, the distributor would tear off the covers of each item and return them to the publishers for full credit.
I was the beneficiary of many comic books as a result, missing covers be damned.
My father, I believe, was the recipient of many "adult publications" from said neighbor. Once in a while I would find a box of them hidden in the garage.
Good times.
It is appalling, and word has spread about how easy it is to do, so friends and neighbors do the same.
I wonder how much of the cost of goods Amazon charges back to the manufacturers, especially for defective items.
IIRC, WalMart just deducts the cost of returns from vendor invoices and may even add a processing fee on top. The reverse logistics make it cost prohibitive to actually send the items back to the manufacturer, so WM tosses the item into the Dumpster.
Such is the cost of doing business with huge retailers. They can dictate the terms.
"Them" meaning Costco, or "them" meaning the customers who take advantage of generous return policies?
Exactly my point. Someone buys a piece of clothing for $ 75, decides s/he doesn't like it and sends it back. Assuming that Amazon doesn't restock it, it goes into one of those clearance pallets...where Amazon recoups a few pennies. If that $ 75 item costs Amazon $ 40, that's almost entirely written off.
And then you have items that Amazon tells you not to return and they'll still give you full credit. I once ordered an electronics item and received biodegradable dog poo bags instead. Amazon didn't want the poo backs back, but they gave me full credit for the item that I didn't receive.
VERB is one of several companies that I follow simply because they are train wrecks led by CEOs who are paid exorbitant salaries and who continuously lie to (or mislead) their shareholders.
I've been on dozens of Market.live streams since they first began. Few of them are anything other than freak shows. There are a couple of sellers who seem to have their act together, but even then the number of viewers is small which tells me that the number of purchases made is miniscule.
I'd be surprised if total Market.live revenue is over $ 100k to date.
And as I've reminded others, VERB is licensing Vimmi's streaming technology. Many probably believe that the tech is owned by Verb. Rory has done nothing to set the record straight.
A friend with a Costco membership tells me that there are plenty of people who purchase outdoor furniture in the spring, use it throughout the summer, then bring it back to Costco for a full refund in the fall.
Some people live to abuse the system, which causes companies to reassess their return policies.
AFAIK, the seasonal purchase/return thing still goes on quite a bit.
Returns are extraordinarily costly for Amazon, not just because of the cost to have an item sent back, but because there has to be a separate returns logistics mechanism. Items sent back to Amazon go to facilities that are dedicated to product returns.
In some cases the products are sealed and in resalable condition, but even then the product needs to be sent back to a warehouse that ships to customers and restocked. That's a PITA.
A good number of returns are not sealed and therefore are unlikely to be resalable as new. There are lots of videos on Amazon where people buy pallets of Amazon returns for pennies on the dollar, having no idea what they are getting. Some of the products are then sold on eBay and other outlets, while others are missing parts or are defective, in which case many products end up in a landfill.
And then you have the scammers who buy an item on Amazon, remove the contents, put something into the box that has a similar weight to the original, shrink wrap and send it back to Amazon.
I'm not crying any tears for Amazon but trying to discourage people from ordering 6 of something because they're not sure which color will look best on them should be discouraged.
So, you expect that Market.live brought in significant revenue during the 4th quarter of 2022?
The votes of the single preferred share guaranteed that enough shares voted.
Sales down 46% to a measly $ 103,000 for the entire year.
Operating loss more than $ 8.2 MILLION.
Cash BURNED to run the business was more than $ 4.3 MILLION (last year it was "only" $ 3 MILLION)
For a company that does just over $ 100,000 a year in sales. Incredible.
Mark spent the early part of 2022 telling everyone how big deals were just around the corner. Throughout the year he announced individual Zerify Meet sign ups. We all figured that those sign-ups were for 1 and 2 users. Turns out we were correct.
And then there was the cyber security executive who was going to sell Zerify products into a large hospital chain. You know the executive who posted a bad Photoshop of an office building with the company name emblazoned at the top and who posted a 5 star review of his own company referring to them as "these guys."
I noticed that. There was also a check in the box for "Equity"
For earnings to go down that would imply that there were earnings in the first place.
Verb has racked up monumental losses one quarter after the next. There has never been anything close to a profit or positive cash flow. In fact, things have been getting progressively worse.
I see what you did there
And I was merely commenting on Mark's bullshit. Thank you for bringing that post to the board's attention.
Thanks.
As expected, it another line of bullshit from Mark Kay.
The web site of super duper product distributor lists 6 products that they sell. Zerify is not among them. When Timmy gets home from soccer practice, have him update the web site, K?
Estimated annual revenue of the super super distributor: Less than $ 1 million.
https://www.owler.com/company/direct2channel
Link?
Link?
Rory is busy compiling his list of grievances and people to blame for the poor results.
BTW, an observation: I watched more of Rory's videos from 4 years ago. "Killer" is a word he uses frequently. Killer team, killer app, killer plan.
Something about his entire demeanor is very unsettling.
Verb may own patents on something, but the platform used by Market.live appears to be licensed from Vimmi.
https://vimmi.net/
Rory should have made it clear that Market uses technology licensed from Vimmi. If there are shareholders thinking that someone is going to buy up VERB's IP they should know that Market is software owned by another company.
Rory's value add is the concept of a "video shopping mall" which is yet another failed idea.
Less than 12 minutes in and Rory has talked about paid bashers trying to wrest shares away from the longs, why a reverse split is good in this instance (4 years ago), compares the company to Salesforce.com (then proceeds to say that he's not comparing the company to Salesforce.com).
If only people had sold on the day that video was made they would have a lot more money than they would have if they bought into Rory's bullshit.
This video is even more hilarious:
https://vimeo.com/301589664
Rory giving a shout-out to the posters on the other site while referring to iHub as "Alpo and other dog food."
Less than 3 minutes in and he's already mentioned the Sheriff and how the team has been tracking down people that have been keeping the stock price down.
That was 4 years ago. Before the company burned through $100 million of shareholder value.
Over $ 100 million dollars pissed away and what was accomplished?
Huge annual losses.
The 2021 P&L showed a loss of $ 34.5 million. That's a $ 132,692 LOSS for every working day of the year.
Absolutely staggering.
Rory's back continues to be against the wall. They really had no choice on any of these matters (except the stock compensation plan) if he wanted to keep the company on NASDAQ and to keep the lights on. Dilution will continue for sure. The question is whether the AS will be reduced in the same ratio as the upcoming RS. If the AS stays the same after the RS, then the death spiral will commence soon
I'm sure you saw posts elsewhere where it was suggested that NASDAQ would provide VERB with more time to bring the share price back over $1 because of the naked shorts. Just laughable.
The (late) financials are due this week. Me thinks they are gonna be a doozy.
I'm about halfway through that video.
Rory is so entirely full of shit. All of these accomplishments that amount to a whole lot of nothing. The company is losing money faster than ever despite all these wonderful things happening.
Positive cash flow, Rory. That's what the company needs to work towards. Not singing an additional imaginary deal that will amount to nothing.
How the Board has allowed him to remain as CEO is bewildering.
Hey guess what your dumb enough to think that's an insult. I will leave it up so everyone can see what a moron you are ! hahahahha
Here's a Rory video that I hadn't seen until now:
Keep those guys happy so they pitch in money to pay the million dollars in executive salaries.
The company exists solely to put money into the pockets of those employees. Mark couldn't care less about shareholders.
Typical stinky pinky garbage.
Yes, if you are able to reliably predict when Mark will release another B.S. prediction about multi-million dollar contracts you can make some coin. You just need to realize that you should ALWAYS sell when his yap opens up. Holding will inevitably result in ending up right back where you started.
Or worse.
Who is buying shares of a stock of a company in which the top 3 executives earn ten times the company's gross revenues?
FTFY.
Reread Rory's comments about the unbelievably low stock price:
https://www.marketscreener.com/quote/stock/VERB-TECHNOLOGY-COMPANY-60913996/news/Verb-Technology-Letter-to-Stockholders-of-Verb-Technology-Company-Inc-Form-8-K-42693105/
On that date, January 9, 2023, the stock closed at 19.2 cents.
Shareholders yearn for those days.
More worthless blathering from Mark and Ram.
If a company wanted to incorporate Zerify's supposed advanced technology into their own product they would do a licensing deal.
Cost to Zerify is zero, with the potential to bring in substantial revenues.
White label is nonsense.
No company with common sense will take a second look at the 20+ year old technology that Zerify is trying to sell.
I don't know that ZRFY can back up any of their claims, really.
One of the claimed features of Zerify Meet is that it can prevent people from taking screen shots of, say, a document that is shared by a participant.
Well, I don't know about you, but I have a phone that takes pictures. Even if Zerify Meet can prevent me from capturing the screen (a dubious claim) I can certainly whip out my phone and use that to grab the screen.