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I listened to a few minutes of the podcast before I couldn't stand it any more.
Mark suggests that ZRFY is getting its products into the catalog of a big IT distributor. I wonder who that is (assuming that it's true).
One of the world's largest distributors of IT products is headquartered in...wait for it...New Jersey. 15 minutes by car from Zerify's headquarters in Edison to SHI's headquarters in Somerset.
You might think that Mark would be pounding on SHI's door every day to put Zerify Meet in front of them. Maybe SHI has seen it and decided that it wasn't worth adding to their product mix.
SHI sells Zoom, Microsoft Teams, Google Meet, LifeSize (another video meeting provider).
https://www.shi.com/brands
It sure looks like the technology used by Market is not owned by VERB.
Someone on another board pointed out a relationship between Market and a company called Vimmi. Vimmi offers a variety of solutions including a live streaming shopping platform. Screen shots on the Vimmi web site look 100% identical to the Market streams.
I think everyone assumed (based on Rory's statements) that the tech used by Market was developed in house. This suggests that Market is licensing the Vimmi platform. Another Rory lie? Or lie by omission???
Half dead or inebriated.
The audience for that podcast is penny stock players, not buyers of technology.
Whenever the company needs money to pay executive salaries, Mark gets himself out of bed to pump the company.
This instance is no different.
Zerify is a member of the Meadowlands Chamber of Commerce:
https://local.meadowlands.org/Computer-HardwareSoftwareEquipment
Membership for a small business runs $ 500 per year. Ain't no way they are getting that money back selling subscriptions to Zerify Meet.
It's just another part of the grift.
And his knows his fanbase will buy them up.
Mark knows that revenues for the first quarter are under $ 10k, so he decided he should get off his ass.
It will cost ZRFY more for the drinks that he will buy for the CoC than it will bring in.
Guaranteed.
They are constantly issuing new shares to pay executive salaries and pay the rent.
Should they issue more shares so they have money to buy back shares?
Middle age. People don't live to be 150!
And for all these years I thought the REAL subject was backsplashes.
Sounds like you are describing a night depository which allows a business to leave cash at the bank, even when the branch isn't open.
I would think that most every check received by a business is deposited electronically. My business receives about a dozen checks a week and I have a scanner provided by the bank. A deposit takes all of about 15 seconds. Much easier that going to the bank and waiting in line.
It certainly would be in Rory's wheelhouse to attempt to counteract piss poor financial results with some supposed "good news" on the sales front.
I follow an OTC clunker that, like clockwork, issues new partnership announcements just prior to the company needing to sell shares to refill the bank account. Their 2022 financials are due out soon: expected revenues are likely to be around $ 100K while compensation for the top 3 executives is close to $ 1 million. Gotta keep that train running...
People buy back their companies all the time. Nothing criminal about it. There could be civil litigation if a group of shareholders wants to contest the purchase price.
I know a guy who started a chain of stores with a particular niche. He took it public and made a boatload of money. Then the fad waned and the stock crashed. He bought the company back at for a small fraction of the original selling price.
He's not in jail.
Well, at least the Tweet shows the time the way Americans would understand it.
Look at Market.live and it shows the show time as 17:30 eastern.
Such idiocy.
For better or worse (mainly worse), MLMs are a "thing" and Sound Concepts exploited that market reasonably well. McKinney and his partners had a nice thing going. If you recall, just before closing, SC's owners were forced to accept VERB equity as a portion of the sale price. I imagine that sticks in their craw.
Why would McKinney want all of Verb's baggage? The money contributed by existing shareholders was spent long ago.
A more likely scenario is that McKinney buys back the assets that were sold to VERB for a small fraction of what VERB paid to buy them in the first place. McKinney operates as a private company just as he did before he fell for Rory's bullshit.
Good question. There are "fixers" that get called in to assess failing businesses. They try to extract any value that might remain. Look at FTX, for example.
Hard to say whether the VERB Board would go that route. If Rory bails the entire Board might resign along with him.
Payroll due March 31. Have to cover those big checks somehow.
That sounds like something Rory would say, with some added statement about how it's someone else's fault.
The fact is that Market is a poor experience. Many of the streams that I've watched have bad production values (lighting, backdrops) and on about half of the sessions there is a problem with the audio not syncing with the video. Add to that the amateurish nature of many (but not all) of the hosts to the point of being obnoxious and products that can be purchased on Amazon for about 1/2 the price of what you see on Market and anyone will see that it's just a shit-show.
Starting a consumer facing platform requires a big marketing budget, which VERB doesn't have. That's probably a good thing, because having money to spend on promotion probably would have meant several hundred million MORE shareholder (or VC) dollars being wasted.
The big shame is how Rory paints a picture about the great things that are coming soon. It's all a lie. The truth may finally be coming out. I wouldn't be surprised if RC is leaving the company.
Very true. I know plenty of people who have gone through a life changing event and then decided to take a step back and reassess. Kate is a class act. She can do better.
August 20, 2015. Price hit $ 45.
https://www.google.com/finance/quote/VERB:NASDAQ?window=MAX
Correct. In the early days of Market some people thought "well, maybe Rory got himself a winner this time. His streak of clunkers may be over"
8+ months in, it's clear that Market is just another loser. Streak unbroken.
The simple answer is that a typical Market livestream doesn't bring in enough revenue to cover the cost of the event. Each "show" is actually a drain on cash. Asking Verb employees to work over the weekend would just drive morale down further without any contribution to the bottom line.
I've checked in on dozens of Market streams and few of them rise about the level of something that a middle schooler would put together. The platform is not to be taken seriously.
Hell, they can't even spell check the line-up of their upcoming shows.
Bussiness?
@TK With the price of VERB currently sitting just under 11 cents, can you provide insight as to what, if any, implication there is for the stock being in violation of NASDAQ's Low Price Stocks rule?
The hand is there. It's just very tiny.
If you listened to prior earnings discussion calls every one who was selected to participate congratulated Rory on a "great quarter" and talked about how they were looking forward to Rory's vision company into fruition.
So it's not as though he doesn't take calls from shareholders. He takes calls from people who agree to say nice things.
Your well stated argument about his compensation has nothing to do with Rory's intentions.
It's true that he was massively over compensated given his performance, but that is the Board's fault, not Rory's.
One sign of a good CEO is knowing when to pull the plug if a strategy is failing. There is no shame in admitting that you made a mistake - quite the contrary. Take responsibility and move on.
But Rory is not capable of admitting a mistake or taking responsibility. He's constantly pivoting to the next idea that came to him in a fever dream hoping that those around him will forget about the prior failure. And he seems to have the BOD eating out of his hands.
I don't think Rory's intentions were bad. He's just a bad CEO and he needs to be shown the door rather than be permitted to issue more shares and sucker in more people.
If you couldn't prevent Rory from scamming at VERB, how could you prevent him from scamming at some other venue?
OMG, Market is a total shit show. Looks like Drew Dorsey has flown the coop. The "Meet Me On Market" is now being hosted exclusively by the two obnoxious idiots who find themselves endlessly entertaining. Tonight they brought in a keyboard player which is somewhat of an improvement because the music partially drowns out the drivel coming out of the idiots' mouths.
If this is the best that Market has to offer, they really should just pull the plug.
Rory should hang his head in shame.
For $ 10 anyone can apply for a trade name registration in Arizona. Here is the form:
https://apps.azsos.gov/business_services/TN_apptn.pdf
As long as the name is not currently in use and does not contain prohibited words (such as LLC or Corp) approval is pretty much guaranteed.
And, ass this page explains: https://azsos.gov/business/trade-names-trademarks a trade name registration in Arizona applies only to that state. Why Dennis would bother registering at the state level vs. the Federal is odd.
If this is the best that Dennis has to PR then things are quite sad at DPLS.
There isn't much of a path for existing shareholders anyway regardless of what Rory does.
Between the continuing burn of cash, the impending RS and possibly a doubling of the OS, folks who own shares now are, for all intents and purposes, wiped out.
The question is whether Rory will decide that it's better to shoot the horse and sell off the parts vs. continuing down the path of trying to sucker in new shareholders so he can burn their money, too.
As of the most recent financial statement the accumulated deficit was $ 137 MILLION. Rory is better off just letting VERB die. If he has another "bright idea" he can start fresh somewhere else. If anyone asks about VERB he will find plenty of people and market conditions to blame.
Would I be consider naïve to suggest that Rory might do the honorable thing by waving the white flag, admitting defeat and making an attempt to put VERB in his rear view?
I'm sure he has plenty of bright ideas (/s). Why not start with a clean slate vs. continuing with a company that is synonymous with failure?
Makes you wonder if McKinley Oswald would be interested in buying back the old Sound Concepts business from Verb in return for some badly needed cash to keep the Market business alive.
Of course, the sales price would be a tiny fraction of what Verb paid for the SC business. There's lots of goodwill sitting on the VERB balance sheet that is a remnant from Rory overpaying.