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One company is tired of Wilkinson’s poor performance!
Will CLOK make the right move and rid itself of Wilkinson??
The numbers don’t lie; Wilkinson adds no value to the bottom line!
My vote is to clean house. Let’s get rid of Wilkinson, Chasteen, Hnatiw and Darrow Associates.
There is a better way than this nonsense. Don’t you want CLOK to be successful??
CLOK has attracted a bunch of naive investors
Many invested $$ into CLOK based upon Michael de la Garza's "advice". Many investors depended upon Paulson Investments, Tom Wilkinson, and others to be named very soon. All of those investors should be very upset and feel violated. Meanwhile, a handful of people made MILLIONS off of CLOK investors. MILLIONS!!
Who has taken a huge chunk of CLOK investor money?
Michael de la Garza (Tom gave him $400k and gave him a slap on the butt)
Andrew Borene (Tom authorized a bonus going away present and kissed him goodbye, see ya soon!)
Thomas "Tom" Wilkinson (Tommy Boy just authorized bonuses for everyone for doing jack ship!)
Paulson Investments (haha! these guys corraled their investors and sold them a pile of crap for a premium)
Darrow Associates ($$ for nothing, PR's for free)
Joe Gangi and Ageos (this guy tricked de la Garza, Wilkinson, and others, and left them paying his tab!)
Daniel de la Garza and Noun Energy (oh my gosh, who didn't see this coming??)
Roberta Kale and Quality Healthcare International (this chick whispered sweet nothings to de la Garza and extracted big bucks and then kicked de la Garza to the curb)
Several attorneys and law firms trying to defend de la Garza (the attorneys are like "we can defend him!, then were like "uhhh, just settle with him and pay us our outrageous fees!")
And noone can do a 5 minute conference call for investors?? Are you serious?
You're not on the ground floor of something amazing, you're just on the ground!
One thing is true....
$2 PPM participants are down 90%!
$1 PPM participants are down 80%!
Not to mention the ridiculous opportunity cost of not investing that money elsewhere, hell, anywhere!!
Wiseman did not anticipate dense diver. Wiseman tell dense diver to grab as many cinder blocks as possible. Wiseman shaking his head...
Very Important!! FYI regarding CLOK stock!!
Cost basis, average cost per share and number of shares owned does not matter in the event of CLOK b/k. It also doesn't matter what you paid for your CLOK shares in the event that CLOK gets scooped up for a fraction of pennies on the dollar by another company.
Wise man tell diver not to add weight when already unable to reach surface.
A penny for your CLOK stock thoughts
If you bought 50,000 CLOK shares @ $2/share in the 2015 PPM
And 50,000 shares @ $1/share in the next PPM
And 50,000 shares @ .18/share in the most recent PPM
$100k + $50k + $9k = $159k / 150k share or $1.06 avg cost
Or, you could have purchased CLOK as follows:
$50k @ $2/share, 25k shares
$50k @ $1/share, 50k shares
$50k @ .18/share, 278k shares
$150k / 353k shares = .42 avg cost
Food for thought!
If Hunter Biden had CLOK infused Typhos...
If Hunter Biden had Typhos, then all of Hunter's texts could have been encrypted and I'm sure he would have paid a trillion dollars! Can you imagine what that would do for CLOK stock price?? Oh my gosh, I'm kicking myself for unloading my shares for less than $2!!
In other news, well, there is no other news! They say no news is good news, however, this doesn't seem to apply to Cipherloc. Made up press releases haven't helped, innuendo hasn't helped, free Typhos app with every dinner entree hasn't helped, and the lack of info from the CEO hasn't helped. Well, to be fair, I guess all of those things have helped CLOK BOD and executives steal money from investors, so I guess that's been the plan all along, right? And Paulson has easily been the biggest winner if you look at how much they've made off of the money raises.
#crymeariver
CLOK 2021 Update per News and Press Releases
January 19 - Zeynep Young resigned from Board of Directors
January 20 - Settled litigation with estate of Pamela Thompson, previous CFO
March 1 - Passed phase one for PEC, additional testing seems necessary
March 9 - CEO update letter with no real updates
April 5 - Typhos free app announcement
April 7 - $6.4mil offering (before expenses) at .18 cents a share
April 21 - $6.4mil offering increased to $10mil (before expenses) and closed
May 18 - Business and Capitalization Update = another empty update
Conclusion: same sad story, (no sales, suffering stock price, bonuses given out to management and directors for running around in circles it seems) different day
Okay, so, where’s that conference call?!?
There are so many alternatives to CLOK. How long will it take to blow thru the $$$???
Wilkinson is bad for business. See CLOK/SONM stock
Tom Wilkinson became involved with Cipherloc as Interim CEO on July 29, 2019. Stock price was $0.94 on that date. Today, it closed at $0.25!
Tom Wilkinson joined Sonim Technologies (SONM) as CEO in October 2019. SONM stock price was $2.99 a share. Today, it closed at $0.47 a share!
I mean, seriously, between Wilkinson and all of the other "temps" (Chasteen, Hnatiw, fill in the blank) who are supposed to be working, the only person that seems to be making any progress is Milton Mattox, AND HE NO LONGER WORKS FOR CIPHERLOC!!
You're only as good as your leader, and CLOK has POOOOOR leadership! Wilkinson is not just responsible for running one company into the ground, but two. Oh wait, he's still involved with Astrotech (ASTC), and they're down 75% since February 2021. I guess that would make 3 publicly traded companies that aren't doing so well with Tom Wilkinson on their Board or on their C-level. Are there any more? Which one will hit $0.17 first??
No, it doesn’t mean that at all
It means that they’re gonna piss away a bunch of money trying to “buy” a sale. From de la Garza to Wilkinson, CLOK continues its downward spiral.
#ipitythefool
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Also, "including additional sales"
That indicates that they already have sales they can add to
Director Fees and "Performance Bonuses" wasted Investor CASH$$$!
Why didn't they pay the director fees and bonuses out in stock? Why would the Board approve of this nefarious conveyance of cash?? Seems like de la garzinian law is still in effect! Investors should be outraged by this extraction of cash.
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The Company received $3.1mil in April 2021
So, just to be fair, we have $5.6mil on 3/31/2021 per 10-Q released yesterday.
+ $3.1mil additional net proceeds paid b/t April Fools and April 16th
- $500k estimated for April - May 18 burn
- $160k Director Fees paid
- $275k "Performance Bonuses" paid
- 186k escrowed for PPP loan payback
- $1.2mil in A/P and accrued liabilities
= $6.4mil as of today in "available cash"
NOTE 8 – SUBSEQUENT EVENTS
On April 16, 2021, the Company closed its Private Offering. The total net proceeds to the Company from this offering were $8.7 million. The Company received $3.1 million between April 1, 2021 and the closing date of April 16, 2021.
On April 15, 2021, the Company funded an escrow account to repay its Paycheck Protection Program loan. The principal balance is $365,430. The Company has a pending application requesting $179,000 in loan forgiveness.
During July 2020, the Board of Directors deferred their quarterly director fees. On March 31, 2021, the Company had accrued $160,000 of unpaid director fees. On April 8, 2021, the Board of Directors approved paying the accrued fees. During that same meeting, the Directors approved one-time performance bonuses totaling $275,000 for the Chairman, Chief Executive Officer, Chief Technology Officer, and Chief Financial Officer. The executive performance bonuses and the accrued director fees were paid the following week.
The Company received $3.1mil in April 2021
So, just to be fair, we have $5.6mil on 3/31/2021 per 10-Q released yesterday.
+ $3.1mil additional net proceeds paid b/t April Fools and April 16th
- $500k estimated for April - May 18 burn
- $160k Director Fees paid
- $275k "Performance Bonuses" paid
- 186k escrowed for PPP loan payback
- $1.2mil in A/P and accrued liabilities
= $6.4mil as of today in "available cash"
NOTE 8 – SUBSEQUENT EVENTS
On April 16, 2021, the Company closed its Private Offering. The total net proceeds to the Company from this offering were $8.7 million. The Company received $3.1 million between April 1, 2021 and the closing date of April 16, 2021.
On April 15, 2021, the Company funded an escrow account to repay its Paycheck Protection Program loan. The principal balance is $365,430. The Company has a pending application requesting $179,000 in loan forgiveness.
During July 2020, the Board of Directors deferred their quarterly director fees. On March 31, 2021, the Company had accrued $160,000 of unpaid director fees. On April 8, 2021, the Board of Directors approved paying the accrued fees. During that same meeting, the Directors approved one-time performance bonuses totaling $275,000 for the Chairman, Chief Executive Officer, Chief Technology Officer, and Chief Financial Officer. The executive performance bonuses and the accrued director fees were paid the following week.
“FQ2 results: none. $10mil raised, only $5.6mil remains”
Oh, almost forgot the big news: “We’re in an app”
Only $5.6mil remains as of today's 10-Q
Noting an increase in salaries and other expenses (per today's 10-Q), that means CLOK can only survive for a year of less with $0 sales, which is most likely.
CIPHERLOC CORPORATION
BALANCE SHEETS
(UNAUDITED)
March 31, 2021
ASSETS
Current assets
Cash $5,628,853
Woah! Lot's of smoking guns in this 10-Q!
Lots of corrections were filed this year to smother all of MDLG's past negligence, to say the least.
Message in reply to:
I heard the 10-Q was encrypted in Ransomware?
...or is it just super late??
Message in reply to:
Can't wait to see the 3/31 10-Q
Cipherloc, a leader in being cryptic
I heard the 10-Q was encrypted in Ransomware?
...or is it just super late??
Message in reply to:
Can't wait to see the 3/31 10-Q
Cipherloc, a leader in being cryptic
2021 CLOK Summary to date. No sales.
Recent Agreements (Source: https://www.otcmarkets.com/filing/html?id=14943098&guid=CP8nUp0bwVkF33h)
On February 15, 2019, we entered into a Software License Agreement with SoundFi Systems, LLC (“SoundFi”), pursuant to which we granted SoundFi a non-exclusive license to use our Shield/Edge product and Secured Watermark product. The agreement had an initial term of one year, automatically renewable therea fter for up to three additional one-year periods, if neither party terminates the agreement prior to thirty days before such renewal date. The agreement automatically renewed on February 15, 2020 and 2021, and is currently in effect until February 15, 2022. The agreement includes standard and customary indemnification obligations, warranty disclaimers and limitations of liability. Amounts are payable to us under the agreement based on the number of downloads per year of the licensed products (resetting each year), ranging from a fee of $0.012 per download for downloads 3,000,001 to 5,000,000 (no fee is due for the first 3 million downloads), to a fee of $0.00075 per download for downloads greater than 100,000,000. There are also base license fees payable of $50,000 per year for our Shield/Edge product and $25,000 per year for our Secured Watermark product. We recognized $50,000 of revenue from SoundFi during the first two quarters of fiscal 2020.
Effective on January 16, 2020, and effective the same date, we entered into an Authorized Reseller Agreement with Castle Shield Holdings, LLC (“Castle”), pursuant to which we agreed to grant Castle a non-exclusive license to use, store and reproduce, integrate, combine, incorporate and sell, our QuantaNova™ Polymorphic Encryption Core (PEC) product in the United States. We also appointed Castle our non-exclusive authorized reseller of the proprietary polymorphic encryption engine in the United States. The agreement provides Castle, subject to the terms of the agreement, the right to resell our proprietary polymorphic encryption engine to its customers. The agreement provides for Castle to be responsible for all technical support. The agreement contains customary confidentiality terms, indemnification terms, limitation of liability terms, non-solicitation terms (prohibiting Castle from providing services to a company known to Castle to compete with us for a period of one year following the termination of the agreement) and representations and warranties. The agreement has an initial term of one year, automatically renewable thereafter for additional one-year terms unless terminated by either party prior to such automatic renewal. The agreement automatically renewed on January 16, 2021, and is currently in effect until January 16, 2022. Fees due under the agreement are based on the number of authorized users licensed. We have not generated any reseller revenues pursuant to this agreement to date.
On March 6, 2020, and effective the same date, we entered into a Technology Partnership and Authorized Reseller Agreement with ECS Federal, LLC (“ECS”), pursuant to which we agreed to grant ECS a non-exclusive license to use, store and reproduce, integrate, combine, incorporate and sell, our QuantaNova™ Polymorphic Encryption Core (PEC) product in the United States. We also appointed ECS our non-exclusive authorized reseller of the proprietary polymorphic encryption engine in the United States. The agreement provides ECS, subject to the terms of the agreement, the right to resell our proprietary polymorphic encryption engine to its customers. The agreement provides for ECS to be responsible for all technical support. The agreement contains customary confidentiality terms, indemnification terms, limitation of liability terms and representations and warranties. The agreement has an initial term of one year, automatically renewable thereafter for additional one-year terms unless terminated by either party prior to such automatic renewal. Fees due under the agreement are based on the number of authorized users using our products, depending on the number of users and type of user (public sector versus private sector), which amounts are payable to us monthly in arrears, 45 days after delivery of confirmation of each month’s fees due. We have not generated any reseller revenues pursuant to this agreement to date.
Effective on August 13, 2020, and effective the same date, we entered into an Authorized Reseller /Developer Agreement with Arnouse Digital Devices (“ADDC”), pursuant to which we agreed to grant ADDC a non-exclusive license to use, store and reproduce, integrate, combine, incorporate and sell, our Sentinel Application in the United States. We also appointed ADDC our non-exclusive authorized reseller of the Sentinel Application in the United States. The agreement contains customary confidentiality terms, indemnification terms, limitation of liability terms, non-solicitation terms (prohibiting ADDC from providing services to a company known to ADDC to compete with us for a period of one year following the termination of the agreement) and representations and warranties. The agreement has an initial term of one year, automatically renewable thereafter for additional one-year terms unless terminated by either party prior to such automatic renewal. Fees due under the agreement are based on the number of authorized users licensed. We have not generated any reseller revenues pursuant to this agreement to date.
Can't wait to see the 3/31 10-Q
Cipherloc, a leader in being cryptic
"We are being used in an app..."
Does "We are being used in an app" equal "as we drive commercialization of our quantum resistant technology with multiple partners."? Because that's all that CLOK is doing right now.
I also love how investors who are under an NDA think that the NDA-disclosed info is or was indicative of CLOK creating sales. With the same people involved on a less than part-time basis, all that is expected is the same ol' pattern of "we're working on this, and almost done with that, and next quarter, we're gonna to try to monetize something, but we can't really provide any details on anything."
Meanwhile, the rest of the world is making money on real companies, with full-time executives, who know how to generate real profits, with real stock price appreciation.
#tronisstrong
Message in reply to:
"as we drive commercialization of our quantum resistant technology with multiple partners."
Updated "likely" Q&A with Tom Wilkinson!
? Why are you raising money? That's easy! We have an app! Well, we're being used in an app, that's free for 30 days, so, it doesn't generate any income. But we need money to pay for internet to monitor the number of subscribers! And then we're going to blow $6mil on bad decisions and then pass blame on something or someone other than CLOK management!
How much do you need? $10mil, or $8mil, or whatever you can get us, after you take a sick commission for financially assaulting our investors...again!
Where's the $$ from the last raise? Ummm, are you talking about CLOK? Or SONM, or ASTC?? I've blown so much money, I can't keep track of it anymore! Haha!! Oh, sorry, I shouldn't be laughing.
What will you do differently? Hmmm...uhhhh, well...maybe change the background colors and website images?? But other than that, nothing. you wanna know why? Because that's all we know how to do!!
#from2.00to0.18...lastchancelildarlin'
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How an investor would evaluate Cipherloc today.
Option 1 - A likely Q&A with Tom Wilkinson!
Why are you raising money? Just read our press releases! We're doing all of these things with our customer, I mean two customers, and we're getting ready to do stuff in the future! Look man, here's the deal. I'm in over my head and I blew it all on bad hires who were overpaid and unsupervised, spent too much on over-priced lawyers, I guess I don't really know what I'm doing!
How much do you need? As much as possible. Maybe $10 million?
What did you do with the $$ from the last raise(s)? Ummm, ummm...it was the previous CEO, Michael de la Garza's fault! And then I had to pay lawyer's. And then I got stock back from de la Garza and gave him $300,000 and an IOU for another $100,000! But, but, he promised to help me with the lawsuits that he created by lying to people, committing fraud and making promises that he didn't keep. Oh, and then we hired another CEO who, ummm, wasn't a great pick, but he was on TV, so I believed him! We paid him a bunch of money to work for us and also to leave, but it was only for a couple of months or so. Oh, and I was Interim CEO, but then I got lucky and another company hired me, and I've been very successful in running that company into the ground too! What was your question?
What will you do differently if I give you $$? Nothing! Not a damn thing! Can you give me money now??
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Everyone is entitled to their opinion but here are the facts of the matter for Cipherloc. There are only three options to be considered. Since the company is out of cash, it must obviously raise new money. Option1: Raise money and keep the current people in place. Option2: Raise new money and do what TronCarter suggests and clean house and hire new folks. And finally, option3: Should there be no interest in giving CipherLoc new money, it must go into receivership and file bankruptcy. It's as simple as these three options. It's my opinion, the story isn't compelling enough for brokers to pitch and the poor track record of past performance will lead CipherLoc to option3 in the next 2-8 weeks. IMO Option1 is the easiest solution but not the best option for shareholders given the poor performance of past executives and the current BOD driving CipherLoc to it's knees with no cash and no revenues. Option2 makes the most sense because Cipherloc needs competent people on the BOD's looking out for shareholders vs. their own best interest (cya) and CLOK needs new executives that know how to lead people, run a business, build a business, and get to profitability BEFORE running out of cash like now. Option3 seems to be inevitable because brokers are not likely to call their best clients and pitch a penny stock with no cash and millions in liabilities and having so much controversy surrounding it or "too much hair" as they say. But the proof will be in the pudding. Are brokers willing to call their best clients and convince them to take a big risk and invest? Will current shareholders give CipherLoc more new money? I doubt it either will happen but I wish all deserving shareholders nothing but the best.
Mathematically, noone is giving 100% for CLOK
Wilkinson is giving 20-30%...maybe
Chasteen is giving 20-25%
Hnatiw is maybe in it for 10%
Kreps is in for 15%
Mattox is probably in for 40+%, but he doesn't work for CLOK anymore...or does he?!?
But Paulson is all-in...have you seen their commission??? WTF!!!
This money raise is almost as bad as de la Garza's loan shark deals from a few years ago...
But hey, looks like CLOK is in another app, right? Remember the last app that Carlson and de la Garza launched on the Google Play store 'cuz they couldn't sign up for the Apple app store? I think there were 8 subscribers. Gosh, I hope things aren't as sad this go around.
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Very interesting, slightly alarming, much to be explained...
Okay, so we know that Tom Wilkinson is Chairman of the Board for CLOK, and is CEO for SONM, and is also running Wilkinson & Co., and is on the board of ASTC. But did you know that CLOK, SONM and ASTC are all actively raising $$, and stock price is down for all 3 companies??
Matt Kreps handles investor relations for CLOK and SONM.
And then there's Nick Hnatiw and David Chasteen:
SideChannel: Nick and David work here
Loki Labs: Nick worked or works here, not sure
Cipherloc: Nick and David both work here
Cuesta: Nick works here
Real CISO.io: Nick works here
GoFundMe: David works here
Chew on that for a bit...I'm sure I missed something.
Very interesting, slightly alarming, much to be explained...
Okay, so we know that Tom Wilkinson is Chairman of the Board for CLOK, and is CEO for SONM, and is also running Wilkinson & Co., and is on the board of ASTC. But did you know that CLOK, SONM and ASTC are all actively raising $$, and stock price is down for all 3 companies??
Matt Kreps handles investor relations for CLOK and SONM.
And then there's Nick Hnatiw and David Chasteen:
SideChannel: Nick and David work here
Loki Labs: Nick worked or works here, not sure
Cipherloc: Nick and David both work here
Cuesta: Nick works here
Real CISO.io: Nick works here
GoFundMe: David works here
Chew on that for a bit...I'm sure I missed something.
Is this the "contract"? Can we exhale now??
Message in reply to Clok-em-dead:
"A contract with immediate revenue coming ASAP"
Hopefully, the contract will have adequate revenue to keep the doors open for the foreseeable future.
Is ASAP this week, this month or next month?
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Switching BOD and CEO and CTO and CFO cost money. Cipherloc obviously has no money left unless there is a contract with immediate revenue coming ASAP.
Switching out everybody on the Board and Company officers is never going to happen and is a ridiculous request and is never going to happen.
#braindead
Congratulations for being included in a free app!
Investors couldn't be prouder...smh
#wakemewhenrevenuearrives
That's easy. Congratulate the seller. Buyer doesn't understand.
The seller made out like a bandit. The buyer is left holding shares that will continue to lose value and then potentially be diluted by a loan, another money raise, or because more stock holders will be looking to unload their limp CLOK stock.
I mean, seriously, only Madoff, de la Garza and Wilkinson would see this as a positive.
#lotsasuckasoutthere
Message in reply to:
Not sure who to congratulate?
The one that bought 30000 shares at the opening??
OR
The one that sold 30000 shares at the opening??
Guess the future will make the determination for me?
#futureisourstoseeQueserasera
??Tom Wilkinson agreed to pay Michael de_la_Garza BIG $$$$!!
Tom Wilkinson, as Chairman of the Board for Cipherloc (CLOK), recently agreed to pay Michael de la Garza $300,000 CASH plus an IOU for another $100,000 CASH, and in exchange, he wants Michael de la Garza, often referred to as "the criminal", to help him in any current and future litigation. So, if I understand this correctly, Tom Wilkinson goes after Michael de la Garza (because we all know that de la Garza is a shady person), the former CEO and Chairman of the Board who stole millions of dollars, single-handedly misappropriated millions more dollars, ran the company as if it were his own, let his wife use the corporate cards, hired his personal mechanic and paid him with SHAREHOLDER MONEY to fix de la Garza's personal vehicles, paid Roberta Kale $400+k for who knows what, wired $1.6-2mil to his brother via Noun Energy, and somehow Tom had an epiphanous moment and realized that it was in Cipherloc's best interest to give de la Garza ANOTHER $400k??
Does Wilkinson really believe that a judge or jury in Hays or Travis County is going to rely on any testimony provided by de la Garza?? I mean, seriously, it's no wonder Wilkinson is running two public companies into the ground right now (CLOK and SONM).
So, in conclusion, it seems obvious that Tom Wilkinson has blessed Michael de la Garza and all of his past antics and fraudulent behavior. Wilkinson must have had a change of heart. Was it because de la Garza promised to help Wilkinson close a deal? Was it in exchange for "testimony". Or, is de la Garza, the shadow CEO??
I guess it's true what they say, birds of a feather, flock together.
#maybetheyrelovers
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Wasn’t the criminal asking for 58 million when he took his bullship software company public thru the nsct symbol??
Is that where all this deficit comes from?
#askingforafriend
Most amazing thing about Cipherloc? Yep, that's right!
From 12/31/2020 10-Q
Accumulated deficit (69,226,343)
But hey, the current mgmt team is only responsible for wasting $10 million of the $70 million. Thank you, Tom Wilkinson! Ricky Bobby must be your co-pilot!!
#turnlefttakeanotherleftthenleftagain
For those original PPM participants at $2/share...
it certainly seems like a lot of investors were taken advantage of by Michael de la Garza and then by Tom Wilkinson. Pretty sad, if you ask me.
I'd hate to have an NDA with CLOK and be buying more stock, thinking that a contract was in the works. What a fool I would be!!
=========
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Yes...
The investors have been all had like a sorority girl passed from frat guy (CEO) to frat guy.
Wait for what? Wilkinson? Chasteen? Ambrose? Fiduciary responsibility??
Message in reply to:
Just wait
At least in a Ponzi scheme, some people...
...get some of their money back. With CLOK, the only thing that MOST INVESTORS got back are an endless buffet of lies, suggestions, and empty promises. So, an intelligent and sophisticated CLOK investor has to ask, have I been had??
#frombadtoworse
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ASAP is not today. Maybe tomorrow??
The suspense is killing me! Revenue is sooo elusive, isn't it?
Message in reply to:
"A contract with immediate revenue coming ASAP"
Hopefully, the contract will have adequate revenue to keep the doors open for the foreseeable future.
Is ASAP this week, this month or next month?
Message in reply to clok-em-dead:
Switching BOD and CEO and CTO and CFO cost money. Cipherloc obviously has no money left unless there is a contract with immediate revenue coming ASAP.
Switching out everybody on the Board and Company officers is never going to happen and is a ridiculous request and is never going to happen.
#braindead
ASAP is not today. Maybe tomorrow??
The suspense is killing me! Revenue is sooo elusive, isn't it?
Message in reply to:
"A contract with immediate revenue coming ASAP"
Hopefully, the contract will have adequate revenue to keep the doors open for the foreseeable future.
Is ASAP this week, this month or next month?
Message in reply to:
Switching BOD and CEO and CTO and CFO cost money. Cipherloc obviously has no money left unless there is a contract with immediate revenue coming ASAP.
Switching out everybody on the Board and Company officers is never going to happen and is a ridiculous request and is never going to happen.
#braindead
"A contract with immediate revenue coming ASAP"
Hopefully, the contract will have adequate revenue to keep the doors open for the foreseeable future.
Is ASAP this week, this month or next month?
Message in reply to:
Switching BOD and CEO and CTO and CFO cost money. Cipherloc obviously has no money left unless there is a contract with immediate revenue coming ASAP.
Switching out everybody on the Board and Company officers is never going to happen and is a ridiculous request and is never going to happen.
#braindead
How an investor would evaluate Cipherloc today.
Option 1 - A likely Q&A with Tom Wilkinson!
Why are you raising money?Just read our press releases! We're doing all of these things with our customer, I mean two customers, and we're getting ready to do stuff in the future! Look man, here's the deal. I'm in over my head and I blew it all on bad hires who were overpaid and unsupervised, spent too much on over-priced lawyers, I guess I don't really know what I'm doing!
How much do you need? As much as possible. Maybe $10 million?
What did you do with the $$ from the last raise(s)? Ummm, ummm...it was the previous CEO, Michael de la Garza's fault! And then I had to pay lawyer's. And then I got stock back from de la Garza and gave him $300,000 and an IOU for another $100,000! But, but, he promised to help me with the lawsuits that he created by lying to people, committing fraud and making promises that he didn't keep. Oh, and then we hired another CEO who, ummm, wasn't a great pick, but he was on TV, so I believed him! We paid him a bunch of money to work for us and also to leave, but it was only for a couple of months or so. Oh, and I was Interim CEO, but then I got lucky and another company hired me, and I've been very successful in running that company into the ground too! What was your question?
What will you do differently if I give you $$? Nothing! Not a damn thing! Can you give me money now??
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Everyone is entitled to their opinion but here are the facts of the matter for Cipherloc. There are only three options to be considered. Since the company is out of cash, it must obviously raise new money. Option1: Raise money and keep the current people in place. Option2: Raise new money and do what TronCarter suggests and clean house and hire new folks. And finally, option3: Should there be no interest in giving CipherLoc new money, it must go into receivership and file bankruptcy. It's as simple as these three options. It's my opinion, the story isn't compelling enough for brokers to pitch and the poor track record of past performance will lead CipherLoc to option3 in the next 2-8 weeks. IMO Option1 is the easiest solution but not the best option for shareholders given the poor performance of past executives and the current BOD driving CipherLoc to it's knees with no cash and no revenues. Option2 makes the most sense because Cipherloc needs competent people on the BOD's looking out for shareholders vs. their own best interest (cya) and CLOK needs new executives that know how to lead people, run a business, build a business, and get to profitability BEFORE running out of cash like now. Option3 seems to be inevitable because brokers are not likely to call their best clients and pitch a penny stock with no cash and millions in liabilities and having so much controversy surrounding it or "too much hair" as they say. But the proof will be in the pudding. Are brokers willing to call their best clients and convince them to take a big risk and invest? Will current shareholders give CipherLoc more new money? I doubt it either will happen but I wish all deserving shareholders nothing but the best.
Let's just find some replacements and we're good!
There is a solution to this mess. I'm concerned that CLOK doesn't have competent leadership. Here's what I propose:
Step 1: Tom Wilkinson needs to resign or be removed from his position as Board Chairman and leave ASAP!
Step 2: Chasteen needs to resign as CEO and Director
Step 3: Find a qualified CTO/COO/CEO
Step 4: Assess other BOD's and remove/replace as needed
Everyone knows that Ron would never say that!
I heard Ron Coby say “the company is in greedy hands. He says “investigate, investigate, investigate!” He says there are many unanswered questions about this product and CLOK.
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I heard Ron Coby says the company is in great hands. He says invest , invest , invest. He says There is greatness in this product and that Chasteen is an unbelievable leader.
Quote....
Can anyone credibly argue otherwise?
Yeah! Great news! So happy! Oh wait...
Chasteen already shared this news...maybe he forgot?
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Cipherloc Provides Business Update, Files Form 10-K
Press Release | 12/29/2020
AUSTIN, TX / ACCESSWIRE / December 29, 2020 / Cipherloc Corporation (OTCQB:CLOK) ("CipherLoc"), a developer of advanced encryption technology, today provided a business update and announced the filing of its Form 10-K for the fiscal year ended September 30, 2020.
"Cipherloc made significant strides during the last fiscal year, transforming the company into a lean organization with products and services built around our proprietary polymorphic encryption technology," said David Chasteen, CEO of Cipherloc. "All of our efforts are now focused on product development, product engineering and revenue-generating sales activity. We believe this focus is starting to pay off, as we are engaged with a growing list of partners and distributors actively working with our software."
"Cipherloc is now positioned with sale-ready software and services in a large and growing market as customers come to understand the need for new encryption capabilities in the post-quantum environment," said Chasteen. "With our reduced operating cost approach and shift from a one-time sales focus to a continuous service delivery approach, even modest sales activity could cover our operating costs, enabling us to invest in further growth and development. We are excited for the year ahead, as we look to sales of our tested and FIPS 140-2 certified products."
Additionally, the company settled litigation with its former chief executive officer earlier in the year, resulting in the return of 13.1 million shares of common stock for payment of $400,000, leaving just 27.5 million shares of stock outstanding.
Let's also research Carlson, de la Garza, Wilkinson...
because Al Carlson, Michael de la Garza and Tom Wilkinson (and might as well include Borene too!) made a BUNCH of misleading statements and are responsible for wasting tens of millions of dollars invested by hard working investors.
Ron Coby? Wasn't he a contractor who was paid a monthly stipend, then became VP of Sales, and got us in the door of several companies? The one who created the Mantech deal, to see it sabotaged by de la Garza! Then the DataPath deal was overinflated and leaked by de la Garza, and I heard that Borene and Wilkinson participated in messing that deal up.
But, sure, I mean, let's see how far off topic we can get by "digging up dirt" on Coby, who was never in charge of CLOK $$ (like de la garza and Wilkinson), has never disclosed false and misleading information (like the present and past spokespersons for CLOK), and who has opened more doors for CLOK and created more REAL opportunities for CLOK than the other guys.
With all things considered, what's the plan?
The lack of communication is bad for shareholders, and also bad for stock price.
The apparent lack of leadership, as displayed, is cause for big concern.
The dwindling of dollars is beyond unsettling.
Losing Zeynap Young is untimely, to say the least.
Spending millions on expensive attorneys and legal settlements to get back shares is very puzzling. Especially given the fact that the company is almost out of money. I suppose the only rational conclusion is that the company is going to get an infusion of cash.
A future cash infusion could be debt and/or equity. Which one is preferred??
Wilkinson took over CLOK with $10mil+ in the bank
Wilkinson has blown $10mil in record timing!
Wilkinson prepared and released MANY positive CLOK press releases. Wilkinson never informed shareholders that there was anything to be concerned about, however, there were many internal concerns that should have been brought to light.
Borene was offered a very nice compensation package and took a chunk of change on his way out the door.
I think we all know how de la Garza spent and took CLOK$$, but we still don't know how Wilkinson has burned through $10 million. Must be a trust fund baby, right?
Keep in mind, per the last filing, Wilkinson only owns 15,000 shares. He has no skin in the game!
COVID-19 seemed to only have a positive effect on CLOK. CLOK received PPP money.
We had a leadership problem with Michael de la Garza, and we have a leadership problem with Thomas Wiley "Tom" Wilkinson.
In poker, if you stake someone $20 million...
And they lose it all, it implies collusion, self-interest, ineptitude, and no desire to win.
So, point taken.
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Like poker, this game's not for whiners