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ummm, how about you read the article and see if you can figure it out
numerous rules for the repurchase are not met by COWI
so based on this article I would bet that the total shares repurchased are
Wait for it
ZERO
cd's down 10%
OS shares up much more than 10%
Yeah, that's a great deal
uhm, how about you read the 10K they filed last year, it's there in all its glory
see note 11 to the 2014 10K
they didn't reduce it, the CD holders converted - not like they paid off any debt
someone just dumped 2.5M salmon on the bid
I always suspected there was something "fishy" about this company
What's even more amazing is that everyone on this board seems to take the projections as set in stone. Of course LS has to cover his butt, but everyone else on here is free to shout out how the 10M in revenue is a guarantee.
LMAO
This is straight from the news released today
In fiscal year 2016, CoroWare is working toward a goal of achieving USD 10 Million in gross revenues -- in part by delivering solutions and consulting services in rapidly growing industry segments such as Industrial Internet of Things (IIoT) - although we cannot say with any certainty that our plans will successfully achieve that revenue goal.
Moral: Don't believe everything that comes from the mouth of LS - he's already covering his behind
LMAO
My guess is that Bill Gates will announce at the convention that MS is buying out COWI for $100 per share and he will thank Lloyd for buying back the majority of shares thereby saving MS millions of $$$$
of course they have an extra $500,000 laying around, they just choose not to pay their accounts payable or pay any of the creditors, just saving it for a rainy day
what are you all going to say when the 10K shows no share repurchase, just more dilution from the debtholders?
quote:
CoroWare is not very good about regulatory compliance.
But they're fabulous when it comes to press releases, LOL
what's wrong with my statement?
they "made" 1.5 million last quarter, where do you see that?
Unless you're talking about revenues in which case the number would be 1.3 million
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE OF 1934
For the quarterly period ended September 30, 2015
COROWARE , INC.
NOTE 5 – FINANCIAL CONDITION AND GOING CONCERN
The Company incurred a loss from operations for the nine months ended September 30, 2015 of $2,178,103. Because of this loss, the current working capital deficit, and the projection of additional losses for the remainder of 2015, the Company will require additional working capital to develop its business operations.
These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2015 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2014:
During the three-month period ended September 30, 2015 (the "2015 Period") revenues were $1,364,589 compared to revenues of $603,063 during the three-month period ended September 30, 2014 (the "2014 Period"). Our revenues increased compared to the previous year as customers continued to increase spending on software development services for IT consulting and software development projects.
Cost of revenues was $1,045,462 for the 2015 Period compared to $367,527 for the 2014 Period. Cost of revenues represents primarily labor and labor-related costs in addition to overhead costs. Gross profit on these 2015 revenues amounted to $319,127 (23% gross profit percentage) compared to $235,536 (39% gross profit percentage) for the 2014 Period. The increased gross profit percentage resulted from increased labor utilization for service delivery personnel.
Research and development was $50,922 for the 2015 Period compared to $22,452 in the 2014 Period. The decreased research and development investment resulted from completing our software development and testing initiatives related to robotics software product development.
Operating expenses were $607,575 during the 2015 Period compared to $312,028 during the 2014 Period. General and Administration expenses increased to $516,476 in the 2015 Period compared to $247,442 for the 2014. This increase was due to increased administration compensation and public company expenses. Sales and marketing expenses decreased to $36,927 in the 2014 Period compared to $40,530 for the 2014 Period as the Company slightly decreased its sales and marketing efforts on selling IT consulting and software development services. Loss from operations was $288,448 during the 2015 Period compared to $76,492 in the 2014 Period.
I love it, they double their revenues and quadruple their loss - the more we sell the more we lose so let's make sure we increase our revenues!!!!
Net loss for the 2015 Period was $450,810 compared to net income of $473,867 for the 2014 Period.
NINE MONTHS ENDED SEPTEMBER 30, 2015 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2014:
During the nine-month period ended September 30, 2015 (the "2015 Period") revenues were $3,518,369 compared to revenues of $1,285,814 during the nine-month period ended September 30, 2014 (the "2014 Period"). Our revenues increased compared to the previous year as customers continued increased spending on software development services for IT consulting and software development projects.
Cost of revenues was $2,687,531 for the 2015 Period compared to $960,828 for the 2014 Period. Cost of revenues represents primarily labor and labor-related costs in addition to overhead costs. Gross profit on these 2015 revenues amounted to $830,838 (24% gross profit percentage) compared to $324,986 (25% gross profit percentage) for the 2014 Period.
Research and development was $90,798 for the 2015 Period compared to $77,312 in the 2014 Period. The increased research and development investment resulted from completing our software development and testing initiatives related to robotics software product development.
Operating expenses were $1,537,752 during the 2015 Period compared to $831,341 during the 2014 Period. General and Administration expenses increased to $1,341,318 in the 2015 Period compared to $676,058 for the 2014 Period as the Company. Sales and marketing expenses increased to $96,166 in the 2015 Period compared to $72,539 for the 2014 Period as the Company refocused its sales and marketing efforts on selling IT consulting and software development services. Loss from operations was $706,914 during the 2015 Period compared to $506,358 in the 2014 Period.
Total other expense was $1,516,048 during the 2015 Period compared to $1,568,871 in the 2014 Period. Other income is comprised primarily of derivative income and expense as well as interest expense. Keeping the number of shares constant, the liability associated with the embedded conversion features increases as our share price and volatility increases and, likewise, decreases when our share price and share price volatility decreases. Derivative income (expense) displays the inverse relationship. The derivative expense in the 2015 Period is primarily due to expense recognized in connection with derivative valuation losses on various debentures. Interest expense for the nine month 2015 Period is $543,511 compared to $1,126,891 for the nine month 2014 Period. The debt discount amortized using the effective interest method was $77,291 during 2015 compared to $39,065 during 2014. Under this method, the amount of amortization increases exponentially as the underlying carrying value of the amortized debt increases.
Net loss for the 2015 Period was $2,222,962 compared to net loss of $2,072,510 for the 2014 Period.
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 2015, we had current assets of $253,870, current liabilities of $20,292,531, negative working capital of $20,038,661 and an accumulated deficit of $52,276,813. For the nine months ending September 30, 2014, we had net cash flows used in operating activities of $143,983, net cash flows used in investing activities of $20,767 and net cash flows provided by financing activities of $183,423.
but they haven't made any profit in the entire history of the company - you do see that don't you.
also, just an FYI, regardless of whether or not they make a profit it's really all about how much cash flow they generate from operations , which has also always been negative.
GLTY
7 to 8 million in profit?
You do realize that when expenses are greater than revenues that's not a profit right.
Not exactly, but let's say that is true for arguments sake.
How much profit has COWI made in the last 2-3 years?
I didn't say you specifically were pumping
just asking for an answer to my question about share repurchase form those that claim the company has been buying back shares
They don't seem to want to respond to where the cash might come from - guess that means they don't believe what they're saying
LMAO
LS has been planning this like a brain surgeon, now that's a good one
I mean it's not like a CEO to pump up his own company and surely he's never lied about what's going to happen in the past
do some DD on when he said there wouldn't be any more reverse splits
LMAO
Based on their history I'd say it's a good bet
due 3/30
15 day extension
4/15
Well that's an interesting point you make
it's true they can't buy back shares within 3 days of filing and since COWI always files early (sarcasm for those not familiar with the notorious history of either filing late or not at all) why would they wait until 4/15 when the 10K is actually due.
I'd be willing to bet that around 4/14 or so we'll see a filing indicating that the 10K will be late again.
funny how in all these articles about hololens there's never any mention of Coroware. One would thing that since they're partners MS would mention how they wouldn't be able to get by without their esteemed partner COWI.
Also, love that post about a $3/share buyout - MS would be getting a real deal only paying $24 billion for a tech giant like COWI.
If nothing else this board certainly is filled with entertainment.
Now that's the funniest thing I've heard in a long time
Almost as funny as MS buying out Cowi - why would they do that?
Guess you have to dream since there's nothing fundamentally good about the company.
come on Ralphie Boy, show us what you know about the company and their "Free Cash Flow"
According to the 10Q filed for September 2015 they have negative cash flow
so far today you've made the following false statements
1. The company 'will' release the share buy back information when the 8k filed states that the company "plans" to release the information on a quarterly basis. Big difference between will and plans to IMO
2. The 10k will only show buy backs up to 12/31/15. Have you ever actually read a 10K?? If you had you may have noticed a section called "Subsequent Events" where they update what has happened since year end.
But I suppose that this not being your first rodeo you knew that but did not want to expose your hand.
Bunch of yahoos on these boards
I never understood why everyone has to talk about how many shares the own/bought on the last trade. If you believe in the stock why do you seek reassurance from everyone else here.
no, cowi is totally responsible for hololens
LMAO
did you miss the cash flow PR
Oh, I guess they didn't put that one out yet
Revenues are one thing, profits and cash flow are what's going to keep this afloat and they don't have either of those
I'll rephrase the question for those who don't understand
if the company does indeed achieve the $10M in revenue but has costs that are greater than $10M do they make a profit or incur a loss and do they generate cash to pay off the debt or buy back shares
I'll wait for an intelligent well thought out answer to this question
Hows that share repurchase thing working out so far
still no response to my question of where they're going to get the money to buy shares or make the payments to the creditor for the forbearance agreement
I'll wait
Here's a question for all the people who think Cowi is going to retire debt and buy back shares:
Where do they get the cash to do this???
They could do 50 million in revenues but if they don't generate cash from operations how do they retire debt or buy back shares?
Also, part of the forbearance agreement calls for cash payments to the debt holder of $130K, never mind the 2.9M balance of the debt. They have never in their history generated cash from operations so are they going to suddenly turn cash flow positive??
Time will tell - meanwhile I'll wait for an intelligent argument refuting my analysis.
I can't believe they didn't mention coroware in the article since they are surely deeply involved in the project
LOL
he needs one of these
probably a good idea to sell now instead of waiting for the inevitable no bid again
LOL
exactly, if these cowi people are so good why are they not working directly for MS? As mentioned earlier the majority of cowi's revenue comes from contract work with MS and it's great if they can generate more revenue. The only issue is they have not and will not generate any cash flow. Look at the balance sheet - 8 million in payables, how they continue to stay in business is beyond comprehension but we must all have our dreams of winning the lottery
finally someone who understands the relationship
you're exactly correct in that cowi does contract work for MS as they have for years but everyone on this board thinks they're partners LMAO
this is not as big of a deal as many think it is
what bid support?
all this enthusiasm about Microsoft - it's not really a big deal
cowi has consultants working at MS on a contract basis, they've been doing this since cowi has been in business
if they can't generate cash flow this company is going nowhere
JMO
company has $46K in cash as of 9/30/15 per 10Q
per agreement they have to pay $130K in the next 2-3 months
per 10Q they used $140K in cash from operations for the 9 months ended 9/30/15
they say they're going to buy back $500K in stock
anyone else think this is a bit of a stretch unless they win the lottery
the only cash they generate is from issuing debt - been that way for years
LMAO
I'm sure your email will be promptly responded to
NOT
what are you trying to get from the company, you lost $50K, do you really think they care
GO EWSI
I love this stock
Only down 56% in 2 days from its reverse split price
LONG AND STRONG
at this rate it will be back in trips by X mas
LOL
they're selling shares to pay the fine, only need another 200 million to get there
LMAO - what a joke company run by a joker