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"they are keeping production confidential"
What was the reason we figured they were keeping them confidential? So as not to hurt their chances of buying surrounding leases as cheaply as possible?
Why then put increasingly higher numbers in PRs?
Seems like if they were trying to keep things quiet .... they'd simply keep things quiet.
Perhaps numbers which would have to be reported to DOGGR wouldn't measure up to these potentially extrapolated numbers in PRs?
What other reason would apply to the 'confidentiality' thing while PR'ing higher numbers a week after PR'ing higher numbers already?
Time will tell.
JMHO
jonesie
Thanks gumshoe , nice PR
bold by me.
"attained a production rate in excess of
1,500 barrel of oil equivalent per day (BOED) on May 13"
"Several of the (PV Wells) are still in testing phases and their initial production rates vary"
"the long term sustained production forecast is strong"
So , how much of that 1500 BOEPD "on May 13" was after turning on several steamed wells at the same time for a short duration at the height of their "vary"ing production and extrapolating an "initial" rate out to 24 hours .... and how much was sustainable?
Is 1500 BOEPD a sustainable production rate , or is it a strong "forecast"
Time will tell!
"continue that rate of growth this year and return to operational profitability"
I sense some wiggle room there. I guess if there hadn't been so many 'semantics issues' in the past with TIV's PRs I wouldn't think that way.
However .... 1500 BOEPD beats 1000 BOEPD so something is increasing!
Haven't paid much attention today , did the PPS tank before or after that PR came out?
jonesie
A lot of shares become 'available' ....
.... on movements above $6
Looking at the 'cycles' in the chart below over the last few months , it is perhaps time for TIV to either make a run at that upper downtrend line and get to $7 - $7+ , or at the middle downtrend line which would take TIV sub-$5 again.
Hopefully TC won't dump another third now. It was readily apparent that his converting/selling 180,000+ shares coincided with TIV's PPS dropping sub-$5 on a relatively high-volume day. I wonder if the selling caused that drop , or if the beginning of that drop hit a stop-loss convert/sell order and resulted in the converting/selling? Probably the former, but the latter could happen.
JMHO -jonesie
Every time I've considered averaging down ....
.... I've simply said to myself 'wait ... wait ... the price will most likely get lower'.
Today one can buy twice as many shares for their money as they could have less than a month ago ... or buy the same number of shares for half the money.
We're closer to having 3 zeroes after the decimal point than to having one zero after the decimal point.
At .0009 1,000,000 shares could be picked up for $900 ... at .005 those cost $5000.
258 days since the last hard news about core NeoMedia.
"This financing will allow NeoMedia to launch their aggressive new global sales and marketing initiative in response to the rapidly expanding global demand for camera-initiated transactions and active mobile codes.
A significant amount of funds will be deployed to build world class sales and marketing activities."
258 days ago
Chip , what has everybody at HQ been doing?
At $6.49 TIV is halfway ....
.... between the $6 support and the upper downtrend line at ~$7.00 , the downtrend line which has effectively defined TIV's price action for a very long time.
Gap up open.
Time will tell!
jonesie
And another 150K at .0027 premarket
I wonder why so active THIS morning and on the downside?
Be interesting to see if anyone 'heard something' early.
jmho
jonesie
Pre-market , 3 trades ttl 70,000 shares at .0027
Looks like an inauspicious start to the week.
Nice finish.
Two nice 'higher'-volume UP days.
Ninja,
They probably wouldn't , you're right.
Just playing with numbers to come up with a 'happy number' in case YAGI had a bidder ... and of course there was still the question regarding whether something like that could be done without wiping us out anyway. Apart from wondering if we own anything worth buying.
"Yeah , we'll sell you NEOM and the patents and the whole shebang for $50,000,000 ... but there's a few thousand (few hundred?) common shareholders that will be coming along , they own about a billion of the 24 billion fully diluted shares."
"Oh really? A whole billion. Wow. <snicker> Well make that noise go away and get back to us when you do. We don't want a lot of your disgruntled YAGI-victims owning AAPL shares. By the way , just for making us have to even tell you to do that , our offer dropped to $30 mill. Time is money over here."
"Call you in a week."
(aside) "Well boys , what makes us more money? $30 mill now? Or doing a 1:1000 R/S , cranking it back up to $3.00/sh , and then trying to dump the 24,000,000 shares that will take us down to from 24,000,000,000?"
"They want us to get rid of that 1B outstanding , right?"
"Well yeah."
"Ok we know how to do that. Sure , get rid of them and take the $30 before they drop the offer again. Give NEOM the name of that new BK lawyer you were wanting to try out and tell 'em it's a quickie. Oh , first make sure none of our buddies are left still holding the bag with any of that 1B common. I'm pretty sure WF is all out , and CF , and AR never held any for more than 5 seconds ... but those BlueRun boys can be pretty forgetful sometimes. Give 'em a heads up."
Or something like that!! lol , geez , what a deep hole these guys dug us into , and we don't even know if we own any bridges or anything worthwhile.
JMHO
jonesie
2-YEAR DAILY CHART
Yep , that downtrend line is around $7 so if this is the time 'they' choose to run it up again that's where an interesting 'test' will occur .... can TIV break that downtrend to the upside on speculation? Or will there need to be more info than was in the 10-Q regarding sustainable increasing production?
jonesie
DAILY CHART
Things seem to be firming up a little bit after last Friday's initial Magic Box formation.
If TIV closes in the area where it is now , Wm%R will end the week in an area it simply hasn't been in for months. The last couple of times it did that TIV moved all the way up to the upper downtrend line which now is around $7 as I recall.
"at a share price of .0028 where we closed yesterday , Yorkville could well have 'rights' to 24,074,357,142 shares"
Someone just PM'd me their thought on an issue (the subject of buyout) and it got me to wondering what amount of money would entice YAGI to hand over the keys to our NEOM jalop.. , er , I mean kingdom and walk away.
I have to assume that whatever shares rights Yorkville wrote into all of the original instruments made them happy.
I'd also assume that since they protected themselves masterfully with all of the 'death spiral' attributes , they would be just as happy if they could simply sell their current and exponentially-multiplied shares rights at the PPS which in fact dictates the number of shares they have rights to. Did that make sense? lol
So if YAGI could sell all 24,074,357,142 shares they have rights to at a PPS of .0028 ..... or get the cash equivalent in one swell foop .... they'd be happy right?
And an interested buyer wouldn't be 'side by side' with YA , the interested (hopefully benevolent) buyer would have ALL the rights.
That's $67,408,199 folks.
$67MM to erase 24B shares which YAGI can't really sell anyway without taking the PPS to dot zero zero zero zero land.
So maybe YAGI would even take less to get it over with.
Who's the buyout expert here who knows how that can work without wiping US out?
Or who knows of an example of how something like that has ever worked elsewhere without first legally taking a probably-demonstrably-insolvent company to BK-land to get rid of us pesky hangers-on?
Just a thought, and thanks for the inspiration NT.
jonesie
For anyone wishing to make a ....
.... dirt cheap visit to Atlanta/NEOM HQ
First , get a dirt cheap flight to Atlanta. (nod to Steve Martin)
Then hop on the rail right in the airport.
http://www.itsmarta.com/getthere/schedules/index-rail.htm
You can take Rail all the way from the airport to The Dunwoody Rail Station , N9:
http://www.itsmarta.com/getthere/stations/dunwoody.htm
That 1111 Hammond Drive Atlanta, GA 30328 Rail Station gets you within a mile.
http://maps.google.com/maps?saddr=1111+Hammond+Dr+NE,+Atlanta,+GA+30346&geocode=&dirflg=&daddr=2+Concourse+Pkwy+NE,+Atlanta,+GA+30328&f=d&hl=en&sll=33.920518,-84.344606&sspn=0.012322,0.019913&ie=UTF8&ll=33.918791,-84.349658&spn=0.012322,0.019913&z=16
Time it so you're not here on a 100 degree day in August and enjoy a pleasant stroll over and back , or grab a cab for the .9 mile ride.
Just FYI
jonesie
"We also have employment agreements with our CEO and our CFO which are not reflected in the table above. Following are the details of each agreement:
From the 10-K and as posted here previously.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=28007548
William Hoffman is employed under the terms of an Employment Agreement dated June 18, 2007, whereby if he is terminated without cause or due to a change in control, he is entitled to 18 months salary, currently valued at $375,000, and accelerated vesting of one-half of any remaining unvested portion of the initial option grant of 20 million options. If Mr. Hoffman resigns his employment with us for good reason, he is entitled to eighteen months salary per his Employment Agreement. Mr. Hoffman's initial option grant vested 25% on the date of grant, with the remainder vesting in equal monthly installments over 48 months.
Frank Pazera is employed under the terms of an Employment Agreement dated January 1, 2008, whereby if he is terminated without cause or due to a change in control, he is entitled to 18 months salary, currently valued at $300,000, and accelerated vesting of one-half of any remaining unvested portion of the initial option grant of 5 million options. If Mr. Pazera resigns his employment with us for good reason, he is entitled to six months salary, currently valued at $100,000, per his Employment Agreement. Mr. Pazera's initial option grant vested 25% on the date of grant, with the remainder vesting in equal monthly installments over 48 months."
At least it looks like Tatum is out of the picture , I haven't seen any mention of them lately in other than FP's bio info.
I wonder what constitutes "good reason"? Anything they want it to be?
Also, I wonder what would constitute "with cause"? Since we unsecured common shareholders as a group have -0- voting power , we can't insist at any point now or in the future that presiding over the tanking of the stock while apparently accomplishing nothing is "cause" , even if another year goes by with similar results.
So you're right , paid regardless.
jonesie
Hey , you're a 2nd Degree ....
.... contact at NeoMedia B.E.:
http://www.linkedin.com/search?search=&sortCriteria=3&keywords=%22NeoMedia+technologies%22
$68,000
"Mr. Hoffman’s bonus for 2007 was determined by the Board of Directors at the time of his hire, and was based on the achievement of Revenue, Operating Profit, and Operating Metric objectives for the remainder of 2007. The Board reviewed the objectives subsequent to year-end and determined that Mr. Hoffman had met his objectives for the year ended December 31, 2007, and his bonus was paid out in March, 2007."
$68,000 couldn't equate to anything having to do with Revenue or Profit.
Maybe "operating metric objectives" ???
- show up and convert any English Units of measure you find to Metric Units.
That had to have been it.
I'd have done it for half that.
23.6 mi – about 34 mins
I guess it took some nerve ...
... for whichever exec said at the Fall CC 'our $10 mill equity stake investor is still 90 days away from closing' to actually say that.
It actually "seems" to be a nothing approach.
Rather than all or nothing.
Other than the gallivanting to some shows we haven't seen or heard anything related to NEOM 'entering' the PWC space (is that the same PWC space they used to 'own the bridge to'? and now they might be 'entering' it?) for , oh , I don't even want to count up the days now, for 250+ days I guess.
jonesie
"a plethora of alternative technology companies in this space"
There certainly seem to be.
Unless somehow 'the patents' turned out to help us.
But Chip himself says 'it's not about the patents'.
I think he/they said it's about helping to create the ecosystem and then working to win some accounts.
But apparently they're not actually winning any accounts , or even winning any trials like others in the 'plethora' are.
Shoot , I don't think they're even being mentioned anywhere any more but here.
If it's not about the patents, and it's not about getting some tiny magazine in Atlanta (or Creative Loafing?) to put a NeoReader-based 2D barcode on one page , and it's not even about begging an old pal at Sprint to do something with us , or getting Lefar to ask an old pal at AT&T to do one stinking little trial on Yellow Jacket bus stop kiosks on the Georgia Tech campus .... what IS it about?
I mean besides being sure Execs & Friends get paid?
As to your 'spoonfeeding' theory and logic behind it I think you are dead on. Feed 'em a month at a time , convert/dump as many shares as possible on the open market , and see if a miracle happens.
YA knows everything that is going on and what the potentials are , I doubt there's any 'arm's length' relationship going on with regards to the flow of info , so they could 'spoonfeed' betting on the come , or just spoonfeed to continue the dumping.
I don't think they can dump half a mill worth of shares each month though , but perhaps they can get close enough so their 'spoonfeeding' isn't really costing them much when they net things out.
Maybe YA really knows all the 'great stuff' that's about to happen but doesn't want to 'tip their hand' by publicly throwing $10 mill at NEOM.
LOL.
That doesn't fly anyway, Tobin Smith's own theory was that NeoMedia strengthened their bargaining position with Microsoft or whoever by borrowing $10 mill and having it in the bank quite a long time ago , so they wouldn't appear to actually 'need' the money LOL. He even took time to write the entire scenario about how NEOM would pay back that loan with fewer and fewer shares based on a skyrocketing PPS ... he even called that loan something like "no big whoop".
EOR (end of rant lol)
jonesie
re: 9.6 billion fully diluted
That 9.6 billion shares fully diluted was as of 3/31/08 when we had a PPS of .008.
I might not have this perfectly correct but from the 10-Q it appears Yorkville had warrants and conversion rights totaling 8,426,025,000 shares at that .008 PPS.
I think it's possible that all of these are convertible at something like 97% of an average of trading price close to the time they convert , so as the PPS continues to fall they have rights to more and more shares.
I think what that means is that at a share price of .0028 where we closed yesterday , Yorkville could well have 'rights' to 24,074,357,142 billion shares.
That's 24 BILLION.
If NEOM could just get the share price up to .016 I think it could drop that fully diluted number down to under the 5B authorized.
I guess at this point it doesn't matter whether Yorkville has rights to 24 billion shares or 24 trillion shares, the market can't absorb them and they just have to keep dumping 10 million or so at a time until something changes.
What else can they do? Anyone? What's their best end-game scenario?
What's ours?
jonesie
personalizit , yes there are
CAAS
http://investorshub.advfn.com/boards/read_msg.asp?message_id=29273078
Lehman Bros has some side-by-side-with-Yorkville financing as I recall.
CAAS doesn't fit the typical Yorkville profile , and they're one of the 6 or 7 out of 125 or so I've tracked that are in the green since their initial Yorkville involvement. They had quite a run over the last few days on a good 10-Q. Their PPS is in dollars, not pennies.
HDY is another one (their PPS is in dollars as well):
http://investorshub.advfn.com/boards/read_msg.asp?message_id=26683741
There may be others but since that hasn't been one of my tracking parameters I wouldn't have a series of historical posts on the subject.
I suppose NeoMedia could get some partial financing from another company with Yorkville still in the picture. Yorkville would of course have to approve it. As someone pointed out, with YAGI in the picture we don't have much to offer another investor with YAGI having dibs on our assets.
Plus we couldn't give another financier any better terms , conversion rates , etc than Yorkville has without having to modify the deals with Yorkville giving them the same terms. There's plenty of verbiage in all the YA financings covering that subject.
JMHO
jonesie
Yorkville's Series C Conversion progress
Steady conversion recently after a 3 1/2 month respite over part of winter.
Note how few shares of the convertible preferred it takes for Yorkville to get 10,000,000 shares these days.
Note how many Series C Convertible Preferreds are left.
Read down to the end to see the continuing conversions which are constantly being dumped into the open market.
Also note this verbiage " The Series C convertible preferred stock has voting rights on an “as converted” basis, meaning Yorkville is entitled to vote the number of shares of common stock into which the 8% cumulative Series C convertible preferred stock was convertible as of the record date for a meeting of shareholders."
Yorkville doesn't have to convert preferred and own shares to have the voting rights which accrue to them , in fact I think they are mostly prohibited from owning more than 4.99% of the outstanding at any given time .... it's all of these shares which they 'have dibs on' that allows them to vote for anything they want to.
They own the ballot box, and of course they have for quite some time now.
Would a 1:1000 R/S + leaving the Authorized at 5B benefit them? If they think so , it's a done deal.
Easier to NOT have a shareholders meeting? It's possible that Yorkville can simply vote to not have one.
Preferred Stock conversions (since the end of 1Q08):
On April 1, 2008, Yorkville converted 64 shares of Series C preferred stock. In exchange for the Series C preferred stock, we issued 10 million shares of common stock.
On May 6, 2008, Yorkville converted 15.5 shares of Series C preferred stock. In exchange for the Series C preferred stock, we issued 5 million shares of common stock.
On May 9, 2008, Yorkville converted 15 shares of Series C preferred stock. In exchange for the Series C preferred stock, we issued 5 million shares of common stock.
elementus, I think we will not see it either
My comment contained just a wee bit of sarcasm as I can't see any rational reason why Apple would dare get directly involved with NeoMedia.
Great link clawmann , thanks.
Ninja, re: shares
I think the numbers in the post linked to below show how many shares Yorkville has 'rights' to if they were to convert/exercise all of their positions. There are various stipulations which say Yorkville can't actually hold shares totaling more than a certain percentage of the outstanding , so one would think that legally Yorkville doesn't actually 'own' those shares , they just have rights to them.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=29326394
Those add up to over 8 billion.
The 'outstanding' of a bit over a billion is probably mostly 'little guys like us' + shares held by any previous subs owners who haven't sold (are there any who haven't sold?) , with the remainder of the ~9.6 billion being options/warrants still possibly held by execs , BOD members , consultants , etc.
'How does it now show 10 billion?'
I have no idea how that works. I guess it doesn't work , but I don't know the legal and/or realistic ramifications of such a situation. I've never seen anything like it before , but then I haven't been involved in anything quite like this before.
JMHO
jonesie
Revenues:
Gavitec's really kicking it and taking names.
Not.
Gavitec's 'contributions' are down nearly half YOY.
Well, maybe this is the last of the dirty laundry.
They finally had to say the Fully Diluted share count exceeds the Authorized.
They're skating on thin dollars.
Gavitec isn't doing diddly.
Nobody at NeoMedia is selling anything.
Defaults and their consequences all over the place.
GO couldn't even take any more money with a straight face.
Now let's hear some more about the upcoming iPhone launch, we MUST be on that phone as Apple seriously needs to do business with a 'going concern' just to spice up their otherwise boring business life.
outta here, best of luck to us.
Well, we'll soon get to see what CH meant by
(paraphrased) if NeoMedia is found to be insolvent, it's the fiduciary duty of a CEO to 'chapter it' to protect secured debtholders.
Protect Yorkville? From what? Yorkville?
Would the thinking be: Uh, yes, we at YAGI need you to 'chapter' NEOM and get rid of those pesky common shareholders or we might sue ourselves for damages. Uh, but figure out a way to pay those 12Snap guys their $4.x million.
Not sayin'. Just sayin' lol
jonesie
Here's the bulk of the 'fully diluted' problem
Note, the biggest numbers in the bottom row are BILLIONS
From the 10-Q:
And they wrote ALL of that down?
Tell me it ain't so.
This default status has existed for a while
But it's worth showing IMO. Is the kind of 'default' that our execs have recently said they are NOT in with respect to Yorkville?
"As of December 31, 2006, we were in default of the August 2006, December 2006 and Series C preferred stock instruments, due primarily to our failure to register the shares underlying the instruments by the prescribed deadline, and for failure to sell our Micro Paint Repair and Telecom Services businesses by September 30, 2007, as required by the August 2007 Debenture. Due to the then default status, Yorkville had certain material rights that did not exist prior to default. Specifically, the full face value of the instruments were callable, and we were responsible for liquidated damages until the default was cured with our S-3 Registration Statement becoming effective on November 5, 2007, and the sale of Telecom Services and MPR completed on October 30, 2007 and November 15, 2007, respectively.
In addition, the accounting for the convertible securities reflects certain specific accounting rules and regulations that are applicable under the default provision:
·
Prior to the default, we were accreting dividends on the Series C convertible preferred stock, using the effective interest method, through periodic charges to additional paid in capital. Due to the default status, we accreted dividends to the full face value of the Series C convertible preferred stock during the fourth quarter of 2006.
·
Prior to the default, we were accreting the debt discount on the August 2006 Debenture and the December 2006 Debenture, using the effective interest method, through periodic charges to interest expense. Due to the default status, during the fourth quarter of 2006, we accreted debt discount to the full face value of these secured convertible debentures.
·
The Series C convertible preferred stock is now reported as demand debt in the current liabilities section of the balance sheet, pursuant to the guidance outlined in FAS 150.
·
The secured convertible debentures are reported as debt in the current liabilities section of the balance sheet rather than long term because the debenture is callable as demand debt due to the default."
Why would they write PUPS down?
NEOM owned shares in PUPS right?
The other day those shares were worth a chunk of cash.
So, where did those shares go, did they divvy them up amongst themselves?
TVDirector, re: GO and JB
When I met with Chip Hoffman in January he did state, and I believe I mentioned it here, that they weren't using SKS's consulting services very much any more.
That number proves it out, at $1000/day that's not very many days of consulting.
I still think it was ridiculous how much they paid GO in 2007. For what!!
10-Q out
As I know you've seen.
http://www.sec.gov/Archives/edgar/data/1022701/000114420408029387/v114084_10q.htm
That Fully Diluted share count 9,617,290,165 IS unreal.
I wonder what the company is going to want to do about that?
R/S keeping the Authorized the same?
Raise the Authorized from 5B to 10B?
Or actually DO something that would get the share price back up over a penny?
Chip, Frank, George, Terry, JJ, what are you DOING?
MONTHLY PRODUCTION REPORT
Nothing new reported to DOGGR by TIV in time to be put on the DOGGR website today.
Maybe next week.
We could get the 10-Q today , right?
It will be interesting to see.
Perhaps the 'new sales force' which seems to still be in 'Help Wanted' mode on NEOM's website will be mentioned.
Careers:
# Sales Engineer-UK
# Sales Engineer-Latin America
# Sales Engineer-Atlanta
# Sales Engineer-Beijing
Can't even fill the Atlanta slot? C'mon.
Perhaps some 'other announcements' will be detailed in the 10-Q illustrating what actual beneficial effect on revenues these 'announcements' are going to have.
Amazing.
"What are you guys doing?"
"Here's our long range vision."
"But , what are you doing?"
And another 2,000,000 @ .0028 AH before that
I dunno, I only look at the SEC.gov filings.
Production costs of Tar Sands
Interesting read on Wikipedia:
http://en.wikipedia.org/wiki/Tar_sands
Worth a read, here are some excerpts, one applying to recovery costs and the other to profitability:
"With 2007 crude oil prices significantly in excess of the current average cost of production of $28 per barrel of bitumen. [7] all of these projects appear likely to be profitable. However, bitumen production costs are rising rapidly, with production cost increases of 55% since 2005, due to shortages of labor and materials. [8]"
"With oil prices setting new highs in 2007, tax incentives were no longer necessary to encourage oil sands projects in Canada. In July Royal Dutch Shell released its 2006 annual report and announced that its Canadian oil sands unit made an after tax profit of $21.75 per barrel, nearly double its worldwide profit of $12.41 per barrel on conventional crude oil.[10]"
It would be interesting to know all of the factors involved in TIV's tar sands program such as recovery costs per bbl and sales price per barrel.
I'm still amazed at the difference between what TIV said was their average sales price of oil per bbl last year and what the average price for light crude oil was last year. With their stated average price it's difficult to make sense of their stated $382,000 sales revenues for oil + gas.
Would anything else have been included in that $382K that wasn't actually oil/gas sales , such as interests sold to investors or anything else sold like that steam gen. which was sold to OPUS?
jonesie