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Airlift,
I agree with you. The reasons I got involved with this company were 1) the technology and 2) the experience and abilities of MC and GE to procure proper funding to make the company successful. Well, the technology continues to make great strides IMO and the funding has fallen on its face. The company has rightfully gone out of the box and outside the limits of the company to expand the tech base and product lines, and I whole heartedly applaud them for that. Yet, they don't seem to be able to use the same principles when it comes to funding this potentially very successful company. I don't understand it.
You are not the only one who has reached out to the company with potential private funding options. And, yes, GE, follow up on your voice mails and emails and see if a real option to get rid of LJC isn't right under your nose. We're here to help, HONEST.
Best,
bank
MM,
There's nothing to thank me for. It is simply public record which anyone can find.
I think current management deserves every penny of unpaid salaries when the company's financial situation improves. I don't work for free and I'm sure you don't either. And, I wouldn't expect them to work for free. Quite frankly, I'm glad to see that they have taken part of their salaries. Future stock options that may or may not result in anything wouldn't be enough incentive for me, I know that. Seeing a little something for my efforts would help me keep my eye on the ball, but that's just me. I am concerned, however, that the reported tax liabilities have risen by $194,000. I'm not an accountant, but it appears to my layman eyes that they are not keeping up in that department. If there are any bean counters on the board that have a perspective on this, I'd welcome an informed opinion.
Management's past income and personal financial successes has nothing to do with the conversation IMO. But, WSGI successes and failures through their work resulting in all of our financial gain or loss should be the conversation.
Best,
bank
According to the company's published figures, GE's salary is $250K per year. His unpaid wages from 2011-2012 total $324,997 meaning he has been paid $175,003 during that period. BJ has been paid $117,503 during that period and JS has been paid $140,907 for '11-'12. In addition, the 3 have accumulated over 44 million option shares at an average strike price of around a nickel (roughly speaking) with various exercise dates extending out to 11/19. As I stated in an earlier post, AB is being paid $5K per month and GE gets $3,300 per month in housing and transportation allowances. Hopefully this puts to rest the notion of our staff being completely unpaid.
Best,
bank
IJO, just to clarify, they are not totally unpaid employees. Bocchichio is being paid $5K per month - total of $40,000 for 2012. Glenn, Barbara and Jeffrey have all been paid part of their salaries, although a huge percentage has been deferred - 2012 being a larger year of deference than 2011. Also, Glenn is allowed $2800 per month for housing and $500 per month for automobile. However, I can't see anywhere that he has actually received those allowances. Truly, they are betting on success first and reward second, but I just wanted to point out that they are receiving some cash compensation. Best, bank.
Heavy price paid for lousy funding indeed. I'm happy to average way down, but I'll be happier when better funding comes on line, as will we all.
Best,
bank
I've added to my position recently and I have to say that getting shares below the ask has been fairly easy; makes me think LJC still has shares to sell. Hmmm. . .
bank
Can't do this legally in the US:
http://www.nbcnews.com/technology/dominos-domicopter-drone-can-deliver-two-large-pepperonis-6C10182466
Any crashes might give a whole new meaning to the word "cheeseheads".
bank
Agreed. It also seems odd that they would lose a unit meant for training, if, in fact that was its purpose in life. I doubt the class was entitled "Here's what NOT to do with your BIB." Ha.
However, just a guess here, since the tether may have been built for maximum data transfer and with maximum altitude in mind, it probably flirted with the outer limits of strength. A gust comes in that they didn't plan on and POOF - limits exceeded.
Also, in my opinion, the Army boots on the ground don't ever entertain cost when they have something in their hands. They think more along the lines of how it will help keep guys out of harm's way with maximum impact on the enemy.
Best,
bank
I bet the Army already knows where it is.
bank
The breakaway is not a big deal for me either, but only in the context that we can provide a better solution in that arena than our competitors. After all, a niche market is only defined by its ability to fend off all comers. If the Army or anyone else is willing to help us fund that research spiral, then I say money well spent.
There are some commercial BIB applications that don't pass the litmus test either because of the "Tether Tech". I'm a big fan of developing more out-of-the-box thinking on that important detail. After all, the weather is not ours to control, but the effects of the weather on our products is what we must control.
With due respect to the past and present defenders of our freedom,
bank
Indeed, that we will.
As an aside, I'm buying more at this level, contrary to my previous statement that I've bought as much as I'm going to. Either La "Hoya" Jolla has done me a favor or I can thank someone else when the smoke clears - either way I'm following Warp's lead. Not advocating that anyone else should jump in, but I'm happy to average even further down at these levels.
bank
Just an analogy. Glad to hear your confidence suggests advocacy.
bank
No, but if the Army decides to drive the Chevy up the Hindu Kush mountain range and it loses its fight to gravity, the dweebs that made that call carry the burden of their decision. Unless, as IJO has intimated, there are those that aren't really on board with the program and choose to frame the incident otherwise.
bank
A Bib can see about 30 miles at 2000 feet.
bank
Yep, spoke with him a couple of times. Maybe it just seems more urgent to me than it does to them. Use my email about Ohio trip. Looking forward to it. Thanks.
bank
The second hurdle may be easier than the first if only he would take the time for a meeting. Just sayin' . . .
bank
fly -
WELL SAID. eom.
bank
GT, interesting idea. Thanks.
bank
They may have, but even a thin tube adds quite a bit of weight to the tether and thus subtracts from potential payload weight. I suspect the 15 minute downtime to refresh the system far outweighs the added tether weight. JMO.
bank
Warp,
I know the call I got was an offer for shares at .02. I believe the market was at .016 on that particular day. If I had a spare half mil, I would have taken the whole lot, but alas, I'm as fully invested as I'm going to be at this point, cash-wise that is. But, as IJO suggested, we can do much more for the company than just put our cash in. There are some of us who are seeking out other ways to help. I have no problem with spending sweat equity to support my cash investment. I firmly believe, like in many small companies, management at WSGI is wearing more hats than they'd like. If there's anything we can do on the outside to support, I believe we should if we can.
My lawn is calling me. Have a great day.
bank
Warp,
Right. Agreed. But, selling 100K worth of .02 shares is hardly the funding we'd all like to see, especially when the company is cold calling current shareholders looking for cash to help with immediate needs. The funding that will eventually replace LJC will come from a much larger, more stable source that will allow the company to move forward with R&D, manufacturing and a couple of sales people other than our overextended CEO, and without a constant beating of the SP. This Form D was the result of dire cash issues, IMO. With that being said, if the company finds owners for $400K of new shares to keep us from borrowing from the loan shark, then cool. We live to see another day. But, I believe there are legal ways around LJC, even with the agreement in place. Selling from the float is only one of them.
Glenn has proven to be able to think out of the box. I think that we'll continue to see that down the road with better funding. But, I don't think that WW's assessment of "shortly" is accurate. It will take some time.
Regards,
bank
WW - Do you have direct knowledge of funding?
bank
One billion shares proposed.I'm hoping proper funding combined with increased sales will stop the printing of shares. I'm not a big fan . . .
bank
And thanks for yours as well, IJO.
bank
Mt bigsky - Absolutely. And there are a number of companies as well as individuals working to try to make that happen, both here and abroad. The commercial applications are numerous and varied and, IMO, have a bigger potential in the long run for WSGI's bottom line.
GLTA.
bank
Ren - that's a great point. I'm happy to see a clearer reality reflected in their statements.
bank
Now the April extension makes sense. Well done.
bank
IJO - what was it about PA that you felt was beneficial? Thanks.
bank
Maybe PA has a problem with crashes in their backyard. :)
bank
I like the Ohio/Indiana partnership idea. Ohio certainly seems a bit cutting edge for an "average" state. Ha.
bank
Plus the soil there is very sandy and light colored.
bank
The pines look exactly like Georgia. My wild speculation is Fort Benning.
bank
Just to further the math part of this conversation, given that heavy data tether is in the ballpark of 20 lbs. per 1000 feet and then you add to that a payload that approaches another 20 lbs., the Bib we know can't handle that kind of weight at 2000 feet. Even a 25 lb. total weight is really pushing it. At 2000 feet however, the line of sight extends to 50 miles. This is certainly an asset in a rural emergency communications environment, especially if it gets you to the nearest cell phone tower as a repeater. Now, at 750 feet, even with a weighty tether, there's still the potential for a very usable under 10 lb. payload for video monitoring, assuming wireless video feed - day or night vision included. A 33.68 mile line of sight at that altitude seems more than adequate for most applications.
bank
From the Aerial Products website:
http://aerialproducts.com/aerial-photography-systems/mid-sized-camera-aerial-photo-systems.html
bank
tsuguy,
My wild speculation would put funding used closer to 1.5 million.
bank
Ren - a discussion I had recently with army personnel gave me a similar example. The currently employed Raven is, comparatively speaking, akin to tunnel vision vs. what the BIB will provide. I am imagining the worldwide Raven count being replaced by BIBs. Ka-ching!
bank
Mad,
"We're" burned out? Forgive "us"? "We're" tired?
I know you're not speaking for me or a boatload of other shareholders that I know.
Let me know when you're ready to sell your shares. Sounds like it may be soon.
bank
Sami, I was also thinking of commercial applications. It just doesn't seem necessary for the hybrid to be that big.
Thanks for all of your research and cogent discussion.
bank
Speaking of miniaturization, I'm really hoping that the company is developing a smaller Argus hybrid. We've sort of dropped the discussion concerning the hybrid on this board and I really feel that the opportunity is huge. Let's just say we could give the envelope the same kevlar attention and we could keep the payload to a reasonable BIB type weight and were able to launch it from the same trailer configuration. Isn't there a real application in the battlefield for a mobile IED sensing, eye in the sky vehicle that could give a broader view due to it's increased elevation and obvious mobility over the BIB? The Army tested the Argus for quite a period of time in AZ and I'm sure they have a handle on its capabilities - apparently enough so that they decided to do business with us. The loitering time and excursion capabilities are advantages, IMO. Just my thoughts, anxious to hear the board's thoughts.
bank
IJO, I appreciate that image for the sake of us shareholders on the board. It's important to remember that in any business the real day to day work is rarely evidenced in a public way. And, it's even more important to know that we have someone working hard for us at every turn. So, thank you for that.
Additionally, I would strongly encourage those with a margin account who are so inclined to short this stock to borrow and sell with every resource you have. Hell, Acumen, why wait? If you really feel we're going to zero, get in while you can. Game on.
:)
bank