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I1012
Move it to $.04 - they'll take your $$$
E Pluribus
You said: "The Dutchess debenture is not really of benefit to VTSI other than it kept them afloat when they otherwise wouldn't have made it. They were a lender of last resort. All it did was stave off the inevitable dilution that this company will need to advance. Borrowing one's way to prosperity seldom works."
Now that sounds familiar been coming from my keyboard for the last few years. Well said - short and concise.
For some reason the cheerleaders don't get it
KP - the $.03 price says it all
"The train left the station years ago...After all is said and done for whatever reason the only guy on this BOARD who consistently had it right was Bylo."
Take care
SF
You said: "What is sad is that you are not familiar with Virtra enough to know that the currently displayed webside is an old copy of their old website file that has accidently replaced the newer version with up to date information."
I was commenting from what other people observed - I guess they aren't familiar with Virtra enough. Sounds like Mickey Mouse to me - you said earlier the site was down because someone was on vacation for the 4th.
Oh that's a company I want to invest thousands in....
http://www.investorshub.com/boards/read_msg.asp?message_id=20967926
SF
You said: "Also add that many employees are probably on vacation this week due to the start of the market's vacation period and there you have it.
Is this a major issue? Probably not. I disagree with you that customers will be spending their July 4th week making a purchase decision based on the company's website. Most likely they are on vacation as well. Does it need to be fixed? Of course, but the sky is not falling as you again have a need to express."
The site has not been updated since 5/06??? Is this a major issue - OF COURSE NOT... The price and volume of shares traded say it all.
My son is a web designer for a local company - out of college for a year. Updating the mgmt page since 5/06 is easy and has nothing to do with server issues and should not be a big deal.
Your blind faith is sad. It's not about me SF - attempt to be just a little bit open minded about this company. You are a dying breed - most all of the others have bailed but I guess you can't see that...
Take care
Unmanned???
SF - L Kelly left 5/06 - 14 months ago and the mgmt page still looks like this. Amazing how you can defend this company. The ultimate apologist. I guess there is nothing the company can do or not do in your eyes as an issue. A company website IS the face of a company - in this day and age it is the first place investors/customers go to check out a company. Zero excuse IMHO.
As I have said many times this is purely dead money - no volume - no interest - just a handful of hopes and dreams.
Management
L. Kelly Jones, chief executive officer
L. Kelly Jones, age 51, had been chief executive officer and a director of GameCom since March of 1997. He currently sits as VirTra System's chief executive officer and chairman of the board of directors. Mr. Jones graduated from the University of Texas in 1978 with a juris doctorate degree, and from Stephen F. Austin State University in 1975 with a bachelor of arts degree. Mr. Jones founded the law firm Jones & Cannon, which provides legal services for VirTra Systems. In July of 1980. Mr. Jones was certified in the area of commercial real estate law by the Texas Board of Legal Specialization in 1984, and was re-certified in 1989, 1994, and 1999. Mr. Jones' areas of practice include corporate, construction, real estate, municipal law, and commercial litigation. Mr. Jones, who is licensed to practice law in the states of Texas and Colorado, served from 1985 through 1989 on the Arlington City Council, and also served on the Stephen F. Austin State University Board of Regents from 1987 through 1993, where he was chairman from 1991 through 1993.
Bob Ferris, president
Bob Ferris, age 33, had been president of the former Ferris Productions since he founded that company in 1993. He attended the US Air Force Academy with a major in management and was selected for neutron beam research as part of the Strategic Defense Initiative. Mr. Ferris received a degree in systems engineering from the University of Arizona and was awarded a research grant from the Honors College to study data visualization in virtual reality. Mr. Ferris has lectured at various trade shows, published articles, developed advanced, high-tech products, and has been referenced as one of the 'grandfathers' of virtual reality. He currently acts as VirTra Systems' president.
Michael Kitchen, vice-president of training and simulation sales
Mr. Kitchen, age 30, is currently vice-president of training and simulation sales. Mr. Kitchen is a proven veteran in the sale of firearm training simulators, with over six years’ experience in the industry. He is a graduate of The University of Colorado, earning a bachelor of arts degree in economics, with an emphasis in international marketing. Mr. Kitchen is responsible for all aspects of VirTra Systems’ regional, national, and international sales campaigns within the situational awareness and judgmental use-of-force training/simulation market. Before joining VirTra Systems, Mr. Kitchen was vice-president of international sales for Interactive Training, Inc. (IES). At IES, he was responsible for developing and managing operational sales plans for the international market, resulting in millions of dollars of new business.
Steven M. Haag, vice-president of investor relations
Steven M. Haag, age 45, currently serves as vice-president of investor realtions for VirTra Systems. Mr. Haag had served as vice president of operations and business development for VirTra Systems since 2000. Mr. Haag received his bachelors degree in psychology, with a minor in organizational behavior, from Webster University in 1993, and his masters degree in education from the University of Missouri – St. Louis in 1995. Mr. Haag previously worked as a direct-marketing project manager/trainer representing AT&T Business Services. Mr. Haag designed and headed two test markets representing AT&T high-speed digital business services and AT&T’s digital subscriber line services. Subsequently, Mr. Haag served as vice president of marketing and sales for Connect Computers, Inc. Mr. Haag is currently involved in investor relations, business development, marketing, promotional, and advertising strategies for VirTra Systems.
Tom Milks, vice-president of advertising and promotional sales
Tom Milks, age 42, is currently vice-president of advertising and promotional sales for VirTra Systems. Mr. Milks is a 19-year veteran in high-tech sales, including significant experience in the virtual reality industry. Mr. Milks was a successful regional sales director for Leicester, England-based Virtuality in the early 90’s, and was later promoted to director of North American operations. Mr. Milks is actively marketing VirTra Systems’ multi-sensory custom virtual reality and 3-D applications for the promotion/advertising industries.
Jerry Long, director of training and simulation sales
Jerry Long, age 55, is currently the military intelligence and law enforcement sales director for VirTra Systems. Mr. Long is a retired United States Army senior counterintelligence agent serving with, and providing support to, many of our elite special operations units. Mr. Long also has over 10 years' law enforcement experience in Northern Virginia where he served as a SWAT team member, firearms instructor, and narcotics interdiction officer. Since his retirement from the military in 1995, Mr. Long has been involved in sales and marketing of new training technologies.
Kimberly Biggs, secretary-treasurer
Kimberly Biggs, age 37, is secretary and treasurer of VirTra Systems. Ms. Biggs graduated from Martin High School in Arlington, Texas in 1984. In 1989, she joined the Arlington law firm of Jones & Cannon, which provides legal services for VirTra Systems, as legal administrator, a position which she holds to this date. As legal administrator for the firm, Ms. Biggs oversees all aspects of the firm's business operations, with particular emphasis upon the firm's accounting, billing, and payables.
SF
You said: "Kelly/Rosebowl used to get very aggravated at some of the bashers on this board when he was CEO. He used to ask me what he could do."
Bashers??? Nah - the voices of reason
Well he could have grown the company and not issue shares like a printing press. As Nicholson said in "A Few Good Men" - you just can't handle the truth....
SF
I checked the chart - I didn't see $.50 - not even a nickel.
Truly is sad when you have stooped to cheerleading and jumping up and down when the price goes up a cent or two.
Read E plurbis's posts - they make alot of sense
A ton of debt coming due this summer.
SF
Dutchess purchases stock or is ISSUED STOCK as payment of the $$$ they give Virta?
Cee-It
I said: "The dfference is this is the unregulated world of the OTCBB, and not a standard bank loan, where naked shorting is commonplace"
My point was if the company could have taken out a standard bank loan - you pay principle and interest - STOP
With Dutchess you get $$$ then issue stock, more stock, and more stock and they sell into the marketplace to recoup their $$$. The there are the convertibles - more stock. And Dutchess shorts the stock as the price goes down and covers to make more $$$. And the cycles repeat - more stock, etc...
Clearer???
Cee It
The dfference is this is the unregulated world of the OTCBB and not a standard bank loan whare naked shorting is commonplace
E Plurbis
You said: "Being hedged as they are, it would not surprise me if their overall returns are north of 25% per year. Nobody earning that kind of return on their money wants to be paid off early! Would you?"
Appreciate the confirmation of what I have been saying for years. The ONLY reason for a company to go to a Dutchess is short term capital needs and hoping for it to be paid off quickly with sales growth leading to positive cash flow. Otherwise it is a huge drain on the company, stock price and capital structure and other fianancing avenues - secondary offering or other more cost effective funding options are not available.
For some reason the few bullish investors are either uninformed, in denial, naive, or just continue their blind allegiance to this issue as the Dutchess overhang is very hard to overcome. Reverse split will happen to attempt to fix the capital structure.
E pluribus unum
You said: "Dutchess is a perfectly hedged. In a rising market, they buy an appreciating stock at a discount from market prices. In a down market, such as we have witnessed for the last fifteen months, they short the stock. If the stock doesn't decline, they cover at a discount. If the stock does decline further, they make even more money."
Two words for you - Thank you - the voice of reason. As I have said repeatedly to deaf ears it seems Dutchess plays both sides - short and long - for them to be a funding source in the most risky of securities - the OTCBB - they cover their A$$.
SF
If you think Dutchess provides funding in the OTCBB and doesn't short to make $$$ you are kidding yourself.
By the way way put a stake in the ground for 9/1/07 and 1/1/07 price estimates.
SF
You said: " Dutchess's tactic of keeping the stock price level while selling into strength."
Wow - your "standard" of strength is interesting - a $.01 rise.
Dutchess will NOT lose $$$ on their funding decision. They play both sides and have a short position as well. They will continue to CONTROL price movement. With the outstanding shares of over 100M for this $1M or so revenue company the upside is VERRY LIMITED. The reverse split is the company's only option to correct the capital structure and the individual investor gets screwed again.
SF
Please provide your prediction of VTSI's price 3 mos (as of 9/1) and 6 mos (as of 1/1) from now?
SF
With all this positive news and purchase orders flowing VTSI's way. Please provide your prediction of VTSI's price 3 mos (as of 9/1) and 6 mos (as of 1/1) from now? Based on their excellent prospects I assume you are a big buyer at this price point?
Bob Ferris
I guess Phoenix is not exactly Silicon Valley
SF
You said: "J. David Rogers became our chief financial officer in February of 2007. Since 2005, he has served as vice-president of corporate finance for CapNet Securities
Corporation, a Houston-based NASD broker/dealer and investment bank."
It's May 2007 - where's David Rogers now?
Cyber
She left with L Kelly when he did long time ago - they were joined at the hip...
Where you been man?
-------------------------------------
Someone said they loaded up today? Yeah right - .022 by .023 mostly sales on 85K in volume
Cubic
Check out their website
http://www.cubic.com./
If you were a buyer who would you send the PO to?
http://finance.yahoo.com/q/ks?s=CUB
On the AMEX under symbol CUB - $850M in revenue
Note 27M shares outstanding
E Pluribis Unum
Welcome aboard!
http://www.investorshub.com/boards/read_msg.asp?message_id=19886748
Like I said "Under that employment agreement General Dalby is entitled to a salary of $150,000 per year, and to receive compensation of $10,000 per quarter while a member of the Board of Directors. That's $190,000 I think"
Doug
Thanks for the clarification. I took issue with Sir Felix's statement "Its nice to see Dalby has a vested interest in the company. Dalby's salary is also fairly low, 2006 was $87,500" and he showed the SEC filing of a contracted compensation of $190,000 next to it.
I questioned it - he got defensive (as usual). So as I stated the $190K # is correct. I am sure he deserves it and earns it.
SF
Are you kidding me???
This is your full post:
"As of March 15, 2007 these are the total shares owned by: Kelly(7M), Ferris(7.8M), Wells(5.5M) and Dalby(4M).
Its nice to see Dalby has a vested interest in the company. Dalby's salary is also fairly low, 2006 was $87,500.
Dalby's salary is performanced based:
"We have an employment agreement with General Dalby which expires in June of 2008. Under that employment agreement General Dalby is entitled to a salary of $150,000 per year, and to receive compensation of $10,000 per quarter while a member of the Board of Directors. Both the salary and the compensation for serving as a director may be paid in stock, cash or stock options. In addition to the salary and director's fees provided for in the agreement, if we report a profitable year of at least $100,000 in net profit, the General is to receive 7.5% of net profit in the form of cash or stock. Further, he is entitled to stock options under which he may purchase up to 2,000,000 shares of our common stock at a price of $0.035 per share upon achievement of the following goals:
500,000 shares if our stock price averages $.10 or higher for one quarter an additional 500,000 shares if the stock price averages $.25 or higher for one quarter an additional 500,000 shares if the stock price averages $.50 or higher for one quarter, and an additional 500,000 shares if the stock price averages $1 or higher for one quarter."
So I guess he has some motivation to see this company succeed
----------------------------------------------------
You claim you posted this "
I said, for the 3rd time, Dalby's 2006 base salary was $87,500. Add in the 2006 options of $5,000 and his total salary was $93,500. Much less then the last CEO.
We don't know the details of the employment salary incentives other then what I posted from the filing. So, its safe to say that we do not know what his salary will be for the fiscal year 2007. The word "entitled" is a subjective one, so I'll wait and see what the 2007 10K has to say about the matter.
---------------------------------------------------
Anyway all is well with the world - the Red Sox are up on the Yankees by 10 1/2 games lol
SF
I don't care how it is paid it is still compensation.
So are you still saying the compensation is $87,500 and not $190,000?
I am not digging anywhere - I read your post and asked a question.
SF
I know I am not the sharpest knife in the drawer and am taking the info purely from your post.
You say Dalby's salary is is "also fairly low, 2006 was $87,500"
Yet within the quotes which I assume is from the filing it says "Under that employment agreement General Dalby is entitled to a salary of $150,000 per year, and to receive compensation of $10,000 per quarter while a member of the Board of Directors."
That's $190,000 I think - does that mean the compensation went from $87,500 to $190,000?
A Startup???
Are you kidding me - reminded me of a previous post from 11/05. I guess you didn't check the capital structures of xrtx or gtsi. Your post is amazing...
http://www.investorshub.com/boards/read_msg.asp?message_id=8551507
Fast Forward to 2008
Business started 1993 "We are just a start up! We are just a start up!"
2004 "We are just a start up! We are just a start up!"
2005 "We are just a start up! We are just a start up!"
2006 "We are just a start up! We are just a start up!"
2007 "We are just a start up! We are just a start up!"
2008 "We are just a start up! We are just a start up!"
Etc
2001 "Company changing deals coming"
2002 "Company changing deals coming"
2003 "Company changing deals coming"
2004 "Company changing deals coming"
2005 "Company changing deals coming"
Etc
Keep the faith as things have never been better
Sound familiar
-------------------------------------------
SF
My share post was share info and capital structure history of the company. Had zero to do with Dalby.
You said: "Dalby has not issued one share of the 400M authorized increase"
Of course he has - the previous authorized share # was 100M - they were runinng up against the 100M which is why they needed the 400M - remember the debate of 200M vs 400M
With 102M shares outstanding as of 4/27 they have used some of the 400M and will continue to...
Ceres
Wow - he actually said "any company should not be labeled "profitable" until they are debt free"
Amazing - like you said no company would be considered profitable. Debt is a good thing when used as leverage and you make more than your borrowing costs
Sbc
Well said - reasonable
SF
The General - my $.002 worth
Pros
He is a leader of men! No reason why he can't run this company based on his background - connections and contacts within the defense industry. Brings much to the party IMO in this area in possible sales.
Cons
Little or no financial background - wayyy over his head in that area and is now acting CFO??? Had to dismiss the prior CFO. The company does not have the $$$ to hire a quality financial person IMO
You said: "General Dalby said he was committed to ridding the company of any debt obligations BEFORE using the funds for any in-house expenses, like R&D"
This is one HUGE endeavor based on the balance sheet but commendable
1012
It's the market makers again - keep the order open it will get filled. My guess is the problem on some days the stock is so thinly traded there is no one else out there...trading volume todsay as of 11:40 - ZERO shares traded.
At these prices the stock is definitely on sale.
Question 1012 - do you still think the IRS issue has been resolved?
Good luck
SF
I don't quite understand your reply...
Are you saying the revenue will be $5M or the Net Income for the year?
If the company has net income of $5M for 2007 they IMHO will need revenue of $25 to $30M to generate it.
I think you are saying the Revenue will be $5M and they will be profitable. Correct?
Time will tell
SF
Ok you put a stake in the ground based on your understanding of the prospects and "VTSI business plan". I am sure CEO/CFO Dalby is doing detailed company monthly projections.
What will the revenue #'s be for fiscal year ending 12/31?
Will the company make a profit on the expected sales?
SF
Pure history - doesn't matter whose watch - the current share count is 102M. What is the picture today? What do you think it will be by 12/07 - 120M?
At the end of the day you have a million dollar or so a year revenue company with 102M shares outstanding.
Click on many a company for the capital structure and revenue to see what well managed companies are like. When VTSI's was 32M share count that was ok but now out of control
In order for this company to have an EPS for the year of $.05 they need to earn $5.1M - NET INCOME. Any chance of that happening any time soon?
Examples - GTSI 10M shares out - $850M in sales - XRTX 29M shares out $1B in sales
SF
You said: "negatively spinning every little detail of news" -
Huh? - negatively spinning would be if a company was doing well and the price of a company's stock was going up and in denial of the all the great things going on. Who is the one in denial?
In this case the SEC filings are THE TRUTH and the track record of the price of the stock - I guess different people come to their own conclusions from THE FACTS.
http://finance.yahoo.com/q/bc?s=VTSI.OB&t=5y&l=on&z=m&q=l&c=
The chart speaks for itself from $.40 to $.03 since 1/05 - how is that spin?
SF
Can you for a moment read the full SEC filing - the world of VTSI is pretty bleak. Not sure if you have taken finance 101 but IMHO the losses, negative cash flow and non payment of debts and taxes cannot continue forever.
You asked me to comment on this "When one considers that we already have 1.5 million dollars in firm purchase orders yet to be booked, six-plus million dollars in active bids, potential large multi-million dollar project awards from our partnerships with certain prime defense contractors, and several prospective international clients with imminent large orders, all in advance of the fall 'high-season,' I remain confident 2007 will experience unprecedented growth," Major General Dalby concluded."
No mention of profitability or positive cash flow from the CFO - yes General Dalby is the CFO as well. Soooo more stock sales...and at $.03 that's alot of shares.
My comment on the statement - L Kelly Jones made that statement and ones more promising every quarter for years - "company changing deals" - none came to fruition. What makes you think they will this time??? 6 RFP's - the close rate hasn't been very good.
With negative net worth company owes $$$ if dissolved.
Pessimisstic - NO - REALISTIC
Remember this post from 11/05 and my suggestion to take $$$ off the table when the stock hit $.20
http://www.investorshub.com/boards/read_msg.asp?message_id=8517170
Good luck - sell this dog before you end up with nothing at all
The full SEC filing
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001332489-07-000013&Type=HTML
A few events from the quarter:
As of March 31, 2007, the Company had $891,823 accrued for various payroll tax liabilities. In May 2006, the Company received notices from the IRS of tax liens that have been filed related to these accrued amounts, and in April, 2007 the Company received further notices of intent to levy by the Internal Revenue Service.
In February, 2007 the Company entered into an agreement with Charter Capital Partners, LLC to repay $184,100 in amounts that had been advanced by other companies during the course of 2006. As of April 30 2007 the Company was in default on this note to the extent of approximately $107,000.
In the first quarter of 2006, a judgment was entered against the Company in a lawsuit brought on by one of the leaseholders, Edward Slagle. As part of the agreement, the plaintiff agreed to wait one year for payment. The Company has not yet been able to pay, and in February, 2007 the Company received notice from the plaintiff’s lawyer that the plaintiff intends to enforce the judgment. The amount owed is approximately $90,000 and has been accrued for on the books.
On April 27, 2007 the Chief Executive Officer dismissed J. David Rogers, the Company’s Chief Financial Officer. General Dalby assumed the dual role of CEO and CFO. As of May 10, 2007, no accountant had yet been hired or contracted.
The stock printing press is working overtime
Dilution Dilution Dilution
Outstanding shares:
12/31/01 32,931,842
12/31/02 37,331,448
12/31/03 48,568,628
12/31/04 60,438,152
3/1/05 60,859,064
4/27/07 102,257,599 !!!!!!!!
SF
Sounds like you are in wayyyy over your head and all the previous believers have left.... Greg left - even Domen doesn't post anymore... even Tarheel that taught everyone about PO financing...
$239K in total revenue for 3 mos - not good
GOOD luck and take care