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>> Anyone have any idea why they keep diluting now unnecessarily
Because Rory knows that things are only going to get worse.
Why not issue shares at 7 cents vs. issuing shares a post-RS price of 3 cents?
The dummies over on the other board are absolutely clueless.
One states:
SPOOZ supposedly owns the 510 Hamilton property and we know that the past due property taxes on that property are more than $ 200k and yet the balance sheet doesn't show that liability.
It's almost as though someone pulled numbers out of thin air and put them onto an OTC disclosure.
Imagine that.
In the 10-Q, the word(s) TikTok are mentioned 107 times.
A most entertaining part of the report:
This listing shows that there are no units available. So all units rented out?
https://www.apartments.com/510-hamilton-somerset-nj/cxfq84f/
There have been plenty of stories in the WSJ about companies that bought up apartment complexes during the years of ultra low interest rates that are now finding themselves with negative cash flow because those mortgages had adjustable rates that are now much higher. Some real estate companies are walking away and turning the projects over to the bank.
To make matters worse, in some markets apartment supply has outstripped demand which means softness in the rental rates.
I'm not aware of any area in NJ where rents have come down, though.
I don't know why larger revenue would make a difference to the market cap of VERB. This is NASDAQ, not the OTC. The quarterly loss is still going to be massive.
In addition, at some point VERB should write down the entire amount they dumped into the development of the Market.live platform. It's dead at this point. As of the end of 2023 the company had those capitalized software development costs on the books for around $ 4 million. They've been amortizing that (taking a charge against earnings) of about $250 per quarter leaving a balance of around $3.7 millon on the balance sheet.
Their auditors should force them to write off that asset in its entirety because, barring any evidence to the contrary, it's worthless.
I don't understand why they even bother. The company still hasn't filed its 10-K for 2023. That was due in April. They are delinquent on the 1st quarter of 2024 financials as well.
Over the last 20+ years Mark has taken the company for many millions. There is no more money for him to take. The well is dry.
He should find the decency to dissolve the company and be done with this charade.
But it's Mark, so decency is not something he is capable of.
The way I have Informed Delivery I don't have to login. The system just sends me an email showing the pictures of each item.
The revenue recognition is going to be interesting.
When things were sold through the Market platform, VERB did not take ownership of the items being sold. The only revenue they booked were the commissions from the sales of items sold by the 3rd party sellers.
Now cometh TikTok where it would appear that the two twenty-somethings are selling crap that, at least in come cases, they purchased from Temu. If it's accurate that VERB owns that inventory (which opens up a whole other area of uncertainty) then the full amount of the sales of those products could be thrown into the revenue line of the income statement, partially offset by the cost of goods and then wildly whacked by the tens of thousands in SG&A expenses each and every day.
So it will indeed be a flood of red ink, but the revenue could be a lot more than we've seen in prior quarters because their business model has changed.
Again.
Do you have USPS Informed Delivery, which sends you a daily email with scans of the mail pieces you are scheduled to receive that day?
It's far from perfect, but I pick up my mail once or twice a week because, as you say, most of it goes straight into the trash. With Informed Delivery I know when something important will be arriving that day.
On August 5 a payment of about $ 20k was made against the past due property taxes on the 510 Hamilton Street property. Almost $25k is still owed for the 4th quarter of 2023 and the full amount of property tax for the 1st, 2nd and 3rd quarters of 2024 are now past due.
The property owner (whoever that may be) is drowning.
Source: https://wipp.edmundsassoc.com/Wipp/?wippid=1808&modFilter=TU#taxPage24681
I'd love to see what that hair looks like if he got tossed into any body of water.
The statement was "adults duty to care for children" so not just parents. Society.
And yet:
Expand Medicaid to care for children in poor households? Red States: F 'em
Provide breakfast and lunch to all school children so they are guaranteed at least two meals a day? Red States: F 'em
States were offered $ 120 each summer to distribute to families of school age children to provide meals that they would ordinarily get during the school year. Oklahoma, Iowa, Nebraska (red states all): Nah, let 'em starve. Source: https://www.publicradiotulsa.org/local-regional/2024-01-04/oklahoma-declines-to-participate-in-federal-summer-food-program-for-children
I have a customer where the two top managers are Christopher and Christine, but each prefers to be called "Chris."
To keep things clear, in our office we refer to them as "Boy Chris" and "Girl Chris."
Had another customer where the top guy was named Tom and his subordinate was named Jerry.
Did you watch "The Waltons" starring Michael Learned?
I see that she's been married 4 times. None of her husbands were named "Michael." That would have been confusing.
https://en.wikipedia.org/wiki/Michael_Learned
Such low energy.
He knows he is going to prison.
His base will vote for him no matter what. But he needs a significant number of undecideds and independents to win in November. Who is their cotton picking mind would listen to this grievance whining and lie filled rant and say to themselves: "You know, I wasn't sure who I was going to vote for in November, but TFG has convinced me that he's the better choice."
I'm all in for him to have these press conferences. At least 3 a week, please.
I'm surprised the Representative didn't push back on the Doctor's response.
I'm sure that Bobo or MTG would have.
1:120,000 is child's play.
One company I've been following has a cumulative (since 2008) RS ratio of
1: 4,875,000,000,000
And the current price is 0.000001 (on the expert market). 3 top managers draw 300k+ salaries.
I ordered one just now. Used coupon code "JANICE" to get $5 off.
It's due here on Monday. Thanks!
In between cooking up some tasty Korean BBQ, John Park is finalizing a cure for cancer! He is donating the results of his research to all SPOOZ shareholders because he's just that kind of guy.
Exactly. Rory is drawing almost $ 1 million out of the company every year. Now he's travelling the world on the company's dime.
Rory has fashioned himself to be some sort of tech startup guru. His continuing relationship with VERB puts that aura into question.
But $1 million a year softens that blow a bit.
Rumor has it that Josh met Kamala in a hotel suite and he couldn't keep his eyes off the sofa. KH could not take a chance that there was going to be something weird leak out about JS.
And then a new generation of bagholders will bail out the old bagholders.
A financially savvy but amoral approach.
It's Rory we're talking about, right?
He would have failed selling ice cream, too.
Property tax includes a municipal portion (which incorporates local and regional school taxes) and a county portion.
Typically the municipality passes their budget first which establishes the municipal tax rate. Then the County passes their budget which establishes the County rate.
The municipality sends out bills that includes both amounts. When the muni receives payment it passes a portion to the County.
The method of reassessment can vary from one town to the next. In my area they normally do it every 10 years or so. They send someone to each and every property in town and check to see if there were any substantial changes made to the property, particularly those where a permit was not pulled. A permit for a major project (an addition, installation of a pool, etc.) typically kicks off an automatic increase in the assessed value. Some towns do a rolling re-assessment where they break up the town into, say, 4 sections and do a re-assessment of one section every 2 years.
It's expensive to hire a firm to visit every property in town so many avoid doing it. The Counties are wise to this and therefore I guess they just assume a general increase in value across every property in the County regardless of the town's own assessment.
The town does not typically foreclose on a property. As I noted in my earlier post, the municipality sells the debt to a 3rd party. That 3rd party pays the back taxes and interest. That 3rd party then goes after the property owner to collect. And if they don't collect for 2 years then the 3rd party begins the foreclosure process.
I don't know what payments are required to stave off a tax sale. If I get time I will ask my expert and will report back.
At a minimum the tax rate has almost certainly gone up. Every municipality is being squeezed by increased costs. Wages typically go up by 2 to 3% every year. Health insurance costs went up, IIRC, about 30% on the State Benefits plan in New Jersey. All of those costs factor into the municipal budget and they calculate the rate based on the amount they are going to spend.
Rory is probably pleading with TikTok to buy Verb. Anyone who knows anything about China realizes that if they want to "use" someone else's technology they reverse engineer it and incorporate it into their own products.
In other words, they steal it. That's assuming that Verb has anything of value which is entirely unclear.
I'm sure he flew first class and is staying in a top tier hotel. Because an executive of a company that does $ 30,000 per year in revenue has to travel in style and comfort.
Half credit, KAM.
The bottom of the screen shot shows that the last payment was made on July 29, 2024. What I failed to notice previously is that there is still an unpaid balance for the 4th quarter of 2023 which is why is still shows as "OPEN."
When a payment is made, the tax payer cannot designate how they want that payment to be applied. It automatically gets applied to any unpaid interest first. NJ municipalities have the option to charge an additional 6% penalty on tax amounts that have accrued interest due of $ 10,000 or more as of year end. That may be why there is an amount in the Adj Billed column for that 4th quarter, although I'm not certain.
The July 29 payment was applied against interest due as of that date for ALL of the past due tax amounts (through the 2nd quarter of 2024.) More of the payment was applied against the year end penalty.
And then the remaining amount of the payment went against the 4th quarter 2023 taxes. The $ 42,120.68 past due amount for that period continues to accumulate interest daily at the rates I cited (18% on the bulk).
There is a process by which the municipality sells its interest (no pun intended) in the open balance in a tax sale. The process is a bit complicated. More info here: https://www.njlm.org/DocumentCenter/View/8541/Tax-Sale-101
Essentially the debt to the municipality is sold to a third party bidder who then makes payment to the town to clear up the debt. The debt purchaser then can file a lien against the property. If that lien remains for two years they can foreclose.
The owners of 510 Hamilton are probably trying to make payments sufficient to prevent their property from being included in a tax sale. It's like the old spinning plates act, though. Eventually a plate may hit the floor and the act comes to an end.
IMO, anyone with options is not going to let a debt accrue interest at an 18% interest rate.
Surf: the info you posted is out of date. Here is the most recent, which reflects a payment that was made on July 29, 2024.
The payment that was due on May 1, 2024 has not been made so interest continues to accumulate at the rate of 8% per annum on the first $ 1,500 and $ 18% per annum on any amount over $ 1.500.
A payment was due on August 1, 2024. There is a statutory 10 day grace period but if the amount is not paid by the 10th day, the interest is calculated starting on the day after the original due date, so August 2.
He is also insisting on a live audience so his fans can hoot and holler.
Rory's compensation was just shy of $1 million last year.
Of course they have to dilute just to pay the 3 top dogs.
Meanwhile the chicas who appear on the TikTok channel are probably making $ 100 a day. At most.
Interesting response to my post.
Rory is busy interviewing new people for the Sheriff's position.
Because, you see, the tanking stock price is a result of people saying bad things about the company. It has nothing to do with the fact that the company has $ 40k+ per day in overhead and is bringing in a few hundred dollars a day in gross margin on the crapola they sell on TikTok.
It's mental illness, Janice.
Clearly.
Well, yeah a liar, but that's a given every time he has a thought or says a word.
TFG's point was that, as he has said so many times, "I ALONE CAN FIX IT."
And yet, Biden and his team fixes it, and then TFG goes onto his two-bit Twitter clone and rants about how it must have been a bad deal to get the prisoners released.