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Correct - The Motion was made on the 7th..
The latest actions were through the court on the 13th...
Trial Tomorrow.
It sounds to me like Waldroop Turned her portion over to the courts while Weitzel refused to do so - not sure if the money was eventually brought in or if that would only happen after a decision has been made. Being that Weitzel was told not to deposit the money via his lawyer - that suggests to me the money is recoverable.
Let the trial commence, we shall see soon enough.
Getting $1M back would boost the shareholders equity by that much - which puts our book value at .01 - at that point I would even be happy with a 50/50 split of the funds... would put us at .005 - back above where we were prior to this mess.
exactly.
Trial Date tomorrow Morning
Here we go - First and biggest part of good news coming up.
Couldn't have come any sooner.
NON-JURY
SETTING ON MOTION TO DISBURSE INTERPLEAD
FUNDS AND FOR SEVERANCE AND ENTRY OF
FINAL JUDGMENT OF DISCHARGE
COURT: 109 TRIAL DATE & TIME: 11/22/2013 8:30AM
Agreed...
The company has had a significant set back and said they want to prove themselves through fins and then give us a 0 rev quarter - not a great plan... even as revs come in and the court case is settled - they are still going to have to give us some positive news to turn the share price around.
If you want to talk numbers - Shareholder equity was halved this past quarter - and the price at the last Q filings was around .0015 - so book value wise the company is at about .0007 (based on our positive cash balance a.k.a. shareholder equity)- around where we were hitting prior to the filings. Considering Revs were halted the past quarter and are set to resume - we already have a number of contracts that were stated will be on the next quarter... that .0007 should be a bottom figure for us and should rise from there. However I don't think book value is enough to hold selling pressure at bay - if it's to rise from here we need continued support from the company. I don't think we will see much news until Jan.
I said Cash Balance not cash flow.
In our case the retained earnings come from our free cash.
Also remember this company has a positive cash balance... they didn't use any amount they didn't have in the bank. The company is debt free.
Sounded to me like Revs should pick-up going into the year end and 4th Quarter.
From everything I've seen it sounds like the court case should be reaching a conclusion soon.
At the very least - expenses are being cut - working hours going up
Takeaways:
plans to expand our current capabilities into revenue sectors that are not dependent on federal budgets. Nearly 100% of our historic and present revenues are derived from federal agencies or departments.
- Not sure if this has to do with our disabled veteran status or not... can't hurt anything though. From what I saw, their future plans seem like low cost operations... IT support, Data Warehousing, etc. I guess it remains to be seen what the potential revs on those might be - but the bottom line numbers should look good.
We had a conference call with representatives
from Honeywell on the 7th of November to discuss future collaboration on contracts and bids. Overall, the conversation was
very positive and our points of contact within Honeywell expressed a strong desire to continue the relationship between Honeywell/EVRM.
- Honeywell still looks to be in good standings with a constant revenue stream for us.
The expansion into other services is intended to be in both the private and public sector as part of our efforts to diversify our sources of revenue.
We resumed ATG and AFHE work in August of this year and look forward to building revenues throughout the rest of the year through continued bidding and potential collaboration with private sector companies. These revenues and receivables will be reflected in the 4th Quarter of 2013 financial reporting.
- 4th Quarter revs should be healthier now that the court case is winding down.
According to the financial statements that were presented to the Board of Directors of The Evermedia Group by STS management, a combined $900K+ in cash was paid to Weitzel and, former Corporate Secretary and STS Accountant, Patricia Waldroop. The initial discovery was made in March of 2013 during a routine review of the Company’s financial statements. After further investigation, we noted several more unauthorized charges made by Mr.Weitzel, totaling in the six-figure range,beyond the initial $900K+ discovery.
The entire second quarter was dedicated to investigative and legal efforts. During this process, which continued into the third quarter, the Company contacted every STS customer, vendor and known associates to explain the situation and to secure a continuance of business relationships.
In addition to maintaining all but one business partner, the Company paid all verified outstanding invoices in full, collected all outstanding receivables and began reviewing our financial statements since inception. We hired an interim CFO to assist us with the financial matter and spent several months to appropriately adjust the financial records of STS.
Though we have a high level of confidence in reporting our financial statements since we have taken over responsibility of them, we still require a full vetting.
Moving forward, we have implemented some front office changes to reduce costs. The headquarters’ staff has taken voluntary pay cuts, ranging from 15-50% and have increased individual weekly hours to meet our ever-increasing workload. Salaries for field personnel have remained unchanged. Beginning in December, we will be reducing our over all office expenses by nearly 60%
A detailed Plan of Operations is forthcoming. A conference call is scheduled for January 2014 to share the details of our plan with our shareholders.
My wish was answered.
As they promised - they have informed us of what is actually going on in conjunction with Fins. The Fins were what I saw foreshadowed - a soft bottom line figure - didn't expect all of our revs to drop out - but sounds like the court case has taken all our resources for the better part of 2 quarters. Although I definitely get the sense things are nearly behind us... CFO finished his assignment, revs will be resuming next quarter, new rev potential paths.
The only thing I would still like to know is shareholder structure... I will try and reach out to find some clarity as I've not gotten any...
Looks like none of the jobs made it on this quarter...
I suppose this might explain the convertible debentures we heard about earlier...
"We are very proud
of what we have accomplished thus far: continuing to win task orders,generating revenue, remaining debt free (excluding convertible debentures), continuing our efforts to recover damages through our lawsuit, and still devoting a significant amount of time to new business development."
Looks to me like whomever has taken over has been paid in convertible debentures
Take away for me being Top-line figures should be fine, bottom-line figures will be softer. yeah?
You beat me to it - exactly (interim is temporary)
Either The guy didn't want a long term deal for personal reasons or JS was looking for a more permanent partner but still needed to get those filings done... they're done - they're simply moving along with their plans (that we are in the dark on)
Nothing alarming to me
Departure of interim CFO - Might explain the Selling pressure lately.
Filings Will be on 19th
Due to changes in personnel
L2 Looking Thin
Selling pressure is running out.
How I understand it is the money was deposited with comerica bank
and the money at stake was returned to the courts - Comerica bank asked to be dismissed from the rest of the case (which is the 1st part of the case) and now the courts can determine who gets what (the second and final part of the case)... appears like the decision will be made fairly soon - the harder parts of the case are behind us IMO. It looks like this case is progressing with each step taking about a month - might here something by early Dec.
While Richard may not be on the BOD anymore - he's still an insider - as he was CEO and knew info about the company others didn't and the fact that he owns over 10% of the company's equity securities.
We could see a deal though where a plan for him to sell shares in the open market could surface - where it would be made public and then the shares could be sold on the open market under those terms.
- that seems like a quite plausible option - probably more realistic than the others - wouldn't require the company or JS to buy or retire the shares.
Kind of hard to be a Director of a company when they have a restraining order against you...
If shares are repurchased there are 2 options
A) The company buys them back to be issued later or placed on the open market - obviously this jeapordizes the 52% unless someone with the status can fill Richards place - doesn't seem to me that would be to hard to find - but I agree - I would asume JS would just assume full control - the only reason he split control in the first place was to gain STS - no sense in dividing power now unless theres a similar deal again.
B) shares are retired - meaning they have no value and represent no ownership - thus Nobody of the status needs to own those shares - it'd be similar structure to when Richard owned them - just that JS would have a much higher percentage of the company than he did prior- the rest of the insiders also would - but it wouldn't make that big of an impact - I suspect many of us hold about as much as some of those minor insiders. It sounds about right to me that JS would have to purchase some more - but the majority could then be retired and canceled. Thats whats good for JS/Evermedia - and all the rest of us... one can only hope.
I understand that Richards shares have to be dealt with some how
To me there just doesn't seem to be many options...
A) Richards shares would be retired to maintain 52% for status
B) Richard is terminated as CEO - would only make sense he would then sell off his stake in the company - however JS/Evermedia would have to buy those shares back in order to maintain 52% - doesn't seem likely to me as that should have steady buying support - which clearly has not happened.
C) Evermedia teams up with another partner or finds someone to fill Richards Role - and somehow make a transfer of ownership.
Not sure what other options there could be but lets look at option A.. If Richards shares were to be retired - they would be retired upon his termination and thus would have already happened - the court case wouldn't change ownership - just who gets what money from the bonus he took - right?
B.. If Richard sells shares in the open market per the rules of insiders selling... I would imaginge it would still be noticeable in the trading sessions - to me - I don't see any buying support - we haven't had a floor or support since before this fiasco.
C.. Really is the only option I can think of where the court case would make any difference - as the value of the shares that would need to be transfered would have to have some agreed upon value to them.
With that being said - any one of those 3 options should be a positive for the company - even if the money isn't clawed back - just the conclusion of the case should ultimately result in a positive direction for the company.
At any rate - shareholders should be updated with something regarding the share structure - I'd like to know what my investment is - what person in their right mind would invest in a stock without know the structure of it.. From the disclosures all I get is the company doesn't foresee any changes ... well thats not exactly true - because something HAS to change.
Anyone with regular contact even ask about this? From all the letters you all have gotten back I've seen nothing about the share structure - has anyone asked about it?
anyways, we should have at least some idea of our financial situation soon since JS has taken over - hoping for some good news.
extreme?
Our share price has gone from .005 to .003 then to .002 and sub .001 now - each step taking about a month... by my reasonable math we have a few weeks until my investment was all for not as shares will be worthless... that's what I consider extreme.
I understand the whole idea of companies issuing shares - they are just raising capital - and as every pinksheeter out there the price will continue to drop until its worthless - the same as our dollar - one day that too will be worthless. The idea was not for us to get a return - its for them to raise some capital. Us investors are not there main source of revenue - its just business.
I understand what could potentially happen - but as anyone whos been invested here for the past 6 months or more knows - nothing has moved positively in that direction - in fact it's gone the other way - the lawsuit put us over the edge - even if we get a favorable decision - the share price will be .0001 - and like all other companies that hit that level - the price just sits there - and even if it does release news - the only people that would benefit are those that buy in at that price and that price only... averaging down is useless - there's no floor.
Explain to me how the court case could alter the share structure.
As of right now Richard is no longer part of the company - he was relieved from his job - in doing so his holdings go with it - even if Richard wins the court case - he doesn't have a job - he just has his bonus. Either outcome he's not part of the company going forward.
I don't understand how the pending case will change our share structure any at this point... Richard is already gone... this has already been dealt with then am I right? Share price has already cracked - beyond the point of no return - we were already on the edge before Richards debacle - that ruined this co. for good. At the current rate - shares will be all but worthless in a month and a half.
JS has stated he didn't need to make PR's - just has to show the actions with Revs - if we don't have revs to be proud of this quarter - good riddance.
Anybody know how share-structure will or has played out since Richard is out of the mix? That was a significant part of our structure it'd be nice to have a little clarity on it.
When are Quarter Fins Expected?
Anyone know?
Interpleader enables the stakeholder to turn the controversy over to a court and to be dismissed from the legal action. It is designed to eliminate multiple lawsuits over the same stake and to protect the stakeholder from actual or potential multiple liability. Typically, interpleader will involve corporate Securities or proceeds from insurance policies.
The stakeholder initiates an interpleader by filing an action that states that he or she has no claim to the money or property in controversy, and does not know to which claimant it should be lawfully delivered.
I Am Still Here As Well With A Solid Position... Just Laying Low Until This Develops.
Anyways...
Also Look At The Accumulation/Distribution
- I've Never Seen A Company With Nothing But Accumulation, Even As The PPS Trends Downward...
- Just Goes To Prove This Company Is Anti-Dilutional.
Promises or not... the company is making solid revenue with-out toxic debt... that alone makes this worth more than it's current value.
market orders vs limit orders
This was at .005 before our last 2 fins...
even that is not much of a stretch from here
this has been held down a long time.
Nice Day... good news all around
Happy Thanksgiving Everyone
EVRM Nice Financials.
Broke out of upper range, ADX finally flipped over... looking good.
That day last week that the pps jumped around like 10 times in the day - even on low volume... looked like someone was testing the waters if you ask me... they let it run a bit... thinking we'll see more of that - looking at our charts - that day looked like another day we bottomed before - and the 2 straight quarters of solid growth will be nice support for those doubters.
Feeling a whole lot better about my buying of shares on the way down the last month. Let justice prevail.
Beautiful day - no news even - nice squeeze before fins...that are expected to be similar to last quarter... hopefully they prove that right- it would set up for a nice run I think.
Just curious... has anyone noticed the talk surrounding Stanley Inc. and the video that was just released called the "Innocence of Muslims." Which is supposedly the film that caused the uprising and attack of the US embassy in Libya on Sept. 11 2012.
Just found it kind of interesting...
Ha, thanks
How about fins?
When is the End of the Quarter?
The company also dropped a year of their audit midway through the process to start a more current year... could be the case again - I doubt they would release an outdated audit without having a current one to go with it - that would defeat the whole purpose.
Once the 200 MA is broken,
we break multiple different upper channels and it will run hard.
we get solid support in the mid .003'2 and you can forget about sub penny. We are already holding low 3's with more and more interest growing here.
don't forget details and audit is still coming.