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Correct.
They deliver 100k of product.Claim as revenue.
They invoice for 100k due in 30 days.
Collect the cash.
In 30 days deliver another batch.
Rinse/repeat.
I dont see anything about consigment.
Just false info being put out.
Thanks Wrench.
Revenue has zero to do with collected cash.
For example:
they could have 5m in contracts booked for 2017
they could have delivered 1.7m in product for 2017=revenue
they could have collected 500k in 2017
How many otc stocks are we figuring out net earnings or P/E ratio for? Onci isnt judged on the same metrics as GE right.
Its revenue based valuation
Its market size for products - For example if the product only worked on 18 wheeler odb connections then the potential market is tiny compared to every car on the road. How many people drive and have Apple or android phones - thats pretty good market potential.
Leadership execution - needs work here on counting chickens before they hatch but he is doing ok on the sales side and distribution agreements - though it would be nice to know if minimums are in those agreements.
Who knows maybe Q1 is bringing in enough cash to negotiate and settle delaware and get the audit done - Possible.
Could use the 3rd one on that list...
To add revenue recognition takes or can take place when the product/service is delivered.
For these monthly deals. They deliver 100k they can recognize 100k. Invoicing and collecting cash is totally separate. And for a business in this stage revenue is king. Of course not downplaying the need to collect.
That sums it up...
imo if he would have never mentioned mazars or audit or 1/31. The fins that were released would have move the stock up just fine.
Really. He said audited on 1/31 in tweet. Wrench posted the tweet 400 times. No audited fins = lie.
It was better that he delivered the letter explaining instead of twitter rant only. Twitter rant was pointles - he should have just sat back and ate his humble pie on this one.
Point is he could have avoided the mess if he would have never mentioned audit until he was sure it was well on track. Then dropped it to all as a pleasant surprise. This tactic would have done more for pps.
Imo he needs to deliver deals/events to public when he is sure it is done. And if he thinks something is so important to share with public then it is important to follow up - though not required.
He is asking all of us shareholders to help pay his companies debt. And he will build the company through sales. We all should win.
And we will if he learns from his mistakes an executes the sales and the ceo stuff better.
Berd You were completely wrong.....about excuse for audit coming weeks/days ahead of 1/31. Lol.
Hate to request an annoying Berd post. But go ahead and give a "only steve can fix this" post.
I like the odds of landing at least one of those.
I agree...
Im rooting for the pps but this post has some holes.
People perceive what actually happened. He said 1/31 and choked.
Maybe get to 5-10m of recognized revenue for fiscal 2018 for contracts we know about that some have estimated around 25m. Contracts and recognized revenue are not the same.
A 1.2m contract signed on Jan 1st (first day of onci year Nov 1st). 100k of units delivered on Feb 1st. Feb 1st 100k recognized. If lucky 900k of that contract would be recognized for the year. This is generally what one would expect to happen. Obviously it would be different if SB pr'd the whole order to be delivered.
From the prs for ones he has provided the deal date and first delivery you can guestimate how much of those contracts could be recognized for onci 2018. If his pr'd info is accurate, true, etc.
Where did the 100m number come from?
Not trying to argue but seems a little off.
On the big name potential deals they can take a long long time. If Cogosense is coding updates and providing updated units for testing this can all take time before a deal is even discussed.
Now if the above is happening. Steve doesnt have to let us know.
But since he did let us know about meetings, updates required, etc. If he thought it was important to let us know then he needs to realize it is also important to keep us updated and take it upon himself to have a cadence for updates, whatever that cadence may be.
Same with the audited fins. If he thought it was important to disclose initially and double down with tweet confirming 1/31. Then he should have provided updates. If he never said anything about audit ever. We would be in a better place with pps.
He needs to wise up and the lashing out on twitter adds to the mess instead of cleaning up. Shareholders got bent over here - he is lashing put like he is the one that got bent over.
I suspect many as I are still here but resigned that this can go either way from here.
Cheerleading for the CEO is silly at this point until he earns it. No need to bash either cuz CEO took care of that piece as well.
Product, patents and deals are most likely legit but CEO has work to do to to gain confidence so folks jump back in for a flip or stay long.
Does it matter to him?
Thats the question. Does it matter that his credibility took a hit. Does he realize why and that he needs to step up or will it be to lash out on twitter when his mess is pointed out.
In his position when he gives dates that = a promise to the world.
He would be much better off underpromising or keeping mouth shut until the item is fully ready for the public.
I still think there is enough that can be verified, patents, etc. He just needs to execute on little stuff like when something will be done.
Updates on old stuff would be nice as well. Ford, Bmw, San Antonio.
Dont think he is outright lying as much as just not executing and updating effectively.
Glad your not selling. Nor am I.
But I suspect some are not satisfied and will sell. And if so it will be due to current CEOs mistakes on the small stuff.
There is still plenty in the cupboard to be optimistic about with product and sales.
Plans for moving forward are attractive.
CEO just cant execute the small stuff effectively. Which is now a proven known quanity...until he learns and gets better.
Im hopeful a pr with the fins will be released and catch some new eyes to keep pps stable while oustanding items get done.
You are presuming that letter will have a positive effect on investor confidence.
The letter wont hurt and had to be sent but it will fall on many deaf ears.
Meaningless....should have informed ahead of today.
Dear Steve,
Thanks for bending us over this afternoon.
Hope you have some lube to apply quickly....if you have any.
Or its gonna hurt in the morning.
Numbers look great but now muted by YOUR mess.
Quickly...find the lube...instead of twitter spats.
Maybe your press release tomorrow boasting the numbers will find some new $$$. But those that will be leaving will most likely offset new buyers.
You have been called a lier all afternoon. What are you going to do about that....we will be waiting for a response.
Bingo!
Post of the day....so far.
31st is the 31st.
31st is the 31st until 11:59pm.
When did SB say fins would be released....31st.
Did he give a specific time...nope. But he did give a date...the 31st which according to my clock still plenty of time left.
Complaining about something that hasnt reached a deadline is annoying and moronic.
May have to wait all day. Then kaboom tomorrow and next week. Patience...
Should have gone well since distracted driving is an issue for them and hopefully a priority:
https://www.uber.com/newsroom/how-to-avoid-distractions-on-the-road/
https://www.uber.com/info/safety-tips-for-drivers/
http://www.yourohiolegalhelp.com/wrongful-death-lawsuit-filed-uber-lyft-distracted-driving-claim4075/
https://www.google.com/amp/s/venturebeat.com/2017/08/23/uber-has-reportedly-been-sued-at-least-433-times-in-2017/amp/
This is all about expectations and more so understanding of the company with the info we have.
EOY is 10/31. So obviously any bookings close to or after that date wouldnt be reflected in the 2017 numbers.
If growth rate stays on track from q3 to q4. jackpot.
Q1 should be amazing as well.
On CC Steve mentioned range of 20-30 per unit. Not sure if that was to make the widget only or widget, packaging and other costs.
This is a lie.
Show the coomunication from the ceo that stated the audited fins were completed and he would release them prior to the 31st.
Correct.
More like trying to get more at these levels.
Shouldnt be "working" from a phone and driving at tje same time right?
Does your multiple reflect the anticipated growth rate?
At this stage I think 5x is a little light.
If we go from 1.5-2m 2017 to 10-15m for 2018 as anticipated then I disagree with 5x revs. High growth rate=short term premium multiple.
Try 20-40x...
And OS after reduction and debt payment could affect the overall story.
Just my opinion.
.03 quickly then climb to .25 by 2/1/2019.
little jumps with contracts and big jumps with each quarterly.
Bigger the contract bigger the jump.
That only takes in to account one app of one leg. lot of unknowns that could accelerate.
imo
Sweet delicious predictable, repeatable, growing revenue.
Nuff said.
And great work putting everthing together.
If he would have added to the PR...oh btw audited fins are on track and will be put out on time on 1/31...the explosion would have started today.
2.8m revs announced just this week of which at least half will be for 2018. Nice!!!!
Keep stacking revs Mr. Berman.
Cant wait to see 2017 fins.
You have seen Berman say fins will be out on 1/31/2018 and it didnt happen????Didnt think so.
Cant understand how someone can bitch and complain so much about something that has not even happened yet.
Again Berdie. Just helpful advice to simmer you down. Wolf of Wall street lunch scene - Take Mchonahays advice....up the frequency.
Stinky scam, stinky scam....we hear you but nobody is actually listening.
8 trading days left and still nothing saying fins will not be on time....only you who has no clue of what is happening.
Mr Berman, Good job this week sir. PR the big stuff and tweet the little stuff. This week is an example of a nice cadence that investors would appreciate moving forward.
PR a big ass deal.
Tweet about Capoli going to car show, meeting with fly, etc.
Once details are confirmed PR them as well...Capoli will be at the show on these days, times, booth #, etc. Facebook campaign will start on x date and another contract. Can never PR too many contract signings - red meat.
If your reading...it would be nice to get a PR regarding the audited fins will be out on time which is a big accomplishment, part of the strategy to uplist, etc. Mazars has been a wonderful partner, yada, yada. Any other updates on old catalysts like car companies, name change wouldn't hurt either.
Gotcha Tropic.
25m in contracts all goes in the sane pot.
Yeah would have more sizzle if Ford signed but revs are revs. You are correct for sure.
Right.
From top of head BMW wanted 7 languages of which some were done. Ford and/or Chrysler wanted additional car info related to service presented to user via our app.
Updates on these would be nice.
San Antonio and Ford Fleet pilot projects could use update as well.
Hopefully Steve is going to blitz with updates before and after fins.
Coz, Great of you to point out to everyone the forsight and patent value of the product.
The first automaker to market with driverless could be the first automaker put out of business by litigation. Accidents will no longer be the fault of a driver or company...accodents will be the fault of the tech. Going to be a long time before driverless is mainstream. If ever.
Just to clarify...we have not heard that BMW, Ford and enterprise are off the table. We have heard that they have asked for product enhancements to fit their needs. Those enhancements are in progress.
Oh boy...need justice department now.
Bad enough all the folks in on this onci conspiracy. Now Nissan has fabricated Garden City being a top volume dealer to fit Bermans narrative. Who will be sucked into the conspiracy next? How can we go on?
Bashers are straight up loco today. They know time for cheapies is expiring.
Go ONCI!
New contract for 1.6m with Garden City is pretty phucking transparent...no?
Oh...Garden City Nissan is now in on the conspiracy along with Gunther, Ford Fleet, Capoli, Lemoine, Assurant, Peter Einsein, Colorado SOS, etc.