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As I've said before, the attorney letter and the "current status" will carry MUCH more weight when they get their financials audited.
Yes, this is a huge step in the right direction, but many people who are looking to truly "invest" in a company (this company is definitely investment-worthy) want to see that they are maintaining good practices in the books and aren't cooking or being negligent with the numbers.
I think everyone realizes that the process of getting audited can be a long and/or expensive process. And I don't think anyone will deny that information on F3 is out there, if they want it. However, getting audited does two things: 1) it provides some credibility to the company in showing that the books are being well-kept and are accurate, and 2) by accomplishing #1, it allows the company and its investors to have more confidence and an even stronger foothold going forward. I think there's more rewards to it than just "getting the information out there." Plus, it's going to be a necessary step in order to start up-listing - a process I would hope the company has their sights set on.
As for the second point, I am by no means arguing that this company is working hard and diligently in trying to get new customers, new types of businesses, etc. The disappointing point is the lack of quality PRs, lack of information pertaining to these new deals, and lack of insight as to what can be expected from these new deals in terms of future revenues, etc. As has been pointed out on this board on a number of occasions, the company seems to be doing an alright job getting the marketing rolling on ICS; however, there is a lot left to be desired in their PRs.
Finally, as an engineer and programmer myself, I am well aware of the delays that can be encountered when programming and trying to get things out the door. However, with the fast moving technology environment - this company HAS to get something out there while it's still so innovative and catchy. Sure, there's going to be errors and things to work on at some point...but if that's the case, then they shouldn't have led us on about it being released so much earlier (this could possibly even go back to the PR thing).
I too still think this company can do a LOT of good things over the coming year(s). However, they need to make some critical steps to better their image with the shareholders and potential investors.
Developing and marketing software is one way of adding value to the company. But they've also got to be cognizant of how their stock is trading on the market. I know a couple of them have very large stakes in F3, so they want it to go up too, but they've got to do the little things (or hire someone to do them) that will maintain shareholders interest and be a good liaison to the public. The price going up and down doesn't matter too terribly much now...but it puts holders and the company in a much more precarious position when you look at it in terms of possible raising of capital, converting notes, etc.
Han, I think the frustration that Ags2003 is referring to is probably shared by many holders and/or potential investors.
While the company has indeed been expanding their product lines and getting new business, there are still a lot of open issues:
- Why hasn't the company cleared it's "limited information" tag on pinksheets.com? They promised to do this months ago, and there has been no follow through. It's not a huge deal to some people, but it's a red flag to a lot of others.
- There has been little to no "meat" in many of their PRs. Few of them mention how many units the new organization has, what level of ICS they are using, and some of the expected revenues from some of these new deals.
- Ascend (and Fargotube, to some extent) is WAY behind schedule. I remember reading about that being the big money maker and it was supposed to be out to the market early in the Fall.
Those are just some of the main issues that stick out to me. I'm sure there are others that are behind some of the comments of some posters on this board.
While I would like to think there are people here that haven't sold a single share, I think it's an awfully naive approach to think that some of the holders with big money/holdings (relatively) aren't pushing it around for their own personal gain.
I still don't buy into this whole "MM playing games" approach everyday. I'm not saying it doesn't happen, but I would be willing to bet you've got people pushing it around as much, if not more often, then MMs playing games. It's a perfect scenario for it...low float and huge spread.
Good morning all. It's been a while since I posted, but I've been reading the board almost daily. I'm still holding my shares (which are small in number compared to many on here), and I still think this company will continue to grow and progress especially over the next year.
Like many on here, I am eagerly waiting to see the financial statement of the company. I don't expect huge things yet, but I do expect significant progress. It will also be a very nice indicator on whether or not F3 will need to raise funds at the beginning of the year.
While it doesn't affect my stance on the company, I think F3 needs to follow up on their promise to clear the "Limited Information" tag associated with Pink Sheets. I'm sure it isn't cheap to get everything audited, but I think it will make a bold statement to current and future investors. Perhaps it will be resolved when the new financial statement is released?
I also really like the progress and evolution that ICS has been experiencing, but I am really looking forward to seeing them push Ascend and Fargotube. I was under the understanding this would've happened a few months ago...but hopefully soon.
Looking forward to good things this month and next year! GLTA and thanks to everyone that has contributed time and sweat to the due diligence items!
You are absolutely correct. I got things mixed up in my head. That's why I'm an engineer, not an accountant. :)
Agree completely.
I was completely reassured by everything in the e-mail.
1) Can't fault the CEO for taking a salary.
2) Convertible notes are nothing out of the ordinary for ANY company. Should they choose to pay them in cash, they're worth less than what the company has ALREADY made...not to mention what they WILL be making. If they choose to let them be converted to stock, then it's a relatively VERY small portion...and would easily be absorbed into the market within a couple days.
3) I LOVE LOVE LOVE the part saying the net income wasn't due to the sale of stock. It points to one thing and one thing only - REVENUE.
4) The goodwill part completely makes sense. While it'll continue to depreciate, the assets and income of the company will quickly make it insignificant!
A HUGE part from my previous post:
"The sale of stock in your own company is never revenue and therefore does not contribute to net income. "
This leads one to believe the $73K or so that was listed as net income on the revenue sheet was strictly from product sales. And that was before the beginning of the big sales push.
In short, This company is due for some major revenue explosion!
Responses from the company regarding clarification of items in the financial statement filing on pinksheets.com:
XXXXX,
I forwarded your message to our accountant and here is what he has to say.
1) The Deferred compensation is the $90k for Frank for last year.
2) The outstanding notes at June 30 are shown below:
Barclays $7500
Mach 3 $9000
Mach 4 $10000
Mach 5 $10000
Mach 6 $6000
Mach 7 $3750
Mach 8 $3750
Perlinda Enterprises $7500
3) The sale of stock increases cash and equity. In the case of F3, some of the stock was issued in exchange for Notes (debt), some was issued to pay Frank, and some was issued in a private placement (for cash).
The sale of stock in your own company is never revenue and therefore does not contribute to net income.
4) Often, when an acquisition of a company takes place, Goodwill is created. It is valued by the purchase price of the company minus the fair market value of the assets acquired with the company. When F3 acquired American Uranium it did not get any tangible assets with the purchase and F3 agreed to assume liability for the three $60k notes outstanding. Hence the value of goodwill was $180,000 minus the fair value of the assets received (zero). The goodwill is amortized or written off over 60 months on the books, which reduces the earnings per share. It is not deductible for tax purposes.
It was posted (or at least received by pink sheets) on July 28, 2009.
I can't help but think they are trying to get into the habit of regular financial reporting to set themselves up for a future uplisting...
For what it's worth, I have e-mailed Jim hoping he can clarify the meaning and origin for some of the items discussed in the financial report.
I will keep the board posted as to any responses I receive!
If I remember correctly, these two notes are the main ones that had been paid off (and discussed in my most recent post):
Convertible Notes were issued to Machiavelli, LLC on:
December 14, 2007 $4,000
January 18, 2008 $6,000
It's also worth noting these tidbits from the annual report:
(i)On July 20, 2007, the Company issued 3,000,000 shares of its common stock to three separate, qualified and accredited investors pursuant to Regulation D of the Securities Act of 1933, as amended. The shares were issued at $0.01.
(ii)In February 2009, the Company issued 1,818,181 and 2,727,272 shares of its common stock to one accredited investor pursuant to a conversion notice for the notes due on December 14, 2008 and January 18, 2009 respectively. The shares were issued pursuant to a conversion notice under Rule 144. The shares were issued at $0.0022.
While I believe most of these shares were probably released back into the market, we just have to remember that there's a good number of people that got a lot of shares REALLY cheap. So while there might be selling going on, it's not within our judgement to say what price those sellers could've got in at.
That being said, the business model and the progress over the next few months are going to put this balance sheet permanently in the black and the PPS will right itself in due time.
Patience is a virtue... :)
So, upon reviewing the financial statement, a couple points of discussion:
1) It is great to see that they still have some cash (as they should) to last them the rest of the year.
2) Is it safe to assume this "Deferred Compensation" is in reference to Paul Campbell?
3) The 57,500 in convertible notes presumably includes the following notes from their annual report:
Issued to Machiavelli, LLC
Issued Date Amount Term
(i) February 25, 2008 $10,000 1 Year (noted in annual report that this still remained a liability)
(ii) March 15, 2008 $10,000 1 Year
(iii) May 21, 2008 $10,000 1 Year
(iv) July 1, 2008 $6,000 1 Year
(v) February 26, 2009 $3,750 1 Year
Note Issued to Jahoco, LLC
(i)February $3750 1 Year
Perhaps I overlooked something, but I can't track down where the other 14,000 in convertible notes is coming from.
4) I'm assuming the "Net Income" takes into account the sale of the stock?
5) What goes into the "Goodwill" category?
6) It's good to see a zeroed out balance sheet going forward, no legacy notes, etc. Should really help the company move ahead.
It wasn't in a PR. It was in personal communication vant had with the company.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=39503887
If I remember correctly, they already have. I think it was 1 million restricted shares at the signing of his employment, and another 1 million restricted shares later.
It shows he also has HUGE faith in this company.
Still showing 404...
My Etrade shows 404,899 as well. But I haven't noticed any "ups and downs" the few times I've checked in on it. Seems like it's gone fairly steady...
I sure hope we're not at 0.03 at the end of August!! :)
I can't wait to see what next week is going to bring, especially with that twitter update yesterday!
Sorry it's been so quiet lately from Twitter. We're busy cranking out a lot of new system updates and sales initiatives. MUCH more soon...
http://twitter.com/f3technologies
Beautiful bid support. I'll repeat my notion earlier that I would love to see us completely break through 0.06 today and have the bid rest at or above it going into the weekend!
That, coupled with everything coming up in August, would be HUGE for this stock and this company.
People who are getting in now are VERY VERY smart!
0.06 print!
To all new investors: be sure to check out the stickied posts and all of the great DD that has been accumulated by many posters. There is a lot of great information, and you'll QUICKLY see why so many people are excited about this company and the direction it's headed.
Also, don't forget to add this board as one of your favorites. As the boardmarks go up, your money goes up. :)
She's wound up TIGHT...0.059 x 0.0599...would love to break and rest above the 0.06 resistance EOD!
Tweet tweet tweet!!!!
"Sorry it's been so quiet lately from Twitter. We're busy cranking out a lot of new system updates and sales initiatives. MUCH more soon..." about 1 hour ago from web
Glad to hear they're pushing along at an intense pace, as always!
Good to see you again Pastor Phil!
Thanks for the link on the shorting interest. I'm in this stock for the long haul, but our recent lulls and dips have been caused by lack of volume and buying pressure (many people sitting on or below the bid rather than buying at the ask), and not by shorting, and (to an extent) not as much by MM manipulation as just some large holders wanting out. Heck, they're probably guys that got in penny or sub-penny, and are cashing out a very nice profit. Can't blame them at all.
I think this company will *eventually* hit its proper PPS, but we have no way of knowing what that value is until we get hard numbers. With this being a pink sheet stock, we might not get that until early next year when they release their next annual report.
That being said, this company is strong fundamentally, and is a great investment for long holders. I think we all WANT to believe it's already worth more than what it's current PPS is, but to date we don't have anything in writing to confirm that.
And for the record, I sincerely believe in this company, and I think they will get revenues that will make us all happy. I've INVESTED on future earnings, and feel that I will be happily rewarded in the long run.
GLTA!
AON = All or Nothing...either you buy/sell all of the shares at once, or you don't get any at all.
OR it means that there are MORE than 11,000 shares there that have also been set to AON...
And we're off! 44K at the ask already!
WOW! Great job Han! That's fantastic that you were able to spread the word to such a possible gold mine.
At the minimum, I think your reward will be reflected in the share price!
The word is getting out. This is the type of software that can snowball across the country.
And that's still not even discussing Ascend, which is supposed to be the BIG money maker here.
Man, this company is gearing up for some AMAZING things in the near and long term
Did the 0.065 move up? Or disappear completely?
Back to 0.065x0.068. Power hour starting off nice!
I see we're getting a nice little bounce...looking good
It will! Always good to see you ff
Would like to see us push past the volume of yesterday and finish big and green...
If we somehow finished with around a million in volume, and up around 0.075-0.08, then the chart would be almost PERFECT for a HUGE run...
FTCH looking great for the afternoon...close to breaking through the upper BB and taking off.
This company is making HUGE waves on its sales front and the PPS will not be trading at these levels anymore very soon
FTCH looking great for the afternoon...close to breaking through the upper BB and taking off
Very nice...and yes, this is VERY healthy movement upwards