Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Morris stole a boatload of technology from LCRE as is obvious: http://www.postjobfree.com/resume/tbud3x/livermore-authorization-json-boards-las-vegas-nv
Using our funded server technology: "Since I did not want to modify Lecere's Ruby on Rails server code, I wrote the Android app to look exactly like a browser hitting the Lecere server. "
Good to know where our money went.
"I have been engaged in the last five years starting a new company in the hospitality industry: Lecere Corporation (www.lecere.com). I was the CEO of Lecere before resigning on 12/31/2011."
He resigned because he spent our money trolling for 20 year old Ukrainian girls instead of running a company with the $1.3M raised at our expense.
looks like the contractors (who weren't living in Ukraine/Barbados burning our money) are up and running: http://www.ulutu.com/
Looking forward to those Q4 2011 and fiscal year 2011 financials: http://www.otcmarkets.com/stock/LCRE/financials
Or at least a press release about anything!
Smart money is on Morris selling this as a shell.
1 year after morris lost the talent the stock is bouncing around 1/100th of that time
1 year after a 10000:1 reverse split (from 0.0001 to 1.00) the stock is bouncing around a penny. effective price is now about $0.000001
1 year ago there were 5 customers
1 year and 600K or so later there are 6 customers
check out the preferred shares he issued over the year. common is worthless
your 'opinion' is worthless too. the math fails
the fact that you even try likely means that your a pumper
give some data or go away
Q3 financials (http://www.otcmarkets.com/stock/LCRE/financials) pretty much the same as Q2.
6K in quarterly revenue and burning 70K a month.
from March 16th:
Smart money is on Morris selling this shell, pocketing the cash, moving on.
I welcome it. Thanks for the ask.
"Leaked"?
"Smoking gun" is more like it.
The "CEO" discloses the truth in this.
He lies in public forums, PRs and SEC documents.
Lecere has lost too many people too much money while the "CEO" has fiddled. Only winners are the 504s and Morris.
This email is the tip of the iceberg.
Not relevant. The full email is in many inboxes.
Point is Morris tries to claim that this forum is all lies. Fact is most of the lies start with his PRs, emails, financial statements.
None of this matters anyway. Just look at how Lecere is doing with him as "CEO." Look at how any company has done with him as "CEO."
500k of "operating expenses" captured one net customer since December.
CEO's email to a forever non-paying customer in trouble. Irrelevant parts redacted.
They haven't even doubled their customers from the 5 in December.
Dead end.
1/2 n 1/2. quote:
---------
CONCLUSION
For the reasons set forth above, Zusman's and the Sussman Shank defendants' motion (#61) for summary judgment is granted as to Morris' claim against those defendants to...
---------
slowly and expensively being whittled away to nothing.
just a few more months of spending your "investment" dollars and the pot 'o gold will appear...
remember that lawsuit morris was always going to win in just a few weeks/months and put the money into the company?
http://law.justia.com/cases/federal/district-courts/oregon/ordce/3:2009cv00620/93251/95
all motions denied including damages
guess what your 'investment' paid for (hint - his legal fees)
pumping.
volume exactly 10K.
joke.
take 5 minutes do hands on research. sw has barely budged since team left 8 months ago. stale.
dead end.
ok. Then they spent 600k getting 2 customers and losing some.
my bad.
I heard the 600k was another loan to pay off sisters 500k loan.
Spent the other 100k getting a customer or 2 while losing some.
hey, the guy has to eat, right? food in barbados is expensive!
whats the proof?
fluff. they host on Engine Yard and there the ones who made it happen. some Lecere monkey might had to push a button though. maybe PR that?
Who cares why?
What's wrong with someone wanting to expose a "CEO" who lies and fleeces shareholders? All the lies and fleecing are public record!
Seems like reason enough. Good to see someone pursing...
interesting but not without telling the terms/valuation. think 10% goes to Stallion.
shareholders meeting increased preferred share count to 2M. that's 50M common!
why should I buy more of this?
> Lecere reported 300K explicitly on their last finicials as of 12/31
they reported -277K of full circle expense. a negative expense is not paying someone.
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=42933
"hope" is great investment strategy.
it's also Morris's management strategy so your in luck!
don't believe everything you read.
around 25 of about 29 504 filings state (line 16) that $0 went to pay Jim.
that's not true. so, the CEO lied in the filings.
my bet is 300K did not go to pay debt.
once a liar always a liar.
can't unlie!
the kool-aid is good!
JIMHO.
Will Mr. Investor Relations be live? Will he be available for questions?
Is anyone really surprised that the CEO doesn't have the chops to stand in a room face to face with investors?
"Leadership."
> who want it to drop to .0006 from where it is now
good idea to undo the reverse split, then - better to be at pre-RS no-bid?
they need to stay post-RS. they're out of money and more 504s are on the way. 504s won't "invest" at pre-RS status quo since it was no-bid (means no suckers to buy their discounted shares).
Morris increased the AS count to 20M post RS so he could do more 504s and more dilution, dilution, dilution, dilution, dilution.
Morris controls the vote, dude. undo of RS ain't gonna happen. needs the 504 money to pay for his Ukraine/Barbados lifestyle. the shareholders meeting is a red herring.
Since November no customer announcements. Since sister's December 500K "investment" no legitimate funders.
best thing that could happen to this company is that Morris leaves and gives the reigns to a business person.
maybe too late anyway - Lecere doesn't even own FIRMS.
> From early October until early December, there was no progress made on the software during the time we ran out of operating cash
This is a lie.
Good to see Morris back in the game making promises and blaming everyone but himself for how things are (shortsellers? VCs? "can't lose money buying at 0.0001").
Leadership.
From what I can piece together from posts on this forum, the explanation seems to be:
Even though the stock was diluted to the point of being stuck in no-bid/0.0001 starting in October...
Even though the contractors weren't paid starting in October...
Even though $1.3M was raised and no one can figure out where it all went...
Even though no accredited investors would put money into the company after October...
...it was Rosebrugh leaving in December that caused all the problems.
JIMHO
Morris has a well documented record of mistruths with us shareholders.
Add most of that letter to the list.
JIMHO
Your comments on Rosebrugh and the dev team seem out of line with the 'executive' position.
From a note Morris sent soon after he left:
> On the positive side,
>
> 1. We have a solid, stable foundation in our FIRMS software. What we have has been done RIGHT, thanks to the excellent team we have had developing FIRMS.
Morris is a self-described 'technology wonk' ( http://www.oregonlive.com/business/index.ssf/2011/01/portland_startup_lecere_sues_i.html ) so he must know what he's talking about.
I, too, wonder why an excellent team would leave like that.
Thank you, again, for the most beneficial of investor relations.
However, it all begs the question of where $1.3M went.
I don't think the dev team was even involved until November 2009. $240K of 504 had already been spent since July. Why a $60K/month cash burn before any product development even started? That's 20% of the funding!
Then an average burn of $90K/month until the well went dry in Oct 2010.
Seems like a lot of money didn't go to product development.
As someone who's now inside the company and has such astute observations about its history maybe you can shed some light on this?
All JIMHO.
If you add up all 504s on file (dating back to July 2009) it's over $1.2M
> However, the software that has been re-developed has much simpler code, is cleaner, more accurate, easier to use and is allowing a much smoother transition into credit card processing.
Great. Morris said that 7000 hours went into FIRMS through December. One part time unnamed developer did all those improvements inside of two months. Quite a find. I hope they can hold onto him/her (unlike that luzar dev team that left). Maybe they paid this developer the $500K?
> Basically it started over in December 2010 after a brief implosion, which it has recovered from.
Great. I look forward to our stock's value growing. I realize that it may be a "long term" play so I've gone ahead and willed it to my grandchildren.
Thanks for all of your insights. Even though you're compensated by the company to 'relate' to us investors, I really do believe what you say and that you have us common folks' interests at heart.
If only we could get rid of all that hard data that seems to make people sad.
> He walked out "only" after Morris asked him to become a co-borrower on the $500k LOC. Not due to Morris' behavior...
Maybe he didn't want to invest in Morris' behavior.
The preferred stock is dubious since it's been arbitrarily issued by the one-man Board of Director of a public company with no corporate legal counsel. And, paying a Vegas attorney for an opinion letter is not corporate counsel.
Given how much money went to development, the team obviously did their job. Customers were up and running - with glowing reviews. You even said that you "love this software." Nothing significant has changed since the team left, so you need to make up your mind - you're confusing us shareholders.
I agree with you that the next wave of money was needed for marketing and sales, though So, where has that $500K gone? I still don't see any marketing or sales!
Sounds pretty smart for the contracted dev team to have moved on from that situation. Strange that the exec leadership hasn't been able to move things forward. I wonder where the $500K and the energy has been spent over the past two months.
Or you could just go to web site and see their pricing:
http://www.lecere.com/firms
under "Pay as you go software..."
> All the negative sentiment seems to be causing the stock value to drop
Yep, and the negative sentiment is because:
- no new customers announced (delivered)
- no new features announced (delivered)
- no dev team announced (built)
- AS increased to 20M (=200B pre-split)
- CEO effectively quadrupled his preferred
- CEO quintupled his voting shares to 40M
Lecere used be quite a PR machine. At least it had that going for it. Silence is never taken as something good. Especially when the stock structure gets ever more anti-common shareholder.
IMO.
...and since the restructure 2 months ago the company has:
- lost more than 1/2 of its value (mkt cap)
- not announced a new customer
- not announced new features
- not announced a development team (only one unnamed contractor working part time)
- has increased the authorized share count to 20M
- has quadrupled the CEO's preferred share count and increased the conversion/voting ratio from 1:20 to 1:25. CEO can now vote at least 40M - twice the AS!
- has probably had no true investor-credible financing (IMO, the $500K LoC is probably not outside money. Good PR though)
- all while probably burning through most of the $500K (based on past behavior)
As with everyone associated with Lecere's product development, Rosebrugh was a contractor. Contractors are pretty smart about not hanging around when things smell. Having contractors working for months without pay while the CEO lives well in the Ukraine/Caribbean instead of being in the US rubbing elbows and building relationships with industry leaders is smelly. All talented contractors moved on.
This emperor lost its cloths August - November, long before the contractors left. No-bid is no-bid. No funding is no funding. No pay is no pay. Absent CEO is absent CEO. All of that lead to the flight of talent. Not the other way around.
Jim's "talent" to 'nail down $1.3M' is clearly reflected in the state of the company and the happiness of the 1400-something shareholders (including me and members of my family).
It's upstanding of you, as head of Investor Relations, to reinforce that point. Thank you.
A history lesson for the chronically uninformed:
- since about Aug 27th LCRE never closed above 0.0002
- since about Oct 26th LCRE never closed above 0.0001
- since the RS the effective price is about 0.00004 (on a good day)
Jim sure has "obviously stepped up."
No news on customers or funding for two months. Just a lawsuit.
"Remaining with the ship" is not a mark of talent or ability. Probably just means that there's nowhere else to go.
IMHO
looks like post-Roseburgh the Board of Director (Morris) quadrupled his own preferred shares and changed the conversion from 1:20 to 1:25.
a one man public company BoD sure is powerful!