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.
How nice to see green again!
I think in this case it's pretty clear. I suggested that the company sponsor a shareholder conference call to give shareholders equal access to information, allow them(us) to ask questions, and hopefully give shareholders some peace of mind that things are still heading in the right direction for the company.
Based on his response, it seems as if he's open to the idea. Whether it actually happens is yet to be seen. I think that could be an easy way to calm some nerves and I hope they make it happen.
Snippet from a response I received last night (I suggested hosting a conf call)
employee reviews?
Somebody is going to have a very bad mid-year review this year! ha ha
Sorry...just trying to bring a little humor to this bad situation.
Are you that upset about literally a paper loss of $240.00??????
Thank you for posting this. I have a couple thoughts and questions.
1. Many of us have said for years that company is good at the science and bad at business - so no surprise with some of Mark's comments and reactions. They clearly need help.
2. What stands out to me in your response is this line - "He said the difference in properly accounting for sales vs payments in full for one quarter was roughly 50 million dollars. " I know it's Mark saying this but did you get the sense that he was remotely telling the truth? That's a huge number.
3. There are a boatload of companies (big names like Deloitte and a lot of others) that offer contract CFO services. Why the hell they don't engage one of these companies is beyond me. Bring in people who do this for a living to help them right the ship.
Probably wishful thinking but is it possible that the company experienced this rapid growth in the last year and they are simply overwhelmed/beyond their capabilities? Don't get me wrong, I am not excusing any of their behavior or missteps - they f'd up big time.
Agreed - I am just as pissed off about this situation as anyone else. Mark is playing with people's money and this latest miss was the last straw for many. There is such anger towards him now as we can see here and in the Twitter comments. The company needs to make it right but this can be a good opportunity to get in at discounted prices.
I'm sure it happens but I've never subscribed to the "bashers are trying to get cheap shares" school of thought. I think people are truly angry and want Mark and the company to pay for it!
I've been in the stock since 2009! I have to disagree with your retail base comment. I think many people, myself included, built up multi-million share positions for very little money back when it was trading in the .000's.
Again just my opinion but I think the share price rise over the past couple of months was based largely on speculation of traders that the company would actually release financials as promised (and reiterated numerous times). It created a bit of a frenzy. When the company disappointed (again!), people started running for the hills.
Time will tell who's right.
My personal take on it is that there are/were many shareholders that were holding multi-million share positions that were panic selling in large lots either intentionally or through stop loss transactions as the price collapsed. Believe several posters here mentioned that happened to them.
I also checked with the TA and beyond the restricted share increase, everything else remained the same.
Thank you for sharing. Looking forward to reading more tomorrow.
Hi Alyssa - I was referring to the treatment of some on iHub (myself included) who have shared opposing views at times and have been ridiculed or worse. I have had personal information (luckily in most cases not even me) posted here and lots of private message threats to expose me.
I'm not interested in getting back into that debate - I have a long history here and have posted positive commentary when warranted and negative also when warranted in my opinion. I think of myself as pretty balanced overall although some may disagree. I'm hardly in the same category as some of the relentless naysayers.
I'm still here because I still think the company can do great things and we seem to be on the cusp of finding out. I'm not going anywhere until we do.
Good luck.
Excellent post WebSlinger - I've been a "victim" of most of what you describe which is one of the reasons I took a leave of absence from iHub. Most people only hear what they want to hear unfortunately. Hope today is a little better day than yesterday!
I stop posting for 6 months and I come back to this mess - ha ha. In truth I have been keeping up with all the drama but just decided to not post because it's pointless arguing back and forth when neither side can prove anything.....not at least until we can see financials. It's better for my sanity too.
That being said, I am not surprised that the Q1 deadline was missed. I have emails from Mark, as others here do, reiterating the Q1 guidance and an email from this weekend. I am pissed but not panicked.
I must say though what the most shocking thing I have read today isn't the dumb Tweets rather it's the increase in Restricted shares. This really bothers me and want to know more. I have an email from Amy Merrill at Standard Registrar showing this as well. In fairness to Arrayit, I think Mark's previous comments about share structure have been to questions about a reverse split. I know mine were - I didn't ask him if they planned on issuing any more shares. I simply asked if a reverse split was in the cards.
This is pure speculation but part of me thinks that the increase in shares could somehow be related to settling the Taub lawsuit. I could be completely off base here but could it be possible and they are just tying up some final administrative/legal loose ends???? Perhaps financials were delayed as a result. I can't think of any other logical reason for the delay.
It's hard to explain - main document is 25 pages. It's Renee's response so it's easy to read and understand (don't mean that as a knock against her, just that it's plain English and not full of legalese).
It's worth the $5.50 I think.
I'll leave you with this quote from an email she recieved:
Curious if anyone has read the new filing - I have and it's quite interesting on many fronts. Highly recommend it.
Mine too but I think it can be up much much more. I’m sorry but no company is perfect and I will use my rights as a shareholder of a public company to express my concerns where I feel the need. Some here may think that’s counter intuitive but if Arrayit truly wants to make it to the nasdaq then they need to put their big boy pants on and act like one.
There's a lot odd around here - ha ha.
My guess for where financials stand is this:
RRBB has completed the audit and have blessed the company's financials.
Bill Sklar, former CFO and now financial consultant to Arrayit is preparing the SEC filings.
A prominent poster on this Board has indicated that Sklar has been in fact tasked with completing the filings as of a few weeks ago to my recollection.
Once he is done, they will be submitted to the SEC through EDGAR and will appear the day they are submitted.
Pure guess but as good as any other theory posted here. So maybe Monday, maybe after Taub lawsuit, who the heck knows.
That's exactly my thought as well. I believe in the company and if they succeed in turning themselves around it will be in spite of what's posted here not because of it. 90% of what is posted here is so fraught with red flags it's become laughable.
Share price drops big time? "Awesome, grab those cheapies!"
Looking through anything but rose colored glasses? - "Your DD must suck" or "Go visit the company"
An audit that takes a year and a half? - "this is no simple audit" or "the company is at the mercy of the auditors"
It's all just so disingenuous and transparent.
And what's the point? Don't think one needs to have visited the company to understand what constitutes a well-written and impactful press release.
The proof is in the pudding as they say....most of the press releases have been met with a ho-hum response in the market.
Of course that's perfectly fine if you are a believer that PR's aren't meant to drive the PPS.
I'm not looking to get into a pissing contest with you or anyone else on this board but that response as become too predictable.
Several others have expressed their opinions about the PR's. I happen to agree with them that they have little impact. Read that paragraph - that's just plain ridiculous IMO.
I disagree with the notion that more communication is better. I would rather see fewer communications of high caliber (both content and format) than more of the same old regurgitated news.
ha ha - that was all copy and paste from their actual PR. The only thing I added was the shipment part from the last PR. Literally every subsequent PR would just add on to that long a$$ sentence!
I don't know what the first paragraph of Monday's PR will be but I think the second paragraph will sound pretty close to this:
So the company actually went to one of the conferences that they were invited to this week :) Does anyone on this board know what was presented and in what forum? I looked at the agenda linked in the Tweet but didn't Arrayit listed. I know there were networking breaks so maybe they had a booth? If so, that's the type of thing they should be posting on Twitter and Instagram in my opinion.
?
@arrayit
Arrayit CLIA clinical team presents finger stick testing technology at the top medical networking conference Telehealth Secrets October 2-4 2018 in Silicon Valley California USA featuring new revenue models in the lucrative high-growth telemedicine markets https://vsee.com/conference/
Not only that but those shares were purchased in May (Q2) not Q3. Not minimizing the purchase, it's just kind of old news.
Plus I don't think that Jason Nielsen is the professor everyone thinks he is.
If you are referring to the below, he's not necessarily referring to THIS coming Monday.....at least by my reading.
On Tue, Oct 2, 2018 at 9:38 PM Mark Schena <mark@arrayit.com> wrote:
Dear J, The timing of the 10-Ks press release will be determined by the completion date, so it will be either in place of or in addition to the Monday PRs. Thanks, Mark
Our posts must have crossed. I'm actually glad to see them Tweet that.
Arrayit Corporation
?
@arrayit
14m14 minutes ago
More
Arrayit web team updates the investor conference calls, letter to shareholders and SEC filings web pages to reflect the newly updated fall of 2018 estimate for our auditors to complete the financial audit. Thanks for being patient everyone! http://arrayit.com/Microarray_Investor/Conference_Calls/conference_calls.html …
I agree with that, however, should it take 2 1/2 months to ship a product to what arguably is your most important client? The purchase order/contract was signed July 9th! Not nitpicking. Just an observation.
I just don't see this as newsworthy - if they must post something do it on Twitter with all the other shipments :)
Agreed. Just because the company got into this PR every 2 weeks pattern it doesn't mean they have to keep it going if there's nothing newsworthy to report. Some people posted here that they're surprised the share price hasn't moved up. I'm honestly surprised (and happy) that it didn't move down!
Is there anyone on this board that honestly wasn't a tad bit disappointed when they saw that release? I feel especially bad for the folks on the west coast that may have stayed up/got up early in order to see it. All for what.........a damn "we shipped a product that someone bought" release?
I get that it's the FDA but we knew that in July.
For the true long timers (shareholders for 2-3 years +), we have lived through many broken promises. I sense that there are a lot of newer shareholders that have only been around for a year or so maybe they will be more forgiving IF the company disappoints again.
But I agree.....we need financials.
True enough. Hoping this time is different. Clock is ticking to find out
If I may offer a slight edit:
The PR SHOULD be about the audit release.
Whether financials are released or not!
It's premature to call it a problem, but it was a deadline that was self-imposed. All the frenzy/anticipation was created by the company and it needs to be addressed regardless if financials released or not IMO
Think I'm still owed shares from the stock dividend :)
Well unfortunately that chant/mantra didn't deliver for the USMNT - couldn't even qualify for the World Cup! Need more than belief :)
Sorry - couldn't resist. I'm a big soccer fan and used to coach myself.
I wonder if it's kind of like an EBay auction. Lot's of people watching but no one wanting to make the first move then we'll see a flurry of buying come 3:45 pm on Friday before the close.
Or.......maybe not. Ha ha
First of all , thank you very much for all the information. I appreciate it very much.
I’ll be the killjoy. Was there anything you saw or heard that raised any red flags or concerns? It’s ok if not. Just looking for a balanced view.
I’ll address the predictable replies. Yes....I know I can visit the company on my own. :)
Thanks again for visiting and sharing your experience.
So serious. I made a light hearted comment about expansion since I’m east coast based. Geez.
What if Apple opens a second headquarters like Amazon. Will they then? Haha