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The USPTO treats exclusive licenses and assignments differently.
Here's what the USPTO says.
Eyetalk365 breaches agreement by not paying REVO royalties
REVO can cancel the agreement if Eyetalk365 defaults, by not paying royalties when due.
Eyetalk365 can cancel the agreement if it's not generating income.
These are standard provisions in agreements of this sort. They allow the parties to walk away from an agreement that isn't generating enough cash to be worthwhile.
Not quite correct IPO$
The assignment/license provides, in effect, that Eyetalk365 pays all costs.
That is consistent with Eyetalk365 being owner of the patents, and taking over the REVO business.
REVO gets 40% of any royalties received by Eyetalk365, as a gross amount.
The relatively high royalty reflects the fact that Eyetalk365 'paid' peanuts ($900k) for the patents.
The problem for REVO is that the SEC doesn't believe that Eyetalk365 paid $900k. And REVO cannot prove that $900k was ever received.
So, a fictional $900k was used to syphon 60% of all potential income from REVO shareholders to Eyetalk365.
The likelihood, IF REVO receives any royalties, is that most of that income will be used to meet directors expenses and interest owed to Rainco.
It's worth noting that nobody knows who owns Eyetalk365.
Did you know REVO was assignee from Carter?
Carter assigned the patents to REVO.
REVO can only terminate if Eyetalk breaches contract.
The USPTO shows Eyetalk365 as owner of the patents, because 'termination for breach' is a standard contract term.
Eyetalk365 owns the patents for so long as they pay any royalties which may become due.
REVO assigned all of their security patents, IPOS$.
The patents assigned are identified by USPTO
Source: http://assignment.uspto.gov/#/assignment?id=36386-715&q=7193644
Eyetalk365 owns these patents for the remainder of their life, provided roalties are paid to REVO, when due.
The assignment/licensing agreement provides that Eyetalk365 is responsible for protecting and developing the patents. The practical effect is to transfer the entire, existing, business of REVO to Eyetalk365.
REVO is left holding an entitlement to a royalty percentage from the owner of the patents.
USPTO says patents were assigned in September 2014,IPO$.
USPTO shows the assignment of patents by REVO to Eyetalk365 was effective from September 16 2014.
Source: http://assignment.uspto.gov/#/search?q=7193644&sort=patAssignorEarliestExDate%20desc&synonyms=false
SEC shows the Licensing Agreement was amended on September 16 2014. It was the amended licensing agreement which made the assignment effective.
Source: https://www.sec.gov/Archives/edgar/data/1320767/000137647415000029/revo_ex10z10.htm
The problem is 'Honest' Ron's statements are unreliable.
REVO directors have admitted that their statements and accounts have been unreliable for many years.
Exclusive patent rights were assigned to Eyetalk365.
It was the assignment of those rights to Eyetalk365 which enable that company to take court actions in their own name, and without adding REVO as a party to the infringement suits.
REVO directors will keep shareholders' money, with impunity.
REVO hasn't filed court cases or made settlements.
REVO assigned control over the patents to Eyetalk365, leaving REVO with no say in licensing negotiations.
REO is not banished to grey for ever...just until it gets delisted by the SEC.
It's just a matter of time before the SEC delists REVO for failing to file accounts.
Shareholders will see trades in an already illiquid stock become virtually non-existent, and pps fall even further.
REVO is dead, and supporting posts are absurd.
REVO has been dead since the SEC hammered it with the trading suspension.
Excuses made for the absentee directors have gone from ridiculous, through desperate to absurd.
Sad, but true.
Shareholders don't get dividends when companies hide income.
As REVO directors refuse to tell shareholders what income (if any) is being received from Eyetalk365 it is very unlikely that they'll issue any cash dividend to shareholders.
Let's wait and see.
The auditors' name change reflects changed control
There's nothing sinister in the auditors change of name in 2014/15.
The Bongiovannis effectively transferred their practice to Tracy Luo in 2013/2014.
The firm name was changed to L&L in 2014, when Tracy Luo became Managing Partner.
None of this had anything to do with REVO.
Source: https://rasr.pcaobus.org/Firms/FirmSummaryPublic.aspx?FirmID=239A147DD166E20D63A4177E0553D0A2
You looked up the wrong firm. Unimpressive research.
Solid points, showing why there'll be no 211.
REVO directors will not make a 211 filing.
They have no auditor. They have no MM. And they don't want to come clean on the reasons this stock was suspended.
This stock will stay grey, until the SEC delists it for non reporting.
The PCAOB oversees auditors to protect investors.
The SEC suspended REVO trading to protect investors.
The suspension was not to protect REVO directors from an incompetent accountant.
The gullibility of some is hard to fathom.
Anyone who believes that REVO directors knew nothing of what was in their accounts is very gullible.
Only the gullible would accept the REVO claim that "the auditors are to blame".
Failing to identify fraud may make the auditor a poor gatekeeper. But the fact remains that it was the directors who made the misleading, and fraudulent, statements.
REVO directors will not submit 211 documentation, Lantern.
The chances of REVO directors going through the 211 process are slim, to none...
If the directors had an ounce of integrity between them, it wouldn't take long to have an auditor correct the 'minor' accounting errors and file the amended accounts with the SEC.
The 211 filing could follow, in due course.
...by the way, slim just left town!
REVO directors knew their accounts were unreliable.
The false accounting presented by REVO was highlighted on this bulletin board long before the SEC came calling.
REVO directors read this bulletin board. They knew what the issues were.
We know that REVO directors discussed those issues with supporters of the stock, because posts were placed on this bulletin board to defend the directors against those accusations of false accounting.
And videos, featuring Solomon Ali, were issued in attempts to reassure investors on the points raised by this board.
So how believable is it that a competent, or honest, CEO did discuss the accounting issues with the accountants before authorizing and issuing assurances to shareholders and investors?
Was 'Honest' Ron, scammed by his trusted advisors?
The claim is that 'Honest' Ron was an honest man surrounded by scam artists.
The auditors took fees, and filed misleading REVO accounts.
Claude McDougal sold REVO debt, illegally, and ran a Ponzi scheme. Solomon Ali used REVO to sell toxic funding through Rainco.
But, it is hard to believe that a competent CEO did not realize what was going on until the SEC came calling.
How believable is it that a competent CEO, who signed all SEC filings, did not know, or understand, what was in them?
REVO defence is that their auditor was fooled.
In setting out the responsibilities of an auditor the Court did not absolve lying, cheating clients from blame.
It is crystal clear that whenever an auditor fails to disclose fraud it is the client that committed the fraud.
The crystal clear conclusion is that REVO shareholders have been scammed by their directors and ill-served by their auditors.
FINRA 211 isn't required, to keep shareholders informed.
No FINRA 211 filing is required for Eyetalk365 to bring infringement suits or receive patent royalties on behalf of REVO.
No FINRA 211 filing is required for REVO to produce accounts and make SEC filings.
So, why are REVO directors keeping their shareholders in the dark?
Directors said they'd keep shareholders informed. They lied.
REVO directors said they'd keep shareholders informed on progress in resolving issues with the SEC.
They have said nothing.
Sometimes it can be smart to say one thing and do another. This isn't one of those times.
Either REVO directors lied about their intentions. Again. Or they have no progress to report.
Here's how to syphon funds through Eyetalk365, Lantern.
Carter and Ali have already shown how to use Eyetalk365 as a syphon. Here's how:
First, they award themselves promissory notes from REVO.
Then they 'sell' or 'assign those notes to an undisclosed third party.
Then Eyetalk365 buys those notes, and cancels them.
This moves any cash held by Eyetalk365 to the undisclosed third party.
It's an obvious ploy.
And they've done it before.
Here's another one:
Have REVO issue interest bearing prefered stock. Then have Eyetalk365 pay interest due to the stockholder.
Currently REVO owes that stockholder over $3m. So $3m can be taken from Eyetalk365 to pay that debt.
The preferred stockholder is Rainco. Rainco is a Solomon Ali company.
Using Eyetalk365 to syphon funds away from REVO is easy.
'Honest' Ron Carter really is unbelievably incompetent, Lantern.
'Honest' Ron never knew how to build a business, and was always incompetent. Solomon Ali knew how to run an investment scam, but got careless.
Put those two elements together and you have the formula for a screwed up business under SEC investigation.
The public company stock scam is now dead.
The transfer of assets to Eyetalk365 has taken the underlying business private.
REVO shareholders are left holding a busted flush.
Most REVO shareholders remain because they cannot sell.
Few, if any hold because they believe REVO will create, or deliver, value for shareholders.
'Honest' Ron has nothing to lose, as he has never paid for any shares.
When he transferred REVO assets and income to Eyetalk365 'Honest' Ron did more than jeapordize REVO shareholder value, he transferred it to a private company.
Eyetalk365 is under no obligation to tell REVO shareholders what value is being generated by the assets Ron transferred to it. So, don't hold your breath waiting to be told.
The auditors who 'disappeared' still act for Ali.
Bongiovanni & Co may have 'disappeared' as far as REVO is concerned, but they remain active as auditors. In fact they are still shown as auditors for Solomon Ali's other scam company.
Just a little DD to set things straight.
REVO is called a scam, because...it's a scam.
The REVO stock play has always been a scam.
The 'deal' with Greenwood financial was a scam.
The 'license' to Eyetalk365 was a scam.
The REVO patent idea did not start as a scam. It became a scam through the incompetence of 'Honest' Ron Carter as CEO.
SEC action destroyed REVO share liquidity. Job done.
The trading suspension achieved the SEC objective. It killed the trading liquidity of a scam stock.
Simple.
SEC de-listing of REVO could take years, but... it will be done before a FINRA 211 is completed.
Just wait and see.
A whistleblower would be helpful right now, Johnny.
You are due some money from Eyetalk, IF they withdrew their infingement claims in return for royalty agreements.
So, where's your share of the money from those royalties?
A whistle blower, 'ratting out' where the cash is hidden, would be helpful right now, don't you think?
It's more likely REVO gets de-listed than re-listed.
The SEC is likely to remove REVO's status as a public company.
The likelihood of that increases every day the directors fail to make SEC filings.
There is no likelihood of FINRA considering a 211 application from company which has no properly audited accounts, and no independent auditor.
The probability (bordering on a certainty) is that the SEC will act to de-list REVO before a 211 is presented to FINRA.
Simple.
Still no trace of REVO directors or royalties.
Where's the cash from royalties negotiated to settle cases?
Shareholders have received nothing from their patents, Johnny.
REVO shareholders made money by trading shares. Or lost money by holding shares.
The directors may be making money from patent royalties, but they're not reporting it to shareholders.
The patents have produced no return on investment for holders of REVO ordinary shares.
No REVO Board minutes since SEC suspension. Surprised?
The last statement from the REVO Board was that they'd keep shareholders informed of progress in satisfying SEC and FINRA requirements. Since then: nothing.
REVO shareholders need a 211. The directors don't.
Shareholders need REVO to file a 211, because, without it, they have no idea what's going on behind the scenes.
The directors know what's going on and, by not filing a 211, will continue to keep shareholders in the dark.
Simple.
There's no 211 filing, and that's proof enough.
Every day that passes without a 211 filing is further proof that REVO directors won't proceed with a 211 filing, and that shareholders cannot force them to.
Simple.