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.
When I invested in this dog I broke my own rules. Firstly, having personally met Mr. C and having gotten a bad vibe I went ahead anyways due to some third party pleading. I stupidly did a round 2. But when it comes down to it I'm only angry at myself. I knew better and had a bad feeling.
Dear Factwhisperer.
I am not negative on this deal.
I didn't care about trace detection. I made money on IMSC because Scott Greiper and Bob Liscouski told me to buy in at the right time years ago and I got out nicely in the black 18 months ago.
I don't care about sleep apnea. I don't care whether the DNA saves lives. I don't care if the deal is total crap. I've made great money on crap deals. I've never cared about the underlying technology of any stock I've ever owned. I don't care about the companies or if the companies collapse and everyone gets canned. I only care about making money.
So I am 100%, no 1000% board as long as the new merged company does the one thing they should do.
If you are talking to Mr. Huntsman please tell him, grab on to his ankles and beg him to take about $2M and promote the living crap out of the stock. Pump this sucker with every dime. Use the $80M projections, the Philadelphia deal and any ammo he's got. Tell the world through email, news letters, social media. VIVOS is headed to the moon!!!
Just call Mr. Huntsman to get him to change and repost the due diligence report to explain that 25% of the IMSC proceeds are going to investor relations and promotion and we're all set.
As long as he doesn't lie it's all legal and the existing shareholders will love him. We'll all be friends.
For Vivos DNA means Daytime-Nighttime Appliance, the oral device fitted to your mouth. Not the other medical DNA>
The strength of sales management is always key with a new company and here we have Todd Huntsman Sr VP VIP Program Director (related to R Kirk Huntsman perhaps?)
I love reading business plan BS bios. My guess from his Linkedin is that he got a job at Frito Lay selling potato chips just out of school and is now a senior potato chip seller. Nothing wrong with that. His Vivos bio shows him setting up manufacturing and vendor contracts, maybe. But then it says that he's consulting with the design of the DNA products... absurd.
So when you make your decision be aware that may be investing in a bit of old fashioned nepotism when there could actually be, somewhere in the lower 48, a more qualified sales management professional with actual experience in the dental or medical industries.
I've seen lots of crap OTC deals over the years and this VIVOS proposal fits the pattern so perhaps someone can correct me if I'm wrong.
1. It appears under the merger Vivos receives 64% and IMSC shareholders 36% putting the valuation of Vivos based on the approx. $7M left at around $20M. And based on this can I conclude that Vivos will have full control of the company/board with 64% equity?
2. BL submitted a "due dilgence" document to the bankruptcy court on behalf of the shareholders that is nothing more than a cut/paste business plan prepared by Vivos. A typical due diligence would include .. well due diligence.
http://www.kccllc.net/imxacquisition/document/1612238170613000000000001
3. Is putting a $20M valuation on a company with $0 revenue reasonable?
4. They claim the product is new, yet has been has been around for years with over 700 trained resellers ( who pay for training) and 7000 clients and yet revenues for 2016 were $0. How does this work?
5. They claim numerous patents as part of their intellectual property but none of the patents have been assigned to the company.
etc,
Liscouski finally deserves kudos. After causing the shareholders so many sleepless nights his solution is to to invest in a company that cures sleeplessness. :)
I dunno what he thought of himself but when he left the market cap was closing on $20M and now it's about $20K so I can only conclude that he was terrific compared to the dumb and dumber CEOs who followed.
Perhaps I'm a bit naive in the ways of big boy business but wouldn't it have made sense for Wolv and Mr. Chalk to have a written agreement on all this stuff and not just vague "representations" at the first instance?
While the Zapata lawsuit is shocking (not entirely) what is more shocking is that this was filed over a week ago and IMSC has been silent. It is mind boggling that IMSC did not immediately issue a press release outlining the future of Liscouski or lack thereof.
Also, Zapata admits to these discussions prior to the closing last year. At the same time the attached agreement shows that they agreed to have Liscouski stay on as Chairman if the deal went through. WTF, Zapata claims they were subject to a shakedown but were willing to keep this character in charge?
Finally, this type of lawsuit is often not filed in isolation. Zapata could see it as a means to an end including the involvement of regulators or something more serious.
I stopped posting some time ago after I got out. My concern from the get go was a management group with a spending addiction with a "debt dealer" willing to fuel the addiction. You could see this 5 years ago if you looked.
So, I'm a bit out of touch but even though the sale has gone through and even if the courts are generous to the common shareholders why does anyone care here? Nobody will be getting a check.
I saw the company has changed their name to Secure Point Technologies. The only conclusion we can make from this is that whatever $$ comes back to the company from the sale will go to a management group to do a dubious acquisition or whatever.
My math might be wrong but to value the new shell I'd take the proceeds less the debtor disbursements and divide by shares outstanding for a benchmark price. Then, with no revenue but substantial Liscouski et al monthly costs I'd simply depreciate the cash by about 5-10%/month until it hits ZERO so .06 might be the best you'll ever get. JMO
Don't worry about the share price. I can feel strong levels of support coming at .0001
I first got into this years ago. I've been in and out a few times and glad I got out for good. There's an old expression - Good product + bad people = bad deal. Management had access to easy debt for too long and spent like drunken sailors. Unfortunately drunken sailors on a good ship usually ends with a shipwreck. I posted warnings about the debt, management and PP over the years and was told to be more positive and enjoy the ride. So I decided to back off until I was more positive. I'm now positive the common shareholders are bent over. Enjoy the ride. Sorry to see.
It can mean a few things. They could be taking the company private but if there was an offer we'd know. They could be going broke but would have filed for bankruptcy first. Most likely they can't afford to be fully reporting after blowing all their cash so are going pink which doesn't mean much. They have a duty to release news to clarify but they're dumbasses. The only other possibility is to do with the toxic convertibles but since the don't release news I guess the shareholders have no right to know.
This is a different company? Vidsys is not Viscount.
People say the same thing about Jesus.
Sure. I'll hold my breath and post my address so the coroner will know where to pick up the corpse.
Omg missed the AGM and it was even here in NYC. Free coffee donuts and the board could explain why the market cap is equal to less than 1/2 my mortgage.wow.
I haven't read the zapata thread but the IMSC Q&A sounds like smoke and mirrors.
I read last month about the Platinum Partners FBI investigation etc. and their plans to close down their funds. So Mark Nordlicht wants his money back = sell EDT in a hurry. Why else would it make sense? With their current growth curve EDT is an appreciating asset.
They probably have an EDT sale pending but with the Zapata deal senior management gets to keep their jobs and the investors have something to talk about other than that IMSC got sold and the commons got roasted.
As weird as the deal sounds it might have been the best path although new management following the deal would make me more comfortable.
Stock just fell 58% on 60 cents of volume. . So, Raefield booted the founder in 2014 when the market cap was $20m and got fired when it was $2m. Sierecki has taken it from $2m to about 250k. Feeling a bit nostalgic. Just can't figure for the life of me what this board is trying to accomplish. Sierecki just had his 1 yr anniversary and what a mess.
It's just what happens when no one cares any more. $500 doubles the stock.
Sublime to ridiculous. Q1 results are released in May and the news announcing the Q1 comes out in June. The CEO also needs a math lesson:
"In the first quarter, customer demand for the Freedom unified access control solution remained high"
"Freedom sales for the three months ended March 31, 2016 and 2015 were $329,707 and $441,105, respectively, reflecting a decrease of $111,398 or 25%"
lol
The way this is going there are lemonade stands with a higher market cap
This company is setting some kind of new standard for wth? They sent out news on the 7th that they "will release" Q1 with a conference call today but the Q1 was already released back in May? Is there something I'm missing?
They did the same thing for their 10K. They announced they would be releasing it in May 12 when they had already been released the in April.
This company is based in BC where I've heard the drug laws are lax so perhaps a bit is making its way into the office.
It's possible to turn things around but that would require good management and vision, both of which seem to be gone.
My issue is that vsys seems to now lack the reason I invest in OTC stock.
1. Clean share structure - it's now a mess
2. Upside potential - sales fell in Q1
3. Access to financing - with a 1/2 cent share price and the Class A share overhang any financing will kill off any remaining equity for common shares
4. Great technology/vision - not so sure anymore since the new management seems clueless how to market it.
etc.
The market cap is now so low that if there was any upside you'd see insiders buying. The incompetent CEO actually owns NO shares. Won't even risk at .05. And he draws an absurd $250k salary.
My guess is that the board is looking at options that would save themselves and screw the rest of us.
As an FYI we should all be suspicious since these guys have been doing stuff with no oversight. Didn't even bother with an AGM last year in violation with law and company charter
I first thought of this when I read the 10K and saw that the beneficial shares owned make no sense unless the Class A shareholders had requested redemption based on the late filings. I guess I could be wrong but the only alternative is the board has made other changes that are self-serving and against the interest of common shareholders any ways.
The filing from 2012 below at 11.a reads that if the company files late the Class A shares are bumped by 150% plus other + interest and penalties especially if the company doesn't have the cash to redeem if a request is made. So, the board ( class A shareholders) simply filed late to get free shares?
Since the company has turned into a basket case under these clowns with the stock less than a penny the damage adds up in a hurry. It's a mess any way I look at it.
http://www.sec.gov/Archives/edgar/data/1158387/000106299312002055/exhibit4-1.htm
Here are two things about this news that investors should know.
1. I believe the late filings are all on purpose. The Class A shares provide serious penalties/benefits to the Class A investors if the company files late. Since the Class A investors took control of the board they have filed every Q/K late. This is a breach of their fiduciary duties to the shareholders and a weird conflict of interest. It's pretty f'd up that by not doing their job the directors benefit.
2. They are selling the service division as a hail mary to raise cash. By the time they pay off the money they borrowed from the board and their arrears there won't be much left. In the meantime they will lose all that money each month as free cash so their cash burn will go up and they'll be back to a cash flow crisis fairly shortly.
I once went to a penny stock conference and one of the speakers hit the state of Vsys pretty well. He said that if you're going to speculate on sewage it's usually a safe bet to predict that it will flow downhill.
Hope you haven't been holding your breath that this stock would run.
The stock has dropped about 95% since he left so there wouldn't be a lot of downside. I am mystified by this whole thing.
I'd love to be positive but this company seems to be unique. Most microcaps blow up because they can't get the product out the door or are irresponsible and run out of money trying to get there. These morons finished their product and seemed to be responsible. As soon as the company started getting major projects they fired the management team and brought in god knows what and kablooie.
This company was truly poised to make us money. This is so sad and the new board and management seem to be as clueless as the Raefield crew.
Integrating with video is standard stuff and been around for years. OSDP is simply a communications protocol that Viscount needed to implement to talk to RFID readers.
Every company in the industry integrates with DMP and other alarm panels. Most of these integrations are done to satisfy existing or new customers, not to generate future business. ie. a customer wants Freedom but wants a tie-in to DMP so Viscount does it to get the job and then announces the new "partnership". Could help in the future they would do the same thing for any future client anyways.
In other words, there's no reason to be impressed with the third party "partners" with technology businesses. Other than DMP Viscount lists Oracle, Microsoft, Dell, Redhat and a whole bunch more partners. Most probably don't know Viscount exists. For example Viscount buys Dell servers so is a partner, uses Microsoft software so is a partner etc. So I doubt any will ever bring business to Viscount. Except possibly Microsoft but it sounds like that's another relationship Raefield may have killed.
If companies have great sales and channel partners that's a different story.
Discontinuing Liberty is a shame but just more of the same.
Hey Ted. Those items were all in place before the first CEO left in 2014. Since then the company has been one big WTF mess.
Basically they are limping along, the class a shareholders are reaping huge (useless) share dividends, revenue is stale. The only hope is renewed vision and management but who knows where that will come from.
The revenue seems somewhat stable, they've been forced to cut costs after Raefield but that's not what I was here for, a .01 stock and stable sales.
A few things I noticed:
Revenue. 2014 revenue was $4.1 M US. 2015 Revenue was $4.8M US. The company announced a $2M software agreement with the US Government over 2 years. The first software was $800K so it appears that the operational company sales actually shrank a bit.
Marketing expenses down 22%. This is just part of the insanity. The company spends years developing nexgen technology and then decides not to market it.
R&D - company plans to reduce R&D.
It's just me but maybe the company should be spending money on marketing and R&D not executive pay and foolishness.
Executive compensation. Sieracki is getting payed over $200K to drive a $4M company into the ground. Sad
Lawsuit. Viscount was suing the ex-CEO for all kinds of alleged misfeasance and somehow settled by paying him 3M options and 3M warrants. Sounds like they didn't have much of a case omg.
Just read those filings. Perhaps the board is keeping the price low. They are making ridiculous returns on the preferred stock.
1. No one was impressed since they're simply rehashing something from 2013. Perhaps contract news in the next few years might help.
2. Revenue would be up as long as USCIS is still buying but with no new contract wins the steam is running out.
3. The loss will be huge because the Pik dividends are based on stock price which is crap. This new CEO is an abysmal waste.
It's now over a year since the last contract type news release. The company has revenue so it's obvious that the CEO either doesn't care about investors or more likely is simply clueless.
I honestly do too but VSYS is one of those stocks where a certain reality stares you in the face.
I agree Ted. Viscount has had one serious problem for 2 years, senior management. If the company was brave enough to bring back the original CEO I'd buy this thing back to at least .10.
Wow. Sierecki managed to break Raefield's record. He broke a penny. He owns no shares and has no options so why would he care.
When Raefield got the boot the Board announced:
“We are very excited to turn over the reins to Scott at a crucial juncture in our corporate evolution, and we have the utmost confidence in his ability to execute the next phase of our growth strategy,” stated Ambassador Siegel.
I'm getting a bit older and will soon need glasses but is there any evidence AT ALL that this Sierecki guy has done a single positive thing for the company.
IT may be time to take drastic action.