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Is this for real?? 3 billion shares?
On June 17, 2016, the Board unanimously approved an amendment (the “Amendment ”) to the Company’s Amended and Restated Articles of Incorporation (the “ Charter ”), subject to stockholder approval, to increase the number of shares of Common Stock authorized for issuance by 2,700,000,000 shares from 300,000,000 shares to 3,000,000,000 shares.
Yes, They are broke but in the Viscount Systems Reports Fourth Quarter and Full Year 2014 Results, they manage to find $1,519,950 for board members, management and staff.
Viscount Systems Reports Fourth Quarter and Full Year 2014 Results
"Loss before other items for the year ended December 31, 2014 was $4,069,977 as compared to a loss before other items of $974,515 for the year ended December 31, 2013, an increased loss of $3,095,462. Included in the net loss for the year ended December 31, 2014 was a non-cash compensation expense of $1,519,950 for the issuance by Viscount of warrants and stock options to board members, management and staff."
I could be reading this wrong so I might submit this as question to the CEO for the conference call. For example, Why was such an expense made when there were no funds to cover it and how do you plan on financing it.
I hear you, but the question is what can the shareholders do? I did the telephone calls and emails with little success. Does anyone know the contact information for Chairman Ned L. Siegel?
Thanks for the info. I called and also talked to Allison. She was pleasant and upbeat and is starting to get calls from investors. I told her that I did not get any response from my email sent to the address on the Viscount web sight. She asked me to send my concerns directly to her via email. I will do this and see what happens. Only time will tell if the IR firm does any good.
What number did you call? I also did not get any response to email.
That is a good suggestion. Maybe if enough of us do it, they will response.
They need $1,500,000 but according to the Viscount Systems Reports Fourth Quarter and Full Year 2014 Results they spent that much on themselves. It appears that after the CEO change, there has been no attempt to control costs vs sales.
"Loss before other items for the year ended December 31, 2014 was $4,069,977 as compared to a loss before other items of $974,515 for the year ended December 31, 2013, an increased loss of $3,095,462. Included in the net loss for the year ended December 31, 2014 was a non-cash compensation expense of $1,519,950 for the issuance by Viscount of warrants and stock options to board members, management and staff."
I have had the same experience with the current company. When I emailed the old CEO with a question, I got an answer very fast. The last time I asked a question from the current company, I never got a response.
Unfortunately, since the authorized shares of common stock is not also reduced, it looks to me like a way to sale more shares.
I am sorry I ever bought the Stock.
From the Proxy Statement - Notice of Shareholders Meeting (preliminary) (pre 14a)
Reasons for the Reverse Stock Split
The reverse stock split will result in an increase in the number of shares of our common stock available to be issued. Currently, we are obligated to issue 8,666,051 shares more than our currently authorized and unissued shares and expect that we will need to issue additional shares in the future to expand our business, incentivize our employees, and for other corporate purposes.
I really am getting concerned that this company has too many high priced people in the management team. I hope they prove me wrong.
I have a question. Is the Vice President – Global Sales a new position that Scott Sieracki has been hired for? I do get concerned about all the money the new CEO is spending while the share price keeping dropping.
I am glad someone has a good feeling. I certainly do not!
That is an insightful thought Boogins that I never considered. I agree it would dangerous for a security company with a large installed base to endorse a technology that is cheaper yet more secure than their own.
Sorry, you are right. I got confused by the March 31, 2014 issue of a small number of preferred stock. I really do not know the number of preferred stock shares issued.
However, I am still concerned about the increase of 25 million stock shares in the last month. If my calculation are correct, it is a 25% increase in shares. Mr. Raefield got a great deal with a salary of $175,000/year and stock options equal to 3.99% of the Company’s issued and outstanding stock on a fully diluted basis.
I have been invested for a long time and get nervous about large stock dilution followed by a reverse split to get the stock price up to attract buyers. I doubt if I will buy any more stock.
You may be right but I worry about the preferred stock issued. I could see reverse split with us non-preferred stock owners being screwed. I have experienced this before.
I truly hope you are right, but after 9 years of holding this stock I am not as optimistic as I used to be.
I agree with you!!
Shineyone,
Thanks for the information. I have been an investor for a long time. I was really impressed with the presentation and found it very informative.