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You kept saying ONLY,what does ONLY mean to you?
After that really bad forecast 10 years ago Mike never gave a forecast until just recently , so it's not like he only misled a small percentage of the time, it's almost always. The guy just can't do what he says, and someone else always has to pay.
"The only time they reaffirmed guidance (just before the report was due), was for Q3/14, the guidance was $0.8M to $1.2M. The actual revenue was $1.284, which is the only time they beat their guidance.
The only time they missed glaringly was for Q2/14 when they guided $1.0M to $1.7M, the actual revenue was $0.403 which was given at the normal time (at the Q1/14 report), which was about half way through the reporting period."
2005 Mike reiterated $26-30M revenue and profitability, results were under $15M and a huge loss. Does that count? After all, that started this nightmare.
Here’s what I think, replace Mike.
A lot of the long term shareholders are getting old so we don’t want to shock them into heart attacks, so a good CEO with a brain might be too much to handle all at once. Fire Mike and go to the zoo and get a monkey, not too smart a monkey,just so there is mild improvement, then transition to a real CEO. It may take a few months, but it may save lives.
I hope I didn't offend any monkeys.
Why would they want to change anything? Mike and the rest are having great success, $1000 a day for the last 12 years and do very little, go to shows, give interviews , tell us how proud he is , it's a dream job. Tom Colatisti stole the company blind and left, some day Mike will do the same. The only thing Mike can be proud of , his shareholders have learned a lot about fraud.
Mike always says, it takes time to develop and market new technology.
That’s true.
What should not take time is to do what you say, no matter what you’re selling, do what you say or shut up . There are many low paying jobs for people who talk big and do nothing.
Never a price to pay, he will no doubt punish himself by taking more cheap options.
Mike says
“We ended Q3 with solid bookings expected to ship during Q4; therefore we have high confidence in the low end of that guidance range. We expect gross margin to remain at around 85%. We further expect to generate operating profit with incremental revenue about $1.5 million.”
RESULTS
Total revenue for the three months ended December 31, 2014 was $951,698. Q4'14 net loss($506,546)
What he says
Q2 guidance $ !.2 – $1.7 rev. and maybe break even
RESULTS
$436K rev. and over $1M loss.
Mike says
"We have two primary goals for 2015; to grow profitable revenue rapidly and implement rigorous internal business processes and best practices, to ensure the most consistent and predictable outcomes as the business grows in 2015 and beyond."
We already have consistent and predictable outcomes, no need to work on that.
"Seriously, just how f###en stupid are you? Let's see, they were going to buy something for $10 and a year later that was going to produce a $10M profit? Plus they had no previous revenue. Seriously, you didn't think someone might be wearing rose colored glasses?"
I'll go slow so you can follow, there were TWO $10M acquisitions in 2004, Pocket Cop in a stock deal and Aether Div. for cash. Mike and Tom both reiterated $30M rev. for 2005. Mike said break even was $5M per quarter. Now, can you figure this out on your own or do I have to keep going. Just turn a profit and the stock might not have tanked, the company lost $19M over the next three years.
Mike and Tom were wearing those rose colored glasses, not me. Shareholders were expecting about $7.5M rev per Q and got less than $3.5M.
Something else, if they just do what they say, all those note holders convert, the company is cash rich with only 65M shares. Look what happens when you lie.
jonQ
Didn't it make you feel good when after watching Mike fail to deliver over and over and the stock drops to where you're looking for a rope and a window, he takes a truck load of options @ 1/10 what you paid and raises his pay? What loyalty
"We were all buying and Tom/Mike were making great forcast based on the belief that biometrics would shortly become mainstream."
No , we were buying because we believed they were not lying. There was zero revenues from biometrics back then and that forecast was based on those great acquisitions that were going to give the company strong growth and profitability. Biometrics at that point was a bonus for future growth, no one expected much of that $30M rev. would come from biometrics, yet Mike's only excuse for failure($15M rev.) was the biometrics market didn't take off. What biometrics market?, there was none.
"For the first time since it's inception, it looks like they could possibly make it, but all I hear is petty complaints. "
You’ve got a short memory, why were investors buying this stock ten years ago? It was because Mike DePasquale and Tom Colatisi ( as a result of two acquisitions)reiterated a forecast of $30M rev. which would have meant a $10M profit for 2005.This is what THEY said, and now you say for the first time this company has a chance.That’s hard to believe.If they just do what they guaranteed, it’s a $3 stock.
Remember Mike bragging how new investors were so impressed they paid a 35% premium($1.35) to get in, the stock was trading at a buck then. Everything turned out to be a lie, and Mike raised his pay,twice! Since then Tom C took all he could and is gone. Do you remember CXI?, destroying the stock and spending $500K for nothing?
On more thing,if Mike weren’t a big liar, you’d be full of regret for selling ten years ago instead of being full of #### now.
Oh , and don’t forget to keep giving Mike credit for driving the stock down so low that an investor could quadruple their money while many gave up and were selling at huge losses.
The biggest concern has always been that Mike does not do what he says.
$260K a year for a person who doesn’t do what he says is $260K too much.
Looking back, it would have been worth $260K a year for investors to pay Mike NOT to be here. How many millions in market cap have gone away because no one likes or trusts the man.
Mike says
“I'd like to personally thank our very patient shareholders and friends.”
What he means
Myself, I am not so foolish to believe those old options I had that were way underwater would ever be worth anything, so I took new options at a price that might pay off someday, but I sure wouldn’t risk my own money betting on my performance.
I know a lot of shareholders who would love to personally thank Mike.
True story
Back in 2003, Biokey directors were looking to hire a new CEO. They thought of a test that show the character of the person they were looking for, so they gave the top three candidates each a 6” pot filled with soil and a packet of sterile seeds. They were to come back in 5 weeks to show the results. Tom C had a beautiful plant that barely fit in the 6” pot , Mike D had to transplant his to a 12” pot because he was so good at growing anything. The third person showed up with the pot just the way he got it, he could not make those seeds germinate. The directors met for a minute and decided they found just what they were looking for and told the third person he need not ever apply for a job at Biokey, he did not meet their standards. They were so impressed, they hired both Mike and Tom.
That post was misleading, it isn't quite as scary when you read what follows
The 27,912,496 shares of our common stock, $.0001 par value per share, are being offered by the selling security holders identified in this prospectus. The shares of common stock offered by the selling security holders consist of:
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15,949,997 shares of common stock issued in our November 2014 private placement; and
?
11,962,499 shares of common stock underlying warrants issued in our November 2014 private placement with an exercise price of $0.15 per share, which expire five years after the date of grant.
They should have done what any responsible person would do, reduce compensation until revenues support their wages. Mike doesn't care about shareholders, never has.
On a stock that went from $3 to $.04, what do you consider meaningful information? Is repeating what Mike says he’s going to do for shareholders in the future more meaningful than saying what he has done to shareholders in the past?
You say forget about what happened 10 years ago, what about only two quarters ago? Mike forecast $1.2M to $1.7M rev and what most thought would be break even or a small profit, the company reported $436K rev and over $1M loss.
How many CEO’s would be that careless? how many would keep their job?
Shareholders took a 65% hit because Mike misled them and Mike takes full pay as if he did a great job. But let’s talk about how he kept the company alive, for him anyway.
If you watch that interview, it’s easy to see how investors got sucked in @$2 all the way down to where it is now. Mike is very good at impersonating a nice, smart , honest, hard working guy you can trust to do what he says. If you think he makes the stock sound like a deal now @ $.11, he made it sound like an even better deal @ $2. The man just talks and takes.
Another way to put it,
investors kept this company alive and in return Mike and Tom have done their best to destroy investors every step of the way.
It’s very misleading for someone to say Mike kept this company alive, that’s Mike’s talking points. The company raised about $25M back in 04 and 05, and they said much of that money was raised @ $1.35 which was a lie.They made two $10M acquisitions , one for cash, one for stock. All they had to do was make a profit, now who can’t take $25M and make a profit? Put the money in the bank and draw interest. Mike and Tom both assured shareholders there would be a nice profit in 05, instead they lost $19M over the next 3 years. You can’t make a bigger mess than these two made. So give Mike credit for keeping a $5 stock alive and well @ 10 cents.
If you vote against the split, the company may have no way to raise funds to keep going. If you vote for, Mike will say he has overwhelming support from his shareholders and keep taking big wages for doing nothing. It’s a classic case of damned if you do and damned if you don't.
Wouldn't it have been fun if Mike and Tom
had been good , honest , hard working people who did what they said, and their word was good as gold? The kind of folks shareholders would be proud of , instead they've both shown to be proud of being the opposite.
Think about this Topseed How many people bot this stock for over a buck back in 2005 after listening to Mike and Tom thinking it was at least a $2 stock in a few years if they just did what they said,then after waiting so long gave up and sold for $.05 in 2008? What about them??? Did you know Mike took 500K options for $.087 about then just to let shareholders who paid over a buck what the stock was really worth? Did you know Mike issued the second letter to shareholders in Dec/08 where he said things look great and wished shareholders a Merry Christmas? How bad is that, the stock is worthless and he just took $260K wages for doing nothing but lie and we should have a Merry Christmas.
"we plan to affect a reverse split"
Does that sound anything like a vote?
"BTW, I will vote for the R/S"
Like you're going to get to vote?
That's funny
"Also, with regard to our capitalization, we plan to affect a reverse split in the third or early fourth quarter to reduce the number of shares outstanding and ultimately attract new institutional investors."
Pretty bad when zero volume might be seen as a good thing. The directors really hurt shareholders with the talk of a R/S. Now it's a race to see what comes first, the split or good news. For those in favor of the R/S, remember , the stock can easily run from $.13 to $.40 on any news. Once it gets to a buck or so, it probably won't triple quite that easy. They should have left it alone.
As Mike would say, you have think of the future, global warming. Mike will sell ice to schools, hospitals, airports, banks,voting booths, cell phone users,home pc’s,stores, workplace, all the same places he sold Biokey technology to over the last ten years, just like he said.
"Mike can sell ice to eskimo's"
Maybe the company should start selling ice?
It's nice of Topseed to keep informing shareholders about all the opportunities BioKey will not be taking part in.
"I had money in BKYI before MD took over. Thanks to him I got it all back plus some."
I’m sure someone thanked Bernie Maddoff for making them money too.
"I don't really subscribe to the "let's hang Mike" school. "
It's more like "let's hold Mike responsible" school. He has rewarded himself over and over for failure for the last ten years. That failure is not defined by anyone but himself when he tells us what to expect if we invest our money. Maybe if his pay were cut in proportion to how short he falls, he wouldn't keep doing it. He’d be on welfare.
"What is disappointing is the failure to disclose the significant miss much earlier than the CC. Weeks earlier."
That’s funny! In 2005 Mike and Tom BOTH reiterated a forecast of $30M revenue two weeks before the end of the quarter and missed by 10 miles. That would be like two weeks ago Mike reiterating a forecast of $1.7M revenue and coming in at $400K, that’s how bad Mike has been. Why do you think the stock went from $3 to $.04? The goal is to mislead, it just don't work as good as it did back then.
I don’t know what kind of deal Mike made with IDCC, if IDCC really thought BKYI had something with real value, you would certainly think a company with a $1.7B market cap would take a bigger position. In the past, every time Mike raised money it ended bad for shareholders because the company performed so poorly the money had to be paid back with interest. The object should be for note holders to convert when the stock meets a certain price, and that requires a CEO who does what he says. It's really that simple here, Mike does what he says and everything would be great.
"Mikes been burned years ago and then thankfully stopped until recently"
Show me where Mike has ever been burned? He raised his pay twice and took 1.5M options @ about $.17 average since that really bad forecast. Shareholders get burned, Mike and Tom got rewarded. You know of coarse, first quarter's forecast was given on 3/31, the quarter was over , how brave was that? Mike tries to sound so professional saying he's pleased to come in at the high end of guidance, the quarter was over you idiot. And , he also forecast profit for the first quarter KNOWING there would be a $300K loss, the quarter was over and it's not like he's running Home Depot, more like the local Hardware Hank with 16 employees. He is such a jerk.
SeanBoy, I like the way you do the numbers, works if the CEO doesn’t lie. If you did the numbers back in 05 there would have been $6M to $10M profit with only 40M shares. Do the math,$2 to $3 was a given, unless Mike and Tom totally lied. Stock went to $.05 in two years and Mike raised his pay twice.
Mike gave guidance back in 2005 for $30M rev. and big profit. Look at the chart and you'll know what happened.