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.
I hope GE lays it out. After today, Rights holders can sell their current shares and sit back to assess participation. GE has a month to convince holders to send him the dough by getting the SP to sustain a much higher price. Non-rights holders and institutions need to be enticed to buy and support a higher price and outstanding share count too.
So if he provides some positive forward guidance, end to SEC inquiry and other cases, dividend maybe - he might pull it off and will look like a real leader.
Then he will probably go back to his old ways and do something very GE-like and do a RS between the time Rights holders send the cash and when the shares are delivered - lol.
RIP - looks like trading suspended...not a surprise.
http://www.otcmarkets.com/stock/WSGI/quote
Thanks for trying, SK.
I noticed within the last few days that a number of specialists or MM's or whatever they are called have shown up on my TDA L2 feed. I was surprised after so many months of just one (ETRM, NITE or whoever was there before - can't remember). So I don't know enough about why they showed up wanting to make a market in this thing now but maybe something starts happening again. Because we are in the "buyer beware" pink market, it could mean nothing other than the trip-zero crowd wanting to make some pizza money, but I guess we continue to wait and see.
Agree Trunk - it has been different.
Probably goes back down next week per usual, but if we get past .0007 then something would seem to be going on. Another Frost reverse merger or some other story to sell. One would think Glenn could find something more creative to do in the past two years than pulling a disappearing act on info and financials.
+150%? Somebody must know something (kidding - could not resist)
Anyone else notice that a few more MM's showed up on LVL 2 in TDA? I always just saw NITE, but now I see CANT,CSTI,MAXM,VFIN as well....I don't know if that means anything but maybe we start seeing some activity.
Let's start with .001 first EOM
As a write off or gain? Glenn should spend a few bucks to get the website back up. That alone should add .0001 to our enormous capitalization. What a mess.
Wonder if we have any TRKK shares left?
The GTC USA site is still active but without Dennis DeMolet and no updates in ages. There used to be a lot of speculation about how to monetize the groundstations, appliques, GSAT accounts, etc. but we don't own those anymore and here GSAT might be getting their own Wifi spectrum finally granted.
Glenn should resurrect the Strat and Huff's Superhub ideas (arghh)
The domain is registered until 7-28-16. Maybe a new website is coming or they did not pay their web hosting bill.
Totally insane - lol.
Two things we know for sure - they have not declared BK and they still trade. Other than that, anything is possible regardless of how crazy it may seem.
We might be able to figure out something from those indebtedness lawsuits if someone has access. Are they still engaged with legal representation and filing court docs? At least they would show corporate activity at that level.
You would think Glenn and Jeff could come up with something creative to breath some life back into this stock, but it seems there is no more gas left in the bag. I would not be surprised if we saw a reverse merger play like they pulled with DRNE using WSGI as the vehicle.
Do we even have any TRKK stock in the coffers or any cash left from the asset sales to TRKK from GTC? Probably being siphoned off bit by bit, but there is no way to tell without filings.
Dr. Terry has a spinoff:
Demeter, Inc. has spun off Unmanned Science, Inc. (USI) to address multiple opportunities for research and commercialization in the military, security, public safety and communications markets. Demeter will continue its focus on applying advanced technologies to agriculture. The new company will be headquartered in Dublin, Ohio. The web site is www.unmannedscience.com.
JLENS - you all seeing this story about the loose blimp? It's dragging a tether that is taking out powerlines in PA. Maybe Argus can chase it down?
Are you thinking JL? EOM
...and wsgi.com is an expired domain EOM
You forgot to add "April Fool!" (but I hope you are right)
Reading your response, I am not sure whether I should smirk at your use of careful speech or if Glenn has squandered another opportunity to do something positive? Thank you
Greetings, Farmer Indy and congrats on going live with your website.
I see the mention of WSGI, but now I have a question... what happened to Argus? I pose this question under the premise that you have moved on to greener pastures yet have seen what was in the hanger.
Is it still being actively developed or not (regardless of what WSGI says)? What were the limitations of the previous design and can it do what the website claimed? Is the propulsion system the only limiting factor or does it go much deeper?
I thought I read in one of the TRKK docs that Sensi is consulting to design some sort of two way radio device. He seems to keep working no matter what sort of charges come up. SpaceTAO? Wonder if it is related to Kroeplin's work?
Phipps sure made out - took over the Amazon GTC store front and got a snazzy TRKK website developed. Two GTCTRACK links - one for US and one from UK. Looking at GTC-USA, their GTCTRACK link is for UK site only and any search for Global Telesat on Amazon shows devices priced in pounds. I thought the agreement called for Phipps to receive money for transition services for USA and GTC USA to retain the Amazon presence? Sigh......
Be_real, since the IR department is gone with Barb's departure, I will propose a rough draft for the new shareholder letter:
Change all 2014 to 2015
Change all 2013 to 2014
Change 10 million to 2.2 million
Change DRNE to TRKK
Send
LOL - ok maybe they can throw us a bone when the annual report comes out toward the end of the month, but this waiting for rewarding long-standing shareholder loyalty is a real challenge.
2,222,222 shares of TRKK - I assume they are free trading since there was no designation in the filing. With DRNE, they disposed of all 10M shares of Series D which were subjected to a lockup period of 15 months but also some sort of 13 month partial sale allowance - DRNE has been on a nice run lately, and on paper their price of .45 beats the 475k in cash we got. What's that... around .06 per share?
Even Kroplin has been busy.
http://www.tao-group.de/en_tec-news.html
2015-02-19: At temperatures round about the freezing point the first flight in the new year was really an ice-flight. The exorbitant flight performance of the SkyDragon-System demonstrated the system-integration-readiness. Now we are waiting for the kick-off for the special mission "Stratosphere".
I won't take much for the asset to exceed our current market cap. I just noticed a 100 share trade for 2.00 on TRKK. Will the asset benefit us or will it be squandered?
Those 10M shares of DRNE got us $475K and a buyback/funding agreement cancellation of sorts from a firm called Denville for 31M shares of WSGI. It looks like TRKK will have a book value to us when they start trading, but how much direct benefit is anyone's guess.
Shh...Dennis might want to negotiate a better deal. Trident gets 5k per month, we got 250k for giving up the GSAT contracts, and 2.2M shares in TRKK I think. What will they be worth by the time we can dispose of them? That 25% discount was on airtime. No idea how the revenue and expenses flow if Dennis is able to sell anything through the GTC site. Will cost of goods sold be lower or will that show up on Phipps books? It's not like the Uli days where they made the devices in a garage. Maybe that's what the condo was for?
Here's what Phipps has been doing. Will our asset in TRKK follow the same path as DRNE?
http://finance.yahoo.com/news/orbital-tracking-corp-announces-share-153547154.html
One thing I do know is that Barb reinstated the FL Sec of State docs for both GTC and WSGI on 1/16/15 so I view that as a small, positive sign at the moment.
But other than that, I still have no clue... is ARGUS being actively addressed or are it's parts still scattered amongst the partners of the OH Consortium and gathering dust somewhere? What about the business plan that was to be shared or the demos that were planned?
Dennis just took the reigns of GTC so I can be patient until the next 10-Q.
PACER filing regarding LJC stated that the case was dismissed without prejudice provided that the settlement payment was made... but the parties have 90 days to file a certification if payment was NOT made in which case it goes back to the courts for trial. If no certification is filed then the case is dismissed with prejudice.
I dunno... it's the first non-sec release in 6 months so maybe they are starting the next pump phase or meaningful news phase or whatever it is these days. "budding" national firm is a stretch given our history but at least they are trying. GTC now, maybe Argus to follow?
Looks like the Raytheon JLENS:
http://abcnews.go.com/US/wireStory/military-airships-baltimore-area-test-27656746
Sorry, insighter, my statement was based on never seeing if we were actually using minutes through those ESN's. They never broke out revenue numbers on units sold and minutes used. For all we know, our US site was taking the orders, but the equipment and ESN's were coming from the UK.
It is interesting, isn't it? It looks like a yard sale of sorts - take the assets that aren't doing anything for us and try to get something in return:
Those free GSAT ESN's - we got $250K
Appliques? I guess you can say we got a licensing deal for them which included $2M worth of stock and a 25% discount on airtime we purchase from Orbital Satcom Corp. Can we assume the ground station deal was included too?
Those DRNE shares? We got $475 for 7M shares and used the other 3M shares to cancel our agreement with Denville and repurchase shares.
So we took assets that we could not monetize on our own and maybe thought had limited future upside and did something with them?
What did we keep?
GTC is now being run by Trident for 5K per month. Having our COB doing this seems like a better idea than Phipp's company in the UK. Does this mean we save on his FL condo fees?
Retain ARGUS - hopefully we get to see a business plan tied to this since this seems to be the only asset they thought was worth keeping.
I certainly hope we get some sort of PR or letter from Glenn that gives us their rational for making these moves.
new 8-k? Now what? EOM
Decent news for me would be they did what they intended to do:
1) firm up some academic partners
2) get GTC study done
3) address the old debt
And finally, update us on what has been going on since the last SHM
Was it not stated somewhere that WSGI wanted to have their share price more closely correlated to their value? Maybe you valuation folks can help me with this but I wonder if that is what is finally happening?
Our market cap is around 1.1M and there are many folks who will say that is still too much. But in terms of assets, we have underperforming GTC, untradeable DRNE, and unknown Argus. So fractions of a penny is now the new reality until DRNE asset is free trading, and Glenn, Drew and Phipps can get any other assets to boost perceived valuation if that's even possible. If people are buying or planning on funding, I guess this is the level we need to be at to attract any sort of interest?
Or people are jumping ship and the large lady is clearing her vocal chords. Death monger is certainly warranted at this level with no words of support from our part time IR or anyone official.
I agree... nothing official has been said from the company or our COB since the last letter other than a new accounting firm. We have an official 10-Q showing steady GTC revs but not at the level to get us out of sub-penny land. DRNE asset is worth less now than when we got it, and no Argus progress to the upside.
Maybe they have a plan to help get some of that old debt off the books? At least something is going on, good, bad, or neutral.
New accountant - 10-Q delay coming?
Item 4.01 Changes in Registrant’s Certifying Accountant
Previous independent registered public accounting firm
On October 28, 2014 (the “Resignation Date”), World Surveillance Group Inc. (“WSGI”) was told by Rosen Seymour Shapss Martin & Company LLP (“RSSM”), its independent certifying accountant, that as a result of the departure of the lead audit partner on the WSGI account and the concurring partner from RSSM and concerns over their independence, RSSM would no longer be able to continue as WSGI’s independent certifying accountant. There were no disputes or disagreements between RSSM and WSGI during the previous two fiscal years. Except for the provision of a “Going Concern” opinion, the reports of RSSM on the Company’s financial statements for the years ended December 31, 2013 and 2012 did not contain an adverse opinion or disclaimer of opinion, and such reports were not qualified or modified as to uncertainty, audit scope, or accounting principle.
During the fiscal years ended December 31, 2013 and 2012, and through the Resignation Date, the Company has not had any disagreements with RSSM on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to RSSM’s satisfaction, would have caused them to make reference thereto in their reports on the Company’s financial statements for such years.
During the fiscal years ended December 2013 and 2012, and through the Resignation Date, there were no reportable events, as defined in Item 304(a)(1)(v) of Regulation S-K.
The Company provided RSSM with a copy of this Current Report on Form 8-K prior to its filing with the Securities and Exchange Commission (“SEC”) and requested that RSSM furnish the Company with a letter addressed to the SEC stating whether it agrees with the above statements and, if it does not agree, the respects in which it does not agree, a copy of which is filed as Exhibit 16.1 herewith.
New independent registered public accounting firm
On November 3, 2014, the Company engaged MaloneBailey LLP (“Malone”) as its independent registered public accounting firm to audit the Company’s financial statements. The decision to engage Malone was approved by the Company’s Audit Committee.
During the Company’s two most recent fiscal years and through the date of engagement of Malone, the Company did not consult with Malone regarding either (1) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, or (2) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).
Prior to the engagement of Malone, Malone did not provide the Company with any written or oral advice that Malone concluded was an important factor considered by the Company in reaching any decision as to any accounting, auditing or financial reporting issue.
Item 9.01 Financial Statements and Exhibits
Exhibit Number Description
16.1 Letter from Rosen Seymour Shapss Martin & Company
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
World Surveillance Group Inc.
(Registrant)
Date: November 7, 2014 /s/ Glenn D. Estrella
By: Glenn D. Estrella
Title: President and Chief Executive Officer
Who knows? We can only wait for the next 10-Q which is due within the next few weeks. Maybe that is our new IR effort - don't say anything and let the filings do the talking.
I do see where the LaJolla case is still showing filings back and forth as of 10/31 so the lawyers are still lawyering.