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If you look at the 2011 quarterly financial statements you can see that they are comparative. That is, they show the financial results for both 2010 and 2011 .
Audited 2011 financials would require that 2010 would have to be audited also since they are included as part of the 2011 financial report.
Maybe the 47% drop for ADLSD is due to the fact they lost over $9 million dollars in 2010.
The following is from the Gander Mtn. web site. Looks like at least 4 stores the first year.
The 20,000 square-foot Florida facility is the first of several Gander Mtn. Academy locations set to open within the coming year. Future locations are currently in development in La Crosse, WI, Greensboro, NC, and Roanoke, VA, with additional locations to be announced later in the year. Customers may register for classes or schedule time for Gander Mtn. Academy activities in person, by phone or on the web at https://www.gandermountain.com and clicking on "Gander Mtn. Academy."
Yes, perspectives can make a big difference. There are some that got started years ago at $.40/share with a "company changing" deal expected any time. Things steadily deteriorated until almost 2 years ago, Virtra was at $.007 with barely a glimmer of hope.
If you were around two years ago (and averaged down), you would feel a lot more comfortable with where things are now. Not only with the price, but also with the direction things seem to be going.
When you already have 6.6 million shares it isn't at all spectacular. I just view it as a message that good things are happening for Virtra without issuing a PR.
Check out this link for info. In particular the Oct 26th filing.
http://www.otcmarkets.com/stock/VTSI/financials
Note 7 indicates that there are 5 large projects, totaling $3,564,110 of revenue, in production. That would mean the average project was in excess of $712,000
I have reviewed financial statements for the prior 6 quarters and the average cost of projects in process for all the quarters combined has been $363,000. During the previous 6 quarters, the average cost of projects in process for each individual quarter was as low as $219,000 and as high as $443,000.
For the 3rd quarter 2010 financials, I would not be suprised if there were 4 projects averaging $375,000 and one major contract $2,000,000 making up the 5 projects in production?
Or then again, if one wanted to be optimistic, maybe it is a new major project that would be in addition to the $3,564,110 projects already in process.
With further reading, I have found something else to be overly optimistic about. If you look on page 26 you fine the following:
XVIII. Material contracts
VirTra entered into a material contract with a customer that has not yet been publicly announced.
Well, as expected, I was too optimistic. Irregardless, it appears the company is making good progress.
A few observations from the financial statements.
First, the 9 projects totaling $3,994,456 were not completed during the 2nd and 3rd quarters. Since the revenue from the 2 quarters combined was $3,436,145 leaving $558,311, hopefully for the 4th quarter.
Second, gross margin (69.6% in 2009) was 63.2% in the 3rd quarter. I assume that having a foreign distributor responsible for 59% of total revenue might account for some of that. Another factor may be due to the fact that one customer was responsible for $1,110,508 or 26.8% of the total revenue of $4,143,724.
Third, Virtra had 29 employees at June 30 was 29 and as of September 30, they were up to 40 full time employees.
Since there haven't been any posts to read, I continue to think about the 3rd quarter financials. Again the Billings in Excess of Costs/Costs in Excess of Billings (Note 7 in the 2nd quarter report) reads as follows:
At the end of 2nd Quarter 2010, we had nine large projects in the production stage. Our percentage of completion is based on
total costs incurred to date compared to the estimated total cost of each contract. Of the partially completed work at June 30,
2010, we have incurred some of the costs on contracts totaling $3,994,456 of total revenue. We estimate that we will incur
additional costs and do not expect to incur any losses on our uncompleted contracts. Our billings in excess of costs and
estimated earnings on uncompleted contracts total was $1,683,278 at June 30, 2010.
When I think about $3,994,456 of total revenuse and then see only $1,516,402 of revenue for the entire 2nd quarter, I'm thinking that leaves $2,478,054 of revenue to be recognized in subsequent quarters.
Since September 1, there have been announced sales of 5 300LE systems, 1 300MIL system, 1 100LE system, upgrade of 1 300LE system and signing multi-year contract with L3.
I don't know how long it takes to complete a project, but I would expect all 9 of the 2nd qtr. projects as well as these new projects to be completed by 12/31. When you combine $3,994,456 with the projects announced since then, that should be a significant increase over the $4,349,602 of revenue in 2009.
Granted, expenses will be higher with the rental of new building space as well as the hiring of several new employees. I am still curious about predictions of 3rd and 4th quarter earnings.
In looking at the 6-30-2010 financials there was $1,683,278 of "Billings in excess of costs and estimated earnings on uncompleted contracts". In addition there was $2,867,768 in accounts receivable. I suspect that most of the $1,683,278 had been billed but not received. In any case,I would expect all those projects were completed in the 3rd quarter.
A more interesting question for speculation would be how many new projects were started during the quarter.
If you look at the video posted on 10/19/2010 and count the number of systems to be shipped within the next 10 days and you assume that a portion of those projects were also completed in the 3rd quarter. The best I can tell, there are 2 IVR 300 systems and 8 IVR 100 systems that I can see, but I am having difficulty determining what is over by the far wall.
http://blutube.policeone.com/Media/6470-VirTra-Systems-New-Global-HQ/
I don't think 3 million is unreasonable for 3rd quarter revenues. With the many systems shown in the video delivered at the end of October, the 4th quarter should also be a good quarter. I can see $7 million in total revenue, but, I would expect net income of over 32%. It was 32% in 2009. I don't think earnings of .015 cents per share is unreasonable.
But, I have always been an optimist!
Last year the 3rd Qtr financials were released on Nov. 10
http://www.otcmarkets.com/stock/VTSI/financials
That question has been answered a couple of times in the couple of weeks, but, there was so much pumping going on by you and your friends that the useful information got lost.
tommy 9 fingers,
I can't answer all your questions, but I can add some facts as well as some opinions.
Here is the record of payments made to Dutchess with stock from the 3rd quarter financials. You can see that the amount paid each month does change. I don't know how the payment date or share price was determined.
I would hope that the share price would be determined before Dutchess dumped the shares on the market.
Date___________Price___Shares__________Payment
5/18/2009_______0.0300____450,000______ $13,500.00
6/03/2009_______0.0240____451,000_______$10,824.00
6/12/2009_______0.0240__1,500,000_______$36,000.00
6/29/2009_______0.0240____400,000________$9,600.00
8/17/2009_______0.0296____401,000_______$11,869.60
8/25/2009_______0.0296____800,000_______$23,680.00
9/24/2009_______0.0480____950,000_______$45,600.00
________________________4,952,000________$151,073.60
I believe VTSI has a choice about making payments with either cash or stock. This would seem to be the case since there were additional payments made in cash. I seem to recall comment about using cash to promote sales instead of paying debt. With the increased participation in trade shows over the last few months, the payment to Dutchess in the 4th quarter may have also been made with shares.
SirFilix,
I am wondering what random opinion was pulled out of one's butt.
On page 27 of the 3rd quarter financials posted on pinksheets.com show that VTSI issued 2,551,000 shares to Dutchess in the 3rd quarter.
The table on page 20 of the 3rd quarter financials shows that VTSI issued 4,852,000 shares to Dutchess between 5/18/2009 and 9/24/2009.
If that happened, why would it not be reasonable to expect it might continue?
As far as dilution is concerned, I believe my opinion was consistent with your opinion that dilution haden't been that bad.
NOPENNYPUMPINGALLOWE,
If 5,000,000 shares were used to payoff Dutchess during the 4th quarter of 2009 and early part of 2010, wouldn't the CDF holder then be out of the picture.
The last 18 months have not been ideal for any company to get financing.
While there has been some dilution since Ferris took over as CEO, it could have been much worse. There are a number of longs that remember those days when VTSI was under $.01 and it doesn't seem like that long ago.
With the VTSI share price since Sept 30 staying between $.06 and $.08, it shouldn't take near as many shares to finish paying Dutchess their $326,311.
By my calculations, 5,000,000 shares would have Dutchess paid in full.
While I am not happy about 5,0000,000 additional shares, I would be tickled to see Dutchess quit dumping shares every time the price starts to go up.
If you look at the 3rd qtr filing for VTSI, you would see that from May- Sept, VTSI made 7 payments to Dutchess with shares of stock. The # of shares ranged from 400,000 to 1,500,000.
I would suspect that those shares were then sold (dumped). When that many shares hit the market for a stock with an average daily volume of about 200,000 shares/day, the price is going to drop. If your were to compare the date of issue with a historical chart, I would expect to see a strong correlation.
That being said, I would not expect to see the value of VTSI increase significantly until Dutchess is paid in full.
Any release of good news will be offset by the next batch of shares are dumped.
When we get news that Dutchess has finally been paid in full, we may be able to sustain some of the gains made after good news is released.
Last years earning were released on March 31.
See post 23275
It doesn't look like the pumpers are having much luck today. I have to commend them, they are certainly putting forth a valiant effort.
Their definition of "bagholders" is different from mine. Their definition of a bagholder is someone that purchased VTSI in the $.02-.04 range and is now sitting on (or selling for) a nice profit.
My definition of a "bagholder" is someone that purchased at $.09-.10 a couple of days ago and is now holding onto a loss.
While I agree that we could reach $.13 or higher, I think we will have to wait till earnings are released at the end of March, unless real news is announced earlier.
My years of experience with VTSI has taught me that patience is required , things just don't happen overnight.
Based on the past, you can expect to see the year-end earning reported around April 15. The first quarter earnings a month or so later in May.
Clarification of facts
Based on my understanding of accounting rules, you are over estimating the amount of revenue for the third quarter.
Revenue is recognized on the percentage of completion method. That means for a sale totaling $200,000, if 25% of the expenses were incured in the second quarter, 25% of the revenue or $50,000 would be recognized in the second quarter. Assuming the project was completed in the 3rd quarter, then that would mean $150,000 of revenue and the remaining 75% of the expenses would be recognized in the third quarter. Notice that without more information, you don't know what the total expense would be for this project.
As I recall the second quarter financials indicated the total revenue for the three contracts of $1,237,243 (100% of the revenue) and expenses through June 30 of $290,925 (we don't know what percent of the total that was). The percentage of the total expense was not indicated so the percentage of the total revenue recognized in the second quarter could not be calculated. That also means that the percentage of the $1,237,243 to be recoognized in the third quarter can't be calculated.
For the same reason, unless the recently announced orders are completed in the third quarter, the revenue won't be recognized in the third quarter. The percentage of the project completed will determine the amount of revenue that will be recognized in the third quarter.