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Tuesday, April 15, 2014 2:57:10 PM
1. Take a meaningful pay cut - no start up company succeeds without the principals having "skin in the game". Not saying they need to starve to death, but their compensation should be modest. They have the ability to give themselves fat bonuses once/if the company takes off. This includes founder Trent.
2. Change out the Board of Directors. Having a former CEO of an SEC suspended company on the Board is not good business. Wilma should go to - being family, she is too close to be objective.
3. Stop with the gimmicks (paid IRP's, doll museum, fake twitter buzz, etc). Let the merits of their achievements shine through and investors will follow.
4. Put a muzzle on Trent. Making false or misleading statements about how reverse splits are good for the company is complete BS. Same with the share buyback - complete BS (or at least not in the next 3-5 years in my opinion).
5. Everyone knows small companies need start up capital that is often on not so good terms (ref. Asher) to move forward - it is what you do with those funds that makes a difference. Spending the vast majority on G&A seems disproportionately not good. If they can use the recent $500k to reduce interest expense AND expand their business - I think it is a step in the right direction.
6. Use remaining shares judiciously - the fact that the company took the entire team (at least 5 if not more) to NYC seemed overkill to me and excessive. Any and all expenses need to be watched like a hawk. If Trent were not a founder of the company, are his services really worth that much as a consultant?
I could go on, but this is a starting point.
6.
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