I am no longer in the stock but this is laughable.
Profit for a small growth company isn't necessarily relevant, RVENUES, on the other hand, ARE. An increase of a whopping 16 grand from 51,000 to 67,000 for what ALLEGEDLY is a popular item sold on multiple continents in multiple countries, several of which ALLEGEDLY reimburse the thing is pretty pathetic.
Yes, so it looks like the distributors are not very good, hence Dario told them to go stuff themselves:
"On April 16, 2015, Ltd. sent a letter cancelling its Exclusive Distribution Agreement...with its current distributor in the United Kingdom...On April 20, 2015, the UK distributor alleged that Ltd. breached the Agreement by cancelling it with no legal right to do so. On April 30, 2015, Ltd. responded to the allegations by claiming that the UK distributor caused a material breach of the Agreement, and that the Agreement should be void due to misrepresentations made by the UK distributor concerning its marketing ability in the territory covered by the Agreement. Following Ltd.’s response, on May 6, 2015, the UK distributor informed Ltd. that he plans to take legal action to enforce his rights."
Then we see, blimey, that people expect some money for their work:
"On April 3, 2015, the Company’s Board of Directors approved a shares for salary program according to which the executive officers of the Company shall have the power and authority to ...issue shares of Common Stock to directors, officers and employees of the Company as consideration for a reduction in or waiver of cash salary or fees owed to such individuals.
Consequently, during April 2015, the Company issued a total of 400,093 shares of Common Stock to three of its Board of Directors members which are equal to the fair value of the cash accrual at the same date of issuance."
followed by some bla bla bla that was most likely unavoidable and legally required (a.k.a. if it's raining outside, the rain won't stop if you drop to the floor and hit the ground with your fists)
"On May 5, 2015...approved a certain warrants exercise and replacement agreement according to which the Company (i) will request the investors and the finder from the February 2015 Private Placement to exercise for cash, their outstanding 2,821,613 and 60,356 warrants, respectively, with an original exercise price of $0.24, by May 15, 2015 and (ii) upon such exercise, the Company will issue such investors or finder shares of Common Stock and additional warrants to purchase same amount of shares of Common Stock, for an exercise price of $0.24, having the same terms and conditions of the exercised warrants. Such transaction will be accounted as deemed dividend.
As of May 14, 2015, 1,651,362 of such warrants were exercised into 1,651,362 shares of Common Stock for a total consideration of $396."
Catch that? The February investors got to buy 1.6 million shares for TWENTY FOUR CENTS while the stock was trading up around FORTY cents! AND!! AND they got to collect warrants for the SAME amount of stock that they sold! So, in effect, they got a $640,000 (.40 x 1,600,000) FREE gift from current shareholders!
And a generic whine of all retail "investors" that tbe bad guys with more money get better conditions
How do I become a "private" investor or director? They seem to have all the fun!
I could not resist.
AI
