Data Cult common stock shareholders have no say in the company. It's all controlled by Recliner Timmy:
"During the quarter ended September 30, 2014 the Company amended its Articles of Incorporation to authorize 1,000,000 shares of Series B Preferred Stock, par value $0.001 (the "Series B Stock"), 10,000 shares of which were issued to our CEO, Tim Vance. The Series B Stock, which may be issued in one or more series by the terms of which may be and may include preferences as to dividends and liquidation, conversion, redemption rights and sinking fund provisions, has the right to vote, in the aggregate, on all shareholder matters, equal to 51% of the total shareholder vote on any and all shareholder matters. The Series B Stock is entitled to this super-majority, 51% voting right no matter how many shares of common stock or other voting stock of Data Call stock is issued and outstanding in the future."
Common stock is really meaningless in the Data Cult. It's owned and controlled by Recliner Timmy, and as long as he can maintain those three customers that account for the bulk (84 percent) of the falling revenues, and can pay his $85K salary, $6K bonus, and medical/dental insurance - and give him an expense account for travel, dinners, and golf - he'll keep it going. It's easier than getting a real job.
"During the years ended December 31, 2015 and December 31, 2014, we were dependent upon three major customers, who accounted for approximately 84% of our revenues."
If one of those customers leaves, then this whole thing may be unviable for Recliner Timmy, or at least he'll have to quit paying rent on the 700 sq ft mostly unused rental closet in the boondock stripmall and redirect the mail to a P.O. Box.
If two leave, he'll have to cut back on the golf, dinners, and travel expenses - maybe even forego the $6K whopper bonus.
Data Cult is a classic example of a burnt-out middle aged middle-management guy faced with setting up his own gig with a comfy chair to ride into retirement from the home recliner or face hitting the bricks and working checkout at Home Depot, selling aluminum siding, driving a bread truck, or claiming disability until Social Security and Medicare kicks in for him.
Hay man, I don't blame him. He's just doing what he thinks is best for him. Sure beats the hell out of setting the alarm clock 5 days a week and putting on the Home Depot apron or doing outside sales calls pitching aluminum siding to widows. The bread truck gig might not be so bad though.
Besides, if he worked at Home Depot or drove the bread truck, he'd have to take vacation time off to watch the Masters coverage on the Golf Channel. Having your own company has a lott of advantages!
Butt make no mistake, Data Cult is Recliner Timmy's company, and nott the common shareholders.
