Viscount Systems (VSYS)

[nynewbie]

Here are two things about this news that investors should know.

1. I believe the late filings are all on purpose. The Class A shares provide serious penalties/benefits to the Class A investors if the company files late. Since the Class A investors took control of the board they have filed every Q/K late. This is a breach of their fiduciary duties to the shareholders and a weird conflict of interest. It's pretty f'd up that by not doing their job the directors benefit.

2. They are selling the service division as a hail mary to raise cash. By the time they pay off the money they borrowed from the board and their arrears there won't be much left. In the meantime they will lose all that money each month as free cash so their cash burn will go up and they'll be back to a cash flow crisis fairly shortly.