Sure, I remember the 2024 revenue number was 27.3 million with a net income of $660,000.
For the purpose of setting the terms of the deal, Sason, Slotkin and Zaric set the value at 27 million. That number was used to calculate the upfront money and "closing cash" amounts paid to Zaric which represented the 15% he was "losing" in the merger. We could debate about true value of Pro Star back then all day long but there's no reason to waste time... What matters is what Zaric thought it was worth at the time and now, how the market values it. If Zaric was ever concerned about it, he would have shamelessly promoted this company in the press like most Penny listings.... Crowing about every possible deal, talking up every expansion or additions of new tractors.... The fact is he didn't. Additionally, nearly all these companies in the pinks who don't report financials do so because there isn't anything to report... Unless they want to talk about how many additional shares they issued to dubious lenders....
Again, our O/S never went up over the 404 mil. mark.
Listen, Pro Star makes money and their trucks are on the road all day. They're fleet is still 100+ strong and is fully utilized. There's no waste there. The cost structure of pro Star Freight Systems is lower than most trucking companies here. The two main reason for this is a substantial amount of the workforce is based in Serbia ... Obviously the employee costs are roughly 25% of what they would be here in the states. Also, nearly every driver is a 1099 "employee"... Which means, for tax purposes, they're not really employees... they're independent contractors who are responsible for their own taxes, insurance etc... Just understand Zaric has been silent since April 2016 because for reasons only he knows, it benefits him.... It's not because the company has done nothing since. Like a typical Pinky...
AI
