I was looking at the last 10Q which was filed on the 15th and the cut off date was the 15th.
Yes Bruce has been milking this for all he can get. He only owns about 1% of the common stock that was awarded to him. He has no cash investment in VLDI other than his time spinning stories. A company that has spent over $35M in Sales Marketing and Admin and only about $15 M in R&D without making a single real sale is a big red flag in any investors book.
Yes, those sales and marketing people must be worth their weight in gold. What a joke especially after Bruce and his daughter withdrew over .5M from the company in 2015 in cash, instead of converting their debt to common stock. I believe Bruce saw the hand writing on the wall back then. Now he has to sell common shares below .0027 to fund the company which is on the verge of going belly up with negative cash on hand, a vendor suing for non payment, issuing these ridiculous conversion rate promissory notes and some series C preferred stock for those willing to take it. All the signs point to financial desperation and a possible liquidation at this rate and a rinse and repeat.
As I stated before major liquidation happening and continues as long as this stock stays in the subpenny level. He now will have to definitely increase the common authorized share count since even without conversions of convertibles it is getting very close to 700,000,000 authorized. With the current rate of increase of 68M per quarter he only has one more quarter left before he goes over.
I would expect an increase to at least 1.5 Billion if not to 2 Billion in authorized common share count.
The important thing is not to stop questioning. Question everything. Albert Einstein
