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Thursday, August 02, 2018 12:50:37 PM
big sales to government
100 m AS / 100 m OS
http://www.meganet.com/meganet-solutions-government.html
https://govtribe.com/contract/idv/gs35f0115p
https://www.fpds.gov/ezsearch/fpdsportal?q=0017+9700++PRINCIPAL_NAICS_CODE%3A%22541519%22+CONTRACTING_AGENCY_NAME%3A%22DEFENSE+CONTRACT+MANAGEMENT+AGENCY+%28DCMA%29%22&s=FPDS&templateName=1.4&indexName=awardfull&sortBy=NON_GOVERNMENT_VALUE&desc=Y
previous 10q:
https://www.otcmarkets.com/filing/html?id=12248001&guid=CrUEUFjE8AsIeth
Examples Illustrative of Meganet's Sales Cycle
A good way to understand Meganet's sales cycle is to see examples of past sales. Meganet obtained its product base and its business plan from a company called Meganet Corporation, a California corporation ("Meganet California"). In 2002, Meganet California made a sale to the U.S. Department of Labor. After soliciting the U.S. Department of Labor for over a year, Meganet California received a software order for $4,200,000. Development costs of the software had been expensed as they were incurred and since it was software it had no production cost. Therefore the sale was virtually 100% profit to the company at the time it was realized. However, in the 12 months leading to this sale, total sales were only $100,000.
Another example is Meganet California's sale to the U.S. Department of Transportation (the "DOT") in 2005. After pursuing a sale for only three months which would typically be just the beginning of a solicitation cycle, an internal security breach at the DOT heightened security concerns and it issued Meganet California a $10,000,000 contract immediately. In the 12 months prior to the sale, Meganet California had sales of under $1,000,000 dollars total.
A third example is a sale to the U.S. Department of Veteran Affairs (the "DVA") in 2007. Meganet California had been soliciting the DVA's business for three years trying to sell a biometric USB storage device without success. One day without prior notice, Meganet California was selected as the sole source provider of biometric USB storage devices nationwide to over 5,000 facilities. Like before, sales for the prior 12 months had been under $1,000,000.
For the past two years, Meganet has been working hard toward securing some large sales which it believes will materialize in the near future. However, the financial statements included in this annual report show sales minimal sales. However, this pattern of sporadic sales is typical for this Company.
Our sporadic sales cycle is not the only reason for the lack of sales in the prior two years. The global economic crisis has made many of our customers put purchases on hold. The U.S. government in particular has had many departments put projects on hold, cancel some existing projects and in many cases simply run out of budget for new products. Also in the private sector, the economic downturn has made the purchase of products like ours not a possibility at this time.
Meganet is a company that goes from one large sale to the next with low or quiet periods in between.
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