I have to keep reminding myself that this is a one man shop, especially since the promissory notes are increasing every quarter, and there is no funds to pay the interest rate of 12% which is accruing. Based on the May 10th total of $695,744 in promissory notes, the interest alone is now $83,489 annually and growing. If you add last years accounting cost and fees of approximately $108K to this amount, you come close to 40% of last year negative operating cash flow. It is buzzard that Bruce can keep this going as long as he has.
At some point VLDI will probably have to refinance these promissory notes, probably with convertible preferred stock especially since they have no operating cashflow to pay the interest or repurchase the notes. Bruce can only continue so long before this blows up in his face since every quarter he is digging a deeper hole.
"Sarcasm is the last refuge of the weak mind". (Dostoyevsky) and "The important thing is not to stop questioning. Question everything" (Albert Einstein)
