Pitcook (and others), I own IVDN stock because I think there's enough evidence out there to suggest that INSULTEX could be a disruptive product. And disruptive technologies can be massively profitable.
However, I don't think that Joe Riccelli has the faintest idea how to extract massive profits from INSULTEX.
IVDN has been a publicly traded company for at least 16 years, as far as I can tell.
Sixteen years.
Has IVDN *ever* had a profitable year? Ever? Even before the FTC lawsuit? From my research that I posted here 02/19/20, the largest annual profit that IVDN had that I could find was less than $50k.
You'd think that if INSULTEX were such a great product, the company could sell it by the boatload.
But they haven't. Their most profitable year, as a company, was less than most of our annual paychecks as employees.
Which means that either A) INSULTEX isn't as great as IVDN claims, or B) Joe R. can't sell the stuff worth a damn.
I'm an IVDN shareholder because I'm hoping the reason IVDN is bankrupt (and, again, they are most certainly bankrupt in any real sense of the word) is B.
It boggles my mind that there are people on this forum telling me how great Joe is as a CEO. Sixteen years with a revolutionary product but without a profit, and y'all are cheerleading for him? Seriously? I mean, what does it take to FAIL in your eyes, if sixteen years without a profit is doing a great job?
The good news, fellow investors, is that this is a correctable problem. Corporate CEOs who don't perform can be replaced. If we want our investments to go up, what we need to do is:
1. Find 2 or 3 individuals with business acumen who are willing to be board members for IVDN
2. Force the company, under Delaware law, to hold a shareholder's meeting
3. Force the company to put shareholder proposals for new board members to a vote at the annual meeting
4. Vote out the current board and install our board members
5. Trust that the new board members will hold Joe accountable for his nonperformance, and will replace him with someone more capable if he's not able to turn things around
Unfortunately, I'm stuck at step #1. If anyone here knows anyone who has the skills and willingness to be on the IVDN board of directors, this is the place where we should work together to turn this company around.
For all of you who think IVDN could be a great, massively profitable company: why are you not upset that it ISN'T ALREADY a massively profitable company? The FTC lawsuit was not a factor for most of this company's history.
