VirTra Inc (VTSI)

[looksgoodtoome]

Backlog and contract

There are so many twists, turns, and theories with Virtra that it is easy to get beaten down with minor details. Maybe Bob meant this when he said that or this is why that was done then etc etc. I had somewhat of an epiphany this morning and it is this: I do not believe it is legal to have a signed contract not disclosed in the backlog. To unpack this a bit more I have spoken to Charlie in great detail about Virtra's definition of backlog. Here is what he said " VirTra defines backlog as, "The accumulation of bookings that have not started or are uncompleted performance objectives and cannot be recognized as revenue until delivered in a future quarter." In other words, backlog will contain any small and large contracts that a company is working on. So regardless of whether the contracts were disclosed in an 8-K or press release, you should see them "show up" in backlog.

So if that is the case this the contract SHOULD be in the backlog but i don't believe it was. I don't believe for an instant Bob would consider dilution and a massive hiring spree without a done deal contract.

So where does that leave us? My thought is the contract is done and Virtra DIDNT include it in the backlog because they thought no one would notice. i guess its possible Bob signed a small 2-3M contract for a few dozen units and the larger contract is yet to be signed but I seriously doubt that . Bob wouldnt take that risk without an inked contract. Bob even mentions that he cannot disclose details about the contract in the CC. and if the contract is done is MUST be in the backlog. This seems like it could be a legal issue .... I just don't see how the events that have transpired could have taken place without an executed contract on May 17th 2021.