I didn't see much progress or promise of future progress in this Form 7.
I came to that conclusion because there wasn't much new, what was was 'eh' news at most,and they have a few statements that are not clear which I believe is Chan's attempt to make things look better than they are.
Good news of new sales could come at any time but to me it doesn't look at all like we saw business expansion in August.
What was new information in form 7:
- Medallian GPS will have 350 to 400 more commercial assets deployed in the last quarter of the year. Frankly this is disappointing. They never told us how many they already deployed but a few hundred items is not enough to improve this stocks performance we need at least thousands if not 10s of thousands in a year.
- The last item about market trends had a new but confusing phrase about "funding increase for credit union membership services". What does funding increase mean? What funding. Funding is not revenue. It could allude to the federal government increasing funding to support infrastructure which can include credit unions but that doesn't at all necessarily translate to more business for IGEN. I tend to think this is a Chan tidbit that means nothing but could cause optimistic investors see something that isn't there.
What had additional information provided:
- In july said there would be more pre-loads for Nimbo in Portland, this month they put a number on that of 500 to 1000
What didn't change:
- wording about record nimbo tracking services received is identical in both forms. Could mean that happened again or they felt they could say it again (like the wording on the patent-pending being accepted was unchanged). Probably the latter or they would of changed wording to say something to make it clear this happened again. This is the sort of tricky things Chan does in Form7s. Not lie but not make entirely clear.
- still haven't closed the deal on CU Track in Mexico, Texas, PR or Latin America Association. The time period of Q3 remained, but we only have 2 weeks left. Most of these started out by referencing Q2. So we are looking at 3 months no progress. Not good.
What we didn't hear about
- Nothing said about 15 – 20 sales leads GPS Pro leads from the recent convention.
- took credit for 6 new automotive dealerships, 4 new credit unions, and three new distribution agreements for a third month (was first announced in Jun 2022).
