Verb Technology Company Inc (VERB)

[dukeb]

on June 13, 2023 we disposed of all of the operating SaaS assets of Verb Direct, LLC and Verb Acquisition Co., LLC pursuant to an asset purchase agreement in consideration of the sum of $6,500, $4,750 of which was paid in cash by the buyer at the closing of the transaction.

The company ended the quarter with less than $1 million in cash. And the company issued new shares.

So where did the $ 4.75 million received from the sale of the CRM business go?? At the time of the sale the company said that it was likely going to use most of the proceeds in order to purchase a revenue generating business.

Looks like they have higher priorities such as paying back loans that Rory gave to the company:

Repayment of note payable – related party
On October 12, 2023, the Company repaid all of the outstanding principal and accrued interest amounting to $879 from a December 2015 related party note issued by Mr. Cutaia.

And now we learn that Rory is subleasing space in his Las Vegas pad.

Sublease agreement – related party
On November 1, 2023, the Company entered into a corporate office sublease agreement with Mr. Cutaia for its executive office in Las Vegas, Nevada.

Not long ago the company announced that it signed a new office lease in southern California.

Rory continues to spend shareholder money as if it was his own piggybank.