Berigud:
ProfitScout and Greendolphin have been preaching the good news of IVDN here for years now despite the complete lack of any tangible returns. I haven't read any of their recent posts; I assume they're still typing "any day now!" type stuff.
The company's most recent annual report, filed in Feb. 2004, says:
"our audited financial statements for the fiscal year ended October 31, 2023, indicating that as a result of the Company having had net losses and negative cash flows and an accumulated deficit there is substantial doubt about the Company’s ability to continue as a going concern. Because we are not able to generate sufficient funds from sales and because we are unable to access commercial sources of credit, we are consistently underfunded. As a result, our growth is very limited, and we have difficulty in sustaining our current level of operations. We are not able to initiate adequate marketing programs, hire additional staff, develop new products or have flexibility in ordering Insultex from our manufacturer. Additionally, we must replace our quality control testing equipment for our House Wrap product line which we estimate may cost $100,000. In the past, we have depended on borrowings from our CEO and other private parties, primarily stockholders in the private sale of our common stock or debt. Should we not be able to continue to rely on these sources of funding and increase our revenue stream to at least meet our current level of operations and to purchase new testing equipment the ability of the Company to continue as a going concern will be adversely affected" and "until we are able to have Insultex ICC-ES certified we do not believe we will be able to significantly increase our revenue from our House Wrap product."
Again, I haven't read recent posts on this board, but in the past these two, along with others, have tried to use technical analysis of stock prices to justify various levels of optimism, apparently not realizing that with only 249 shareholders in the entire company (again from the annual report), such analysis just doesn't work.
In fiscal year 2023, the company lost $284k on $347k in sales. (YIKES!) Despite only having $347k in sales, the company has over half a million dollars worth of inventory sitting in a warehouse.
SG&A costs are 1.33 times revenue! For every dollar of product they sell, the sales operations cost $1.33.
In good news, COGS is about 50% of net revenue, meaning the company has about a 100% markup on the product. That's not bad. If they can get COGS [Edit: I meant SG&A] down they might be able to stem the bleeding. History suggests they will not be able to do this.
Current liabilities exceed cash on hand. That is a huge, HUGE red flag. (I'm not interested enough to go through previous annual reports to see how long this has been the case.)
The company is funding itself by selling more shares, diluting our ownership.
There is indeed no management team. There's only Joe, who clearly doesn't know what he's doing, and two board members who could quite possibly be facing millions of dollars in personal liabilities if we ever decided to file a shareholder suit against them.
This is, and always has been, a company that is circling the drain. The only surprise to me is that they've managed to last this long.
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