Tuesday, April 03, 2007 6:30:47 PM
The 12snap business is beyond abysmal. By my reading, they bought 12snap for 20 million or so 6 months ago and are now selling 12snap for 1.1 million; they've given away 200 million shares of stock, still owe 6 million dollars on the deal, and get nothing out of it except for a 10 percent stake that they themselves seem to value at 750 grand or so. Add that to the gavitech deal, which they essentially had to buy twice to take care of the .39 guarantee, and the mobot situation (which ended up being the cheapest of the mistakes they made), and their efforts over the past year seem utterly ludicrous.
The NY times piece was great, but the company is in dire straits. I don't believe, IMO, they are able to sell the paint company for anything reasonable, or they would have already. I think we've got hundreds of millions of shares waiting to flow onto the market on any pr or perceived good news. I think we owe a ton of money still to make good on the acquisitions and we don't get anything out of any of them. And the cornell situation continues, even worse, as we owe more and more.
To come out of this, we need qode to really become significant in the next few months. The NY times piece helped a lot in that direction. Still, at best, I'm not sure i could value our company above 200 million in my mind, with such massive losses and owing so much. With almost 900 million shares already listed int he 10q, and what seems to me to be another half a billion still to come, i'm just hoping we return to a dime pps.
Would love to see some good news coming out tomorrow to save our asses.
Best
Joe
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