NeoMedia Technologies, Inc (NEOM)

[bleedingedge]

JP - I was basing my comments on their "actions" vs. "words/PRs". In the 10Q, there is no mention of any R&D investment in OMI infrastructure/backend (see the R& D section below). In fact, they increased investment in the development of the NeoReader by $200k. That would indicate that the largest share of the R&D dollars were put into NeoReader development.

If I was CEO and OMD/OMI was my focus for the company (become the infrastructure behind everyone else's front-end), I would be investing heavily in creating the robust back-end system with interfaces into financial systems, the different communications and middle-ware protocols, and interoperability with the various front-ends (i.e. readers - barcode, photo, RFID). There is nothing in the "actions" from NEOM that indicate that they are investing any effort and $$$ in this area.

From the 10Q:
Research and Development. Research and development expenses were $0.6 million and $0.5 million for the three month periods ended March 31, 2008 and 2007, respectively. Increased costs of NeoReaderTM development in the current quarter of $0.2 million was offset by lower stock based compensation expense of $0.1 million.