IMO, Report CONFIRMS Ligatt is 90% Fluff!!
The most important piece of information in the report:
Find out what GPS device was used during visit and never buy that one!! That is the most important thing I learned.
The rest of the report confirmed what I already suspected, not much of a company and expenses likely higher than revenue thus forcing Greg to sell LIGATT shares to raise cash. While I think it’s great that shareholders visit offices to gather facts, I guess I interpret them a bit differently:
1. There are NOT 25 employees in the Atlanta office. In fact, from the picture, I only spot one or two guys that might even be IT. It almost looks like Greg told Lakeesha to round up as many relatives and friends as possible and bring them down for the shareholder visit. God only knows what the LA office looks or does NOT look like!!
2. Has everyone read the CFO’s resume?
Has anybody ever hired a CFO? I have and one usually wants someone with experience or at least is a CPA. This woman is neither. Yes, she has degrees from 2 very good universities, but call me a cynic as I’d like to see copies of the diplomas for proof. Remember, it is Greg telling us about her and he’s been caught in more than one lie!! An inexperienced CFO can be had for nothing so in my mind this is a position he should have hired from the beginning.
3. It would be nice to hear more detail on products if they gave any. For example:
• What is the total market demographics for ITsnitch?
• What is the strategy to penetrate that market?
• How is that product better than the free service that many law enforcement agencies get as pointed out by a poster here?
• How is ITsnitch different than tattletale as it just looks like a repackaged product that never sold in the past?
• And did you ask how Greg as a startup plans to offer something different or more in his suite of packages than those offered by the many many competitors with those same products already in the marketplace and with a much more professional CEO and team?
4. Greg mentioned he did not plan to be on pinksheets long. Did anyone ask him how that would change given the pps of stock and the NASDAQ listing requirements? Did Greg reveal if revenue is currently higher than expenses? If not, did he reveal how he is covering expenses and whether he is selling any LIGATT shares to cover the negative cash flow?
5. After the product review, did Greg give an update on the 6 acquisitions with significant revenue? Oh, it’s only 2 acquisitions with ZERO revenue? Well ok then, did he reveal when the TV show will go into production and how he intends to pay for that? Did he reveal what the plans are for the weird web site he bought? Especially as it relates to revenue generation?
6. Also, it was interesting to hear Greg say he doesn’t read the message boards (but he knows me by name in video blog) and that they are just flippers and he cares about the long-term investors as this will take time to grow. HUH!!??? If that is the case then why did he get on video blog and promise .10-.15 by June? And get on video blog and promise by end of June, 6 acquisitions all with significant revenue? And get on video blog and promise a new product (Not to be confused with repackaged old product) PRs each week? Did Greg say why he would hype and pump things on the blog if he is only interested in long-term? I mean why would he need to hype and exaggerate the size and scope of Ligatt and their products, acquisitions and services IF the short-term means nothing? WHY?????????
Remember, I never said Ligatt did not exist as a company, we know it does and is traded on pinks. What I have always said is that IMO Greg is selling shares from the free float shares that were part of the Dilution created when he bought the IGTP shell and converted it to LGTT. It is the only thing that logically explains why he would over-promise and under-deliver and it’s strongly seen in the way the stock trades on PR days; lots of volume but someone selling at the ASK or below ALL day. Until Greg gets on a video blog and swears he (or a representative) is or was not selling LIGATT owned shares, then some will be suspicious. And based on declining pps, it is way more than some!!
