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Wednesday, September 09, 2009 7:40:42 PM
They actually show a profit, pay their bills, make money and grow their business. How crazy is that?
As of May 7, 2008, the Registrant had outstanding 129,654,154 shares of common stock, par value $.005 per share.
June 30, 2009-Total number of shares issued and outstanding 134,605,154
Total shares O/S went up by less than 5 million shares during the first year CEO Bob took over control of VTSI.
During this year with Bob running things he cleaned up the entire balance sheet and settled over 75% of VTSI's debt.
VirTra Systems Announces Reduction in Corporate Debt and Liabilities by over $1.19 Million
Friday February 20, 2009, 10:00 am EST
TEMPE, Ariz.--(BUSINESS WIRE)--Bob Ferris, VirTra Systems' CEO and president (Pink Sheets:VTSI - News), today announced that during the 4th Quarter 2008, VirTra Systems has eliminated a total of $1,196,269 in outstanding debt and liabilities. This information will be included in the forthcoming 2008 VirTra Annual Report.
VirTra has also settled all pending legal judgments in their entirety, which eliminates $249,887 in financial obligations to the company. VirTra has also eliminated the only secured creditor of the Company. As of today, by eliminating pending financial judgments, accounts payable and other outstanding debt, VirTra’s debt and liability reduction totals $1,196,269. VirTra’s management eliminated or reduced these obligations at a cost of only $72,451, no other compensation was provided (no shares of stock and no issued warrants).
“Management negotiated the debt and liability reduction on very favorable terms for our shareholders, while significantly reducing overall corporate obligations. Also, the debt and liability reduction is further evidence of our surging progress and our ever strengthening financial position as a company,” said Bob Ferris, CEO and President of VirTra.
I mean look at what VTSI's balance sheet looked like last May when Bob took over.
TOTAL ASSETS-$192,173
Total liabilities-$4,645,793
Old balance sheet numbers from May 2008 before CEO Bob took over.
Cash and cash equivalents-$32,964
Accounts receivable, net of allowances$-87,481
TOTAL ASSETS-$192,173
LIABILITIES
Notes payable-$30,000
Obligations under product financing arrangements-$396,036
Convertible debentures, net of discount of $0 and $114,141, respectively-$286,242
Derivative liability-$380,616
Accounts payable-$552,074
Accrued liabilities-$2,600,431
Accrued payroll taxes, including penalties and interest-$1,007,044
Accrued interest payable, debentures and leases-$1,192,545
Accrued lawsuit judgments and settlements-$233,817
Deferred revenue-$10,669
Other-$156,356
Stock payable-$50,000
Advanced held on deposit-$159,735
Billings in excess of costs and estimated earnings
on uncompleted contracts-$103,548
Payable to related party-$87,111
Total current liabilities-4,645,793 as of 3/31/08 right before current CEO took over control of VTSI
****Then in a series of master magician moves the guy is able to wheel and deal and get total liabilities down to TOTAL LIABILITIES $1,369,006.
The only debt left on VTSI books is an old IRS debt with a payment schedule in place as follows. Ferris Productions, Inc. had certain payroll tax liabilities which we inherited upon the combination of GameCom, Inc. and Ferris Productions. The combined company also incurred payroll tax liabilities. These liabilities are for unpaid payroll taxes between 2000 and 2003. The total amount of this liability, including principal and interest, is $705,987 at June 30, 2009. We entered into an agreement with the Internal Revenue Service during 2008 to repay the full amount of the liability in quarterly installments of gradually increasing amounts. The repayment arrangement began in March 2008 at $25,000 per quarter. This amount increases to $50,000 per quarter in March 2009 and graduates to $75,000 per quarter in March 2010 until the liability is fully paid.
VirTra is current with these IRS payments as of June 30, 2009 and made an additional principal payment of $161,444 during the second quarter 2009.They made an extra $161k payment to IRS over the required payment. Didn't take the money and go out and party. Did pay themselves big bonuses....they used the money to pay down their debts.
And the final settlement with Dutchess which CEO Bob got knocked down from 1.4 million down to 550k.
On March 15, 2008 our corporate counsel advised us that the total amount of liability to Dutchess is estimated at $1,421,264. Dutchess then received a judgment for $1.121 million and 1,650,000 shares of stock. This change is reflected in the second
quarter results in 2008.
On September 30, 2008 VirTra Systems, Inc. entered into a Settlement and Release Agreement with Dutchess. The agreement states that VirTra agrees to pay Dutchess $550,000 in stock or cash without a prepayment penalty. No interest shall accrue on
the Principal Settlement Amount. This agreement supersedes and clears all prior obligations with Dutchess. As of June 30, 2009 the total amount owed to Dutchess was $450,660.
On September 30, 2008 VirTra Systems, Inc. entered into a Settlement and Release Agreement with Dutchess. The agreement states that VirTra agrees to pay Dutchess $550,000 in stock or cash without a prepayment penalty. No interest shall accrue on the Principal Settlement Amount. This agreement supersedes and clears all prior obligations with Dutchess. The first two requests from Dutchess were paid in stock and all further conversions have been paid in cash, leaving a liability of $526,904 at March 31, 2009. By paying Dutchess in cash for three conversions, VirTra avoided issuing 1,210,000 shares of stock during 2008.
CEO Bob takes over and right away caps everyones salary.
As of May 13, 2008, the new management implemented a policy that no VirTra executive or employee will make over $100,000 in base salary, compensation above $100,000 will be performance based.
VirTra Posts 5th Consecutive Record-Breaking Quarter
Aug 17, 2009 10:00:01 (ET)
TEMPE, Ariz., Aug 17, 2009 (BUSINESS WIRE) -- Bob Ferris, VirTra Systems' CEO and president (Pink Sheets:VTSI), today announced VirTra's 5th consecutive profitable and record-breaking quarter. VirTra is known for setting the highest simulation training standard in the industry by developing the world's most effective and realistic firearm training systems (FATS) for both law enforcement and military organizations throughout the world. With today's announcement, VirTra has now posted five consecutive profitable quarters since new management took control in 2008.
For the quarter ending June 30, 2009, gross revenue grew 23.7% from $783,261 to a record $968,814, due to successful sales efforts, specifically with the growing list of international customers.
General and administration costs are higher from $140,374 for the second quarter 2008 up to $369,602 for second quarter 2009. The primary differences are: a $114,795 amortization expense, hiring additional sales staff, increased tradeshow expenses, and increased sales related travel.
Net income from operations increased from $272,274 for the 2nd quarter 2008 to $328,587 (adding back Amortization Expense of $114,795) for the 2nd quarter 2009. This is an increase in operating profit of 20.7%.
Net gain per share for the second quarter of 2009 was $.0021, compared to $.0082 per share in 2008. However, second quarter 2008 had $824,975 of non-operational income that is non-recurring and is directly due to forgiveness of debt income, gain on litigation settlements and gain on derivative liability.
Overall, VirTra has made consistent improvements in financial performance since the second quarter of 2008. For the quarter ending June 30, 2009, net income is $279,602 as compared to $123,864 during second quarter 2008. Net income improved by $61,327 in the second quarter of 2009 as compared with the first quarter of 2009. This was a 28.1% increase over the first quarter this year.
VirTra's cash on hand improved to $284,377 as of June 30, 2009 as compared to $66,033 from June 30, 2008. Also, Shareholders' equity increased over $500,000 to $5.89 million at the end of second quarter as compared to $5.36 million from the end of 2008.
To access the full financial report: http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=23383
Bob Ferris, CEO and president of VirTra, said, "What a true pleasure it is to announce our fifth consecutive record-breaking quarter. It is wonderful that our financial performance clearly reflects the significant and steady improvements made at VirTra. We are very blessed to be one of the few companies to grow revenues and post considerable profits during the current economic condition."
VIRTRA PURCHASES 5 MILLION SHARES OF ITS COMMON STOCK
June 30, 2009
TEMPE, AZ
VirTra Systems, Inc. Bob Ferris, VirTra Systems' CEO and president (OTC:VTSI.PK), today announced VirTra has just purchased 5,000,000 shares of its common stock.
The stock was originally issued to General Perry Dalby, who sold it to Pine Springs Capital. VirTra Systems purchased the shares from Pine Springs Capital. The shares are to be retired and therefore will decrease the number of shares outstanding.
In an unrelated transaction, VirTra recently sold 1,000,000 shares of stock for proceeds of $35,000. Revenue from transactions like this will likely go toward fees associated with upcoming tradeshows.
VirTra signed the contract today to have a 40 x 40 booth with an IVR-300 HD™ simulator at the New York Law Enforcement Expo, which will be held on September 9th and 10th on Pier 94, in New York, NY. VirTra has already committed to a total of 4 tradeshows between now and the end of 2009.
“VirTra is committed to making smart decisions with regard to our equity. There are times when it serves the company’s best interest to purchase back shares of our stock and there are times when it serves the company’s best interest to sell shares of our stock. Every move we make is designed to strengthen and grow VirTra, while eliminating remaining liabilities.” said Bob Ferris, CEO and president of VirTra.
Only shares issued through 6/30 for all of 2009.
On May 26, 2009, we bought back 5,000,000 shares of our common stock from Pine Springs Capital for $65,000 in cash. Perry
Dalby sold the November 20, 2008 shares to Pine Springs Capital.
On May 27, 2009, we issued 450,000 shares of our common stock to Dutchess in connection with our Settlement and Release agreement.
On June 8, 2009, we issued 451,000 shares of our common stock to Dutchess in connection with our Settlement and Release agreement.
On June 12, 2009, we issued 1,000,000 shares of our common stock to an accredited investor for $35,000 in cash. (Money used to for last 2 trade shows).
On June 17, 2009, we issued 1,500,000 shares of our common stock to Dutchess in connection with our Settlement and Release agreement.
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