bobbott I think this one will have a good yeah, I really like what was said at the shareholgers meeting. I found this info talking about the reverse split:
Regarding the Reverse-Split, as we move forward developing the retail products and supporting our on-going business, which we will talk more about momentarily, we will need to raise capital to properly execute the plan, which includes but is not limited to, on-going product development, celebrity endorsements, commercials, air-time, test markets, focus groups, and on and on. while this is never a popular decision and we would have preferred not to have done this, if we didn’t take this action not only would the dilution would been far greater for the shareholders under the previous structure. This action allows us to raise additional funds in the future with far less dilutive effect than in the previous share structure. Future capitalization shall come from equity financing, and will only occur on an as-needed-basis, furthermore, the Company has no plans on obtaining any future loans at this time. And let me answer the next question, HOW MUCH! I cannot answer this question at this time, as we are still assimilating all the associated costs.
The Audit. This has been a very tedious and difficult process. The Company has had to balance needed resources in other areas with the need for completion of the audit. The Company has delivered all pertinent information on our on-going business, however, the auditor is now requesting additional information on all predecessors. This is not an impossible task, but this is something that we will have to rely on other entities to provide us with the salient information to complete. While our goal was to deliver the audit at this meeting, these new developments will cause yet another additional delay. With this said the Company still maintains a positive attitude that this can and will be completed.
And coupled to the audit was the re-statement of the Q1 financials. I will accept responsibility for this error, it was my choice to allocate too many resources to the audit and not fully review them. Once the error was noted we immediately corrected the issue. Please keep in mind that we are human and errors can occur.
Which brings up investor relations. The Company has provided a phone number for investor relations, it is 954-617-5663. Fortunately we have a very talented board that are far more than just figure –heads, members of the board perform many tasks during the day to see to the success of RightSMile, and not only can this be said of our employees… there is an inherent danger in have an employee deliver only a part of a message to an investor and not getting the whole story. Add to this that the amount of calls and emails would be impossible to answer and still function daily. That is why we have an investor relations number, please use it. Lastly, calls to our customers… I understand that investors want to assure that the company is who they say they are, but when a new customer is announced and they get barraged by calls from investors confirming the facts it goes a long way to undermine the efforts of the company. So please use good judgement when picking up the phone.
