...and since the restructure 2 months ago the company has:
- lost more than 1/2 of its value (mkt cap)
- not announced a new customer
- not announced new features
- not announced a development team (only one unnamed contractor working part time)
- has increased the authorized share count to 20M
- has quadrupled the CEO's preferred share count and increased the conversion/voting ratio from 1:20 to 1:25. CEO can now vote at least 40M - twice the AS!
- has probably had no true investor-credible financing (IMO, the $500K LoC is probably not outside money. Good PR though)
- all while probably burning through most of the $500K (based on past behavior)
As with everyone associated with Lecere's product development, Rosebrugh was a contractor. Contractors are pretty smart about not hanging around when things smell. Having contractors working for months without pay while the CEO lives well in the Ukraine/Caribbean instead of being in the US rubbing elbows and building relationships with industry leaders is smelly. All talented contractors moved on.
This emperor lost its cloths August - November, long before the contractors left. No-bid is no-bid. No funding is no funding. No pay is no pay. Absent CEO is absent CEO. All of that lead to the flight of talent. Not the other way around.
Jim's "talent" to 'nail down $1.3M' is clearly reflected in the state of the company and the happiness of the 1400-something shareholders (including me and members of my family).
It's upstanding of you, as head of Investor Relations, to reinforce that point. Thank you.
