Looked at the Q real quick as I am pretty sickly atm, but one thing stuck out to me. Actually two things. One VERY good, one not so good.
First the good. Notice this line in the Q....On September 27, 2012, the Company signed an agreement with VisiInc PLC, which is incorporated in this filing as Exhibit 10.1, for the sale of a minimum of 1,275 MMR Pro systems through a large reseller of medical products and services to health care professionals. As of September 30, 2012, we had delivered the first 25 MMRPRo systems. In addition, the agreement obligates VisiInc PLC to purchase a minimum of 50 MMRPro by the first quarter of 2013. MMRPro will be bundled with other Visi products and marketed as VISI MMRPro. The VISI MMRPro systems are being sold through the Seagate VAR and OEM channels, which includes a syndicate of Seagate VARs, as well as through the Burkhart Dental channel, as part of a Seagate/Visi/MMR/Via3 product bundle. The entire product bundle will be featured at the Synnex VAR conference "Varnex" in Las Vegas on November 14, 2012 to an estimated 700 VAR partners.
The bundle offering also includes Seagate's Network Attached Storage ("NAS") Boxes (NAS440), which, when connected to VISI MMRPro, will store documents and images created in the VISI MMRPro system in the NAS boxes, as well as in MMRPro.
That is in reference to the PR they put out a month or two ago. Notice what I put in bold. Minimum of 1275 systems. Don't know the exact dollar figures, but that is many many $millions. I think 75 have been delivered so far, so that leaves 1200 to go. That is really good news and hopefully that will provide the MUCH needed revenue source so that they can start paying their bills with cash on hand rather than having Bob dip into his RHL line or Granite and whatever else they have been using to keep the lights on. Which leads me to my second point....
The OS is up to 472 M. Obviously, not great and the main reason why the stock price is where it is. Again, looks like every 2 out 3 shares traded was a new share put into the OS count, which is what has been happening pretty consistently for the past 2 years. However, the OS is still manageable, and I do really think heading into the first 3rd of next year that the rate of dilution is going to slow down and the stock price will reflect that by moving up.
Until then, buckle up, grin and bear it if you are a believer in this company. Dilution is part and parcel for what we get on the OTC, and at least in the case, we know they are using the dilution going on to run the business, and not just to line someone's pocket. Trust me when I say that. Bob is not getting rich of any of this. In fact I know he has put a lot of his own cash into the company to keep it going.
I believe if we get through this fall/winter, by next spring faces around here and the company are going to be looking much, much happier.
Stay tuned.
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