NeoMedia Technologies, Inc (NEOM)

[Poptech]

cloud: No, nothing really changed with these agreements. The layering of the documents adds to the complexity and has confused investors. The advantage of borrowing $40M with only a few sheet of paper is it cuts out the transaction attorney fees.

What has changed since Iain's time is that they have twice modified how they account for the convertible notes. One of the changes eliminated the penalty of an increase in the market PPS. Instead, the accounting takes the worst case scenario as the basis which has again confused investors.

The deal was good for everyone including the investors but certainly will provide lots of fodder for NeoMedia critics. We have another year for YA to scratch our belly but there were no other options.

Now go enjoy Sunday brunch.