I don't know about you guys, but what Charleio points out here sounds quite disconcerting.
I agree with Augie, that he should have confronted Phil in the meeting. That Charle comes on this MB to try to make us other investors feel that he has our best interest in mind, but then he won't even go to bat for us when he gets a chance to get some real answers to these very real concerns - highly suspicious. At least put the people who are running this mess on the spot, IN PUBLIC, so others can hear what they have to say.
However, what he points out is legitimately of major concern to us all, and I, for the life of me cannot understand why you others do not want to hear this. I have a WHOLE LOT to learn about investing, but what Charle points out about AR makes complete sense and I, on my own, HATE THE INCREASE IN SHARES ISSUES AND DESPISE CONVERTABLE DEBT.
Again, I called Lutz, (the abrasive arrogant SOB), and had a conversation about these concerns. For some odd reason he seemed to think that telling me that much of the 170MM Fully Diluted shares was CDs and would not be able to be converted for at least another 6 months would make me feel better. HELL, this only shows me that we will be fighting an uphill battle for a minimum of another 8 to 10 months. From past history on how they have been issuing shares as of late, 8 to 10 months is plenty of time for them to dig us shareholders into an even deeper hole of debt from which we need to hoist ourselves out. The one comforting statement was that revenues would continue to increase and profits should be increasing also.
But now, I see this information regarding the Accounts Receivable, and I have no faith at all. I have to say, I am getting quite worried about having put my money into this company that is starting to smell very much like a fraudulent maneuver by some very slick operators. IF, I get the chance, and that is a big IF, I think I shall be selling out on the next move up and not re-enter until:
1) Shares start getting retired and OS and Fully Diluted shares starts decreasing
2) Convertable debts start declining, and NO MORE shares are given away at any more than a 10% discount to the open market price
3) Profits keep increasing quarter over quarter - to hell with revenues, I want it booked to the bottom line, NOW!!!
4) Net Tangible Assets start increasing quarter over quarter.
5) AR and the Goodwill numbers start decreasing quarter over quarter
6) The company can get their filings done ON TIME and without errors.
When I see this happening, then and only then, I might consider putting my money back into this POS.
