Well Kevin....I did not read the whole thing because I got so disgusted. So I did not see if the Wexler issue was cleared up any....probably not unfortunately.
What I DID notice was NO revenues reported other than interst income. It appears there was a loss or charge of $280K related to Powerclick which was supposed to be bringing in $10K per day??? Maybe I'm forgetting the PR's details but I recall that number being tossed around. I noticed bonus shares to company officials??? I saw loans to an unnamed director, to Tom and ET&T for several million $$ all secured by ECNC stock???
I am sitting around with my shares wondering how did we get here? We all knew and discussed the problems with the PR's being too optimistic and poorly worded and even called by some to be misleading. But we debated it all and considered both the pros and cons and understood we had to draw our own conclusions because the company would only sugar coat...which we expected. But this stuff is a surprise to me and not old news. The powerclick PR certainly is in question in my mind now.......unless the cost to operate that thing exceeds the claimed revenue amt....then we are losing almost $100K per month on it? And what I am most disappointed about is the fact that after being involved from an outsider's point of view in this company for over 1 1/2 years now we still don't have a live working system yet..... Apparently some folks got email saying their beta test epin is on its way but I have yet to hear of anyone who actually received one or used one successfully and have yet to hear of one significant web merchant to sign up to test them with ECNC.
So I am extremely discouraged by all these things....not that I have not been discouraged before. As I told Mrs. H on the SI thread......we used to be (or seem to be) at the front of the pack leading the way....then time passed us by as the company bumbled from one delay and catastrophe to the next....and pretty soon we are having trouble sniffing the butts of the other dogs who have passed us by in this race.
sigh.......
I STILL believe some form of Tom's idea WILL be the way we do business in the future (in spite of mastercard chris) but I have dwindling faith that ECNC will have anything to do with it. Hope I'm wrong.
:-(
What is everyone's take on the filing? I hope someone else read it differently from me. I am dismayed by the fact of no revs, big loans secured by stock in a company bleeding $$ and shares, and bonuses for company officials in a company that is bleeding $$ and shares. Its fine to loan $$ you have to loan and reward performance when you have $$ to fund the rewards but this seems highly questionable fiscally to me in ECNC's current position....particularly when its future appears to me to be so tenuous. I'm not bashing or crying fraud....just questioning the business judgment on these deals.....as usual.
:^D
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