GEYI, just noticed it was reinstated on NV SOS yesterday, flew under the radar and no one noticed it but one or two people, probably the same ones that bought the 600K vol today. Here is the link to the reinstatement:
1) InfoSonics Corporation (NASDAQ:IFON), headquartered in San Diego, California and founded in 1994, is the parent company of several subsidiaries dedicated to the design, development, manufacturing, sale and distribution of the company’s proprietary line of products under the verykool® brand.
The majority of our phones are sold under the verykool® brand, primarily throughout Latin America. However, we also sell our products on a private-label basis under an Original Design Manufacturer (“ODM”) business model (under which we build products to other customers requirements and brand name) in China, India, South East Asia, Europe and Africa. Our customers include network operators, open market distributors and ODM customers.
We have sales and support personnel located in Miami, Florida and in various countries throughout Latin America. Our R&D center and Asia Pacific sales office is located in Beijing, China. We also have a procurement, quality control and manufacturing control office located in Shenzhen, China, where we have established relationships with selected assembly companies (EMS providers) who manufacture our verykool® products.
5)IFON insiders hold 31.53% of outstanding shares. The company founder, CEO, and President Joseph Ram holds 30.28% of outstanding shares. HE IS THE BIGGEST SHAREHOLDER OF THE COMPANY.
Shares Beneficially Owned, Percent
Named Executive Officers CEO, Joseph Ram (also a Director) 4,348,750 29.98 %
CFO, Vernon A. LoForti 192,500 1.32%
Randall P. Marx, director: 40,600 Robert S. Picow: 50,500 Kirk A. Waldron: 40,500 All current executive officers and directors as a group (5 persons) 4,672,850 31.53 %
Nine months ended September 30, 2016 compared with nine months ended September 30, 2015
Net Sales
For the nine months ended September 30, 2016, our net sales amounted to $30,525,000, a decrease of $7,116,000, or 19%, from $37,641,000 in the same period last year. The largest decrease of $5.4 million resulted from the decline of sales to two carrier customers in South and Central America that we moved away from in the second half of 2015. In addition, sales to Miami-based distributors selling to Latin American customers declined by $3.1 million, sales to other South American customers declined $1.5 million and sales to U.S. customers declined by $2.7 million. These decreases were partially offset by increased sales to other Central American customers aggregating $4.9 million and increased sales to big-box retailers in Mexico of $663,000. In terms of units, we shipped approximately 945,000 units in the first nine months of 2016, a decrease of 15%, compared to the first nine months of 2015. Our average unit selling price decreased by 4%, reflecting significant price discounting in the first nine months of 2016 and increased unit costs in the third quarter of 2016. Gross Profit and Gross Margin
For the nine months ended September 30, 2016, our gross profit amounted to $3,219,000, a decrease of $2,944,000, or 48%, from $6,163,000 in the same period last year. Our gross profit margin for the nine months ended September 30, 2016 was 10.5%, down significantly from 16.4% in the same period last year. These reductions were caused by a combination of pricing pressure in a more competitive market environment, increasing units costs and the sale of a significant amount of inventory at deeply discounted prices in order to liquidate aging products and increasing unit costs.
Operating Expenses
For the nine months ended September 30, 2016, total operating expenses amounted to $5,605,000, a decrease of $580,000, or 9%, from $6,185,000 in the same period last year. Decreased sales, marketing and labor expenses were partially offset by increased legal fees, certification, licensing and other general and administrative expenses. Other Income (Expense)
In the nine months ended September 30, 2016, other expense of $321,000 consisted primarily of losses on forward exchange contracts entered into in January 2016 to hedge currency exposure against the Mexican peso. We had no similar activities in the first nine months of 2015. In the nine months ended September 30, 2016 and 2015, interest expense of $173,000 and $259,000, respectively, related to borrowings against our bank line of credit and interest bearing vendor credit. Provision for Income Taxes
Because of our prior operating losses, our tax provisions for the nine months ended September 30, 2016 and 2015 were nominal.
------------------------------------------------------------------ For me, IFON is the most undervalued company on the NASDAQ. This is my DD. Check filings and news and make your own dd