Let's gooooooo. This is huge they came out with an annual financial statement finally!!!! They've been silent for so long I almost thought they were gone and out of business. Just read you'll see there working on figuring it out!
Here’s the gist: 900mm shares outstanding $890g gross revs, -$230g loss $0 cash $18g of inventory
Operating expenses are down YOY mostly because of reduction of employees. There are only 2 employees at Vape; CEO Ben Beaulieu and CFO Allan Viernes. The report documents the compensation of VAPE employees with incredible specificity for an OTC company. In 2015, VAPE insiders took home almost $2.6mm in compensation, down to around $300g in 2016.
There are lots of other notes, much of it copy pasta from previous reports. Revenues do not justify the business and the report clearly states so many times. Capital infusions, like convertible debt, are what keeps the company afloat. Cheap competition has commoditized the vaping industry and Vape is struggling to find a loyal customer base at the high price points of Hive products.
Pros: Vape is making an effort to get current The company is transparent in operations (relatively, for an OTC company) Reduction of operating expenses for new beginning
Cons: Revenues don’t justify the business Little guidance for 2016-2017 Outstanding liabilities to former employees
The picture is still murky for 2016-2017. Who knows what happened over the past 12 months or what to expect over the next 12 months. The 2017 annual report is due in a few months. Maybe a quarterly report will come out soon. I’d like to think Vape is taking steps towards updating their corporate structure but will sit on the sidelines for now with no position.
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