That was a pretty disappointing report. The only good news, I think, is that John's personal bank balance is pretty flush as he continues to extract large amounts of the "accrued" salary that be believes he is owed for all those years of non-performance. It's a good gig, I guess - (1) award yourself a ridiculous salary that is way above market for a tiny family-controlled company and totally unaffordable from an economic perspective; (2) sell off the intellectual property that you inherit; (3) pocket the cash; and (4) try and make yourself look responsible by admitting the mistake and reducing your salary (but not the amounts in the "accrued" account). Not forgetting, of course, (5) award yourself millions of options at a penny apiece not in lieu of the unpaid salary but in addition to it.
For the first time in years we have (had) access to meaningful cash balances, coupled with a clear line of sight to all non-oil & gas businesses with a product design that has been validated by a global leader (Schlumberger). The cash should be supporting a major marketing initiative into new channels and new business opportunities. It isn't. There is no real governance of this company and it is run like a family enterprise.
Now, a bankruptcy filing from the utility doesn't help, of course, but hopefully we will be as lucky with our deferred revenue as John is with his deferred compensation. In any case, the revenue levels should still be much higher. I'm sure the global resources of Schlumberger & affiliates are working hard at the voraxial program, but the returns from the first 18 months are very disappointing and we only have a little more than a year remaining on our exclusive manufacturing and supply contract. This has to be a very, very good year to make up for these disappointments.
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