Whether he is legit and there is hope or not, the answers would have been the same. It's not that you can't trust words from the CEO's lips, but you shouldn't, because they can say anything and lie at will. Concrete filings and independent reporting are king. The only thing I liked from the Q&A session was that he was apparently pretty upfront about everything. Because nothing that was said was all that great. The only mildly good thing that was said was that the store is on pace to open in July. An investor shouldn't read that and think it's a great time to invest. They should actually wait to see the store open. Even better if you can wait out 2 - 4 quarters of earnings reports to see where it's going or if viable at all.
The Walmart answer pisses me off. It's a confirmation of the suspicion that these penny CEOs can basically release anything they want to the press to drum up interest. Months ago I switched my process from reading PRs to scanning for filings. PRs simply tip me off about new stocks, they do not ever determine whether I should invest. At least in the penny world.
The website IS garbage. The first site looked like a 16 year old made it in 1996. This newer one looks like a 16 year old made it in 2003. I don't think sales from the site are important. But as an impression upon ANY potential stakeholder out there (consumers, partners, investors, etc.) it is important and it just looks like someone's first foray into a small online business reselling stuff at uncompetitive prices. His answer about the prices is ridiculous. A couple months back we posted the price comparisons with Amazon. It's not that we should expect Ken to dominate Amazon in this area, but it's not even close to being competitive.
Really curious to see the next earnings report.
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