Armen coversation...posted by holt69 (IHub; Tuesday, 07/26/16 02:10:58 PM)
Notes from conversation with Armen yesterday evening:
I asked for an update on the robotic dispenser system. He said it hasn't been installed, as they're waiting for the space to be ready where it'll be installed. Once it's installed, it's incredibly expensive to be moved, so rushing to install it only to have to move it later isn't an option.
Armen expects there to be an update issued later this week or next week on the building permits for the warehouse space. The only issue and holdup was with Miami-Dade County and some impact fees paid by the landlord. This is consistent with the information in the July 14th PR.
I asked if there had been any more talks with private investors or other methods of funding (take into account our conversation occurred prior to the news being released about the financing agreement). He said there had been, but that if potential opportunities weren't favorable to the company, they of course weren't taking them.
I asked if there were any plans that future financial statements would be fully audited. He made a point that it's important to understand quarterly statements are not required to be audited, only reviewed (which they've hired EisnerAmper, LLP to do), and that later in the year, they will make the decision if they will have the annual report fully audited. He does expect the company will become fully audited in the future, though.
I brought up some estimates I made for the second quarter financials, including the gross and net profit (accounting for some increases to the sales, general, and administrative expenses from the first quarter), but he said he couldn't comment on that.
Overall, he was incredibly optimistic about the future of the company (he commented on the wonderful staff, management, and the general direction of the company - being profitable, looking to expand, etc.). With the recent news, I'd say he was optimistic not just because of that financing deal, but also because they have some exciting news upcoming on what the money will be used for (otherwise, obviously, why would they have entered into the agreement in the first place?).
So in conclusion, it wasn't the most informative call with Armen by any means, but it does show that this company intends on remaining transparent.
Notes from conversation with Armen yesterday evening:
I asked for an update on the robotic dispenser system. He said it hasn't been installed, as they're waiting for the space to be ready where it'll be installed. Once it's installed, it's incredibly expensive to be moved, so rushing to install it only to have to move it later isn't an option.
Armen expects there to be an update issued later this week or next week on the building permits for the warehouse space. The only issue and holdup was with Miami-Dade County and some impact fees paid by the landlord. This is consistent with the information in the July 14th PR.
I asked if there had been any more talks with private investors or other methods of funding (take into account our conversation occurred prior to the news being released about the financing agreement). He said there had been, but that if potential opportunities weren't favorable to the company, they of course weren't taking them.
I asked if there were any plans that future financial statements would be fully audited. He made a point that it's important to understand quarterly statements are not required to be audited, only reviewed (which they've hired EisnerAmper, LLP to do), and that later in the year, they will make the decision if they will have the annual report fully audited. He does expect the company will become fully audited in the future, though.
I brought up some estimates I made for the second quarter financials, including the gross and net profit (accounting for some increases to the sales, general, and administrative expenses from the first quarter), but he said he couldn't comment on that.
Overall, he was incredibly optimistic about the future of the company (he commented on the wonderful staff, management, and the general direction of the company - being profitable, looking to expand, etc.). With the recent news, I'd say he was optimistic not just because of that financing deal, but also because they have some exciting news upcoming on what the money will be used for (otherwise, obviously, why would they have entered into the agreement in the first place?).
So in conclusion, it wasn't the most informative call with Armen by any means, but it does show that this company intends on remaining transparent.
