From 12/2/16:
CEO Steve Berman states, “A common denominator throughout the global driving landscape is the pressure young driver’s face in remaining focused on the road. At the same time, insurance companies and auto dealers are recognizing that they need to invest more in digital transformation initiatives that will help evolve young drivers to safer standards. We are proud to announce that our FMS drive safe App is the 1st App in this space to be distributed on a global basis. We are gaining incredible traction and we expect to continue signing new vendors on a global basis to meet the growing demand. It takes approximately 6 months for full vendor implementation to deduce an accurate “average” monthly revenue amount per vendor. We are extrapolating an “average” of $9K in recurring monthly revenue per vendor.”
"To coincide with our global distribution launch, the FMS Drive Safe App is also the very first App in this space to be made available in the following languages; Dutch, Romanian, German, French, Italian, Russian, Spanish and Slovakian, with more languages and countries expected to come online over the coming months as our global distribution endeavors continue.”
I look forward with a great deal of excitement to providing several more updates on our global growth over the coming weeks as additional Auto Dealers and Auto Insurance companies get signed.
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So how did Berman's extrapolations go from $9K per month, only after six month's of vendor implementation, to him projecting revenues immediately upon signing all these new contracts in the second half of 2017? Either he was basing it upon sales trends from the first half of 2017 or maybe he figured that no one remembered his original "extrapolation method".
Sometime these predictions will come back to haunt a company especially when things are trending down or there are questions about why very little seems to get resolved.
Berman is eventually going to have to address these issues and will have to come clean in the audited financials. Let's hope he does the right thing.
CEO Steve Berman states, “A common denominator throughout the global driving landscape is the pressure young driver’s face in remaining focused on the road. At the same time, insurance companies and auto dealers are recognizing that they need to invest more in digital transformation initiatives that will help evolve young drivers to safer standards. We are proud to announce that our FMS drive safe App is the 1st App in this space to be distributed on a global basis. We are gaining incredible traction and we expect to continue signing new vendors on a global basis to meet the growing demand. It takes approximately 6 months for full vendor implementation to deduce an accurate “average” monthly revenue amount per vendor. We are extrapolating an “average” of $9K in recurring monthly revenue per vendor.”
"To coincide with our global distribution launch, the FMS Drive Safe App is also the very first App in this space to be made available in the following languages; Dutch, Romanian, German, French, Italian, Russian, Spanish and Slovakian, with more languages and countries expected to come online over the coming months as our global distribution endeavors continue.”
I look forward with a great deal of excitement to providing several more updates on our global growth over the coming weeks as additional Auto Dealers and Auto Insurance companies get signed.
===========================
So how did Berman's extrapolations go from $9K per month, only after six month's of vendor implementation, to him projecting revenues immediately upon signing all these new contracts in the second half of 2017? Either he was basing it upon sales trends from the first half of 2017 or maybe he figured that no one remembered his original "extrapolation method".
Sometime these predictions will come back to haunt a company especially when things are trending down or there are questions about why very little seems to get resolved.
Berman is eventually going to have to address these issues and will have to come clean in the audited financials. Let's hope he does the right thing.
