Hey gopher broke...helluva' post on iflub...good f

Hey gopher broke...helluva' post on iflub...good filing research! Obviously, this denotes an "all in" scenario for SB...& if his family & friends are also invested anywhere near as heavily as he's alluded to...we "should" eventually get there. Altho...this makes me wonder about his "put my money where my mouth is" share purchase remark on the last update...as long as everything in the filings are accurate...then I would say he Already Has...substantially! Anyway...in spite of his missteps...this makes me feel a bit more secure for an outcome we're all hoping for...thnx

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gopher broker Friday, 07/12/19 12:57:16 PM
Re: None 0
Post # of 235635

For those who look at the financial statements and analyze the results of the company, I have documented a few items of interest.

Look at the last page of the financial statements (page 19 of 19) which compares the amounts due to Related Party (Steve Berman). For the first 6 months of this fiscal year.

Accrued but Unpaid Comp $360,763 $240,763 $120,000
Unreimbursed Bus.Exp. (CEO) $441,902 $236,412 $205,490
Accrued but unpaid sales comm $1,187,106 $822,620 $364,486
5% loans to the company $950,584 $774,711 $175,873

"Accrued but unpaid compensation" increased by $120,000 ($20k per month for 6 months). Meaning he has not paid himself one dime in salary. If the company does well he will get paid down the road but during this growth stage, he is leaving it in the company to pay the bills.

"Unreimbursed business expenses paid by the CEO" increased by $205,490 during the first 6 months. So all those saying he is flying around the world on the investor’s dime couldn't be more wrong, he is paying for a lot of it out of his own wallet.

"Accrued but unpaid sales commissions" increased by $364,486 during the 6 months. Divide that number by 12.5% and you get $2,915,888 which just so happens to be the total sales for the first 6 months with a few dollars of rounding. Once again he has not paid himself anything in commission. It is a debt of the company to be paid in the future when the company is in a position to pay it back.

"5% loans to the Company" increased by $175,873 during the first 6 months.

Not only is he not paying himself a salary or commissions but he has used over $200k of his own money for business expenses and has loaned the company an additional $175k.

Accounts Receivable on 10/31/2018 was $4,851,862 plus 6 months sales of $2,915,884 = $7,767,746. This represents the money owed the company if they did not collect any cash for their sales. Now subtract the A/R on 4/30/19 of $6,575,831 and you get the amount collected during the first 6 months, $1,191,915. The company is making money and it’s not going to the CEO, it just takes a lot of money to run a start up company.

So it comes down to who are you going to believe, a CEO who is fully invested in making this company grow but does some things you don't always agree with, or a few bashers who never say anything of substance but would do anything to get your shares for cheap? They are not here out of the goodness of their heart.

Good luck to all.

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