He also lost the LG Capital case that was on appea
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Posted On: 03/14/2020 7:07:18 PM
He also lost the LG Capital case that was on appeal.
In early January, 2020 the LG Capital case was submitted to a panel of three judges in the Court of Appeals for review. On March 6,2020 a Summary Order was issued by the appellant court affirming the original judgement of the District Court and declining the Company’s appeal. The Company has included in its Accounts Payable at January 31,2020 and at October 31,2019 the sum of $54,543 believed, by management, to be the liability payable by the Company to LG Capital pursuant to this action.
I wonder if this amount gets increased due to interest and penalties . Berman can either pay it off in cash or issue shares. Using the same formula above at .0001, that's 545 million shares.
Here's a typo on page 19 of the report.
Revenue Recognition The Company recorded , supported by sales contracts, totaling $ 5,533,159 for the 3 months ended January 31, 2020 arising primarily through the sale of the FMS safe driving App and the CogoSense Apps. This compares with sales of $ 4,551,116 for the 3 months ended January 31, 2019 (representing an increase of approximately 21.6 % year-over-year).,
It's actually for the 12 months ending 1/31/20.
Almost $4 million is still owed to Berman for unpaid compensation, unpaid commissions, unreimbursed business expenses, and loans to the company.
Where did the almost $750K of collected A/R go to? To pay for product, lawyers, accountants, promotion? A/R keeps on going higher, now $8.36 million. You'd think at SOME point the A/R would going down Q over Q, yet it never does. DSO is 236 days which is actually an improvement from 271 days at same time last year.
Eight months to collect payment? Doesn't sound normal in a retail business. Even in the auto business. Should be no surprise that the company is suffering a cash crunch.
IMO, a reverse split or reverse merger is eventually going to be his only option. He has about a year to pull a rabbit out of the hat.
In early January, 2020 the LG Capital case was submitted to a panel of three judges in the Court of Appeals for review. On March 6,2020 a Summary Order was issued by the appellant court affirming the original judgement of the District Court and declining the Company’s appeal. The Company has included in its Accounts Payable at January 31,2020 and at October 31,2019 the sum of $54,543 believed, by management, to be the liability payable by the Company to LG Capital pursuant to this action.
I wonder if this amount gets increased due to interest and penalties . Berman can either pay it off in cash or issue shares. Using the same formula above at .0001, that's 545 million shares.
Here's a typo on page 19 of the report.
Revenue Recognition The Company recorded , supported by sales contracts, totaling $ 5,533,159 for the 3 months ended January 31, 2020 arising primarily through the sale of the FMS safe driving App and the CogoSense Apps. This compares with sales of $ 4,551,116 for the 3 months ended January 31, 2019 (representing an increase of approximately 21.6 % year-over-year).,
It's actually for the 12 months ending 1/31/20.
Almost $4 million is still owed to Berman for unpaid compensation, unpaid commissions, unreimbursed business expenses, and loans to the company.
Where did the almost $750K of collected A/R go to? To pay for product, lawyers, accountants, promotion? A/R keeps on going higher, now $8.36 million. You'd think at SOME point the A/R would going down Q over Q, yet it never does. DSO is 236 days which is actually an improvement from 271 days at same time last year.
Eight months to collect payment? Doesn't sound normal in a retail business. Even in the auto business. Should be no surprise that the company is suffering a cash crunch.
IMO, a reverse split or reverse merger is eventually going to be his only option. He has about a year to pull a rabbit out of the hat.
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