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Based on a complete absence of data, one would assume that the Salarius figures are disappointing. If so, how about changing the CEO for someone who can produce results rather than a self publicist who's treating it as a part-time job.
Surely volume sales are what's needed, achieved by the sales of tonnage to the food industry anywhere in the world rather than a few bags of crisps to those who pay little attention to what's in them anyway. Also, the name. WTF came up with that name?
Exactly Cheeks, the Asian markets seem a perfect fit for Lucyd in my view but I'm not talking China & Hong Kong but rather Vietnam, Malaysia, Indonesia, the Philippenes etc where youngsters want fashionable technology but may not be able to afford Apple products, although from what I'm hearing the sound quality on Lucyd's are as good as Bose audio sunglasses.
In May 2020, 71 stores were supposedly rolling out SaltMe products? Why couldn't we have had a first 6 months appraisal on progress or sales numbers rather than hearing nothing.
The financial year end for both Salarius and Lucyd is 30th November, so let's have some figures for the year ended 30th November 2020. They must be available.
It's 18 months since Victor was appointed as CEO of Salarius. He'll no doubt be paid handsomely so what progress has he made in those 18 months?
My final point is why aren't they attempting to market any of their products in Europe and Asia? If those jam jars are as good as Harrison would lead us to believe then why not try to open up the Asian markets where they love their tech.
Adamsky – couldn’t put it better myself!!! Fine upstanding people, but most used to work for huge companies/institutions and probably don’t realise that resources/time are limited… a few fingers need to be pulled out as it is testing even the most experienced shareholders - ‘This time next year Rodney and all that!!’
d.monies – as far as I can see, Nigel Wray is still invested, unless I have missed something - still showing as a 7.79% holding on their website?
A good debate going here which is healthy
Why am I invested here as I think one of the products will take off despite management’s mismanagement. Like other investors I am going to give it another couple of months then sell up as I cannot invest in a company that constantly fails to deliver, however good we are told the products are.
Even in December they were claiming Belluscura FDA clearance by the year end, outrageous. Here are their previous track record from the RNS’s...
16/11/17 - Were going to IPO but on the 1/12/17 cancelled
31/5/18 - Filing of FDA in 2018
19/2/19 - X-PLOR launching later in the year
26/9/19 - Is on track to receive FDA later on the year
20/4/20 - FDA clearance in H1
1/5/20 - FDA clearance in H1 and manufacture in H2
17/6/20 - FDA clearance in H2
The management are either totally incompetent or haven’t a clue about the FDA process, or both. The communication during the process was shameful and other posters were finding out more information looking at deliveries of test machines last year to the FDA to find out progress. In the meanwhile owing to the constant delays our ownership goes from 95% to under 19%.
Salaruis becoming a similar story, as posted several times by me , 25 companies testing MicroSalt in January 2020, we will know within 3 to 6 months, 11 months later ,last December , 1 company carrying out taste tests. Meanwhile our CEO is having a great time self promoting on Twitter several times a day. Where are the sales figures for SaltMe or are we going to get told they have signed up mother distribution deal or another 18 restaurants, WOW.
Lucyd Lyte launching November 2020, launched late December 2020, missing the Christmas period. Vyrb App beta in December launching soon after. Did my ears deceive me or did Harrison Gross on the latest video say JULY, are they developing it on a Raspberry Pi !
Yes we are a company bringing new products to market but in all three examples above the management have failed to deliver on their own deadlines not ones we have imposed on them. Whilst they continue to dilute our share of the companies without much accountability.
Remember we own the company paid for by our own hard work and pay theses guys wages.
Am I frustrated , yes, as they have great products but need management to deliver.
Time to deliver is fast approaching.
Adamsky
You may be viewing the said steps as huge milestones Weathergeek and I'm sure they'll be used to further inflate the NAV but I don't see us being in any better of a position than we were a few years ago, Tek's ownership of these companies continues to decrease while they continue to burn money and bring none in. SP in 2016 50p, SP now 14.75p. Nigel Wray saw the light.
@Adam, To me you are not viewing it with the correct lens. TEK is an investment company, what you are talking about is the first stages in TEK's investments being realised. The fact there is people willing to and wanting to buy into these businesses means they are one step closer to listing. The goal of TEK is to take University investments to market. This is what they are doing and each round of investment is actually valuing TEK's holdings more and making closer to becoming more liquid which is what will eventually return value to TEK shareholders. I view these steps as huge milestones on the journey being achieved.
As I said, at this stage there are too many variables to consider and therefore couldn’t be even a**** to read the 62-page legal document and worry about it, but impressed you have!
I guess if they can’t land an early deal on one of their companies and get some cash in, the additional funds need to be raised somehow. Crowdfunding seems to be the new way and getting the end user involved at the same time.
I can’t say the glasses are my bag either (at my age I would worry if I did like them as they would not be considered cool…I don’t suppose its trendy to even use the word cool anymore? I guess even Arthur Fonzarelli is past it by now?) – perhaps they will do an OAP version in a few years’ time and blink to call for the carer!!!
Anyway, I did buy one of the first pairs for my daughter 3 years ago and they got the thumbs up!
As is normal and as far as I can see it, the level of sales remain the main driver…The old adage, it’s better to have a small percentage of something big, rather than a large percentage of nothing applies?
BigBang, thanks for posting this document.
Please can someone with more legal understanding correct me as if I am correct I am one unhappy investor.
After reading the crowdfunding for Innovative Eyewear If we raise say $1 million a million more shares are issued meaning that Lucyd/TekCapital owns 3,750,000 of the new total of 4,750,000 shares in Innovative Eyewear, a dilution of 21%. Forget that we still own 100% of Lucyd as the only company and product under Lucyd is Innovative Eyewear. I am not sure about the patents. Also the document mentions up to 10,000,000 shares can be issued !
Are these crowdfunding legal under the current companies constitution as any fund raising at TekCapital’s level has to within the agreed constitution. Also we were not notified about them until they were several weeks into the crowdfunding . Also both crowdfunding started off at a lower amount and have now gone higher , MicroSalt three times diluting us by originally 5% to 15% and our share in MicroSalt down to 72.5%, again forget that we own 97% of Salaruis.
Why didn’t they just carry out a normal share dilution fund raise at the top level. The money they want is roughly equivalent to a 10% dilution across the board instead of heavy dilution at each company. Also can we take part or are they only for North America, personally I don’t want to have to invest in all these sub companies as with a normal fund raise I just buy more shares if I want to keep my stake in the company.
The last stock market fund raise was criticised by Align Research, their previous research company. Mainly about Clifford Gross fundraising to pay his large salary without delivering anything. Unlikely but did this have anything to do with this back door funding route without an RNS initially ?
I hope I am wrong, please , and we need more than ever FDA approval to get some money in, forget about a dividend do not dilute us to a minor share of the company like Belluscura and more worrying Harrison Gross was highly enthusiastic that this is the way to go!
A worried investor
Adamsky
I take a different view.
Lucyd owes its existence and survival to date to TEK Capital but you wouldn't think so listening to that broadcast. You only need to take a look at Companies House records to see what their financial position is. As for giveaways to schools, it must be nice to be paid a salary and be able to spend someone else's money.
Are they actively seeking to promote any of their products in the UK or Europe?
Johnjojim – not too far off, but if anyone wants the details, page 14 onwards of attached…personally, I would not spend too much time on the details at this stage as there are so many other variables!
https://d19j0qt0x55bap.cloudfront.net/production/startups/5e67f1354ce5a86f26f57d35/documents/offering_details/innoeye_01_07.pdf
Quick question from the uneducated on crowdfunding, if they raise 1million of funding how does that effect TEK share of the business? I thought TEK owned 100% I must have that wrong cheers
Evening BB - Hope you are well. Yeah, he looks like he's growing into his role. It's difficult to get a handle on a product that doesn't interest me but we know there's a market out there and if they're shifting them they've got to be making something like $100 a pair. I know they've a long way to go before they cover the development and marketing costs to get it off the ground but if they take off they'll be raking it in. Not sure we're going to get enough of a 'glimpse' next time TEK publish figures (new product sales being exponential etc etc) but they seem to be doing the right things so some hope there.
A good interview…Harrison Gross has certainly gone up in my estimation. What does others think?
https://www.youtube.com/watch?v=x0Jb1cPpxZ0&t=120&mc_cid=a157aec6ee&mc_eid=c26dd838f8