RE:From Management regurgitating garbage!!!! Where's the new info, still waiting on a response from Management, where is the commitment, lets see the figures.
SBAASTOCKS11 wrote: As you know, we (Vogogo) have made companywide adjustments over the last few quarters. As we worked through 2015 it became clear that the crypto currency industry was no longer growing as expected and has not grown to the extent that it can support Vogogo as the sole sales focus of our business. With that understanding, in the last half of 2015, we made a few fundamental decisions for the business.
First, we expanded our sales focus for both payment processing and our risk and identity based services to include verticals and opportunities outside of the cryptocurrency space. We looked to better leverage our new EMI authorization and we began to target broader and more conventional areas for our payment processing and risk and identity based services.
Second, We decided to “productize” our risk and identity based services in order to sell them as stand-alone services independent of our payment processing capabilities. We believe that our risk and identity based services are a true business differentiator and many opportunities exist solely around those capabilities.
More recently, (throughout March 2016) we have made several operational adjustments aimed to re-aligned our team for better execution. We reduced our staffing levels by about 30% and adjusted several key individuals roles to achieve better effectiveness and efficiency. As part of that process, we also went through comprehensive reviews of all key areas of the business and from those reviews we improved several operational processes and procedures.
While we have not completely implemented all of our planned adjustments, we have successfully implemented a significant portion of the operational initiatives and we are seeing immediate returns with reduced costs (~30% reduction across the board), increased and more efficient operational execution and increased revenues. We have $8.5M+ in the bank and with our increased revenues our burn is now getting very manageable and it’s dropping every month. (Currently at 30 months of runway). We are on the right track and we have a clear plan and path to revenue positive.
As part of our exercise, we have repositioned key players allowing for a more focused and concerted approach to our company wide marketing. We are now working on the re-aligned marketing plan for effective external messaging (including capital markets) and that will start to be implemented throughout April and will be on-going from there. The result of these changes should translate to a much improved communication, shareholder confidence and stock price. We look forward to delivering a clear company message with consistent updates allowing you to be more aligned with Vogogo’s strategic incentives going forward.
I sincerely apologize for any lack of communication this last quarter, we needed to make company-wide adjustments and getting our marketing and communications plan re-aligned first required that we address and get though our operational re-alignment. We know our stock has suffered as a result of these necessary adjustments and we look forward to getting back on top of that very soon.
With these changes, I believe more than ever in the strength and success of Vogogo. We are fully engaged and we are gaining ground. Like any business, it is vital to be able to adapt to changes in the market place. I believe we have done that and we are once again well positioned to succeed.
I hope this update finds you well and knowing that there is a dedicated team here at Vogogo, we understand our responsibility to our investors and we are working our tails off to achieve our goals.