Hey Everyone,
I thought I would write a blog entry to give a high-level, general status update on Novint.
Overall, things are going well. We have been pushing ahead on both sides of our business - the games side of the business (using the Falcon to play video games), and the professional side of the business (our Advanced Products Group, or APG, works on applications outside of games such as military uses of the technology, medical training and visualization, oil/gas visualization, etc).
On the games side of the business, we recently released F-Gen Beta 3 and our first two F-Gen supported games, Left 4 Dead 2 and the original Half-Life. This is a significant milestone for the games side of the business - we have focused most of our development the past year on F-Gen so that we can start to get games out more quickly, and with the first games out, we are well positioned to begin to get a number of additional games out. The first two games utilize F-Gen Tools, which are what provide the force events for the Falcon. We'll need to continue to improve the Tools and add new ones, but releasing the first implementations of F-Gen Tools is a big milestone.
On the APG side of the business, it is going well. We've continued to bring in new contracts and successfully complete ones we already had. There is good potential to continue to grow our professional applications of the technology in the medical fields, military applications, oil/gas applications, etc. I'm optimistic about the growth of the APG in general.
All of that said, the economy is still relatively tough, and about a year ago, we went through a particularly rough patch. We had to downsize the company significantly at that time, and needed to dramatically cut expenses. We have generally gotten back on our feet and I think we are poised to grow, but there are still many challenges in front of us, as a high tech, early stage company. Accounting and auditing fees as a public company on the OTC:BB are in the hundreds of thousands of dollars a year, as an example. I have no doubt that the technological field we are in will be extremely significant, and I am of course still optimistic that it will be us that will bring computer touch on a large scale to computing, but we have had to take a mentality where we have eliminated all expenses that are not absolutely critical. I think this is a good thing to do. Often in the case where you hunker down and focus on working towards growing the company to a break even point, you emerge from the efforts in a much stronger place than you started, and I think that will be true of us as well.
thanks,
Tom Anderson (tomnovint)
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How about the 10K, kind of irritated that there's been nothing on that...
ReplyDeleteHmm, I guess what you were saying is that you won't be reporting, and are planning to leave the OTCBB? Is that what it is then?
ReplyDeleteTom how about some news on the 10K, I know you want to talk about games, but investors want financils, but I quess you don't care if we go to the PINKS!!!!!!!!
ReplyDeleteUnfortunately, although I often would like to talk more about Novint's public status and our stock, the lawyers don't like me doing so, so I constrain my discussions to the business development. I often wish I could say more about our advanced projects (pro) applications as well, but often I'm constrained there contractually. I will say that the clear goal for Novint now is to reach profitability, and therefore we are cutting all expenses that are not critical towards that end. thx, tomnovint
ReplyDeleteTom I know that you can't tell us everything that will be on the financials, but you can aleast let us know if there will be a 10K. For a company that is working on technology for the future, it seems that you are going back wards with the financial and letting the company go to the Pinks
ReplyDeleteThanks for the reply, Tom. Sorry if I set a negative tone with my comment, hope you're not losing sleep over disgruntled investors :-)
ReplyDeleteTom,
ReplyDeleteI'm a new Falcon owner. I also just started a new tech review website, where I'll be posting my review of the Falcon. Another one of my reviewers also purchased a Falcon this week, upon my recommendation. We have faith in you guys. Keep up the good work.
Hey val77, I can't really say much more on that subject than I've said. I guess one thing I can add is that if a company goes to the pinks, it can be for a pretty negative reason (no business and ran out of money) or it can be for a neutral or even positive reason (because there is a real business and the company is working towards profitability). My point is that one cannot read too much into it one way or the other.
ReplyDeleteno worries adelevet. In general I'm very available to everyone who has questions, at falconarmy.com which is Novint's community website. I'm there often to answer people's questions. As I mentioned, I have to be cautious on purely stock related questions, but I can answer questions about the business, and ultimately (longer term) that's really what matters. As CEO's go, I am very accessible - people can get a hold of me easily there.
awesome Kaishi. I'd love to see your review. Would be great if you could post at Falconarmy.com when it is up, or even here on the blog so that I know ;) Keep an eye out for us at E3 as well.
thx, tomnovint
All your stuff is great!
ReplyDeleteBut you should make a good gaming trackball instead! Nobody else is doing it. I'd buy 10! :)