Ft Fbt Discussion Threads

[mcsean2164] 15/3/2018 17:00

Hi Paul,

I averaged down at 5.6p. I'm not willing to throw anymore money at this.

My opinion:

- Could have been worse
- Fundraising soon (3 months) and if nothing groundbreaking happens, the fundraising could be at 3 - 4p
- Huge cash burn. FBT probably shouldn't even be listed with revenue of £700k. No justification for paying a CEO £240k (over one third of revenue). It's an 18 year startup.
- Intentions stated and will be interesting to see how NAB works out with BlackBird.
- No grand ambition.

The last point is the most worrying as it's unclear what investors are supporting. Are we supporting a 10% year on year growth for a fringe product or is there a huge market for blackbird and if so what is that market worth to us?

If I were looking for a quick gamble, I might consider investing but I'm not sure how I could convince anyone to invest by showing them todays results.

The only positive is the one not in the results. Maybe a major will buyout FBT for 10p+ a share just to get BlackBird. Fingers crossed!

[aimster4400] 15/3/2018 15:59

The 'material uncertainty' statement isn't in the 2016 report

[paulcon1] 15/3/2018 15:26

McSean ... What's your overall opinion on your investment after today's news... Any happier? ...btw I topped up to take a chance and average down..

Also thought that after all the bad news has been made public the share price would pick up over the next four weeks to Emmy time and a POC deal could still strike at any time.. GL

[mcsean2164] 15/3/2018 15:18

Brave move topping up pc1, fingers crossed it'll work out!

[aimster4400] 15/3/2018 14:57

Was that same qualification on last years accounts?

[the stigologist] 15/3/2018 14:28

So the Audited Accounts do include Auditors comments with regard to Material Uncertainty on the Going Concern issue

[paulcon1] 15/3/2018 13:53

A lot of the positive news i.e. Contract win and the new appointment is lost in the report. It would be helpful to the Company profile, if they could get that information out into the Public Domain.... IMHO

[bonio10000] 15/3/2018 13:51

Even better for Main - he manned up and stepped into the breach when Aziz left.

He presided over a collapse in sales and tripled his salary.

[highasakite] 15/3/2018 13:50

FBT have been listed for 10 years +

Always jam tomorrow whilst the Directors like Streeter have their noses in the trough.

This is a dog.

Always has been and always will be.

[aimster4400] 15/3/2018 13:50

Fair point. I don't really have a reference point. £90k for Main though is unbelievable.

[bonio10000] 15/3/2018 13:45

Aimster - you could outsource the accounts function to my firm and get an audit done for a lot less than his wage.

[aimster4400] 15/3/2018 13:44

Main I agree with but Lees did get the accounts out as you say. Looks like IM is on £240k which to me seems reasonable

[geheimnis2] 15/3/2018 13:36

certainly all seems very positive here!

fill yer boots!

[bonio10000] 15/3/2018 13:35

Did they really pay £20k to Aziz as a termination payment?

[aimster4400] 15/3/2018 13:29

The full report makes interesting reading. Especially the salaries

[paulcon1] 15/3/2018 13:13

Bought a few more this morning, good time for old and new investors to get behind FBT... A few Director buys would also be welcome...✈5039; 🦅

[mcsean2164] 15/3/2018 12:30

All buys now, would be nice if we closed above 4p....

[geheimnis2] 15/3/2018 12:01

Looks like the era of buffoonery is finally drawing to a close?

In Ian We Trust!

[_m_k] 15/3/2018 11:40

"platform sale"

the platform i would guess refers to the forscene backend and the client applications that hang off of it. you could access a forscene in two basic ways:

you could pay to use a shared system either as you go or some kind of block booking.

or you could pay to have your own private instance of that system

i would have thought a platform sale means the latter, either on-premise or hosted in the cloud.

i.e. a longer term option and with increased certainty over service levels and privacy and even the physical location of the servers on which your media is stored.

[the stigologist] 15/3/2018 11:39

Maybe an accountant can explain

they said these are audited results but they don't include auditor comments which would come in Annual Report

so although they claim they are continuing on 'going concern' basis I imagine there will be/needs to be an 'Emphasis of Matter' statement in full audited annual report still?

[nickb] 15/3/2018 11:31

Subscription model is more stable and is the way other company like Adobe and Avid have gone or going to.

I imagine a lot of the SAS billing will be from the Cloud providers like Amazon AWS or Microsoft AZURE if the customer doesn’t use our own servers.
We get the licence fee.

[mcsean2164] 15/3/2018 11:29

NickB,

The vision I would have thought is to get Blackbird as an industry standard proxy video codec for the internet /Cloud.

I would have thought that too but why don't FBT say it and say how much revenue such a success would be worth?

No mention of selling to Netflix et al with the upcoming net neutrality being revoked. Why is that? Is it because blackbird would not be useful in such an environment or because they haven't considered it properly? I have asked FBT is that is something they were considering but surprise - no reply to my question.

Anyway, interesting times ahead and not nearly as bad as I'd feared.

[chriscallen] 15/3/2018 10:59

The problem that FBT is attempting to solve is that a sales invoice may cover a period that goes over the year end. If it does then part of the sales and any associated cost will be delivered in the next accounting period ~ deferred income. The good news if I read what they have said rightly is that they are effectively switching to open ended subscription contracts which means if they invoice monthly this problem disappears. But the corollary is that a, say, £30K contract could change to a £250K contract and nothing has to be reported to the LSE because it is not a new contract. In reality most companies would post an RNS Reach but the FBT track record is not sparkling on this type of thing - we do get Emmy postings which are there not as a record of income potential but as a marketing tool.