Please don't trade on my opinion alone because there's not much I genuinely know that I can prove however, here goes,,,
What I know is there's no hype. No PRs, fluff or otherwise since October of last year. This MAY be a quiet period. All they do is faithfully file financials with the SEC which have been improving. Very much under the radar. I do not know but it's possible they're a takeover target.
MMs & Cornell took it down & boxed it at .0001 & there appears to be about a billion shares naked short. The OS to the best of my knowledge is 4 billion with 56% held by insiders. There does not appear to be any insider selling. Looks like a hell of a pinch for the shorts
Supposedly they were able to get away from Cornell. This I do NOT know as a fact but I believe it.
TYRIA owns SWK outright & SWK has been increasing revs. This appears to be their golden egg. It appears that TYRIA actually reported a small profit as of March.
Rumors of SWK maybe closing deals. On I-hub one poster spoke about them becoming eligable for Federal contracts.
Although it's hard for me to DD this thing there's one thing I'm very, very clear about,,,
Almost $700,000 dollars has been traded on this stock in the last two days. That's HUGE for a stock trading in hundreths of a penny. There just aren't that many reckless traders out there & as the old saying goes "Somebody Knows Something!" LOL
My take on all this is that I see this as a sub penny lotto ticket. I'm hoping for gains of 900% from this level. I will not be surprised if it hits 2 cents which would be gains of plus 3,000% from present PPS.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Readers should read the following discussion in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this filing as well as our audited consolidated financial statements and related notes for the year ending December 31, 2008 filed with Form 10-K. The following discussion contains forward-looking statements. Please see "Forward Looking Statements - Cautionary Factors" for a discussion of uncertainties, risks and assumptions associated with these financial statements
With the acquisition of SWK in 2004, the Board of Directors decided that Trey will focus on the business software and information technology consulting market, and is looking to acquire other companies in this industry. SWK Technologies, Inc., Trey's wholly owned subsidiary and the surviving company from the acquisition and merger with SWK, Inc., is a New Jersey-based information technology company, value added reseller, and master developer of licensed accounting software published by Sage Software. SWK Technologies also publishes its own proprietary supply-chain software, the Electronic Data Interchange (EDI) solution "MAPADOC." SWK Technologies sells services and products to various end users, manufacturers, wholesalers and distribution industry clients located throughout the United States, along with network services provided by the Company.
On June 2, 2006, SWK Technologies, Inc. completed the acquisition of certain assets of AMP-Best Consulting, Inc. of Syracuse, New York. AMP-Best Consulting, Inc. is an information technology company and value added reseller of licensed accounting software published by Sage Software. AMP-Best Consulting, Inc. sells services and products to various end users, manufacturers, wholesalers and distribution industry clients located throughout the United States, with special emphasis on companies located in the upstate New York region.
Management is uncertain that it can generate sufficient cash to sustain its operations in the next twelve months, or beyond. It is unclear whether the acquisition of SWK, Inc. will result in a reasonably successful operating business and can give no assurances that we will be able to generate sufficient revenues to be profitable, obtain adequate capital funding or continue as a going concern.
Six months ended June 30, 2009 as compared to the six months ended June 30, 2008
Since the acquisition of SWK, Inc., on June 2, 2004, all revenues reported by Trey are derived from the sales and service of Sage Software and MAPADOC products to various end users, manufacturers, wholesalers and distribution industry clients located throughout the United States, along with network services provided by the Company.
Revenues for the six months ended June 30, 2009 increased $12,595 (0.3%) to $3,890,189 as compared to $3,877,594 for the six months ended June 30, 2008. These sales were all generated by the Company's operating subsidiary, SWK Technologies ("SWKT"). This increase is primarily due to increased consulting revenues offset mostly by decreases in software sales and revenues derived from maintenance agreements.
Gross profit for the six months ended June 30, 2009 increased $168,806 (11.9%) to $1,584,652 as compared to $1,415,846 for the six months ended June 30, 2008. For the six months ended June 30, 2009 the gross profit percentage was 40.7% as compared to 36.5% for the six months ended June 30, 2008. The mix of products being sold by the company changes from time to time, and sometimes causes the overall gross margin percentage to vary. Sales of the larger Sage Software products carries lower gross margin percentage as the relative discount percentage from the supplier decreases. The change in sales mix resulted in gross profit being higher as a percent of sales.
Total operating expenses increased $143,928 (8.9%) to $1,766,777 for the six months ended June 30, 2009 as compared to $1,622,849 for the six months ended June 30, 2008. This increase is mainly attributed to the increase in selling expenses.
Total other income (expense) for the six months ended June 30, 2009 was income of $751,852 as compared to an expense of $1,536,574 for the six months ended June 30, 2008. The increase in other income primarily reflects other income for the forgiveness of debt associated with the settlement with Mr. Mahoney (see Note 10 to the Financial Statements) lower loss on the valuation of derivatives.
For six months ended June 30, 2009 the Company had net income of $569,727 as compared to a net loss of $1,743,577 for the six months ended June 30, 2008. The change in net income (loss) was the result of the factors discussed above.
Three months ended June 30, 2009 as compared to the three months ended June 30, 2008
Revenues for the three months ended June 30, 2009 decreased $126,298 (6.6%) to $1,801,406 as compared to $1,927,704 for the three months ended June 30, 2008. These sales were all generated by the Company's operating subsidiary, SWK Technologies ("SWKT"). This decrease is primarily due to lower software sales and revenues derived from maintenance agreements offset partially by an increase in consulting revenues.
Gross profit for the three months ended June 30, 2009 increased $23,762 (3.3%) to $743,777 as compared to $720,015 for the three months ended June 30, 2008. For the three months ended June 30, 2009 the gross profit percentage was 41.3% as compared to 37.4% for the three months ended June 30, 2008. The mix of products being sold by the company changes from time to time, and sometimes causes the overall gross margin percentage to vary. Sales of the larger Sage Software products carries lower gross margin percentage as the relative discount percentage from the supplier decreases. The change in sales mix resulted in gross profit being higher as a percent of sales.
Table of Contents Total operating expenses decreased $24,255 (2.9%) to $804,210 for the three months ended June 30, 2009 as compared to $828,465 for the three months ended June 30, 2008. This decrease is mainly attributed to the decrease in bad debt expenses, officers' salaries and professional fees offset mostly by an increase in selling expenses.
Total other income (expense) for the three months ended June 30, 2009 was income of $603,115 as compared to an expense of $1,439,376 for the three months ended June 30, 2008. The increase in other income primarily reflects other income for the forgiveness of debt associated with the settlement with Mr. Mahoney (see Note 10 to the Financial Statements) lower loss on the valuation of derivatives.
For three months ended June 30, 2009 the Company had net income of $542,682 as compared to a net loss of $1,547,826 for the six months ended June 30, 2008. The change in net income (loss) was the result of the factors discussed above.
Liquidity and Capital Resources
We are currently seeking additional operating income opportunities through potential acquisitions or investments. Such acquisitions or investments may consume cash reserves or require additional cash or equity. Our working capital and additional funding requirements will depend upon numerous factors, including: (i) strategic acquisitions or investments; (ii) an increase to current company personnel; (iii) the level of resources that we devote to sales and marketing capabilities; (iv) technological advances; and (v) the activities of competitors.
The Company has suffered recurring losses and current liabilities exceeded current assets by approximately $4.7 million, as of June 30, 2009, and, as such, will require financing for working capital to meet its operating obligations. These matters raise substantial doubt about the Company's ability to continue as a going concern. The recoverability of a major portion of the recorded asset amounts shown in the accompanying condensed consolidated balance sheet is dependent upon continued operations of the Company, which in turn, is dependent upon the Company's ability to raise capital and/or generate positive cash flows from operations.
In addition to developing new products, obtaining new customers and increasing sales to existing customers, management plans to achieve profitability through acquisitions of companies in the business software and information technology consulting market with solid revenue streams, established customer bases, and generate positive cash flow. We anticipate that we will require financing on an ongoing basis for the foreseeable future.
On December 30, 2005, the Company entered into a Securities Purchase Agreement with Cornell Capital Partners, LP (n/k/a/ YA Global Investments "YA Global"). Pursuant to such purchase agreement, YA Global purchased $2,359,047 of secured convertible debentures which shall be convertible into shares of the Company's Class A common stock. Pursuant to the Securities Purchase Agreement, two Secured Convertible Debentures were issued on December 30, 2005 for an aggregate of $1,759,047. A portion of this financing was used to convert promissory notes and accrued interest therefrom equal to $1,159,047 into new secured convertible debentures and the balance was new financing in the form of secured convertible debentures equal to $600,000 with interest payable at the rate of 7.5% per annum to be issued and sold on the closing of this Securities Purchase Agreement and a second secured convertible debenture equal to $600,000 with interest payable at the rate of 7.5% per annum to be issued and sold two business days prior to the filing of the registration statement that will register the common stock shares issuable upon conversion of the secured convertible debentures. The debentures were due on December 30, 2007 and May 2, 2008, respectively, and carry an interest rate of 7.5% per annum. The principal and accrued interest on the debentures are convertible into shares of Class A Common Stock at a price per share equal to 90% of the lowest closing bid price of our Class A Common Stock for the thirty trading days immediately preceding conversion. The aggregate balance due of the YA Global debentures at June 30, 2009 is $1,559,100 for principal and $494,978 for interest. As of June 31, 2009, the Company is in default of all the YA Global debentures and continues to negotiate with YA Global to cure the default.
During the six months ended June 30, 2009, Trey had a net increase in cash of $17,426. Trey's principal sources and uses of funds were as follows:
Cash provided by (used in) operating activities. Trey had used cash in operating activities of $26,111 for the six months ended June 30, 2009, a decrease of $417,887 as compared to cash provided by operating activities of $391,776 for the six months ended June 30, 2008. This decrease is primarily attributed to the decrease in accounts payable and accrued expenses. Management has been keeping tight control on the cash and expenses and has been leveraging their funding needs through related party accounts.
Cash provided by (used in) investing activities. Investing activities for the six months ended June 30, 2009 provided cash of $143,702 as compared to $67,379 for the six months ended June 30, 2008. The Company received $150,000 from the sale of shares of SWK Technologies during the six months ended June 30, 2009 partially offset by the purchase of property and equipment as compared to receiving $67,379 from cash redemptions of the notes receivable for the same period in the prior year.
Cash provided by (used in) financing activities. Financing activities in the six months ended June 30, 2009 used a total of $100,165 in cash as compared to using $257,481 of cash for the three months ended June 30, 2008. This decline in cash used in financing activities is the result of lower repayments from notes payable, convertible debentures and capital leases.
During the six months ended June 30, 2009, we did not engage in any material off-balance sheet activities nor have any relationships or arrangements with unconsolidated entities established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Further, we have not guaranteed any obligations of unconsolidated entities nor do we have any commitment or intent to provide additional funding to any such entities.
Forward Looking Statements - Cautionary Factors
Certain information included in this Form 10-Q and other materials filed or to be filed by us with the Securities and Exchange Commission (as well as information included in oral or written statements made by us or on our behalf), may contain forward-looking statements about our current and expected performance trends, growth plans, business goals and other matters. These statements may be contained in our filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers. Information set forth in this discussion and analysis contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
I still have some of that defunct IBZT showing in my account!! I wonder if those 2 lying AH's ever went to jail? Remember the keyboard was featured New Years Day on MSNBC like 6 or 8 YEARS ago? It soared from like .003 to .08 over the month..... All LIES. Oh well - Good Luck here! I'm gonna take a look now.
Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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No, they didn't go to jail. They should have because that was a scam & I went for it. I was actually up but went for the hype & held too long.
This thing could move big time but I would be very careful because it is trading at less than hald a tenth of a penny. However this PPS would indicate a pretty significant upside potential just on the weight of their financials which beat the hell out of most stocks trading at a cent.
PrintE-mailReprints New offerings and greater efficiencies have helped this year's
Killer VARs blunt the effects of a bad economy
A saturated market, coupled with a challenging economic environment, certainly hasn't helped the software reselling market, but not everyone is letting that get them down.
In fact, this year's Killer VARs have found their respective silver linings by turning to more Web-based services, innovative revenue-generating offerings, more efficient workflow processes and enhanced customer service. For these organizations, their efforts are paying off and they have demonstrated that they have the drive, determination and savvy mindset it takes to be listed among the 2009 class of Killer VARs.
Chief executive: Jeffrey D. Roth
Year founded: 1989
No. of offices: 4
No. of employees: 37
2008 revenue: $7.8 million
Products: Sage MAS 90, 200 and 500; MAPADOC EDI; QuickBooks Enterprise
SWK Technologies is not one to rest on its laurels, especially in today's challenging environment, so it perhaps comes as little surprise that this reseller is hot on the trail of innovative ways to bolster revenues and better serve clients.
"In this kind of environment, we are always looking for revenue streams," said chief executive officer Jeffrey D. Roth.
With a particular emphasis on supply chain innovations, the firm's premier product is MAPADOC electronic data interchange, which is designed to reduce mapping time by more than 75 percent by allowing end-users to quickly and easily create their own maps for integrated documents. Released in 1998, MAPADOC has become a leading EDI solution for Sage MAS 90 ERP, MAS 200 ERP and MAS 500 ERP. In 2001, SWK developed the integration between Sage MAS 90, Sage MAS 200 and warehouse management software Accellos Wms/Radio Beacon.
More recently, the firm, a founding member and participant of the Information Technology Alliance since 1997, also took on QuickBooks Enterprise by Intuit and began offering HR Advisor.
Roth, who serves as chairman of ITA's Membership Committee, said that while SWK is a Sage shop, it needed a lower-cost alternative to Sage MAS 90 for prospects in the Western New York market, so in 2008 it took on QuickBooks Enterprise.
SWK further bolstered its revenue stream less than six months ago by turning SWK human resources executive Kathleen Weiss, who holds the designation of Senior Professional in Human Resources, into a billable employee via a new solution titled HR Advisor. By paying flat fees, clients can tap into such services as an employee handbook, performance management, and candidate screening and selection for use in their own business.
Going forward, Roth said that the company is considering adding additional Sage products, such as Accpac. He also didn't rule out the possibility of acquisitions in the future.
quote:Originally posted by whizknock: Happy you got your half million shares. I genuinely hope this is the one good stock that puts you into retirement!
I hope your right!! Has to go pretty high to retire from 1/2 million shares. I didn't do much research. I trusted your judgement on this one. I will do more DD today and buy more if I like it. Thanks WHIZ
-------------------- Only ONE good stock away from retirement! Posts: 493 | Registered: May 2009
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SPS commerce- SWKs Biggest Client gets NEW contracts
Announced it today
Minneapolis, Minn., Aug. 18, 2009– SPS Commerce, the leading Software-as-a-Service (SaaS) trading partner integration center provider, today announced Fashion Fair, LLC , the world’s No.1 line of makeup and skincare for women of color, has selected SPS’ Trading Partner Intelligence service to improve forecast accuracy, prevent in-store out-of-stock and over-stock inventory conditions and provide critical facts to develop customer-oriented solutions.
The on-demand service delivers store-level, point-of-sale (POS) information from Fashion Fair’s (FF) retail customers to its sales, marketing and operations staff to monitor and assess in-store conditions. These parameters include regional, store and product categories to optimize FF’s fulfillment cycles and track the performance of its new products.
"With Trading Partner Intelligence from SPS Commerce, obtaining valuable POS data will allow us to have more meaningful conversations with buyers to help increase sales, and continue to be a best-in-class partner with our Fashion Fair retailers,” said Anne Sempowski Ward, president and COO of Johnson Publishing Company, Inc., parent company of FF. “From a strategic standpoint, Fashion Fair will be able to further leverage key data with this necessary tool which will assist us in securing answers to critical business questions.”
I am quite impressed with the 10Q. I got caught up in the board noise about this one and really did not have the time to go through the entire 10Q before buying in. Clearly not a cash cow but wow, what a difference a year makes.
The line of credit balance at the end caught my eye. It reads...
"The Company has a line of credit with Bank of America in the amount of $250,000. The secured line of credit bears interest at prime plus 1% per annum, which can change with the fluctuations in the prime rate. Monthly payments of interest only in arrears shall be due and payable on the 4th of each month and these have been paid. Principal shall be due and payable on demand. The Company had no outstanding loan balances as of June 30, 2009. "
This says quite a bit about the future of Trey. Not only have they weathered the storm, they also hold a zero balance on a $250,000 line of credit. This is significant because many companies will pad their bottom line but increase short term liability through line of credit accounts.
This looks really good to me. Just my opinion. Not a pump.
Whiz - what makes you think it will go that high? And WHEN? I got in yesterday at .0005 - couldn't get filled at .0003 on Monday - and I'm still even at least - as opposed to some of my others lately (BONU at .43 yesterday when I got in - closed .44 - now .38!). I thought it would go much higher today on the SWK news.... didn't you? Thanks
PS: If Ken and the other AH at Ibiz didn't go to jail - what DID they get? (Guess we should all just pull some HUGE scam - huh? We either make millions and get a reprimand - Or BLOW it ALL and Obama sends us Stimulus Money to bail us out! HAHA (but not in the real world)!
Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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I read that Ken Shilling was designing labels for wine bottles somewhere while living in luxery off our money.
Actually I believe TYRIA's going a lot higher than .003
That will just be another base to continue up.
Right now just normal healthy consolidation. Two weeks ago we were at .0001 flying under the radar with hardly any volume. This stock is already up 400% & needs to build a level of support here before it continues moving up.
Our next move up should take us to .003 then settle back at .0018/.002 range for a week or two. This will be our next level of consolidation. At this point we should see the Chart develop an accending triangle with the early lows at .0015 slowly rising & the table will probably be .0025 which will be our new level. This will be our launching point for our assault on the penny. Afer we hit 1 cent, .02 will fall after a couple of days of furious momentum! From there momentum couls carry us a little higher but we will need a serious PR to continue anything north of .026 & frankly I would love it if they started pumping at this stage.
Whiz - I LOVE that scenario..... I was watching L2 go grazy in my head while reading your post, like Farty ARTI did yesterday. I was actually UP $50 at .0052 there after being down HUGE for months - now it's back down around .0003! LOL
I wish Schilling was making number plates in SingSIng or being someone's boy toy!!! AH lying thieving crook.
Enjoy your weekend!
Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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"I called on why no IR and if anything else to report on TYRIA. Below is Mr. Mellar's response:
Thank you for your call to our office earlier today. We always appreciate hearing from our shareholders.
We currently do not have an investor relations firm on retainer. Our history with these firms has been pretty dismal; they disseminate incorrect or inaccurate information, they start pumping stocks they’re involved with, they generally seem to do more harm than good. As such, unless we come across an exceptional firm with reference-able clients, we have no immediate plans to bring an IR firm on in the immediate future.
As for current developments, we prefer to let our SEC filings speak for us. Our annual sales are at a current run rate of approximately $7.8 million, and we reported net income in excess of $500,000 for the first 6 months of 2009. Business has been challenging, but we are holding our own, witnessed by the fact that our sales continue to be at least equal to last year’s run rate.
We continue to look for additional opportunities, both product and companies, to acquire. We have historically put out a press release as soon as anything has transpired, so please be on the look out for these releases.
Thank you for your interest in our company. We appreciate your support.