IQ-L Going Down?

[Blowfish]

For all those interested in official performance numbers monitored by the London Stock Exchange, here is a website complete with graphical depictions of how the stock has done. It is now REALLY crashing.

http://www.londonstockexchange.com/i...?sedol=0924445

Rumors are emmanating that they may close--and judging by their stock price, and the recent sale of a large amount (100,000 shares to one director) don't look so good.

No announcement has been made by the company; however, the development and implementation of their Sportstech software did not go as well as they would have liked (understatement). A LOT of sportsbooks use one of their 3 available softwares: E-Sports, SoftTech, and SportsTech.

[Jeff]

So what would be the consequences be? Would the sportsbooks just continue to use the software?

How do they go belly up when they get paid by every book who uses the software, while their overhead is strictly labor, isn't it?

[Blowfish]

They have HUGE accounts receivable from books that don't pay their fees on time. Books that have gone under that they have to write off those receivables as bad debts. They could just shut the customers off for nonpayment but that would mean that they definitely wouldn't see any of the money.

Since it is sportsgambling and they don't require any positive identification when contracts are signed, many are signed under people's fake names....making it next to impossible to pursue any outstanding balances legally.

As for overhead, it is high. They have lavish offices both in Costa Rica and the UK and used a lot of money from the money made when going public for a refurbishment of these offices. Also, the R&D into new software and updates to old software runs high. They supposedly had something close to 30 people developing sportstech. Couple that with customer service representative, executives, sales personnel, and technical support, and you have quite an operation to keep track of.

[brink]

Sportsbooks not paying what they owe? I'll bet IQ could tell us all the books in trouble. I'd love to have that info!

[Blowfish]

Any of the satellite telephone or bandwidth providers could probably fork over a good list as well. However, they spill the beans and they can forget even getting part of what they are owed.