Iveda Goes Public but Suffering from Heavy LossesBy: John Honovich, Published on Nov 13, 2009
More interesting than the rarity of a video surveillance company going public is the revelation that Iveda is suffering heavy operational losses.
Iveda Solutions is a specialist in remote monitoring / management of video surveillance. On November 12, 2009, they announced that, through a reverse merger with a penny stock company, they had gone public [link no longer available].
Their financial disclosures as part of going public reveal a company that is in poor operational condition.
- Annual revenue peaked at $544,259 in 2007. That's not a typo - just a half million US dollars for the year.
- In 2009, revenue is down almost 25% with Q2 2009 revenue only slightly above $100,000 USD.
- Operating losses have been severe - over $1.5 Million USD in 2008 and almost half a million in 2007.
- Losses from operations were $855,502 for the six months ended June 30, 2009
- "IntelaSight implemented 10% to 41% salary cuts across the board in April 2009."