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  • Stock Of The Year 2013 [View instapost]
    As of Feb 21st - they do seem to need another raise. As far as Finning goes, I'd like to see what Cortex is actually 'recognizing' as revenue, as they tend to drop their pants with signing customers in new areas, if they actually charge anything at all. Additionally, the e-Billing bit is not a new thing, it's been done, and is being done by many companies out there that probably do it just as well, if not better. They will continue to gain market share, slowly but surely as companies look for a 'free' solution. Perhaps they are taking the Facebook approach and building a network of customers/users before they actually figure out how to make money. As long as investors are willing to dump money, more power to them, but based on actual dollars and cents - too risky for me considering how many competitors they have.
    Feb 26 03:38 AM | Likes Like |Link to Comment
  • Stock Of The Year 2013 [View instapost]
    Hey John - I think you can change your expectations now. Listen to the conference call from the year end earnings release. No sign of break even - no dates given - just a lot of 'I don't have that information in front of me right now'.
    One comment of concern that got me was when Art Smith was asked if he could report back on the actual transacting suppliers in 2012, as they started doing in 2013, versus the number of suppliers with a contract (and not necessarily transacting) - he replied that he'd have to check with his legal team before he could answer. That tells me the numbers they reported on customer growth - weren't necessarily customers actually using the system. Maybe I'm speculating - but when one reverts to the 'lawyer card' - doesn't seem promising. Anyway, as you mentioned, yes, it is a speculation that comes with high risk. The IR materials were well crafted to raise the last round of financing, and they claim they will not need anymore in the foreseeable future, which will hopefully be the case since they don't really have new answers to the same old questions anymore.
    Nov 22 02:15 PM | Likes Like |Link to Comment
  • Stock Of The Year 2013 [View instapost]
    This stock is not necessarily growing either...something a 'stock of the year' would likely need to do to claim that title. I work for a company that is a customer, and I can tell you first hand, there aren't many happy people when we speak to some of our peers across the market about Cortex. Sure - it's easy to increase your customer base when you request 'hubs' to create a 'mandatory letter' that threatens your business relationship if you don't sign up to use Cortex. Cortex will sell it as a 'shared cost model' where the supplier gets to pay for the system that automates a Hub's invoicing system. Lucky us! And what do I get in return? I get to pay $2.50 an per invoice that I send through the so called 'network' and still get paid in the same 30 day period that I was before. Their network is limited and I recently found out they are hijacking other e-invoicing connections (like simple email) and charging their happy customers for it. I decided to comment on your nice little blog after trying to search a little more on this company since I feel any further investment to them is risky. As they seemed to have gone dark in the last few months, it only solidified my opinion that they are heading to the 'flop of the year'. I sure hope those hubs can find a new replacement without pissing their suppliers off even more.
    Nov 4 09:17 PM | Likes Like |Link to Comment
  • Stock Of The Year 2013 [View instapost]
    How's that 'Stock of the Year' doing, John? Cortex continues to crumble and it's reputation with it's customers is dwindling. Why are they no longer releasing networks stats? Likely because it doesn't tell a good story and after spending a ton of money on an Investor Relations company to try and drum up more money, they still haven't moved. They are still burning through cash - at a slower rate, yes, but there's no 'break even' anytime soon. The only thing they are amazing at is tricking investors into giving them more money SEVEN times. This ballon is going to pop.
    Oct 19 09:30 AM | Likes Like |Link to Comment
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