ASTN has filed a Form POS AM with the SEC.
If only all POS stocks like this would comply, it would make shorting a lot easier. Who's idea was the POS form? Stroke of genius.
And before you go hollerin at me for a little joke, I know what a POS AM is. This one is just bitterly ironic.
excerpt:
RISK FACTORS
In addition to the other information contained or incorporated by reference in this prospectus, prospective investors should consider carefully the following risk factors in evaluating an investment in our securities. If any of the following risks actually occur, our financial performance or business outlook could be adversely affected, the trading price of our securities could decline, and you might lose all or part of your investment.
Risks Related to Our Company
We have a limited operating history and a large accumulated deficit
We have never realized any operating profit and have generated a significant
accumulated deficit as a result of our reported losses......
We will need additional financing
We intend to raise additional financing to implement the VTS and to develop new...
Future conversion of our preferred stock or exercise of our put rights may depress our stock price
We have two classes of preferred stock outstanding, Series A and Series B
Convertible Preferred Stock. The conversion of all classes of our preferred
stock may result in substantial dilution...
We do not expect to pay dividends
We have not paid or declared any cash dividends upon our common stock since our inception. We do not intend to pay cash dividends on our common stock...
We must maintain requirements for quotation on The Nasdaq Smallcap Market
Our common stock and warrants have been approved for quotation on The Nasdaq SmallCap Market. The rules of The Nasdaq SmallCap establish criteria for continued quotation of securities on The Nasdaq SmallCap. Currently, we comply with each of these requirements. While we expect to meet such criteria, there can be no assurance we will be able to maintain the standards for continued quotation...
Risks Related to Our Management
We depend on key employees
Our future success depends upon the continued service of certain of our executive officers and key technology personnel. If we lost the services of one or more of our key employees it could have a material adverse effect on our business...
Our directors and officers may be able to exert control
Because our Certificate of Incorporation provides no cumulative voting rights, our directors and officers, acting together, are in a position to exert significant influence on the election...
Risks Related to Our Products [ed note: or lack thereof]
Government regulation impacts many of our business strategies
UTTC, REB and Croix will be subject to regulation by the SEC, various states, the PHLX, and other self-regulatory organizations such as the NASD, which are charged with protecting the interests of the investing public and the integrity of the securities markets...
We will depend on high trading volumes
Our future revenues from UTTC will depend on the volume of securities traded on our systems. Variations in transaction volume could result in significant volatility in operating results. National and international economic and political conditions and broad trends may affect securities trading volumes. As important, acceptance of our products by financial market participants is necessary to generate sufficient trading volumes. Any one or all of these factors could result in lower share volumes offered through the VTS and could
adversely impact our results of operations once the VTS becomes operational.
We may be exposed to risks of software "bugs", errors and malfunctions
Complex software such as ours often contains undetected errors, defects or imperfections (often referred to as "bugs"). Despite rigorous testing, the VTS could still be subject to various risks associated with systems errors and malfunctions and employee errors. These bugs could result in service interruptions. In addition...
We may be exposed to year 2000 risks
We may be exposed to risks of intellectual property infringement
We regard our products and the research and development that went into
developing them as property. Unauthorized third parties could copy or reverse engineer certain portions of our products...
...In addition, our trade secrets could become known to or be independently developed by our competitors. While our competitive position may be adversely affected by the unauthorized use of our proprietary information....
...We rely primarily on a combination of trademark and trade secret protection...
...Although we believe our services and products do not infringe on the
intellectual property rights of others, there can be no assurance that third parties will not assert infringement claims against us in the futur...
Risks Related to Our Industry
Our industry is highly competitive
Our markets will undergo rapid changes in technology
The technologies underlying our products and services are subject to rapid evolution and change. Our future success depends upon our ability to respond quickly and successfully to technological advances by developing and introducing new and improved products and services. We may not be able to respond to such advances. Competitors, including those with greater financial and other resources, could also succeed in developing technologies, products, or services that could be superior to ours. |
