Purple 10-K filing

qwerty123

qwerty123

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More interesting reading

gotta love public compnay FULL hard facts!!!

Form 10-K
 
People has been blame blame on Sorenson for loans etc.. Look at Purple did make loan and now they begging FCC to cover. Idiot! Sorenson is not only one company who did borrow. I know all VRS providers did borrow but they did not want to show a hard books!
 
Thanks Qwerty123 for that SEC filing by Purple... I'll agree with you, very interesting reading.

That boils down to what I already said in my previous posting, that is not a scare tactics. Its a REALITY... purple are seriously struggling with their operations and they already said that they are still struggling to pay back the FCC they owe. Purple already said they can't generate more income at current rate due to challenges that they have to face. and the new rate if adopted will push them deeper in debt. It already said they have no alternative options to continue function in the near future. (read between the lines) possible... dread word "bankrupty"

Mark Bella in the purple vlog in the deafvideo.tv dated on may 13th says the VRS will not go away. I think he shold retract that statement :)

Make sure FCC is being reminding that we want fair and stable rates for the VRS industry and let it flourish!
 
this is a case of monkey see, monkey do. What sorenson did, purple is copying.
 
I don't see what copy from Sorenson...

Purple explain it all there...

Purple may not able to pay off the debt that owe FCC end of Sept 2010. It strain their money... otherwise the FCC can withhold without Purple knows.

It interesting that Purple could have out of business if the rate cut...

It appear that Purple's lawyer the Kevin make the dumb vlog and say 'support FCC decision' and now here the source that explain it all.

Also their management is poor to run the business's money. They keep say Sorenson... Sorenson... Sorenson... they knows that Sorenson have success overall for 7 years... Well... found one interesting... to order the laptop or other device from Purple offer you is actually customer pay the endport (phone number). FCC paid the phone number but Purple make customer pay? That make no sense
 
As of June 1, 2010, the Company had a total of 428 full-time or full-time equivalent employees.

As part of our interim Standstill Agreement with the FCC, we and the FCC agreed to negotiate in good faith to reach a final and binding settlement concerning the FCC’s claim for reimbursement and the matters that have been the subject of all of the FCC’s investigations during the 180-day period following the interim Standstill Agreement, ending on September 4, 2010.

We had approximately $72 million of indebtedness as of December 31, 2009.

We have historically incurred losses and these losses will continue in the foreseeable future. We have never earned a profit. We had net losses applicable to common stockholders of $132.3 million, $19.0 million and $3.8 million for the years ended December 31, 2009, 2008 and 2007, respectively.

We may be unable to execute our business strategy.

We own no real property. Our properties consist of leased facilities for operational call centers, sales and marketing, research and development, administrative, customer service and technical support personnel. Our corporate headquarters is located in Rocklin, California, and is subject to a lease through January 31, 2011.

Daniel R. Luis Chief Executive Officer salary $415,679 in 2009 $2,316,551 in 2008

We no longer intend to file reports with the Securities and Exchange Commission, which will reduce the amount of publicly available information about us and negatively affect the liquidity of our common stock. will terminate on June 29, 2010
 
Monkey all over again?

radioman said:
this is a case of monkey see, monkey do. What sorenson did, purple is copying.
Click to expand...

Radioman,

Its sad to see to this that you do not really see the BIG PICTURE... I think you are still obsessed with 800 pound gorilla in the room.

The BIG Picture is that the FCC is bending the VRS industry backward. Sorenson is the one who knew the real meaning of those silly proposal that will remove the functional equivalance from Deaf Community, and they stood up and speak it up. all other VRS says... "vrs will be there to stay"

Now Purple just have to show their books and show how serious deep hole they just had dug in. That means... other VRS will follow the same.
 
This is going to be interesting, because the next fiscal year will start when? You guessed it! This Thursday!

What is really going on? At this time, no one knows. FCC has not announce their decision on rate plan.

There is a letter from congress to FCC that I read other day. Congress has asked FCC what does this (NECA Proposal) has to do with fraud? This is somewhat surprising me because this makes me wondering if FCC wants to cut down the rate to reduce fraud. If that is the reason, then it would be unfair to all VRS providers, because this is like punishing any honest VRS providers for no reason.

What I see this as a time being a ticking bomb. Hope that FCC is going to make a sane decision that would ensure that all VRS is to stay, and weed out the bad VRS. What I mean bad VRS is that they would commit fraud or scam against FCC, those bad VRS deserves to be punished.

I do not view Purple co as bad VRS because they have not intended to defraud FCC like Viable did. Yes, Purple mistakenly billed FCC on those calls that were not allowed. If you disagree, please bring hard proof that Purple co intended to commit fraud against FCC. Intention and mistaken are different thing.
 
diehardbiker said:
This is going to be interesting, because the next fiscal year will start when? You guessed it! This Thursday!

What is really going on? At this time, no one knows. FCC has not announce their decision on rate plan.

There is a letter from congress to FCC that I read other day. Congress has asked FCC what does this (NECA Proposal) has to do with fraud? This is somewhat surprising me because this makes me wondering if FCC wants to cut down the rate to reduce fraud. If that is the reason, then it would be unfair to all VRS providers, because this is like punishing any honest VRS providers for no reason.

What I see this as a time being a ticking bomb. Hope that FCC is going to make a sane decision that would ensure that all VRS is to stay, and weed out the bad VRS. What I mean bad VRS is that they would commit fraud or scam against FCC, those bad VRS deserves to be punished.

I do not view Purple co as bad VRS because they have not intended to defraud FCC like Viable did. Yes, Purple mistakenly billed FCC on those calls that were not allowed. If you disagree, please bring hard proof that Purple co intended to commit fraud against FCC. Intention and mistaken are different thing.
Click to expand...


well said.
 
What I see is the history of FCC tried to force big co to pay back legitimate earnings. That company took them to federal court and won. Now FCC has settled on new rate to ensure biggest company get no more money than other companies, even though they produce 60% more than any other company. Seems retaliation to me. Sure! smaller companies can survive on what the biggest company was getting per minute for last 3 years. But where is the incentive to go over the 500K mark? Or reach out to new customers?
 
You know that you don't make money with VRS until a year after? That's when FCC gives you money.

You have to come up with a capital or loan to start up a VRS company and to make a profit, you have to wait for a year until you see money coming in from FCC.

It's pretty much, "Do it yourself and if it works, I'll pay... a year later."
 
I have notice and anyone got letter Pumple and claim they are successful. Look at that compare that letter and that strain debt? It doesn't make sense..
 
Purple...

I was hired by Purple in 2009 to work as the senior lamp developer for their G2 System -- (web-based interpreter scheduling, client and 'terp invoicing/billing system). I was replacing an existing contractor. When I saw the job ad looking for a lamp developer who knew sign language and was familiar with the deaf community, I was wondering why the ad also didn't say "and who's first name is Mike and last name is ..." lol - the job was that perfect! :D

This was one of the best jobs I ever had - I'm h/h with bte's - and it's the first company I've worked for since I've started losing my hearing where I didn't feel disadvantaged as Purple hired a lot of deaf/hh staff.

However, from my first week there, I could see that there were problems. People in strong positions were being laid-off - like while I was in Washington DC office, the only IT manager was let go. The office had over 30 people - who would manage their IT needs?

After a couple of months, it was becoming obvious to even me that there were serious problems. I telecommuted from home as my "team" was all over the country which meant that I as normally oblivious to most of the in-office gossiping. We had weekly telecom meetings and Purple provided it's own VRS services but it was all business.

When the axe started falling, it fell hard - in one week every single contractor (that wasn't a terp) across the country was let go. (I lost my entire database support team in Rocklin.)

All I can tell you is what I understood what I was told. The FCC changed the rates at which they recompensed companies that supplied their own terps. This was positioned, I felt, as a discriminatory measure against VRS companies like Purple b/c we had a large employee base that required our own services. What were we supposed to do - contract with competitors to provide the services we excelled at?

The real kick came when the FCC back-dated the ruling by two years. Making the charges retro-active still makes no sense to me as, literally overnight, Purple incurred a $25 million dollar debt.

Purple's share-holders had to decide whether or not to unload the debt by liquidating all company assets, or reduce operating expenses as much as possible while maintaining revenue in order to stand-up to the debt.

The week after the contractors were all let-go, I got a call from my boss. He told me that his boss, a VP, had his headcount reduced by over 50% and that I was being let go. He had no problems with my work and he wrote me a very nice recommendation, but he, himself, was left with zero technical staff.

I asked about Sorenson and the impact of the FCC ruling on them and was told that, ironically, since Sorenson didn't support the deaf/hh communities through direct-hiring as strongly as the other VRS companies, that the impact of the ruling on them was significantly less.

I was at Purple for nearly 6 months - I can say that the people there were some of the best I've ever worked with. Everyone, regardless of role, cared deeply about their jobs and the impact it had. Leaving there was more like going through a divorce than simply changing jobs.

I really hope Purple, and the other similarly-impacted VRS companies survive the FCC and their rulings.

That's all I wanted to contribute. These opinions are my own and do not reflect that of any employer, former or current.
 
wyntr said:
I was hired by Purple in 2009 to work as the senior lamp developer for their G2 System -- (web-based interpreter scheduling, client and 'terp invoicing/billing system). I was replacing an existing contractor. When I saw the job ad looking for a lamp developer who knew sign language and was familiar with the deaf community, I was wondering why the ad also didn't say "and who's first name is Mike and last name is ..." lol - the job was that perfect! :D

This was one of the best jobs I ever had - I'm h/h with bte's - and it's the first company I've worked for since I've started losing my hearing where I didn't feel disadvantaged as Purple hired a lot of deaf/hh staff.

However, from my first week there, I could see that there were problems. People in strong positions were being laid-off - like while I was in Washington DC office, the only IT manager was let go. The office had over 30 people - who would manage their IT needs?

After a couple of months, it was becoming obvious to even me that there were serious problems. I telecommuted from home as my "team" was all over the country which meant that I as normally oblivious to most of the in-office gossiping. We had weekly telecom meetings and Purple provided it's own VRS services but it was all business.

When the axe started falling, it fell hard - in one week every single contractor (that wasn't a terp) across the country was let go. (I lost my entire database support team in Rocklin.)

All I can tell you is what I understood what I was told. The FCC changed the rates at which they recompensed companies that supplied their own terps. This was positioned, I felt, as a discriminatory measure against VRS companies like Purple b/c we had a large employee base that required our own services. What were we supposed to do - contract with competitors to provide the services we excelled at?

The real kick came when the FCC back-dated the ruling by two years. Making the charges retro-active still makes no sense to me as, literally overnight, Purple incurred a $25 million dollar debt.

Purple's share-holders had to decide whether or not to unload the debt by liquidating all company assets, or reduce operating expenses as much as possible while maintaining revenue in order to stand-up to the debt.

The week after the contractors were all let-go, I got a call from my boss. He told me that his boss, a VP, had his headcount reduced by over 50% and that I was being let go. He had no problems with my work and he wrote me a very nice recommendation, but he, himself, was left with zero technical staff.

I asked about Sorenson and the impact of the FCC ruling on them and was told that, ironically, since Sorenson didn't support the deaf/hh communities through direct-hiring as strongly as the other VRS companies, that the impact of the ruling on them was significantly less.

I was at Purple for nearly 6 months - I can say that the people there were some of the best I've ever worked with. Everyone, regardless of role, cared deeply about their jobs and the impact it had. Leaving there was more like going through a divorce than simply changing jobs.

I really hope Purple, and the other similarly-impacted VRS companies survive the FCC and their rulings.

That's all I wanted to contribute. These opinions are my own and do not reflect that of any employer, former or current.
Click to expand...
Wel said.
 
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