Krios November update with Dwight Ringdahl, Krios CEO 11/22/20 What are the strategic priorities?The top two priorities are revenue generation and liquidity.
Revenue from the last quarter came from The Digital Track. (TDT “helps auto dealerships use digital marketing solutions to help them sell more cars at lower prices” –
www.prnewswire.com/news-releases/the-digital-track-finalizes-acquisition-of-tech-startup-krios-300866098.html).
Krios has focused more on revenue generation under the assumption that liquidity would come along on its own. Dwight assumed people would realize Krios is based on brick and mortar revenue, not internet hype.
The Krios freelancer platform (
www.krios.io) is done and working. It is not generating the cash flow we hoped.
How many jobs are coming to the platform; how is revenue, profits?It is growing. Some of Dwight’s personal friends are using it as a paycheck system with foreign employees. It is not paying its own bills yet. Gross revenue is less than $100,000 per month.
What is happening with Folgory?They are not good players. Dwight can’t even log into the account. Dwight has spoken with a couple of the C-level guys via Linked-in; they say “Sorry, check with our support guys.” Their support team is completely unresponsive.
We had our market-making software working on that platform as well. That included a pretty good lick of ethereum and krios.
We will probably have to look at which wallets are connected to Folgory and recover those the next time we do a token update.
Where are we with the ServiceMax deal?We developed a pretty good software package around a potential deal with SM, to include contract employees where we do the taxes and all that stuff. We are not getting the traction since Salesforce bought them out. That deal is on the rocks; we don’t know which way it will go.
We are having conversations with a few similar companies. Four or five of these smaller companies could use the software and make up for a loss of SM. The software would probably be more effective for them, anyway.
Where are we with OpenX?We are working through some of the training videos; we hope to show demos soon. With those, we can augment the credibility of the freeelancers on the platform.
Where are we with the TNC lawsuit?It is going well. Dwight has spent ~ $92,000 dollars on lawyers. The good news is we are in Korea, going through the legal system processes. The lawyers are finding more people we can go after for the money in the civil case. We hope to get some percentage of the $20 million. Dwight does not think we can drag them to jail without a criminal court case like we can with the guys in Montreal, but proving criminal guilt should be relatively easy considering their cheered pasts.
Current payouts are quarterly. Any chance of monthly?No, because current gas prices cost Krios $4000 to distribute a $30,000 profit share. If anything, we would go to biannual payouts. Hopefully Ethereum 2.0 will come out and drop gas fees to negligible. They keep pushing the date.
What other good news do you have for us?The revenue stream creating profit share (TDT) is solid. It is taking up 12 hours per day of Dwight’s time for 90 days.
We are in the process of signing a very similar deal for a much larger amount. It may be paid in one lump sum vs spread over 26 months.
Dwight is working with a long-time friend and previous business partner who contacted him with a good plan for increasing liquidity in the crypto space. This would bring another company into our fold to participate in the profit sharing. It is a proven business model. We can more easily make a lot more money than the Krios platform. The token will be 100% utility token, used for transactions globally.
Dwight concluded saying there is no larger investor than himself, so he is motivated. We should focus on Krios as a real company, not a FOMO opportunity.
James added that Krios has developed from just the freelancer platform to a multi-functional company like Warren Buffet does.
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