Dot VN Says It Needs to Raise Cash This Year
Dot VN looks for cash to continue operations.
Dot VN, Inc., the sole provider of .vn domain names accredited by Vietnam Internet Network Information Center (VNNIC), disclosed in its annual report Thursday that it must raise cash this year in order to execute on its business plan. At the end of the last financial year (ending April 30) the company had $135,664 cash and total current assets of $443,469. But it owes a lot of money, albeit much of it to the company’s executives:
Our current liabilities consisted primarily of $2,315,131 due to Hi-Tek Private under three credit arrangements, $1,386,251 due Thomas Johnson (our CEO) under two notes, $1,335,821 due Lee Johnson (our President, CTO, and CFO), $73,722 due Louis Huynh (our General Counsel, Executive Vice President of Operations and Business Development, and Corporate Secretary), $101,187 due Hue Tran Johnson (our Presidentâ€™s wife)…
Both Thomas and Lee Johnson are each paid $360,000 a year, but have been deferring their salaries.
In addition to providing registration services for .vn, the company provides other technology services. It also wildcards all non-existent .vn domain names to its company owned portal www.info.vn.
Shares of Dot VN currently trade for $.33 over the counter under DTVI.ob.