|Posted on March 28, 2014 at 12:20 AM|
Cash and cash equivalent assets dropped to $ 454,978 compared to $703,172 in 2012. Total assets dropped to $13.0 million from $13.3 Million in 2012.
Taken from the SEC filing, "Gross profit decreased to $1,749,422 (49.9% of revenue) in the fourth quarter of 2013, versus $2,392,397 (51.6% of revenue) in the prior-year quarter."
What does this mean for the LaserAlly LIDAR gun? Nothing really. LaserAlly lost exclusive rights to sell the rebranded DragonEye LIDAR systems. A few key players in the law enforcement industry like Decatur Electronics and Coban Technologies distribute the jammer-proof laser gun.
Digital Ally spent a whopping $208,316 in litigation fees with DragonEye Technologies, LLC in 2013. Yikes.
DragonEye responded to the litigation by writing this on there website:
"Norcross, GA (December 21, 2013) - DragonEye Technology, Inc., (a privately held entity) announced today that the U.S. District Court for Kansas has denied the Digital Ally Inc. (NASDAQ: DGLY) motion for a temporary injunction and restraining order in Case Number: 13-2290-CM. Details of the Court's ruling are publicly available at:
DragonEye Technology's President, Scott Patterson commented, "We are extremely pleased with the Court's thorough denial of this motion. While DragonEye strives to resolve disputes amicably, we will of course defend our rights to compete in the law enforcement market and vigorously pursue our counterclaims."
DragonEye Technology manufactures advanced law enforcement speed measurement equipment including handheld Lidars and Digital Photo Enforcement systems"
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