There are indeed scumbag fundraisers out there. In fact I would suggest that the vast majority of stock promoters/fundraisers are of the scum bag variety.
And therein lies the problem. You have two honest guys, brilliant innovators who come up with incredible products who try to raise money to get those products into the market on a significant scale. It is not a cheap proposition.
They are convinced by stock promoters that they can raise the money for them. Just put up a couple of hundred thousand dollars to buy a shell and we will sell your stock into the market and, after taking our cut, give you the proceeds to develop your company.
Sounded good but it was a disaster. Somehow the promoters end up with all the money and the company faces lawsuits on top of that.
Hence, the dilution. All former stockholders are essentially wiped out. The owners are much wiser and will now go about raising money much more cautiously.
I get why someone would be hesitant to buy this stock right now but the fact is, now is precisely the time when you want to buy it. You won't be able to get your hands on any though. Good luck trying. There is very little available for sale and the company isn't releasing any, any time soon as far as I can tell.
I believe they are currently pursuing other avenues to raise the necessary financing - perhaps through loans.
They will eventually get the financing. Their lid product is potentially worth billions - yes I said billions and their pet product is a proven seller. It was taken out of hibernation and there is some inventory. Once promoted it will sell out quickly but producing more is not a problem. Mass producing the lid though will be costly. The pet product will help pay for the lids.
The point of all this is that people on this board are upset with the wrong guys. The guys running the company are honest, straight up guys who incorrectly assumed that the people they were dealing with were the same. They were not.
I believe if this stock can be purchased below 50 cents a share you are getting it at a good price. Good luck trying to buy any significant amount of this stock below that price.
