SunWorks Inc (SUNWQ)

[SandridgeEnergy]

A little late don't you think?

Sunworks made this point very clear in the 2016 Annual report released a month or two ago

They never even made a panel to test it because that would have proved the whole project was bunk. Making a test panel, which would have given them huge information about the potential cost and viability of the project, would not have been prohibitively expensive.

Yet it was never done.

All of the data they presented about costs and output were based on their own computer models and not an actual test product.

This means one of two things:
1. It was a scam from the beginning.
2. They knew many years ago that there were serious problems with the viability of the cell, yet declined to share that until a few weeks ago.

They would continue to say they were "close" and convinced investors that it was still viable.

The never updated corresponding information showed that the cell was supposed to be MUCH more efficient than current cells, and have the possibility to "upturn the economics of energy". If they truly believed those things then their course of action makes no sense, if you assume they were being honest.

I recall seeing a few hardcore investors on an alternate discussion board being quite surprised by the announcement in the the annual report.

Furthermore during the time between when they stopped making ANY progress and they cancelled the project they:

1. Raised capital based on it
2. Touted it at many investor conferences
3. Included it on their presentations
4. Said nothing was wrong when asked about it on the conference call

Overall it's just was just huge lie that was told to investors that ended up ripping off a lot of people from their money. Even if it wasn't a scam from the beginning, which I think it was, then nothing can excuse their actions from 2014-2017 where they continued to tout a dead product.