Does any of this sound familiar??? For anyone who needs a reminder, read the 10/22/14 shareholder letter from Alex Walsh. In it he apologized for the increase in shares and reverse split but stated that they were necessary to pay for the Tero (waste disposal) acquisition and that now with Tero they can test for "oil upgrading capabilities" of a second SonCav unit and discussed the revenue opportunities from Tero. Alex Walsh them says that he has the goal of bringing the market cap to $100MM (and in the 10/8/14 newsletter says this will happen within 18 months or by 4/8/15). LEXG purchased 50% of Tero for $1.0MM valuing it at $2MM. In that 10/22/14 shareholder letter Alex Walsh said "In my wildest dreams, I would not have imagined that buying an amazing facilty like Tero, after having successfully tested a technology that has endless potential would lead to our market cap bottoming below $5MM". Less than 7 months later (and 14 months after the initial purchase, dilution and reverse split) LEXG sold that 50% stake in Tero for $300,000 without further comment or explanation - a 70% loss in about a year (see the last 10-K for all of these Tero related details).
