Tuesday, October 17, 2017 11:11:44 AM
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6884627-839-484961&type=sect&TabIndex=2&companyid=71342&ppu=%252fdefault.aspx%253fcik%253d1103795
The first mention of Aot is in the 10k 2008 with a one small paragraph:
Applied Oil Technology
The pipeline construction industry in the U.S. was approximately $11 billion in 2007 according to October 27 2008 “Pipeline Construction U.S. Industry Report” from IBIS World. The overall pipeline industry is forecast to grow at 4.7%. Management is in the process of developing more specific analysis of the market for the AOT products.
Accumulated deficit to this point was 42 million.
One year later still barely a mention:
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7158450-834-454438&type=sect&TabIndex=2&companyid=71342&ppu=%252fdefault.aspx%253fcik%253d1103795
Accumulated deficit to this point was 49 Million. Aot doesn't even exist yet.
Then magically in Q1 2010 it becomes one of three of company promoted products!
Aot listed third with the most emphasis placed on its fuel injection device Elektra.
http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?TabIndex=2&FilingID=7260203&companyid=71342&ppu=%252fdefault.aspx%253fcik%253d1103795
Accumulated deficit to this point was 55 Million.
Then in 2011 it becomes one of two product lines as it's legacy products drop like flies!
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7832245-10330-104153&type=sect&TabIndex=2&companyid=71342&ppu=%252fdefault.aspx%253fcik%253d1103795
Accumulated deficit to this point was 58 million and operations costs represents over 70% of this figure!
R and D paled in comparison. So even if one attributed 100% of Qsep resources going forward from 2010, its relatively easy to determine that this company has spent most of its resources on administrative costs like payroll and executive compensations. No legit company blows this kind of wad without nailing down contracts. No legit company would allow the paying of these ridiculous severances with zero attachment to performance.
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