GeckoSystems DD on the history of the company as I understand it.
This post is a combination of fact and presonal interpretation. I will try to distinguish between the two and give as many references as possible. Bear in mind that I am not an attorney and I advise you to follow up and make your own decisions, I just hope that this post will give a starting point and a realistic perspective for those new to this stock to start from.
GeckoSystems was private for 9 years, the company decided to go public in 2006 as they wanted to raise funds for final commercialization. Limited information is available about business operations prior to 2006 as the company had a secure investors section that is not available in web archive. Web archives have been used to misrepresent the history of the company during that time IMO. It is also been absurdly implied that an investors only section for a private company is inapproprate. I believe that since going public the company has kept investors exceptionally well informed.
In 2006 the company got involved with a crooked shell company called Big Apple and had a failed RM. There is a Wall Street industry built around selling dirty shells to unsuspecting comapanies, fortunately GeckoSystems aborted this transaction before it was too late.
It seems some of that garbage still stuck to the company namely George MacLeod, who brought in Neil T. Wallace, even after they went public without a shell. MacLeod and/or Wallace appear to me to be connected to the original Big Apple scam. In investigating MacLeod I have found that he is connected to scam artist Brian Bonar. APIT, Aspire was a stock he helped to dilute to death in 2011. Loancheck is another one of his recent scams, John Whittaker appears to be the mastermind of this one.
Apparently Wallace and MacLeod did the company dirt for a second set of Wall Street crooks. GeckoSystems seems to have terminated their relationship with them sometime in 2008. Public trading of this stock remained insignificant until spring of 2009. At this time the company is suing both Wallace and MacLeod for tortious interference in business. I have personally experienced behavior that I would classify as tortious interference and am willing to give testimony on behalf of the company.
Wallace is a non-practicing attorney whose most notable accomplishment to date is dumping enough toxic fly ash into the middle of a residential community to build a golf course. The city is now arranging to have it removed because it is feared that it will poison groundwater throughout the area. The real irony here is while Wallace denies poisoning groundwater and claimed fly ash was safe for years, he is now suing the utility that "donated" the fly ash $10 million dollars because he gotcancer.
Wallace has incited and filed numerous suits against the company. Wallace and MacLeod were involved in an aborted UK association with a company called Prodec. That company sued and won a judgment against GeckoSystems. I am not certain about the timing because it has been spoken of heavily but no specifics given. It seems to occur at about the same time that Wallace and MacLeod left the company. I suspect that the the DE lawsuit or JAMS arbitration will clarify this issue.
Wallace sued for wages owed in Georgia and behaved so badly in the first hearing that Chief Judge Nation commented that he believed that he would abuse his legal knowledge to the detriment of the defendants' (the company and Spencer) rights. After settling he caught the company off guard when he refiled in Delaware where the company was incorporated at that time. Because the company did not have sufficient resources to retain an out of state attorney Wallace won a default judgment against the company. I believe he claimed about $60,000 for five months of part time work. The complaint has not been produced on the board.
Unfortunately, from 2006 to present stock market activities have hindered the company's ability to raise money to advance R&D on their robotic product line. This is common in today's market where manipulators regularly cut off funding of promising technology by diluting the company's share structure with counterfeit shares, thereby intercepting funds that should go toward business development.
In 2011 emphasis was on marketing instead of engineering and product development. Product development will be scaled up incrementally in 2012 as relationships are finalized and there should be revenues by year end as projects with international partners go on line.
In spite of the market's attempt to force dilution and devalue the company's stock CEO Spencer has protected the interest of current shareholders by resisting toxic financing and limiting dilution as much as possible.