Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Deep Down Inc., DPDW, changed to Koil Energy Solutions Inc., KLNG:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
What's the deal here?
Daily List Events
Summary
Date/Time Event Type Eff/Ex Date/Time Symbol Issue Name Market
11/28/2022 14:51:48 Name/Symbol Change 11/29/2022 00:00:00 DPDW Deep Down, Inc. Common Stock OTC Equity
Details
Previous Value Current Value
Symbol DPDW KLNG
Issue Name Deep Down, Inc. Common Stock Koil Energy Solutions, Inc. Common Stock
Class
Maturity Date
Market Category OTC Equity OTC Equity
Unit of Trade 100 100
Regulatory Transaction Fee Flag Yes
https://otce.finra.org/otce/dailyList
Still losing money every quarter
Are Ron and Mary still getting their fat payroll checks and perks?
Seems like all of the hard working folks have either quit to go work for a company with a future, or have been terminated to save payroll costs in order to prolong the drain by the fat cats
The list of grand visions is a mile long
The list of failures is even longer
NOTHING will change the downward trajectory of Deep Down, the name is the final destination
Shareholders were screwed from day 1
spec
They really should provide a text transcript of the prepared comments before the conference call
The first speaker's accent is pretty thick and trying to follow the message is near impossible if you're busy trying to decode each phrase
That said, they lost a million bucks in the quarter
and they still LAUGH OUT LOUD on the CC about their FAILURE to sell or profitably utilize the carousels, isn't that SPECIAL???
Is anyone fooled by the "net .01/share"?
Probably fooled a bunch of shareholders
And y'all are STILL PAYING Smith $40k/month??? LOLOLOLOLOLOL
spec
The possibility of selling the carosels has improved significantly in the last 6 months
scrap steel is the appropriate valuation metric for most of DPDW "assets"
I wonder if all of the "interested buyers" for the carousels have been scrappers all along
when was the last time the carousel in TIP was operated? Was it just the ONE job it had 5 or 6 years ago? How much is the lease costing every year to let it rust?
How's that barge loading dock coming along at the Houston facility "scrap yard", what?? it never was built??
Well the rail loading spur was ..... oh, nevermind, it never w happened either
How are those NHUs selling?? oh
I guess all the money spent on the animation company acquisition didn't get any returns
How about the "petting zoo" property in Cleveland, wasn't that an amazing deal for "someone" (but shareholders got screwed)?
The Electrowave acquisitions and military contracts?? All that part of the business is dead too??
StayPut yacht dynamic positioning??? No sales?? Well at least the company still has the demo boat.... what??? It's gone??? I wonder who has it??? (Ronnie??) The shareholders certainly paid a lot of cash into that little toy, TWICE!! The first prototype was lost in the big Amegy Bank fiasco.
Did they ever settle the AKER lawsuit or the GE lawsuit?
If I still owned any of this crap stock, I'd probably have all those answers at my fingertips
But then again, why would I own this stock? They only lose money, that's all they do well
How much loss is estimated for this upcoming quarterly?? Any guesses??
spec
Deep Down, Rust in Peace
Modified EBITDA was a loss of 103k, not terrible considering the business environment. 4.49 million was impairment charge for carousels and that is misleading because they just rented one finally. Fourth qtr they earned 100 k which is surprising.
2020 loss of .46 per share
And this gem (they still can’t proofread or else this is really what shares are worth)
I wouldn't ever advise another trader on where to put their money
But I'll make a bet with you
Straight up competition with another subsea tech company, let's see who grows in value over the next 12-24 months
DPDW - Market cap ~$8.5M USD and share price currently .69
KRKNF - Market cap ~$97M USD and share price currently .60
I think there's no comparison in quality of management and prospects for growth
My bet is that Kraken share price will at least double in the next 12 months and that DPDW will not trade a single share above $0.90 and will likely fall below $0.50 by then
let's see how my prediction ages, shall we?
GLTY any way you decide
cheers,
spec
A lot of volume or not, the trend on this over the past 90 days is definitely up. DPDW Looking into it myself now.
The Capn' and Little Buddy made their $$$ on this stock scam. They walked away unscathed by their shenanigans and outright thievery. They are the ones laughing, unfortunately.
Zero volume again? what a shame
spec
I've seen a lot of names from the past here today. So, I might as well throw my name in the ring, too.
Yeah, it was a tough time for all of us. I remember clashing with Spec, jdsgungho and some others. I also had some back and forths with the IR guy......was his name Steve? I even shared a few private emails on the side with Trueheart who also popped up here today.
I think the thing that bothered me the most was that Ron and the Boys were always giving themselves some kind of bonus as both the share price and the economy at that particular time were tanking. That's when I really got suspicious about things.
Anyway, more than a decade later, I think we can all agree that we got taken by Ron and the Boys. We were too hopeful and optimistic as Ron continued to take advantage of us.
Spec, I am truly impressed by all the research you did. Even though it probably was too late to help you a lot financially, at least you had the comfort and satisfaction in knowing that you exposed management. Great job! I respect you a lot for all the effort you made to expose them.
I definitely appreciate the warnings from you all......
and it is all about management,management,and management.Charles has been there since 2012,I will be watching him closely and make sure he is non-toxic,a prerequisite before I become trigger happy.
"Selfish" does not adequately describe management's action over the years under Ron.
Self-dealing is the case.
Butler filled his pockets for years and left with a gift of $400,000 of shareholder money.
I don't know today's Deep Down, but the price of crude and the cost of taking it out in the GOM has to be extraordinarily high over the cost of Permian crude.
Trueheart
exactly. self dealing corrupt management with no effective oversight. The definition of DPDW.
it sounded like a "roach hotel"......
dealing with a selfish management,is one of the worst in my book.
Haha, yes we earned advanced degrees, PhD in shareholder abuse
The one chapter I never was able to crack was the Panama deal
I had parts of it but never could get enough hard data to paint the whole picture
I know exactly why Butler left though
Life is good here these days, comfortably green on market aspects and comfortably living in one of the most beautiful places in the USA. A little town in the Rocky Mountains with a population under 2000 and a short walk to a good fly-fishing river.
I hope you’re living to the fullest as well
Cheers,
spec
Spec, glad to hear from you and thanks for all of your posts back then. I took a beating as you said but it was, I realize now, tuition the school of hard knocks. I hope you are thriving in all arenas of life.
Best,
-Fritz
Yep, many burned fingers of investors and lenders
But look who made out like bandits while Deep Down was losing money year after year
All the last names fell into a group of three names
I can honestly say, outside of a professional criminal investigation, I doubt that any individual has ever dived deeper into the data points of a public company than I did on Deep Down
I dug up info on the management, employees, patents, customer feedback, lender interviews, ex employee interviews, reams of court documents, interviews of former management and employees of acquisition targets, suppliers, clients. I drove cross country to meet with Smith in Channelview, met with Butler in Key West and much more
During the good years of oilfield services there was only one reason they didn’t make a profit and/or grow the company
It took all that digging to find out what was holding them back from generating some value for shareholders
It wasn’t that they couldn’t (during the good years)
The petting zoo was the epiphany in my case, it finally opened my eyes and then it all made sense
It’s all there in my posts on the topic
By far the most offensive behavior I’ve ever heard of on a conference call was their laughter at a shareholder’s question after they just announced another quarter of huge losses
It was all a big joke, at shareholder’s expense!
I hope you’re doing well Fritz, cheers to us who took a beating on DPDW
spec
Also I'm noticing zero volume. There is no market for DPDW. Too many burned fingers. That's a biggie. You can check in any time you like but you can never leave. LOL!
very thankful for your insight....
from observing the company for many years.
There are too many red flags here to list them all but here are the top few current ones that are easily verifiable
1 - market sector is horrible
GOM energy sector is in the worst crash in decades, services will be dropping like flies soon
The good ones might be targets for acquisitions by larger companies but at pennies on the dollar
Deep Down is not a good acquisition target for too many reasons to list but if it was, the transaction would be at or below current share price, IMO
2 - no trust in management or the books
Years of mismanagement to the detriment of shareholders and lenders
Management and a few select employees were richly rewarded even as the company suffered considerable losses
In communications with shareholders, management continued to hype the fact that book value exceeded share price without ever addressing the reason why (no trust in management or the books, combined with anticipation of continued losses)
3 - the company never generated profits in good times, a close examination of the short period that seems to indicate a profitable period will reveal that it was only due to the timing of recording gains and losses
There are many microcap and small cap companies that are better bets for short or long term gains, IMO
This one had their chance and blew it bigly
The smoldering ashes aren’t ever going to be a campfire let alone a bonfire
spec
why wade into a cesspool like DPDW?............
Got it.I would wait another Q and see whether things have changed for the better investor-wise.The write-off of $4+ million seemed a positive step and the $4+ million cash would buy them enough time for Charles to do a "no bullshit" transformation.Again,I am hopeful and my powder is dry.
This company has never been run for the benefit of shareholders; corporate governance rules were adopted long ago to ensure that the insiders benefit at the expense of individual investors. As far as I know those rules are still in place. Ron and his ilk created a corrupt corporate culture of self dealing and outright thievery and individual shareholders have no recourse under the corporate charter. One would be wise in not assuming that that has changed simply because Cap'n Ron has moved offstage. Run away and don't look back. There are plenty of other investing opportunities - why wade into a cesspool like DPDW?
Good luck!
-Fritz
newbie to the board........
is it time to bet on the company at this low price??Or another way of putting it,are challenges ahead too much for Charles to swallow??Thanks for your response ahead of time.
Shocking NEWS! ! ! DPDW is reporting a loss !!!
WOW, never saw that one coming
Don’t worry, they are adjusting to the situation and they are well positioned to weather the downturn
So absurd you can’t make this stuff up, there is no performance metric that they can fail to underperform
No loss too big to dampen their arrogance in blaming anything other than their continued mismanagement
Butler (former CFO) bailed out after sucking out every dollar in his bloated salary that he was able to, then cashed out EVERY share he was given, every single share.
Smith either bailed out or was forced out but it wasn’t soon enough to give deep down a chance to survive
Rats leaving a sinking ship
The same rats that sank it
spec
Deep Down Announces Share Repurchase
HOUSTON, January 24, 2020 -- Deep Down, Inc. (OTCQB: $DPDW ) ("Deep Down" or the “Company”), a specialist in deep-water oil and gas production equipment and services, today announced that since December 23, 2019 it has repurchased a total of 749,315 shares of its common stock pursuant to the Company’s share repurchase program as well as in a privately negotiated transaction. As a result of these repurchases, the Company now has 12,541,365 shares of common stock outstanding.
About Deep Down, Inc. (www.deepdowninc.com)
Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions.
Forward-Looking Statements Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Follow us on: Twitter: @DeepDownIR
Investor Relations:
Catalyst IR
Chris Eddy or David Collins
212-924-9800
dpdw@catalyst-ir.com
A related subject....
The U.S. federal agencies regulating offshore leases are considering granting royalty relief to new oil and gas drilling in shallow waters in the Gulf of Mexico.
https://oilprice.com/Latest-Energy-News/World-News/US-Regulators-Race-To-Save-20-Billion-Of-Oil-Gas-Resources.html
.
thanks I got into this a long time ago. I was looking at an exploration company that was looking at deep water drilling. This company had some inteeresting equipment.
This is the first time they've ever had an independent board which also includes two of the largest shareholders. They have reduced executive compensation and overall SGA and redirected priorities which were unfocused under prior CEO who was a better engineer than CEO. I think they should do a bit better as long as oil prices hold up
thanks
what do you think the next 12 months hold for this little company?
He is now the former CEO but still paid as a consultant
thanks
good to see someone in the company a major share holder is buying
From the 13 D filing it looks like Smith was the major buyer on 11/18
what drove the sp up today. Earnings had alread been out last week
Nothing new there except he hasn't been dumping shares.
$DPDW grabbed .65 on SC 13D
https://www.otcmarkets.com/filing/html?id=13747649&guid=CUnSUqT8mykzP3h
Hi Uncleremus,
You're correct in your thinking that BOD members are compensated for their work in the corporate world.
The former ownership and management was corrupt and artfully reconstructed the company such that they could loot it over the years, and the shareholders were unable to stop or amend their actions.
I hope the new management will run Deep Down as a public company that is responsible to the shareholders. The last reverse split cut my shares to the point that what occurs here won't mean a hill of beans.
Today's oil prices are low because oil is abundant and can be recovered rather cheaply. I don't see that situation changing for some time.
Good luck.
Trueheart