Omnitek Engineering Corp (OMTK)

[epedlar]

Three Day Notice

Unfortunately it seems fact and is confirmed by the latest 10-Q from 2019-08-19

Fact1:
"On August 6, 2019, subsequent to the date covered by this report the Company was served with a Three-Day Notice of Pay Rent or Quit, for failure to pay rent for the months of May, June, July and August, 2019, in the aggregate unpaid amount of $87,477.09, for the premises leased by the Company located at 1333 Keystone Way, Suite 101, Vista, California."

Fact 2:
"The Company’s current lease expired on March 1, 2019 and the Company is currently occupying the leased premises on a month to month basis. The Company is actively engaged in negotiations for the renewal of the lease and a mutually acceptable resolution with the landlord."

Fact 3:
"On January 19, 2019 the Company and Werner Funk, President and CEO, agreed to a one-year extension of the $15,000 related party note payable due to Mr. Funk. The extended due date is January 19, 2020."

Fact 4:
"On June 15, 2018 the Company entered into a Securities Purchase Agreement with an accredited investor, under which the investor purchased a Secured Convertible Promissory Note from the Company in the principal amount of $100,000. Under the terms of the Note simple interest will accrue at a rate of 10% per annum. The note will automatically mature and be due and payable on the eighteen (18) month anniversary. The Company shall make principal payments under the Note in the amount of $5,000 per month, beginning on the seventh month anniversary and continuing each month thereafter through the maturity date. Also commencing on the seventh month anniversary of the Note, the Company shall make interest payments under this Note based on the unpaid principal balance. The Note is secured by the inventory of the Company in accordance with a Security Agreement executed concurrently with the Note and UCC-1 Financing Statement perfecting said security interest."

Fact 5:
$ 8,000 cash at hand

Fact 6:
$ 400,000 accounts payable

And who knows what the "real" value of inventory really is.

All very sad, to say the least

Ed

[greasemonkeyshoes]

Rumor....
or fact you are claiming?

[epedlar]

Soon to be 0.0000000 ?

It seems Omnitek lost their long term lease contract for their building and cash is gone.
What to do?
So sad!

[epedlar]

Resignation of Director

"On May 9, 2019, George G. Chachas, notified the Company of his resignation as a director of the Company, in order to pursuant other opportunities."

Bad, really bad, when the corporate counsel who made the IPO a reality, leaves the company.

[greasemonkeyshoes]

At least the inventory......
is coming down to fund the mostly needed capital for the day to day operation.
From ER:
net loss -$154k
inventory reduction -$92k
Unless revenue is up $400k+,this dog with flea would continue suffers hemorrhaging,along with its shareholders.Ouchh.

ps-watching and no touching.

[greasemonkeyshoes]

Inventory is out of control........
$1.5 million inventory tight up liquidity needed for operation,unless lowered quickly,this company is about to go broke and done.

[epedlar]

$ 17k in the bank

$ 362k accounts payable
$ 506k Accrued management compesation
$ 1.3M total liability

Not looking good from my perspective!

[greasemonkeyshoes]

The decision is simple.......
Just wait after ER release,0% risk.
ps-two of my cheapies are absn/nmxs,a better bet so far.

[epedlar]

52 week low: 0.057
No end in sight.
Soon might be 0 ?
Opportunity or total disaster?

[greasemonkeyshoes]

I am watching and no touching......
And expecting the worst(90% chance),if not(10%),I am ready to hit it hard.

[epedlar]

3 weeks?
No news since Nov filings.
How can Omnitek survive with 5k cash and 500k short term liability?

[greasemonkeyshoes]

Will ER on e3/30/19......
tells the emperor has no cloth ??Make or break moment for omtk in 3 weeks.

[greasemonkeyshoes]

Houston:We have a problem.........
omtk:
cash $5k
a/r $15K
with
payable $373k
accrued compensation $512K
payable to related party $142k
or
the company is so broke and may not be able to pay its employees:Timber!!Watch Out!

[Chelby84]

My, my, my, my :( !!!!
Better next few quarters!!

[greasemonkeyshoes]

Bad bad bad........
Snap hot:
Revenue $281K
Net income -$143K
Cash on hand $5K
Inventory $1451K
or
The company is cash strapped and out of time.Price/cash down to single digit soon.Ouuuccchhhhh.

[Chelby84]

https://www.marketscreener.com/OMNITEK-ENGINEERING-CORP-9338654/calendar/

[greasemonkeyshoes]

Thanks for the info..........
I guess 11/08/18 is the BIG day and hope revenue would be up above $500K.

[Chelby84]

Upcoming sector events for OMNITEK ENGINEERING CORP
11/07/18 | 11:00am APTIV PLC : Robert W. Baird

Industrial Conference
11/08/18 MAGNA INTERNATIONAL INC. : Q3 2018 Earnings

Release
11/08/18 CONTINENTAL AG : Q3 2018 Earnings Release

11/08/18 | 09:00am CUMMINS INC. : Robert W. Baird & Co.
Global Industrial Conference

[greasemonkeyshoes]

Down to 8.51c ouuucccchhhhhhh..........
low range of the day and 400 shares traded so far.

[greasemonkeyshoes]

No....
The high price deviated too much from the fundamental: No eps,no revenue.

[Chelby84]

Wishes do come true?

[greasemonkeyshoes]

Down to 11.75c......
painted by 100 shares.Ask is 15c.

[greasemonkeyshoes]

When revenue $500k+.....
Buy,until then PR just noise.

[Chelby84]

https://finance.yahoo.com/news/omnitek-engineering-finalizes-development-420-123000930.html

GlobeNewswire•4 days ago

[greasemonkeyshoes]

When revenue below 300K next q...........
Watch out.

[Chelby84]

Can we print .12c again? Cash ready!!! OMTK$$

[greasemonkeyshoes]

Bid 12c and Ask 17c................
Is the party/manipulation running out of steam and money??

[Johnstonj27]

Good sign,,, Director buying up shares... notice highlighted area.

[Johnstonj27]

Guess nobody read the news??

[Johnstonj27]

Who would sell on a great earning report like this today. Maybe just preset orders?

[Johnstonj27]

Looks like company making progress...

[greasemonkeyshoes]

Yes,I missed the BIG jump.....
I have more conviction on asnb due to an unexpected monster increase of revenue last Q.I am glad this stock is working out great for everyone that are still long.Godd luck.Wooowwwwww a day.
ps-last 8k with 5c conversion to stock did not help.

[Chelby84]

GM.... ??? you did'nt really sell ? Did you?:( $$

[greasemonkeyshoes]

Need money......
sold my stake @17c and dropped on asnb.Good luck to you all and I'll be back with more capital from fast-money-chasing adventure:75/25 odds.

[Chelby84]

er Wolf Wolf.....Nice :)!!!

[greasemonkeyshoes]

Bid 15.2 and Ask 16.5c.........
18c coming up?50/50 chance this week.Wooowwwww.

[greasemonkeyshoes]

Bid 15.1c and Ask 15.6c........
Is 18c on the horizon??Wooowwwwww.

[greasemonkeyshoes]

Bid 13.9c and Ask 16c.......
20k vs 5k shares.Wooowwwww.

[greasemonkeyshoes]

Bid 13.9c and Ask 14c.....
20k vs 5 k shares.Next Ask level [e-mail].

[greasemonkeyshoes]

Your patience......
Just started paying off.This dog may be still be a screaming buy if it can break $500k in revenue on e8/14/2018 er.Wolff.Wolff.

[Chelby84]

Let's Let her RUN... RUN JANE ..RUN!!!

[greasemonkeyshoes]

Bid 11.5c and Ask 12c.......
25k vs 5k shares.Wooowwww.

[greasemonkeyshoes]

Bid 9.1c and Ask 12.5c.....
This dog is on the move.Wolff.Wolff.

[greasemonkeyshoes]

"Natural Gas vs Diesel" from an old article.......
http://pointsandfigures.com/2011/04/27/natural-gas-vs-diesel/
Key point pertaining to omtk:
Advantage: Diesel (depending on prices of fuel)
Cost to convert a truck. Most 18 wheelers have turbochargers to boost power and mileage. The cost to convert them is $8000-$12,000 dollars. That’s cheaper than the extra $100k cost for a CNG truck.

What is the basic cost to switch a diesel truck to natural gas? It varies. One company, Omnitek says it can be as little as $6000 up to $12,000. They also say their company can do 5-7 trucks a week. There are at least 15.5 million trucks in the US. Cost to switch, $124 million. (8k x 15.5) Getting companies ramped up to switch them will take time.

[Chelby84]

Thanks GreaseMShoes!!

[greasemonkeyshoes]

Total has a 25% ownership of CLNE.............
https://seekingalpha.com/pr/17159049-usa-total-make-significant-equity-investment-clean-energy-fuels-corp-drive-deployment-natural
After years of expensive infrastructure building and loosing tons of money,I believe we are at the "Rubicon" moment for the US "NGV" industry,clean air first at all cost,now to economics/profitability. The impact from the economics of cheap and abundant NG,coupled with developed infrastructure, trucking/off-road-tractors are next in line for major facelift,and its transformation can have a HUGE impact on OMTK business model,revenue in particular.
I believe we have just just crossed "Rubicon",expect things to change quickly to the NGV players,and your 5 years wait is well worth it:$ is knocking on our door.

[Chelby84]

I've waited patiently for last 5 years!!!

It's time $$ OMTK $$ :)

[greasemonkeyshoes]

The Natural Gas Parity Act of 2018, H.R. 5959,was introduced in the U.S. House of Representatives ..............
https://www.ngvamerica.org/2018/05/24/ngvamerica-applauds-introduction-of-natural-gas-in-transportation-parity-bill/
Key points:
Extend the expired Alternative Fuels Tax Credit (AFTC) of $.50 per gallon equivalent through 2022, providing greater certainty for businesses, municipalities, and fleet managers interested in investing in alternative fuel transportation options;

Encourage investment in new natural gas technologies by providing a partial exclusion from the federal excise tax imposed on heavy-duty natural gas truck purchases, effectively exempting the technology’s incremental cost from the existing 12 percent rate;

Bring parity to the purchase of natural gas motor vehicles on par with the Federal government’s $7,500 tax credit for the purchase of new light-duty electric vehicles and include a new tax credit for medium and heavy-duty natural gas trucks;

Promote the continued development of natural gas refueling infrastructure through the extension and increase of the Alternative Fuel Vehicle Refueling Infrastructure Tax Credit;

Encourage the use of more clean-fueling Liquified Natural Gas (LNG) marine and shipping applications on inland waterways;

Support the transitioning of federal fleets to alternative fuels like natural gas; and

Invest in new domestic natural gas R&D activities and Clean Cities program initiatives, supporting local clean air and climate change community efforts across the country.

ps-can NVGs come back with a vengeance??

[greasemonkeyshoes]

Newbie to the board....
Started adding position on this dog.Wolff.Wollf.

[$hellKing]

Trading now in the teens. Revs down 3 mo and 9 mo. losing .01 more than year before. Stock was flying at 4 or 5 bucks but now a few years later and its just continues to tank. Where can I find the bottom? Can she bounce or does she have anything that could come out in the future that would bring the stock back?