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.
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.
Different year, same story.
I see Nelson and Bolin have worked their magic again:
Management believes that the opportunity presented to the Company with the licensing of Sm-153 DOTMP must be viewed in connection with our broader strategic plan for 2020. Specifically, it is critical for the Company to take decisive action to reduce our debt burden, which has started to mature including some significant obligations which are currently in default or will be in default in the coming periods. We believe there is a path forward that includes transferring the ABS licensed technology we control related to our compost and soil business to EPH, as well as a termination of the management agreement, in return for a forgiveness of approximately $1 million in loans as of the end of the second quarter of 2020. As part of this plan, we would seek to redeem and retire or covert into equity approximately $4.2 million of Bridge Notes principal and interest. If we convert these notes to equity, that would cause significant dilution for current shareholders.
As of June 30, 2020, approximately $2,801,908 of the original issuance principal amount and $1,116,914 of accrued interest on the Bridge Notes matured and is currently in default. Management is working on a plan to extend the term or convert into equity these and the other Bridge Notes, as discussed above. Any equity conversion would be highly dilutive to our current shareholders. If we cannot repay these obligations or otherwise come to agreement with the holders, our ability to operate will be materially adversely affected, if not completely shut down and the Company may be forced to seek bankruptcy protection.
To continue operations in 2020, we will need to raise additional capital for the Company. We have a verbal commitment with the primary investor of EPH that they will continue to provide funding to the Company either as Bridge Notes, other Q2 securities, or advances on management fees, to maintain our operations through at least the end of the third quarter of 2020; however, we do not have any formal written agreement and there can be no guarantee that this investor will continue to fund our operations in the future.
In the second quarter of 2019, the Company licensed soil technology called ABS from Agrarian Technologies, Inc., for which the Company is currently pursuing sales and distributorship agreements but has not yet been able to generate any material revenue from these activities. The Company pays a minimum royalty under this license agreement to the licensor of $7,500 per quarter, $30,000 of which has been accrued but not paid as of June 30, 2020; and then pays royalties on the sales of the ABS product based on volume sold to the extent such volume royalties exceed the minimum royalties.
October 2016
IsoTherapeutics Group, LLC spun out its CycloSam® bone agent technology into a separate company, CycloSam Therapeutics, LLC after securing seed funding from private investors>.
June 2017
CycloSam Therapeutics, Inc. was incorporated in Delaware.
September 2018
CycloSam Therapeutics, Inc. changes name to IGL Pharma, Inc.
The License Agreement is for 20 years or until the expiration of the multiple patents covered under the license, and requires multiple milestone based payments including: $60,000 and other expense reimbursements within 60 days of signing, up to $150,000 as the Technology advances through multiple stages of clinical trials, and $1.5 million upon commercialization. IGL will also receive equity in QSAM equal to 5% of the company to be issued within 60 days of signing. Upon commercialization, IGL will receive an on-going royalty equal to 4.5% of Net Sales, as defined in the License Agreement, and up to 50% of any Sublicense Consideration received by QSAM, as defined in the License Agreement.
3.2 Fund Raise and Board Seat. QSAM shall have 180 days from the Effective Date to raise a minimum of $1 million in equity or debt provided the debt has no security interests on the Product.
$6000 sounds about right. They've got a small powerboat and trailer, but the motor mount will need to be changed to one that fits a motor that actually works.
Their land speed record race car that has never moved under its own power (maybe they are going for the lowest speed ever recorded by a car?) might make a display to hang from the ceiling in a racing themed sports bar.
That truck chassis with the fake engine might go for $100, provided the tires and wheels are good.
And there might be a few bucks worth of scrap metal in the various test engines they built. You know, the ones they couldn't run at the 2011 shareholder's open house because "the insurance wouldn't let them".
The remainder of the more than $25,000,000 of cash that investors poured into the outfit has long disappeared into Harry and Frankie's pockets.
The SEC only put a temporary suspension on trading. Maybe hoping Harry and Frankie would learn their lesson and start filing the required reports.
Hope springs eternal, right?
I'm just a little surprised the pair haven't put the corporate shell up for sale. There is no chance of selling any significant amount of CYPW shares. That pool of suckers has been depleted.
The crooks are leaving the building:
The Schoell Marine building was sold a few years back then leased back by Cyclone. The landlord must have gotten tired of dealing with them.
Frankie, that former Ernst & Ernst auditor, among other talents, is still too lazy, stupid and/or corrupt to file the financial reports as the law requires.
We are in the process of downsizing our R&D and moving our machines to a manufacturing facility.
More astroturfing from Cyclone.
An article in Distributed Energy magazine explains just how wonderful the Cyclone solar energy system is.
One thing that isn't mentioned is that the author, Jacob Smitter, also happens to be a consultant paid by Cyclone (e.g., page 28 of this annual report.)
Same old Cyclone BS: They've never demonstrated a working engine, or their solar collectors, or that their energy storage medium will even work like they describe, but no worries. It'll be way better than proven PV solar panels, just trust them.
This won't be like any of the other dozens of times they claimed to be ready for production, but weren't.
Different year, same scam.
I haven't looked in for a while. While it was clear the composting scheme was going to fall flat, who knew they were going to jump into the cancer cure business?
A quick bit of googling shows this same drug was exclusively licenced in October 2018 to an outfit called Oncolix (OTCQB: ONCX).
Here's their chart:
Whatcha know? Stock dropping, massive dilution, new wonder opportunity when they're between 1 and 2 cents, then, continue falling to oblivion.
I'm surprised the insiders haven't been smart enough to announce they were going to test this drug as a cure for coronavirus. Either than, or as fertilizer for growing marijuana. Maybe they want to be popular enough to continue in the style to which they've become accustomed, but not so popular as to attract John Law.
July 30, 2009: First two Mark V engines are sold to customer Phoenix Power Group LLC of Tennessee with a quoted delivery time of six months.
That puts us at 10 years past the promised delivery date now. And 5 years since the last appearance of the Mark 5:
One wonders how this is even possible:
800 shares x $0.000001 = $0.0008 = 1/12th of a penny.
A million shares for a dollar, and it still overvalues Harry Schoell's "genius" by about a buck.
It's been quite a while since the last noise out of the pair. They must be off somewhere enjoying their ill-gotten gains.
Yeah, they would have gotten more light by burning the wood outside of the furnace, and you could then roast marshmallows too.
The IBES people in Dubai must have had some financial backers keeping them going for a year and a half. Although they were also victims of Harry Schoell and Frankie Fruge's scam, they clearly were turning a blind eye to the Cyclone BS.
Imagine repeating the claim that water lubricated bearings in a Cyclone engine last 30,000 hours, when you've never seen a Cyclone engine powering anything or being able to run for more than a few minutes. Not to mention all announcements Cyclone made over the years that never came true.
The IBES sales pitch can still be found, e.g., at http://docplayer.net/49956995-Integrated-biomass-energy-system-ibes.html Page 6 is interesting:
A) Obviously they never saw a Cyclone engine produce anywhere near this amount of power, and,
B) That drawing of an engine was drawn by me for the Wikipedia entry on the Waste Heat Engine.
The IBES people knew Cyclone had nothing but an uninterrupted string of failures for every engine they tried to make, and that none of the Cyclone claims had ever been proven or verified by independent testing.
So they were also using the Cyclone BS to milk some investors of their own.
Oldie but goodie: IBES running their Cyclone engine in 2017:
Yeah, the exchange had to add zeros to properly price CYPW.
Close yesterday was $0.000001, so somebody sold 5 MILLION shares for a cool $5.
So much for all Frankie's Facebook friends starting a viral movement to sell more CYPW. They're not even going to the effort of digging the change out from under the sofa cushions.
And President Frankie, the highly qualified Ernst&Ernst auditor, is still too lazy to file unaudited financial reports with the SEC, or to update the website.
Too busy scheming new ways to swindle new investors, no doubt.
Yep, their biggest achievement has been building fake engines. (And swindling thousands of people while staying out of jail.)
For example, in 2010 they announced not delivering a promised engine to Chuk Williams for the land speed record car, but an engine model:
https://web.archive.org/web/20150608052837if_/http://www.cyclonepower.com/press/2-3-10.pdf
POMPANO BEACH, FL, Feb. 3, 2010. Cyclone Power Technologies Inc. (Pink Sheets: CYPW) has completed and shipped a full scale model of the engine it is building for the U.S. Land Steam Record Team. The high performance Cyclone LSR Engine will power the streamliner vehicle which will attempt to break the world land speed record for steam vehicles in Bonneville, UT, as early as August of this year.
Yep, still working on "commercialization"...
This is Frankie's explanation on Facebook for that nonsense she wrote a few months ago about Cyclone engines being "green". She expects all her FB friends to make it go viral...
Still no word, however, on having actual working engines.
Update the website with accurate information? Nope, that costs too much. File unaudited financial reports which don't cost any money? Nope, nothing to see here, move along people. Post a video of Frankie's expensive custom speedboat moving away from a dock under its own power? Nope, Schoell Marine built boats are allergic to water.
No product, no hope of a product and Frankie is telling investors about commercialization.
The scam continues.
I once heard someone say that if you want to be a high-priced prostitute, go into management consulting. This seems to be a case in point.
If the fellow ever gets questioned about his judgement with Cyclone, he'll just say that he delivered a winning turnaround plan, and it's not his fault management didn't implement it.
Step one of his plan no doubt was to get product to market. And who can argue with that? Heck, Frankie has been crowing for years about her "new" business model, that Cyclone would start selling working engines and everything would be peachy.
The consultant's due diligence didn't need to go any further than making sure he would get paid up front.
Now, I wonder what ever happened to that person whose "forte is engineeirng" who was going to tell us how ceramic ball bearings would solve all of Cyclone's technical problems? Feels like we're due for another round of misinformation.
Cyclone paid him long enough to get quotes for a couple press releases.
Quote #1:
"I am excited to participate in another potential micro-cap growth story, and I believe we can look forward to the opportunities on the horizon as we strive to launch these engines, integrate operational solutions and observe firsthand the demand side possibilities that can be realized with an efficient, all-fuel, low emission engine with excellent power/weight/optimization ratios."
“Cyclone has worked almost ten years to build a product that could deliver a competitive, reliable patented solution with broad applications. When the Cyclone Mark 10 launches, estimated in late 2018, it can allow Cyclone to feel confident entering into the micro grid marketplace, which is predicted to grow from an estimated $1.4 billion dollars currently to an approximate $17 billion dollars in 2025 according to Grandview Research.”
Oh the land speed race car. The half million dollar effort to show up Chuk Williams, who got tired of Cyclone's excuses for not providing the engine they promised, found a working steam engine and actually raced at the Bonneville Salt Flats.
Cyclone's still got their effort's website up at https://www.uslandsteamrecord.com Don't worry, they're making "excellent progress".
Funny though, when you look at their sponsorship, https://www.uslandsteamrecord.com/partners.html, before 2012 they list all of Chuk Williams' sponsors, as Tom said, then in 2012 and 2013 they list Frankie and Harry at the head of a list of all the Cyclone employees, then in 2014 not even that.
So even Frankie and Harry gave up on sponsoring the Cyclone effort. Six years ago now. Do you suppose they know something about Cyclone engine performance that we don't?
Yeah, they do have difficulty keeping their lies straight.
Frankie is still claiming efficiency numbers without any actual testing of working engines. This latest bit of misdirection says "Efficiencies of energy used to energy out is between 32% and 37% depending on working fluid temperature." (OK, let's forget for the moment that she's got the ratio backwards and is stating they have a really good perpetual motion machine here.)
Those numbers, of course, were pulled right out of the air by Harry Schoell. Can you scam investors by saying your engine is less efficient than gasoline or diesel engines? Of course not. So, do some theoretical calculation based on a bunch of unproven assumptions and outright mistakes, then when efficiency still comes out too low at 23.2%, add a "4.05% air side efficiency gain" and a "4.32% water side efficiency gain". These two items are called "Efficiency From Heat Regeneration".
Where did those two numbers come from? Well, they are just what Harry needed to get a total of 31.57% thermal efficiency for the Mark 5. Now those unsuspecting investors would pony up the bucks.
Funny thing, though. That document was created in March of 2009. Last we heard of the Mark 5, in that video of February 2015, some changes have been made:
All of the "heat regenerative" features have been removed from the engine. So no more plus 4.05% plus 4.32%. Yet the claimed engine efficiency hasn't dropped, it's now up to as much as 37%.
How could they do that? Like you say Tom, the only way would be for them to go from the incredible steam temperatures they were claiming (but not demonstrating) to just ludicrous high temperatures. Which means Cyclone engines would now have the world's highest output of NOx emissions.
If Cyclone engines actually worked, that is.
Frankie's starting some new fraud. Over on Facebook she's posted some BS about how Cyclone engines will save us all from nitrogen oxides (NOx).
The "proof" links to a website that published Cyclone emissions claims in 2009.
How did they measure NOx emissions? Using EPA approved equipment and methods? Nope. Using ASTM (American Society of Testing and Materials) standards and calibrated equipment? Nope. Using SAE (Society of Automotive Engineers) standards and approved equipment? Nope.
Like everything else done by Cyclone's "genius", took a half-assed approach and misinterpreted the results. They used an exhaust gas tester that's used to tune propane forklift truck engines and has no approvals or certifications for automotive emissions testing.
How do they know they were able to burn diesel fuel more cleanly than a diesel engine? Because the manual that came with the tester had some NOx numbers for diesel engines. Diesel engines with emissions control equipment? Probably not.
Did the diesel fuel they burned produce any power via a Cyclone engine? Unlikely, as the engine was supposed to be the Mark 2 that they've never shown running, let alone powering anything.
As is typical with Frankie's manipulations, she is quoting numbers that don't mean what she pretends they do. In this case it's quoting NOx emissions in parts per million (ppm) of exhaust gas. The EPA, and emissions laws, don't use ppm. They use grams per mile for passenger vehicles and grams per kilowatt-hour for everything else.
See the problem for Cyclone? If they want to certify emissions for powering road vehicles, they need to build an engine that will move a car for miles so the grams per mile emissions can be measured. If they want to certify engines for non-road use, they need to run engines on dynamometers at full power for hours to measure the grams of emissions per kilowatt-hour (or per brake horsepower-hour) of operation.
Cyclone has never been able to build an engine that would spin long enough while producing any power at all to do a proper emissions test.
Under the law the manufacturer has to certify the engine, and also provide a warranty on its emissions performance over time. For passenger cars that's now 150,000 miles. Considering they've never been able to move that land speed record car one foot under the power of a Cyclone engine, that will be some trick.
Cyclone won't be able to legally sell fuel burning engines in the United States unless they provide these EPA certifications.
Of course, Cyclone can't sell any engines since they don't have any that produce any power for more than a few minutes before self destructing.
On Facebook Frankie is also crying about never having had any money to do engine development, ignoring the fact that Cyclone blew through over $25 million in investors' cash (plus more than $30 million more in derivative losses suffered by shareholders), with untold millions disappearing into Schoell Marine with nothing to show for it.
She's also pretending that sequestration of defense spending deprived them of money, when the facts are that Cyclone was years late in delivering that genset to the Army, and was paid in full when they did.
And according to Frankie, this was just the first of a series of frauds she will be putting out.
Whoo-hoo! 9900% increase in CYPW price:
Maybe the Department of Agriculture gave permission for Cyclone to publish pictures of the steam engines generating solar electricity at that Florida old folks home? Surprising there wasn't a PR put out...
Harry and Frankie must be too busy enjoying all those millions of investors' money that disappeared into Schoell Marine over the years.
Well, I see they're still lying to investors.
Suddenly the Department of Agriculture is prohibiting them from posting pictures of the solar power system they claimed to be building at a retirement home.
Check.
You're right Tom. They really should hire some fiction writers to at least provide some degree of plausibility to their fantasies.
Looks like Cyclone finally ran out of suckers to swindle.
It's been a year since they sold the "Performance Division", and nothing has happened with that.
Next week will be a year since they announced the 10 year $11 million contract to sell power, and nothing has come of that. Not even a photo of those 1500 hp engines that were supposed to finish testing last December.
No legally required financial filings, of course. And Frankie is too lazy to even update their website, also of course.
And still no public demonstration of a running Cyclone engine after 15 years of bragging of just how wonderful they are.
On the other hand, no news means no new Cyclone victims. So there is one positive.
The circumstances around that second photo are a little fishy. The person who provided it was challenged on how they were able to quote a non-public statement by Frankie Fruge, and never gave an answer.
The link to that message is at the end of the paragraph below the photo.
The last financial statement filed by Cyclone was done on June 15, 2018, almost a whole year ago. Cyclone has filed non-audited statements before, so they can't hide behind the excuse that they can't pay their auditors. The lack of filing required statements is simply due to their desire to hide their activities from shareholders.
Are they still in business? Since they are hiding their activities from shareholders, the answer is no.
Yep, they must have run out of suckers. That includes all the deals in the U.S. (Florida, Maryland, Massachusetts, Pennsylvania, Ohio, Alabama, New York, Utah, Michigan), Ireland, Mexico, Canada, Denmark, Australia, China and Dubai.
Not to mention the 5000+ shareholders who lost everything.
I took down that second photo of Cyclone's building from the intro. The person who posted that never answered the question about how they were quoting a non-public statement by Frankie Fruge.
If Harry and Frankie want people to think Cyclone hasn't closed down, they can file their financial reports. It doesn't cost them anything to do that.
Ain't it the truth. There's even a PR where Harry is quoted complimenting the Ohio State work for removing the patented "spider bearing" and achieving dramatic reductions in noise, vibration and parts count and making them think the engines would soon be able to meet Phoenix's 200 hour run time requirement.
And then.... As soon as Ohio State stopped being paid, Harry Schoell went right back to designing engines with his discredited "spider bearing". In the years since he has not been able to get an engine to survive for 200 hours without self destructing, or 50 hours, or even 10 hours.
Same with water lubrication. A continuous utter and complete failure since day 1. They've tried every bearing combination known to man and haven't been able to find anything even remotely suitable. Ohio State confirmed this and recommended a research program to invent new bearing materials (which Cyclone hasn't done).
And yet, Frankie is still lying to investors saying things like hybrid ceramic-steel ball bearings will solve the lubrication problems. A month ago someone posted a message from Frankie showing that she is still trading in insider information, and still deceiving shareholders.
Harry has no intention of making a steam engine that actually works, and Frankie has no intention of telling the truth to investors.
But hey, in six months there will be not one, but four engine models in production! Step right up and give us some more money!
Another blast from the past. I wonder how much they had to pay this clown for him to repeat all Frankie Fruge's BS? Obviously the guy didn't even bother to check that the $1-5 million investor was anything beyond a guy working out of a non-profit business incubator in an old church and was probably out of business by the time this PR went out.
None of their engines work, none of them ever have, Harry Schoell has absolutely no clue as to how to make a steam engine that can run for more than a minute, and he has no intention of doing anything other than repeating his failed ideas. But trust us, four separate engine models will be in production in six months.
Maybe Frankie is spending her days trying to find someone else who will lie to investors for her. She certainly isn't putting any effort into fulfilling her duties as the president of a public company.
CYCLONE POWER RETAINS TURNAROUND COUNSULTANT
PRODUCT LAUNCH MOVING FORWARD WITH AGGRESIVE STRUCTURE
POMPANO BEACH, July 03, 2018 (GLOBE NEWSWIRE) -- Cyclone Power Technologies Inc. (OTCBB:CYPW), announced that it has retained John Flynn as a consultant to assist in the turnaround of the company and its Manage its ongoing operations. The Company has contracted Flynn to assist in restructure of capital and debt instruments, manufacturing, and product launch initiatives.
"The product patents and the enhancements to existing patents are in the process of filing, and this will provide what we believe to be potentially strong competitive business advantages for our four engines that are slated for launch in late 2018. We have identified micro grid power generation, support, industrial process, and a low emission engine for commercial marketplaces as our primary market launches."
"We will complete our debt conversion plan and enhance our equity capital position in this quarter, and finalize the operating schedule to test and then launch our Mark 1, 3, 5 and 10 engines, as well as integrate our engines into generators delivering Nano and micro-grid solutions up to 10 Megawatts. Cyclone has partners in commercial solar micro-grids that have committed $1-5 million in preferred equity investment and in a cell phone tower and field support generator partner that has a thirty year history of installations with all cell phone carriers."
Flynn is the former co-founder, President and Chief Financial Officer of XPress-1, (NYSE XPO) from 2001-late 2005 and orchestrated the Company's growth from the pink sheets to the American Stock Exchange over his tenure there. "I am excited to participate in another potential micro-cap growth story, and I believe we can look forward to the opportunities on the horizon as we strive to launch these engines, integrate operational solutions and observe firsthand the demand side possibilities that can be realized with an efficient, all-fuel, low emission engine with excellent power/weight/optimization ratios."
Cyclone President, Frankie Fruge commented, "Cyclone is excited to welcome John Flynn to assist in the restructure and launch of our product line. He is the leader we need to launch our revolutionary technology to a worldwide marketplace."
Throwback Thursday: The world's worst video.
Oh look, no annual report. What a surprise.
But at least we hear Harry and Frankie are still hard at work, swindling investors and cheating customers.
Could you post a link to the FB page this photo and quote came from?
I can't find it. If it's not public info, that raises some questions.
uh-huh. Why not post some new pictures of the building? I.e., not a three year old picture from Google.
And while you're at it, maybe you can tell us why Cyclone never bothered to file the Q3 statement or the notice they would be late to file it.
And explain why the latest news on Cyclone's website is two years old, and the website still says only 2 billion shares are authorized when more than 5 billion have been issued.
And tell us about those three 1500 hp Mark 10 engines that are now generating electricity from solar heat, you know, the ones that are fulfilling the $11 million power contract Cyclone was bragging about last summer. Pictures of those would be good, too.
And maybe some videos of Marks 1, 3 and 5 engines running for more than a minute and actually powering something. After all, in a press release last summer Cyclone promised that those models were also going to be hitting the market before the end of last year.
And on Monday you can tell us why Cyclone isn't filing their annual report.
Best of all, of course, would be a video of Frankie's expensive custom speedboat, paid for by Cyclone investors, actually in the water being powered by a genuine Cyclone steam engine. It's only now, what, seven years after when they promised that boat would set speed records?
Maybe not a joke... the 19,900% increase to $0.0002 means the starting price was $0.000001, or 1 million shares per dollar.
Seems about right.
Now where are those cheerleaders to explain to us how great water lubrication works in Cyclone engines?
Actually, the Terms of Service, rule 5B says
B. Attacks, verbally or otherwise, any other user, the website, any non-public figure, or any agents or employees of iHub;
POMPANO BEACH, FL, July 18, 2018 (GLOBE NEWSWIRE) -- Cyclone Power Technologies (OTC BB: CYPW) announced that it has entered into its first microgrid installation contract to provide systems that provide over 3 Megawatts of electricity, hot water and 72 hour storage backup through our patent pending Thermal Storage Units for over 365,000 square feet of medical facilities in Palm Beach County Florida beginning 1Q 2019.
“Florida law requires alternative power solutions for all elderly facilities," states Frankie Fruge, President.
That July 2016 photo also shows the trailer they were going to use to take the land speed race car to a local drag strip, then the Kennedy Space Center runway, then to the Bonneville Salt Flats. You know, to smash all those records Harry loudly bragged about.
And still, that expensive custom built race car has never moved one inch under the power of a Cyclone engine.
Oh, I forgot. They need people to donate cash for "safety equipment". Even though the director of the "Performance Division", Nelson Hoyos, who is still listed as an executive, already had all the necessary safety equipment in his drag racing school business.
Another two weeks and Cyclone will miss filing the annual report. They haven't yet filed the notice the Q3 report will be late. And that's just a one page form with a few blanks to fill out.
Is there anyone in the business world more useless than Frankie Fruge? It looks like lying to investors is the only work she has ever taken an interest in. She will put old, flattering photos on Facebook, but will not update the Cyclone website to give the true picture of Cyclone's current status. For instance, the website still says there are only 2 billion shares authorized while we know there are more than 5 billion shares issued.
It's like she has an allergy to telling the truth about anything. And is far too lazy to even submit the SEC reports she is required by law to file.
Two weeks from now also marks the end of the first quarter. That's when they promised to have the 3 megawatt solar power plant operating, fulfilling that $11 million power contract they had bragged so much about. Wonder how that's coming?
Yeah, it's pretty bad when after spending all those tens of millions of other people's money they have to dig into the archive for photos of the early fake mock-up engines. Obviously every real engine they ever tried to build is too much of an embarrassment to show.
Meanwhile, they keep the profiles of all those no-longer-working-there management members on their website, along with the claim there are only 2 billion authorized shares.
Priorities, I guess. When your objective is to swindle people, telling the truth just gets in the way.
Four years ago at Cyclone:
Just when you thought it couldn't get any stranger...
On Cyclone's Facebook Reviews page: https://www.facebook.com/pg/CyclonePowerTechnologies/reviews/?ref=page_internal
Troy Schoell recommends Cyclone Power Technologies.
Yesterday at 1:49 PM ·
My Dad is the smartest guy I have ever known, .it will work..
Oh, I expect all those millions that disappeared into Schoell Marine are well hidden, likely out of the country. Remember when Frankie was crowing about hiring a business consultant with expertise in Central and South America?
And as far as being con artists go, in Miami they would be pretty small-time. The DA can't be bothered prosecuting these two. If they got dragged into court their lawyer would just demonstrate the two are complete morons and that they are too stupid to know where the money went. Being stupid ain't against the law.
Back when Harry was designing drug runner boats, it was his client that went to prison and not him. Maybe he learned how to profit from crime while avoiding the consequences.
It's too bad the building doesn't have any windows. I'm wondering how much of the assets have been sold out the back door rather than remaining to pay off creditors. Probably everything that could be sold for cash is gone now.
I take it the second sign was down, too?
Here's the Google street view from July 2016:
The sign on the right had been Schoell Marine, then was replaced with a newer Cyclone sign seen here.
No "For Lease" sign, but I would expect a landlord with any smarts would have been looking for new tenants to take over when Cyclone inevitably folded. Harry and Frankie were stiffing all sorts of creditors. There's no reason to think they'd treat their landlord much better.
It's been a month since Frankie last insulted any investors on Facebook.
Remember the posters on this board that would pop up and claim Harry and Frankie work seven days a week? No cars in that photo. Somehow I doubt they'd be taking the bus to work.
I'd say the two are sailing off into the sunset sitting on big sacks of investors' cash, but I'd expect them to moan and whine loudly about how none of their failure was their fault if they did shut down. My bet is they're still working the scam from smaller facilities. A building full of junk but no employees and no working engines wouldn't be too convincing to potential victims.
And Frankie isn't even bothering to insult Cyclone investors on Facebook.
Boy, they must be really busy installing that 3 megawatt solar power plant.
Oh they're probably all busy installing that 3 megawatt solar power plant for the old folks home.
Either that, or busy counting the millions of investors' cash that disappeared without explanation into Schoell Marine.
Given that they haven't provided any updates since last August, I think we can guess which scenario is more likely.
Agree totally. There was a discussion here a little while ago where a Cyclone booster whose "forte is engineering" claimed that hybrid steel-ceramic ball bearings were the solution to Cyclone's water lubrication woes. Notwithstanding the facts that Harry Schoell has been fooling with them for at least 10 years with no success and that a quick look at bearing manufacturer's design handbooks show such bearings big enough to survive the loads won't fit inside a Cyclone engine.
Not to mention the fact that a research center at Ohio State University, funded by Cyclone, concluded no known bearing will survive in a Cyclone engine.
When you spent more than 10 years and tens of millions and haven't been able to make a 5 hp engine run for 10 hours without self destructing, to take money from a customer, sign a contract to provide electricity for 10 years and announce in your SEC filings that within six months you'll deliver three working 1500 hp engines that will provide that power for 10 years can't be anything other than outright fraud.
E.g., even if Harry Schoell is completely senile and blathering such nonsense at the houseplants, there's also a President and a CFO who sign off, plus a Board of Directors whose duty is to shareholders and who are also responsible for corporate actions. Unless all these people were also total imbeciles, it would be obvious to them Harry's claims were delusional, and they wouldn't sign those contracts and SEC filings.
But they have.
And now instead of fulfilling their legal obligation to keep submitting financial reports, Frankie is choosing not to.
So yeah, just a gang of swindlers.
Sadly, white collar crime doesn't get prosecuted very often. Harry Schoell and Frankie Fruge will probably never end up in prison even though they continue to defraud investors.