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These aren't options but "restricted stock" which, essentially, is a gift with no requirement for performance or anything else apart from continued tenure - basically, it's $155,000 worth of stock each year for five years; and, there is an upside for the lucky fellow, as he'll hope that the price will be far higher than $0.31 over the next five years.
It's a pretty sweet deal but then its face value is only half of the former CEO's old salary ($310,000) - the same CEO who granted himself (and family members) millions of under-market options at a penny each and drove the company into the dirt.
I'm assuming that this grant will convert to 10 million shares after the 4 for 1 distribution, with the share value going down to $0.0775.
With regard to the distribution, it looks like the parent does not announce the record date in advance, but rather after the close on the actual date that has been selected. It seems to me that selling now would be very foolish, particularly at a price lower than $0.31, as happened in today's trading.
Anyone have any ideas about who might buy Florida Precision Aerospace at pennies on the dollar? !!!!
The current Default list:
Item 3. Defaults Upon Senior Securities.
As of the date of the filing of this report, the Company has 60 shares of Series F preferred stock outstanding which the Company failed to redeem on September 1, 2020, for an aggregate redemption price (equal to the stated value) of $60,000.
As of the date of the filing of this report, the Company has 25 shares of Series G preferred stock outstanding which the Company was required to, and failed to redeem on April 30, 2021, for an aggregate redemption price (equal to the stated value) of $25,000.
As of the date of the filing of this report, the Company has 25 shares of Series I preferred stock outstanding which the Company was required to, and failed to redeem between May 2, 2021 and June 10, 2021, for an aggregate redemption price (equal to the stated value) of $25,000.
As of the date of the filing of this report, the Company has 407 shares of Series K preferred stock outstanding which the Company was required to, and failed to redeem between August 5, 2021 and March 26, 2022, for an aggregate redemption price (equal to the stated value) of $407,150.
I have a somewhat different perspective on the third quarter financial situation, based on the actual 10-Q filing rather than misleading "headlines" in the recent PR.
From a P&L perspective, while revenues increased, the Net Loss for 9 months more than tripled relative to last year and reached an astounding $34 million.
On the Balance Sheet, the current Assets are $5 million, with current Liabilities at $45 million. The total shareholder Deficit has ballooned to $50 million.
I'm not absolutely sure of the details/timing but I seem to recall that after the most recent reverse split we ended up with 4 million outstanding shares. As of 9/30/2022, there were 776 million shares outstanding (and even more as of today) - seven hundred and seventy six million! Our CEO, of course, avoids common shares like the plague and continues to extract $30,000 in cash each and every month. He is not bothered by massive dilution as the Preferred shares he granted himself (for $0.10) ensure that he will always control 51% of the vote (presumably even while he is in jail).
That's another 70+ million shares off the printing press!
Think of the irony if the scientologist was completely wiped out by a hurricane! A happy Tuesday for sure!
<< Happy Tuesday!
I see that we are directly in the path of hurricane Ian, so I'm emailing this early in the week. The show will go on this Thursday, if necessary with Ken hosting from Pennsylvania. >>
Another 45 million or so shares fresh off the printing press. I think I need a bigger calculator to handle the dilution!
I'm guessing $0.40-$0.50 merger value at a minimum... hopefully more
Love how our two new pumpers have almost identical profiles and post in tandem on the same boards!
I'm still waiting for their forensic analysis of the OCLN balance sheet!
And it's out...
The definition of insanity is doing the same thing over and over again and expecting a different result.
Holding my breath for the 10-Q
HUGE NEWS coming!
HaHaHaHa!
I seem to remember that after the last huge reverse split we had 4 million shares outstanding (and 16 million authorized). Looks like we've got around 600 million now (with an extra 100+ million in the last month alone).
I'm not sure what the record is for dilution excess but I have to think that OCLN is challenging for the title!
Umm, it's a phenomenon called a "pump 'n' dump"
<< Amazing 5 days for OCLN. What is driving this? >>
Tens of millions of shares waiting to be dumped... Look out below!
Another 8-k yesterday - what's another 80 million shares between friends?
I would dump 'em quick, folks as there will be another R/S coming in the next month or two.
Looks like the CEO is the only employee to receive his (grotesque) salary in cash rather than worthless share certificates.
There are various key dates - suspension of trading, etc. but this is the final decision/revocation
https://www.sec.gov/litigation/admin/2019/34-85359.pdf
A bit of pump 'n' dump (as if private offices are going to invest in this garbage!) combined with a bit of tape painting. I'm willing to bet $1 that the share price will be in the trips before the end of July (assuming that they don't pull a reverse split just to spite me!)
<< Interesting 5 days for OCLN. Wonder what's driving it. $0.012 start, $0.024 now. Doubled in 5 days. >>
<< After his presentation, Ken was mobbed by excited Family Office investors. >>
HaHaHa - they were trying to get their money back!
Let's not forget that, because they lose more than $1 for every dollar of revenue, more revenues mean even greater losses!
More "dips" coming I think... all the way down to $0.004 before the net reverse split
Apart from late 2020, when someone sold about 650 shares for under $0.045, I think Friday's closing price ($0.051) was the lowest in the company's history.
Management is apparently still trying to find someone to pay the massive backlog of salary that was "earned" during all those years when the company was driven into the dirt. Then, the plan is to find someone to do a reverse merger so that management and family can cash out all those millions of shares that they have gifted themselves over the years.
Maybe another week or two at the Jersey shore is needed to focus the mind.
... and hundreds of percent dilution for the umpteenth year running!
I think I still have some from 4 or 5 years ago that have a basis price of over $50!
The "big" house, perhaps?
Hope you have better luck than 100% of prior "investors" that have been scammed!
<< Our management has also begun exploring possible opportunities for the Company involving mergers, acquisitions or other business combination transactions in an effort to diversify our business. We are not currently a party to any agreement or understandings with any third parties, and there are no assurances even if our management locates an opportunity which it believes will be in the best interests of our shareholders what we will ever consummate such a transaction. Accordingly, investors should not place undue reliance on these efforts. >>
We need more than "exploring", buddy... We need ACTION. You are charging the company $17,500 a month and apparently doing nothing. You have already personally pocketed over $1 million from the sale of our IP and "invested" in state of the art equipment that was barely ever used. As usual, in your ignorance and arrogance, you think you can do everything yourself and resist all attempts to help you achieve a satisfactory conclusion for your shareholders.
I think life would be a lot easier if you "forgave" all the unpaid salary debt and reduced your salary to $1. And, if the other Board "member" is of any value, you should pay him for his services, rather than send IOUs in the mail. You and other family insiders control a massive chunk of the common stock of this company which has never been worth less in the history of the enterprise.
<< Clearwater, FL – May 17, 2022 – OriginClear Inc. (OTC Pink: OCLN), which helps the world invest in clean water, reported today that for the three months ended March 31, 2022, revenue increased by 55% to $1,234,105 compared to $796,178 for the three months ended March 31, 2021 >>
What they don't tell you is that their Cost of Goods was actually greater than their revenues (which is madness) and you couple that with three months of a $360,000 salary for the grifter as well as all the rest of the outrageous admin expenses (I'm including the CFO in here) and you get another all-time low for the common stock.
There are millions out there for sale after conversions and, basically, no buyers. I think there must be a heap of "dirty" foreign money coming in to be laundered... This will mean jail time, of course.
So, where's this 10-K then?
A new all-time low today... but then they just printed up another 40 million shares so who cares?
Reckon it's time for another reverse split: 1:1000 maybe?
Roughly: 200 million shares and $170 million in cash with no debt
If the IP and prospects for Vicineum are completely without value, then break-up value might be around $0.80 (probably paid back to shareholders as "special dividends" / return of capital)
Assuming that the pipeline potential is good for an acquirer, then "sale" value could be anywhere from $1.50 to $3.00 (or even higher if potential is very good)
An appalling 10-K just filed. After all the hype and fanfare, revenues were flat year on year and it cost $10 million to produce $4 million in revenues. The Balance Sheet is a nightmare.
Why would a (presumably competent) CFO have anything to do with this money-laundering Ponzi operation? A salary of over $200,000, I guess, and a clothes pin for his nose.
A reminder of the GenVec days:
Researchers Look to Reverse Hearing Loss With Regenerative Hair Therapy
Over 5% of the world’s population is affected by disabling hearing loss, a condition that is largely irreversible. One biotech company, Frequency Therapeutics, has set out to change that. The company’s scientists have found a way to help hair cells in the ear regenerate, in turn increasing a patient’s ability to hear. “[Hearing] connects people to their community and cultivates a sense of identity,” said one of the founders, Jeff Karp. “I think the potential to restore hearing will have enormous impact on society.”
So far, they have treated more than 200 patients during three clinical trials and are gearing up for another one with 124 people. Karp said he hopes this innovation will eventually make reversing hearing loss a simple, fast, and accessible procedure. Co-founder Robert Langer added: “Some of these people [in the trials] couldn’t hear for 30 years, and for the first time they said they could go into a crowded restaurant and hear what their children were saying. It’s so meaningful to them.”
Interesting:
Researchers Look to Reverse Hearing Loss With Regenerative Hair Therapy
Over 5% of the world’s population is affected by disabling hearing loss, a condition that is largely irreversible. One biotech company, Frequency Therapeutics, has set out to change that. The company’s scientists have found a way to help hair cells in the ear regenerate, in turn increasing a patient’s ability to hear. “[Hearing] connects people to their community and cultivates a sense of identity,” said one of the founders, Jeff Karp. “I think the potential to restore hearing will have enormous impact on society.”
So far, they have treated more than 200 patients during three clinical trials and are gearing up for another one with 124 people. Karp said he hopes this innovation will eventually make reversing hearing loss a simple, fast, and accessible procedure. Co-founder Robert Langer added: “Some of these people [in the trials] couldn’t hear for 30 years, and for the first time they said they could go into a crowded restaurant and hear what their children were saying. It’s so meaningful to them.”
No matter how upset you are with the grifter, make sure you don't make fun of his bald head or else he might bitch-slap you like his Scio brother, Will Smith
If he even touches me, I'm bringing charges.
I've been watching - is the paint dry yet?
Just the one 8-K but another 150 million odd shares just issued:
Conversion of Preferred Shares
On February 22, 2022, holders of the Company’s Series L preferred stock converted an aggregate of 5 Series L shares into an aggregate of 195,925 shares of the Company’s common stock.
Between January 25, 2022 and February 14, 2022, holders of the Company’s Series R preferred stock converted an aggregate of 143 Series R shares into an aggregate of 9,782,806 shares of the Company’s common stock.
On February 25, 2022, holders of the Company’s Series T preferred stock converted an aggregate of 145 Series T shares into an aggregate of 17,193,676 shares of the Company’s common stock.
On January 25, 2022, holders of the Company’s Series U preferred stock converted an aggregate of 25 Series U shares into an aggregate of 1,569,502 shares, including make-good shares, of the Company’s common stock.
Conversion of Notes
On January 7, 2022, holders of convertible promissory notes converted an aggregate principal and interest amount of $119,634 into an aggregate of 12,461,909 shares of the Company’s common stock.
Issuance of Common Stock
Between January 21, 2022 and February 28, 2022, the Company issued to consultants an aggregate of 7,434,330 shares of the Company’s common stock for services.
Between February 23, 2022 and February 25, 2022, the Company entered into settlement agreements with certain accredited investors pursuant to which the Company issued an aggregate of 107,802,675 shares of the Company’s common stock in settlement of certain claims with such persons.
500,000+ volume so far today
Someone knows something, as they say!
S-4 filed - massive document (300+ pages). You can get pro rata cash or shares of ILLR when issued.
At $1.10 this appears to be the easiest "double" I have ever seen
"We are America's most transparent public company"
So, now you know. It's odd that he never mentions the balance sheet of this Nasdaq-listed wannabe so I'll help his commitment to transparency with a reminder of a recent filing:
ITEM 1. FINANCIAL STATEMENTS
June 30,
2021 December 31,
2020
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 537,209 $ 409,591
Restricted cash - Preferred shares 1,600 6,530
Contracts receivable 424,550 438,430
Contract assets 212,234 148,734
Inventory assets 2,850
-
Other receivable 2,599 3,799
Prepaid expenses 7,959 52,728
TOTAL CURRENT ASSETS 1,189,001 1,059,812
NET PROPERTY AND EQUIPMENT 235,075 258,206
OTHER ASSETS
Long term asset for sale 630,000
-
Fair value investment-securities 48,400 8,000
Trademark 4,467 4,467
TOTAL OTHER ASSETS 682,867 12,467
TOTAL ASSETS $ 2,106,943 $ 1,330,485
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and other payable $ 1,041,507 $ 1,304,803
Accrued expenses 1,529,110 1,542,816
Cumulative preferred stock dividends payable 348,074 256,274
Contract liabilities 301,116 340,551
Capital lease, current portion 9,088 9,088
Customer deposit 146,453 146,453
Warranty reserve 20,000 20,000
Loan payable, merchant cash advance 336,646 342,896
Loan payable, related party
-
94,883
Loans payable, SBA 505,000 505,000
Derivative liabilities 36,309,795 12,310,307
Series F 8% Preferred Stock, 160 and 175 shares issued and outstanding, redeemable value of $160,000 and $175,000 respectively 160,000 175,000
Series F 8% Preferred Stock, 100 shares issued and outstanding, redeemable value of $100,000 and $100,000 respectively 100,000 100,000
Series G 8% Preferred Stock, 50 and 430 shares issued and outstanding, respectively, redeemable value of $50,000 and $430,000, respectively 50,000 430,000
Series I 8% Preferred Stock, 330 and 797 shares issued and outstanding, respectively, redeemable value of $330,000 and $797,400, respectively 330,000 797,400
Series K 8% Preferred Stock, 1,219 and 3,160 shares issued and outstanding, respectively, redeemable value of $1,218,650 and $3,160,417, respectively 1,218,650 3,160,417
Convertible promissory notes, net of discount of $39,177 and $17,929, respectively 2,110,603 1,223,228
Total Current Liabilities 44,516,042 22,759,116
Long Term Liabilities
Capital lease, long term portion 3,441 7,985
Convertible promissory notes, net of discount of $0 and $0, respectively 932,275 1,877,275
Total Long Term Liabilities 935,716 1,885,260
Total Liabilities 45,451,758 24,644,376
COMMITMENTS AND CONTINGENCIES (See Note 11)
-
-
Series J Convertible Preferred Stock, 225 and 273 shares issued and outstanding, respectively, redeemable value of $225,000 and $272,500, respectively 225,000 272,500
Series L Convertible Preferred Stock, 660 and 1,132 shares issued and outstanding, respectively redeemable value of $659,825 and $1,132,084 659,825 1,132,084
Series M Preferred Stock, 40,340 and 42,213 shares issued and outstanding, respectively, redeemable value of $1,009,750 and $1,060,325, respectively 1,009,750 1,060,325
Series O 8% Convertible Preferred Stock, 835 and 1,995 shares issued and outstanding, respectively, redeemable value of $835,000 and $1,995,000, respectively 835,000 1,995,000
Series P Convertible Preferred Stock, 81 and 357 shares issued and outstanding, respectively redeemable value of $81,250 and $356,500, respectively 81,250 356,500
Series Q 12% Convertible Preferred Stock, 830 and 1,025 shares issued and outstanding, respectively, redeemable value of $830,000 and $1,025,000, respectively 830,000 1,025,000
Series R 10% Convertible Preferred Stock, 4,485 and 490 shares issued and outstanding, respectively, redeemable value of $4,485,017 and $490,000, respectively 4,485,017 490,000
Series S 10% Convertible Preferred Stock, 280 and 0 shares issued and outstanding, respectively, redeemable value of $280,000 and $0, respectively 280,000
-
Series T 10% Convertible Preferred Stock, 630 and 0 shares issued and outstanding, respectively, redeemable value of $630,000 and $0, respectively 630,000 -
Series U Convertible Preferred Stock, 50 and 0 shares issued and outstanding, respectively, redeemable value of $50,000 and $0, respectively 50,000 -
Series W 12% Convertible Preferred Stock, 270 and 0 shares issued and outstanding, respectively, redeemable value of $270,000 and $0, respectively 270,000 -
9,355,842 6,331,409
SHAREHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value, 550,000,000 shares authorized 1,000 shares of Series C issued and outstanding, respectively
-
-
31,500,000 and 32,500,000 shares of Series D-1 issued and outstanding, respectively 3,150 3,250
1,537,213 shares of Series E issued and outstanding, respectively 154 154
Subscription payable to purchase 100,000 100,000
Preferred treasury stock,1,000 and 1,000 shares outstanding, respectively
-
-
Common stock, $0.0001 par value, 16,000,000,000 shares authorized 180,137,993 and 65,052,688 equity shares issued and outstanding, respectively 18,014 6,505
Additional paid in capital - Common stock 71,997,378 64,265,217
Accumulated other comprehensive loss (132 ) (132 )
Accumulated deficit (124,819,221 ) (94,020,294 )
TOTAL SHAREHOLDERS’ DEFICIT (52,700,657 ) (29,645,300 )
How come no one ever asks the grifter why he is the only one to get paid in cash while everyone else is awarded valueless pieces of paper that get further diluted every week?
Item 3.02 Unregistered Sales of Equity Securities.
Sales of Preferred Shares
Between December 17, 2021 and January 6, 2022, the Company entered into subscription agreements with certain accredited investors pursuant to which the Company sold an aggregate of 6.2 shares of the Company’s Series Y preferred stock for an aggregate purchase price of $620,000. The Company also issued an aggregate of 4,960,000 warrants to the investors.
In connection with the foregoing, the Company relied upon the exemption from registration provided under Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”), for transactions not involving a public offering.
Conversion of Preferred Shares
On January 4, 2022, holders of the Company’s Series R Preferred Stock converted an aggregate of 235 Series R shares into an aggregate of 17,379,647 shares, including make-good shares, of the Company’s common stock.
Between January 4, 2022 and January 6, 2022, holders of Series U Preferred Stock converted an aggregate of 405 Series U shares into an aggregate of 21,135,847 shares of the Company’s common stock.
On January 4, 2022, holders of Series W Preferred Stock converted an aggregate of 50 Series W shares into an aggregate of 694,446 shares of the Company’s common stock.
In connection with the foregoing, the Company relied upon the exemption from registration provided under Section 4(a)(2) under the Securities Act for transactions not involving a public offering.
Dividends in Shares of Common Stock
On December 31, 2021, the Company issued an aggregate of 294,723 shares of the Company’s common stock as dividends to certain holders of Series O preferred stock.
In connection with the foregoing, the Company relied upon the exemption from registration provided under Section 4(a)(2) under the Securities Act for transactions not involving a public offering.
Consultant Issuances
Between December 1, 2021 and December 31, 2021, the Company issued to consultants and one employee an aggregate of 6,507,540 shares of the Company’s common stock for services including 1,789,639 shares of common stock for settlement of prior consulting agreements.
In connection with the foregoing, the Company relied upon the exemption from registration provided under Section 4(a)(2) under the Securities Act for transactions not involving a public offering.