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Per ESCU, the auditor went back 6 years to complete the current audit, which means they went over all numbers and transactions starting in 2009. The SEC requires a 2 years of audited financials (2013 / 2014) for the S1 filing. However, the auditors also audited 2012 because some institutional investors require 3 years of audited financials before they will invest.
There were no employees being compensated per the 2013/2014 audit. Had there been one, it would have been shown on the completed audit as an existing financial obligation. There are none.
It's not what the audit and SEC filings SAY, it's what they DON'T SAY that tells the real story.
Every personal financial / securities move made by a CEO / affiliate has to be disclosed and properly documented.
Irrespective of whether the company is reporting or non-reporting, the SEC requires holders of over 10% of the company as well as officers and directors to make a Form 4 filing within 2 days of selling company stock. A failure to file Form 4 can lead to censure by the SEC. It's required by law.
There are NO SUCH FILINGS for Kimmons or Kimmons Family Partnership. That's because he has not disposed of any stock in 13 years.
Second, the OTCM Pinksheet filings as well as the audit require that ALL CEO / affiliate securities sales be listed in the Securities Transactions section. ANY AND ALL securities transactions attributable to Kimmons or his family and any other officers / directors would have to be listed there.
A failure to do so would result in suspension by OTC Markets or the auditor refusing to issue their final audit letter. The auditor reviews the company's Transaction Analysis Report provided by the Transfer Agent, which indisputably lists EVERY SINGLE STOCK TRANSACTION for the audit period. They simply do not play around with this stuff. There are NO TRANSACTIONS attributable to Kimmons for over 10 years. The audit therefore serves as UNCONDITIONAL PROOF.
Kimmons and KFP's holdings over the last 10 years have been reported quarterly, with the numbers provided by the Transfer Agent. The total number of shares he has held has gone UP, not DOWN.
Also, look at the total dollar value of shares issued by the company over the last 5 or 6 years, who the shares were attributable to, and who the money went to. It wasn't Kimmons.
The money he received, both cash and via securities, has been shown in every annual report. It wasn't much for the last 6 years.
Finally, Kimmons has been accused of personally receiving MILLIONS OF DOLLARS. If you look at the loss carry-forward shown in the audit, it's $2.5 million. That's the TOTAL amount of money the company received and spent. And that DID NOT GO TO KIMMONS.
Need I go on?
STOP IN NOW! Kimmons has not sold a single share in years. PROVEN by the AUDIT and FILINGS. Stating that he has either dumped shares or is going to has NO BASIS IN FACT.
Add to that the fact that Kimmons is currently an affiliate, subject to SEC "bleedout" sales restrictions. By law, he CANNOT dump shares.
AU CONTRARE!! The independent audit which many demanded is in, and Kimmons and his team came out smelling like a rose!
So he owns shares. They are restricted, and he has not sold a share in over 10 years. He HAS YET TO BENEFIT from his association with EDWY. PROVEN BY THE AUDIT. So the "scam" stuff is just a bunch of cr*p.
Anyway, Escue has authorized other shares as payment for the asset it purchased, which makes Kimmons a minority shareholder.
Spoiler Alert!! The Internet is NOT the repository of FACT or TRUTH. It's populated by people with AGENDAS.
I know a number of high level executives and people of high regard, NONE of whom have significant information about themselves or their businesses on the Internet.
First of all, they do not need the visibility. They've already made it, ergo, they have nothing to prove. Second, they know its destructive nature all too well and wisely stay clear.
HELLO? Kimmons is GONE. And ESCU is NOT A REPORTING COMPANY. It is not required to report to the SEC. Now it has audited financials and it's filing an S1 to become a reporting company.
Please explain what this means:
"The audited "numbers" are based on unenforceable debt."
I am very familiar with public audits, and I've never heard this terminology.
A whole lot of DRAMA ABOUT NOTHING. All anyone has to do is call Escue's management if they want the answer to their questions. There is no big secret.
Having said that, Escue has not made any announcements and is not going out of its way to talk to people. Why? Because they don't have to. Right now they could stay private if they wanted. They are systematically building their business, one step at a time. They have the money, technology, and expertise committed to them.
Good things coming. Can't wait!
Ridiculous. Most of the consultants I know work their asses off. They certainly don't view themselves as "retired."
And they are very well compensated. Many professional people today operate as high-level consultants.
As far as "kids" determining the appraised value of the patent, I'm afraid not much credit is being given to the auditing firm that vetted the work of the professional appraiser.
Needless to say, auditors can not afford to be influenced by "family."
I called and asked the management of the company. They were perfectly willing to tell me about the process and the name of the independent appraiser.
It's not my obligation (or inclination) to do your investment DD or to tell you the specifics of what I have learned.
Feel free to call them and I'm sure they will answer all of your questions.
Everyone knows that the Internet is replete with misinformation, lies and innuendo, starting with investment blogs.
If there was a ton of promotional information about Saeed Quraeshi, I suppose the rap would be that he's nothing but a shameless self-promoter. Which is it?
Wrong. ESCU did not proclaim anything. The company submitted the patents to an independent appraiser skilled in appraising green technology. The appraiser and its analysts set the price, ESCU didn't.
If the appraised value had been any other number, that would be the number you would be hearing about.
Much ado about nothing. ESCU has made NO ANNOUNCEMENTS or proclamations about itself. It has not asked anyone to do or believe anything.
Let's not put words in their mouth or declare them to be one way or another when in truth, we know very little.
This is all a waste of time until ESCU shares its proprietary design and technology with us in the S1 filing.
It is a mistake to assume that descriptions of traditional technology apply.
You're right, with all of that knowledge and experience related to designing and building wind turbines he's definitely OVER QUALIFIED.
FZRO up and running again on OTC Market. Go Ramiro!
We are not in historyville. Kimmons has been gone for almost 3 years. Time to move on.
The answer is obvious. Kimmons (per the audit) never was selling shares, and he isn't now. There is virtually NO trading volume, and no SEC filings showing Kimmons selling.
The elephant is in the room, my friend, and it's staring you in the face.
ESCU is an excellent opportunity, and we have Gary Kimmons to thank for it, no one else.
You might want to consider going directly to the source. I just spoke with Saeed Quraeshi. He was the driving force behind EOLE, which was a $37.5m Canadian project. Saeed served as chief designer and Project Director, a role for which he won a national award.
The patented $40m technology is just the tip of the iceberg. Wind turbine technology has come a long way since EOLE. Escue Energy is a leader in the innovations. Saeed said that many are described in the forthcoming S1, which is almost ready for filing (being reviewed a final time by the securities attorney). Advanced technology designs are shown there.
Saeed shared this summary of his bio after we spoke:
"Saeed Quraeshi (82) – Chairman of the Board and Chief Technology Officer. Mr. Quraeshi is a graduate of Oklahoma State University with a Masters of Science in Mechanical Engineering, Power Option (specializing in power generation). Mr. Quraeshi has over 45 years of experience in consulting experience, of which 20 years have been in the energy field and 25 years have been in the design and engineering of electrical generation projects. Mr. Quraeshi has actively participated in the Canadian wind energy program since 1978. He is the designer of the 4-MV, project EOLE – the world’s largest Vertical Axis Wind Turbine Generator power plant located in Cap Chat, Quebec. He is the developer of the innovative design for small vertical-axis wind turbines which are the basis of the Company’s patents. Since 1988, he has provided consulting engineering services on power projects to clients (CANATOM, Hydro Quebec, Ontariio Hydro, RSW and MONENCO)."
What is "unenforceable debt." And what would it have to do with a public audit?
An audit of a public company is designed to determine if the financial books the company maintains accurately state the company's BUSINESS TRANSACTIONS.
SHARES HARD TO COME BY! Level 2 screens are showing that there are virtually NO SHARES available for purchase. Brokers are scrambling to secure them.
I called ESCU and asked about the current lack of liquidity. They informed me that they do not plan to introduce shares into the market. They will not have FTS until their S1 registration is approved.
This should be interesting!
Your right!! EOLE has nothing to do with ESCU, other than the fact that ESCU's co-founder and CTO DESIGNED IT!!
Unbelievable.
The sentence attacking Kimmons at the front does not change the fact that the rest of this post remains PATENTLY UNTRUE.
Somebody is buying ESCU. Somebody appreciates the opportunity for what it is.
Fair enough. See you later.
The independent appraiser says it's a BIG DEAL, or they would not have valued it at $40m.
Also it appears others see the value of the appraisal and the patent.
ESCU's price is moving up with absolutely NO ANNOUNCEMENTS OR PROMOTION. That says it ALL.
UNTRUE, just like before.
I believe we've seen this post before. It was UNTRUE then and remains UNTRUE NOW.
Again, this is not a simple little internet pots and pans website.
ESCU has PROVEN TECHNOLOGY and TECHNICAL EXPERTISE and is not asking for your money. They have plenty of sources offering to invest.
They are not going to be selling shares into the market, so this is going to be exciting!
WRONG. The acquisition of the patents is shown as a SUBSEQUENT EVENT. It's confirmed as part of the audit. That is, the auditor went to the time an effort to verify and confirm the credentials and methodology of the professional asset appraiser.
The $40m balance sheet entry will be shown on the Q4 financial statement.
FYI, allegations of stock dumping went out the window with the completion of the auditor's report.
Absolutely NO DUMPING took place, least of all by Kimmons, who's last stock sale was 13 years ago.
Look in ANY financial audit and you will find the referenced disclosure. Every auditor uses it.
You keep saying it's an "old design." If that's the case, there would be lots of units already in place. Where are they??
Did you READ the audit report? If so, you would have noticed that Kimmons' name was not on it. That's because he has not been with the company for almost 3 years. COMMON NOW!!
I'll trust the opinion of the independent market analysts in NYC who reached their professional conclusion that the technology is phenomenal and completely unique. I"m going to go with the opinion of those who know that industry.
WRONG. ANY AND ALL potential exposure to debt or litigation risk is duly reported and described in the auditor's report.
The auditor confirms that the INDEPENDENT ASSET VALUATION EXPERT who appraised the asset is certified and that they followed the professional guidelines. The ASSET VALUATION EXPERT uses certified market analysts with asset-specific knowledge and expertise to review a wide range of factors in making their valuation. Their reputation is on the line with each valuation. Also, they risk litigation. So you can bet they got it right when they came up with the patent valuation.