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I'm not confident in the Medirecycler situation and the latest 8k calls into question how much the RI one is even worth to SNPW....
So I'm left with the other "possibilities". I keep questioning whether just to fold this position. The only thing holding me here is my undisciplined FOMO haha. Nick leaves a lot to be desired when it comes to communication for what the hell is going on.
I know I get labeled as the negative one around here but a PO box for a corporate address actually isn't all that uncommon nowadays even for legit companies. I work for a fully remote company, we do have a shared office space and is considered a "location". Many business docs actually have a PO box at a UPS store that happens to be closest to the co-founder who does the accounting haha.
Yeah, as shareholders of SNPW, that percentage makes a big difference on how much we actually gain from an approved Medirecycler RI. I suppose some will then spin it has, well we have an operational one and can say that when trying to get others up and running.
Problem is, if SNPW has to make these deals to get anything done, why are we here?
8k filed. So SNPW no longer has equity in MRRI (through MRLLC) but has an economic interest? Add it to the list of things needing clarity haha.
https://newsfilter.io/a/d4c9c759b76c7fc97f2f8fa375477083
On May 28, 2021, Sun Pacific Holding Corp. (the “Company”) entered into a Net Profit Participation Agreement and Assignment (the “Agreement”) on behalf of their wholly owned subsidiary MedRecycler, LLC (“MRLLC”) and with MedRecycler-RI, Inc. (“MRRI”) wherein in order to secure permanent financing for their medical waste to energy project (the “Project”), the Company has agreed to relinquish its interest in the equity of MRRI held by MRLLC while the Company is provided an economic interest in the Project without liabilities.
Maybe it's funny to be puzzled by that because we should know it's a scam? Otherwise, I have no idea why else we shouldn't be concern about someone reaching out to the business for which is was set up for and not hearing a response.
I'm looking for a pop and I'm out. I just have too many red flags on Nick and these companies. Maybe I'll get burned holding for being greedy and wanting a "pop", that'll be on me. Maybe we'll hear more this month in that Q2 conference call :rolleyes:
Not sure I follow what you're saying. You say "approved" and then say "waiting on approval". Those are contradictory statements.
Yeah, it's going to take time to get it open. I don't think an operational Medirecycler in July is even a realistic option at this point. If at the end of July we're talking about the steps you're listing, we'll be a great position. I do think an approval will be good for the share price as it be much better than current which is wondering if it's even going to happen.
The company said by end of year and the approval could happen in July. That's a 6 month difference. I'm not disagreeing with people that a simple approval will move the stock. With that said, people could then set themselves up for disappointment if they think it'll be "open" in July when in reality the company has only committed to by end of year.
I wouldn't say defining the difference between approval and open is nitpicking. It could be the difference between July and December!
To quote Nick himself when talking timelines on the Solar farm project. This is in this twitter thread:
Our 50-megawatt solar farm will provide over $25 million in revenue per year once operational, Our focus is to develop more projects in North and South America. With our new affiliates and partners providing a great platform for growth and success. $SNPW #SOLAR #renewableenergy
— Sun Pacific Holding Corp (@SunPacificPower) May 11, 2021
For those individuals that think a 50 MW solar farm would be built overnight like magic you should look for something else to do with your time, it takes 4-6 months to build a single family house. We are building long term growth.
I didn't mind the PR. It puts their stance out there besides what's in the monthly report. When the monthly report came out, I actually said on here I doubt they can say much more. Sure enough, they didn't say much more in the PR. You could argue they shouldn't have release a PR at all then and I'm not going to argue that :)
I don't think it'd be wise of them to put any more info than they did though. It's a lawsuit, keep your defense in court. I'm not a lawyer but I'd assume that's why you often here "I can't comment on an active investigation or case".
What's your definition of open? And do you see it being "open" in July as the other poster stated?
Haha yeah. Figured they couldn't say much outside of court but I do like that they mention the tech is IBAT's and they'll be continuing the plan.
Burba says the Lawsuit is junk :) https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2197-cse/ibat/99880-update-from-the-ceo-dr-john-burba.html
To take the saying I see around here. Position A :)
Nothing to talk about, nothing to trade about.
Oh, we for sure don't have the full story. We only have the plaintiff's :)
Am I concerned about the lawsuit, you bet I am, I wish it wasn't there. Now, we need to see Burba/IBAT's side of the story.
Guess we'll see what Burba/IBAT has to back up their claim that the plaintiffs claims are baseless. Hard to imagine, Burba would just cut them out without cause and then think they'd get away with it. We'll find out.
Just saw that! This stuff takes "forever" at least from the perspective of an impatient investor that wants to make money haha.
So, does IBAT just continue as planned and this lawsuit just rides along concurrently? Hopefully there's a new doc in the process that we'll get some insight into the rebuttal Burba/IBAT has. They stated in the monthly report the claims are baseless. I figure they can't tell us more outside of court.
Sure hope so! I bought more this morning haha. I was later in the game on this one and figured I'd average down some.
Will be glad to get clarity on this lawsuit and de-risk this.
I'll take this opportunity to say I agree with you haha. IF the approval happens, it'll get priced in quickly. Playing this game is about taking on risk and as the risk barriers fall like gov approval, the price goes up.
With that said, we're still on this side of the risk. We'll see if that barrier does indeed fall.
This line item on the prayer of relief in the lawsuit seems like the concern:
License, assignment, and/or ownership to Borgese and Privitera of patent applications and/or patents unencumbered for any use not pertaining to lithium extraction from oilfield brines.
To be clear, no is saying MMs don't exist. It's just attributing what is occurring with the stock price, or what's not occurring with the stock price in this case to the MMs.
Some would argue MMs provide liquidity to a stock. In the end, it's supply and demand that moves the price. There's very little demand for this right now...that can change with a catalyst from the company. Until then, we wait. I'd argue that's a more accurate depiction in this case.
Are there examples of short attacks or other manipulation, sure, I just don't see it here.
MMs holding this down? haha. There's not exactly a bunch of people on the bid knocking down the door to get in....
Yeah, they list IBAT shares among other IBAT benefits. Why demand shares of something if it's not worth anything? Is there potential this is a battle over slices of IBAT but regardless of outcome, IBAT has the tech and shareholders still get their slice? Basically, trying to quantify what this means to just a retail shareholder of IBAT.
Thanks! Look forward to what the lawyer thinks of the case. The "prayer for relief" seems like they want the tech along with IBAT board seats and control so at least that sounds like confidence in the tech. If the case can be settled, off to the races.
I hope it's something of substance behind the scenes. We had a random run up and back down towards the end of last month. Only matters if something of substance is happening, otherwise, seems like it'll just go back down. That'd only be good for traders.
With the lawsuit battle over control and patents, what's everyone's take from a regular IBAT shareholder standpoint? Is this like a Zuckerberg type scenario but in the end Facebook existed and became worth a lot. Just some got cut out?
People that say they're good at timing are liars haha. I even bought a stock one time and sent my neighbor a "buy the dip" meme making fun of that saying. Sure enough, I didn't quite buy the dip haha.
Whatever, to me, I think the tech will be worth billions and the share price might have a bumpy ride to that point but who cares when it reaches that point. I'll only get concerned if there's bad news around the tech or the strategy to market.
Yeah, lawsuits happen, money is involved haha.
Most interested in the timeline to market! Can't come soon enough!
That was quick haha. Anyone have access to see more details?
April monthly report posted: https://webfiles.thecse.com/IBAT_Form_7_April_2021_FINAL_LBA.pdf?0iVZXK.Cy2ZtrZZbiMRMo77IRBHu3NXS
Two things of note:
1) The Company has now substantially finished the detailed engineering and has
completed the acquisition of the key equipment components for fabrication of the Mobile Lithium Extraction Unit (“the Unit”). The Company plans to have all of the mobile skids completed in the third or fourth quarter of this year with the objective of having the Unit deployed to the field by the end of the year.
2) The Company has received a lawsuit claiming breach of two employment agreements amongst other things by one former employee and director of the Company, and, another employee of the Company. Both employees were dismissed by the Company for cause. The Company believes the claims are baseless and has retained legal counsel to prepare an appropriate response and to assist the directors in determining the materiality of the
litigation.
So let me get this straight, a copied website and potentially copied spec sheet. What is going on here?
Yeah, saw the 9-12 month time frame in the Twitter thread. Can they not afford good investor relations and PRs. Why is this being communicated in such a haphazard way?
Gotta connect the dots haha. It's what makes me skeptical of most penny stocks. I typically think companies do it on purpose to not get in trouble in court. Which then you ask, in trouble for what? Lying...
I tend to think the company is guilty until proven innocent. Unlike the Citizens United ruling I don't consider companies as people haha.
Well, there's some guidance. Let's get a PR that says $25 million!
Our 50-megawatt solar farm will provide over $25 million in revenue per year once operational, Our focus is to develop more projects in North and South America. With our new affiliates and partners providing a great platform for growth and success. $SNPW #SOLAR #renewableenergy
— Sun Pacific Holding Corp (@SunPacificPower) May 11, 2021
I'm surprised still no monthly report for April. Looking back I don't see them having a history of being late on the monthly report.
The initial bump has completely disappeared. I'm in this but to wallstreet's point, it really wasn't anything new. So, while you may view it as another positive sign, I'm interested in what the market thinks as a positive sign and translate to a price increase. So, we're back to waiting. It is what it is.
Looks like the market agrees and wants answers to these questions.
Looks like it was trading, the CSE doesn't list any holiday last week.
https://www.thecse.com/en/trading/market-operations
And add the US OTC ticker to my favorite slide deck off their site: https://www.ibatterymetals.com/investors
Guess I'm used to vague timelines in other stocks so I've appreciated this slide deck to lay it out. Love the bet on the tech so honestly the logistics seems like the riskier a part as far as timeline due to international and covid etc.
Yeah, RHHNF is the ticker on the US OTC. Took me a sec to make that connection when I first looked :)
Do you have TD Ameritrade to refute the earlier post about not being able to buy?