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don't be naive....look at the suspensions that the CEO has been associated with:
EVSO
GSLO
ONYX
Bedford Operating company is a subsidiary of Bedford Energy (BFDE). The last financials on the company are rather dated (April 2010 for period ending December 2009): http://www.otcmarkets.com/stock/BFDE/financials
BFDE has been trading on the grey market for some time now.
The ownership of BFDE is unclear as it would appear that it may have merged with CTXE. The company last reported (2009) that it had $60k in assets and a negative income of $182k. The Bedford Operating subsidiary did not have a separate accounting of assets/liabilities/income.
FTTN on the other hand, shows a whopping $694 in the bank, which may be just enough to make this "Big Acquisition".....
Nope - no kidding - people are buying the hype.
This is just like when Michael Franklin promised a $36 million wafer deal for EVSO: http://www.businesswire.com/news/home/20100226005150/en/EVSO-Evolution-Solar-Announces-36-Million-Wafer - that deal never actually happened and eventually investors were burned when the SEC caught up to that nonesense: http://sec.gov/litigation/suspensions/2011/34-64612.pdf
Franklin tried to push a similar iphone solar product, called the "Volt" to GSLO, a company that promised the imminent arrival of the mass produced product to US shores - touting the millions of iphones being sold must be good for GSLO: http://www.slashgear.com/gslo-volt-solar-charger-for-iphone-enters-mass-production-25136151/ - a product that never really arrived in any meaningful numbers which yet again, left investors holding the bag with another SEC suspension: http://sec.gov/litigation/suspensions/2011/34-64612.pdf
Unfortuneately, his real bio (www.michaelfranklin.com) does not seem to match his claim of 40 years of import/export business (unless it relates to music?).
Regarding his claim of "provided consulting services as well as project management oversight for several large multinational corporations relating to their procurement processes in China", here is a sample of his claims:
$36 million wafer deal for EVSO:
http://www.thefreelibrary.com/EVSO%3A+Evolution+Solar+Announces+$36+Million+Wafer+Supply+Agreement.-a0219815537
This much hyped deal that never happened and in fact lead to EVSO's subsequent suspension:
http://sec.gov/litigation/suspensions/2011/34-64612.pdf
Franklin also tried pawning off his Volt iphone solar charger to a company called GSLO - these units were hyped for a number of months as "being in production" and "about to arrive" and having "orders that exceeded management's expectations"....only to never materialize and subsequently result in GSLO's suspension (see EVSO's link above). DOMK's latest solar gadget looks remarkable the same as Franklin's predecessor gadget (Volt), sans the Volt label.
No.
With 11 business model changes in the last 6 months, and no focus on actually making money, it is not hard to realize this thing will continue towards sub-penny land:
1. Custome Mobile Audio Stereo systems
2. Printable solar panels
3. Wireless service in South America
4. Pursuit of Government Incentives for various business models
5. Bikini Clad, Drunken Women Reality shows
6. Penny Auctions
7. Chinese Markets
8. Mobile Apps
9. Protection and Security Systems
10. Facial Recognition Services
11. In-vehicle Emergency Responder devices.
oops....!
In other news, it would appear that FTTN has a new corporate headquarters:
495 Grand Boulevard
Suite 206
Miramar Beach, Florida 32550
This is the same address as for sister company, RBCC: http://www.rainbowbiosciences.com/contact.html
rzhrgey, you stated: "AAPL and DOMK chart almost identical from April 9th to current"
AAPL's April 9 price was $636.23 and Friday's close was $572.98, a loss of almost 10%.
DOMK's April 9 price was $1.40 and Friday's close was $0.67, a loss of over 52%.
Please explain how these charts are "almost identical" aside from trending down?
"Earnings come out Tuesday after market close for Apple. Could be good or could be bad." - Very astute, yet that is not really helpful or even relavent here, is it?
"....there is now another company that is working on basically the same concept..." - that would be DOMK (Michael Franklin is the same guy that sold the Volt charger idea to GSLO).
ChandlerBorn - much appreciated for the feedback - I hope you do not mind me reposting your responses on the FTTN Board: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=74578727
es1 - I have not had any luck on getting the details on Bedford and CTXE - here are a few responses from someone that knows some of the history on both of those companues:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=74562876
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=74563058
"who is left???"
Eddie "Spam King" Davidson took himself out of contention, so I guess that leaves anyone of these well seasoned CEO's and business partners that Franklin could call on:
Maurice Stone
John Shearer
Kathleen Delaney
Robert Federowicz
Paul Watson
JT Cloud
Thomas Cloud
Dino Price
Darrel Uselton*
Jack Uselton*
Cindy Morrissey
Eddie Austin Jr.
Tyson Rohde
Chet Gutoswki
Andrew Farmer
Jonathan Gilchrist
William Carmichael
Steven Plumb
David Mordekhay
April Bogan**
Patrick Brown
Robert Hines
*Assuming their deferred ajudication period for probation is complete.
**Assuming her felony fugitive warrant in Tennessee has been dropped
jmaster - you posted on April 13th that you have the new solacase which was just announced as being available off of their website on April 9th.
Question - please tell us how managed to get this product so quickly from China (4 days) and how you had enough time to evaluate the product while simultaneously collecting so many comments from others during your travels? Is it because you have the predecessor (GSLO's "Volt") product?
Issues with DOMK's charger:
Unknown if it is CE rated.
Unknown if it has an integral component to prevent overcharging of battery
Unknown if DOMK has worked things out with GSLO who is reported to have the exclusive North American distribution rights to the product (previously known as the Volt Charger)
Untrue statement about being the only product on the market that the charger can fit all versions (3, 4, 4S) of the iphone.
Unknown profit margin on product
Delta - I do not necessarily agree that my basic assumption is in error as the 10-K/A states as you previously pointed out that we should not rely on previous quarterly postings, however, I will concede that your scenario is a possiblity since we simply don't know which numbers are correct. The curioius thing is that they affirmatively changed the outstanding shares from the original 10-K filing (30.7 million) to the new 10-K/A amount (36.5 million) while simultaneously stating to ignore previous quarterly filings that show the 37.1 million.
At the end of the day, all we should really care about is what is the order of magnitude new share count. Here is a summary of where I believe we can all agree:
Outstanding shares = somewhere around 28.2 million (includes 9.63 million returned from Kidd)
Kidd's remaining ownership = 400,000 to 440,000 shares which are indicated remaining to be returned to the company
Restriction legend on an additional 21 million shares to come off either on October 17 or October 27, 2012.
Michael Franklin retains 50,000 preferred shares (equivalent to a voting block of 50 million shares)
Delta - you stated: "Why would you use 9/9/11 as your start point? Also if you read the disclosures very carefully you will note the issuer was required to disclosed non reliance of past filings..."
Agreed on the non-reliance of past filings. The latest filing which we are told to rely on is the 10-K/A filed on 1/30/12. Within that report, it re-states/corrects the outstanding shares as being 36,460,835 effective Sept. 9, 2011 (instead of 30,713,709). That is why I utilized 9/9/11 as my starting point - it is the last available/correct information that we have.
Taking it one step further, since the report filed on 1/30/12 did not indicate any "subsequent events" happening between 9/9/11 and 1/30/12, the starting point could be speculated to start as late as 1/30/12 instead.
Either way, there appears to have been 1,065,963 newly issued shares between the restated 9/9/11 (or 1/30/12) and 3/29/12 which have not been explained within the filings.
My personal portfolio is probably way off topic.
Regarding on-topic: FTTN's part time CEO has just been announced as heading up a new venture at QUAN.pk: http://finance.yahoo.com/news/quan-shakes-things-robotics-sector-090000946.html
His impressive resume now includes these specialties and interests:
1. Gym Owner
2. Vegan
3. Designer Jeans (OBJE)
4. International Oil & Gas (FTTN/Coastal)
5. Multi-million dollar deal closer (Hart)
6. Bio-innovation (EHSI)
7. IT professional
8. Robotics Innovation for medical, agriculture, automotive and logistics secctors (QUAN)
Is anyone aware of what oil & gas reserve assets that Bedford has?
Apparently, FTTN just announced they plan to utilize their $694 in the bank to buy Bedford's wholly owned subsidiary, Bedford Operating Company, complete with 500,000 bbls in proven reserves....I am unable to find any such reserve claims in BFDE's financials - anyone with a clue?
http://finance.yahoo.com/news/fttn-signs-option-acquire-experienced-090000647.html
FTTN announces it intends to purchase Bedford Operating Company, a 100% owned subsidiary of Bedford Energy Inc. (BFDE)
The ownership of BFDE appears unclear, as there were earlier reports that Cantex (CTXE) was entering into an agreement to acquire BFDE. BFDE's website is structured to highlight CTXE.
BFDE is trading on the grey market with limited (2009 is the latest) financial information, but it would appear their focus is buying and selling oilfield equipment. Notwithstanding FTTN's announcement that they operate 5 wells with up to 500,000 bbls of proven reserves, BFDE's dated financials show no such reserves.
Interesting to note that SEC recividist Darrel Uselton's former attorney, Mark Robertson, is also the Counsel for BFDE.
It is unclear how FTTN intends to purchase Bedford Operating with only $694 in cash in the bank.
First Titan (FTTN) announced today that it intends to acquire Bedford Operating Company, a 100% owned subsidiary of Bedford Energy Inc., claiming to operate five wells in Texas and Oklahoma with 500,000 bbls of proved oil reserves. FTTN has a grand total of $694 in the bank for cash: http://finance.yahoo.com/news/fttn-signs-option-acquire-experienced-090000647.html
Questions:
1. Did CTXE close the deal for BFDE?
2. Does anyone know anything about BFDE's subsidiary Bedford Operating Co. and associated revenues, if any?
3. There are no current financials on BFDE (2009 is latest) - is anyone aware of more current info?
Delta/others - please confirm my cyphering of the math for share count:
As of 9/9/11 there were 36,460,835 outstanding shares
As of 3/29/12 there were 28,195,298 outstanding shares
Difference = 8,265,537
This difference of 8,265,537 shares is a result of cancelling 9,331,500 shares (so far) from Kidd netted against what I assume is 1,065,963 newly issued shares between 9/9/11 and 3/29/11 - correct?
Also, a few other nagging things from the press release - it states that 400,000 shares remain to be returned, but the agreement calls for 440,000 shares - what happened to the remaining 40,000 or is this a typo?
Also, the filing describes Whitley's opinion that the restricted shares are available to resell beginning October 17, 2012 - yet within the same release, DOMK states October 27, 2012 - 10 days later. Is this another typo, or is there something special about waiting another 10 days?
Whitley LLP Attorneys at Law rendered the opinion on the restricted shares.
Interesting to note that this same outfit also renders legal opinions for such stand up companies as: FTTN, OMVS, GTSO as well as these other which also happened to have been subsequently suspended by the SEC: EHSI, ONYX, EVSO
Pure HYPE, BS - the company has no such "strong sales" report. The only thing announced today is that they have received interest for their first production run - a run of unknown quantity. In fact, their website does not even have a price on these units. Let's face facts, this is a one man show run out of a dingy suburban office - don't take my word for it, check out Solawerks corporate headquarters: http://g.co/maps/t2wpm
In support of the assumed $69k per quarter in Q&A, the CEO, Robert Federowicz receives $10k per month in compensation for the 10 to 25 hours per week he is stated to contribute to the company.
This represents $30k per quarter which is a little less than half the $69k total assumed expense. Since there are no other employees, this total may be a little high, but probably close enough for purposes of identifying order of magnitude expenses.
The S-8 as filed (http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8490537 ) allows for the compensation committee to issue up to 8 million shares as Incentive Stock Options pay to directors, employees and consultants - they are not issued to the Company, but go direct to the individual and may or may not carry restrictions. The pricing of such options are at the discretion of the committee. There are currently 12 million shares outstanding as of January 31. In the event the full 8 million shares were issued, this would represent an increase to the O/S shares of 66.6%.
The known obligations are as follows (http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8410843 ) - Not including the $694 in cash assets:
Accounts and advances yet to be paid = $79,140 as of Jan. 31
Other Identified expenses:
G&A = $68,763 for latest previous quarter - assumed to be constant for next quarter as compensation to Robert, consultants, legal fees, etc.
Calcasieu Parish, Louisiana prospect:
The Company will pay 25% of the drilling cost of the first well, anticipated to be $3.4 million. The Company has paid $40,000 of its share of the costs of the well to date, leaving a remaining anticipated debt to be paid of $3,360,000.
Regarding this obligation, the Company states: "The Company does not have cash on hand in order to fully satisfy its obligations under the Participation Agreement and is currently seeking additional required financing. There is no guarantee that the Company will be able to obtain adequate financing, and the Company currently does not have a firm commitment from a lender to loan additional funds."
Big Canyon Prospect, Terrell County, Tx:
Company will purchase an 82.5% working interest for $60,000. This amount is payable in weekly installments of $5,000 beginning January 27, 2012. It is unknown if the first and subsequent weekly payments have been made. If either well is successful, the Company must pay a $200 per acre bonus for the entire leased acreage (640 acres x $200 = $128,000). It is unclear who or what gets to define "successful".
Since the last filing, FTTN hired Pimuro Capital Partners for an unknown sum of money or alternate compensation (stock).
The Company states (prior to the subsequent announcements for the above two prospects): "We anticipate needing approximately of $550,000 to fund our operations and to effectively execute our business plan over the next eighteen months. Our business expansion will require significant capital resources that may be funded through the issuance of common stock or of notes payable or other debt arrangements that may affect our debt structure."
Regarding future impact of this expansion, we may not get a clear picture via future quarterly filings as the Company warns: "As of the date of this filing, the current funds available to the Company will not be sufficient to continue maintaining a reporting status".
Tallying up the above known and anticipated obligations (not including Pimuro) = $3,695,903. From a timing perspective, not all of this may become due within the quarter, but should give a fairly accurate view.
Not included in the above is the cost of the Oklahoma and Alabama prospects that FTTN susequently announced.
ok - here are the facts and I believe it supports having it both ways - the Company has just filed an S-8 to initiate a company incentive plan to be funded with 8 million shares to be issued at the "committee's" discretion. I am aware of only one person (Robert) that would be on the committee and only one benefactor (Robert).
Regarding committed ventures which are documented in the latest financial filings - that would be funded separately from the above stated 8 million shares from the incentive plan. In order to pay for such commitments the company needs to issue shares.
The issuance of shares can either be sold to brokers (typically at a nominal discount) in exchange for paid in capital. However, you correctly stated the share volume is relative small (ref. illiquid) - thus this may not be an efficient way to pay for the immediate obligations beyond the $694 in cash the company has (which was stated in the financials to last only thru December). By default, unless they are delinquent on obligations, the company MUST have issued shares or entered into loans with counterparties since that date to pay for ongoing expenses for these ventures. The most likely of sources for funding was loans made to the company. I am concerned that those loans, if made, have toxic debt conversion provisions. I am not stating this as fact, just a likely scenario. Nothing wrong with speculation, so long as it is labeled as such, right?
"If confidence was low people would be bailing they are not." - I do not believe the chart is fully in agreement with that statement.
Even if one includes today's 15% positive jump, the stock has steadily lost 64% of it's value since Jan. 17th (about the same time FTTN acquires it's first interest in a well) on relatively steady volume.
I concur no one appears to be panicking, yet the trend is clear for a slow steady bleed indicating to me a continued loss of confidence.
And (hopefully) not to belabor the point too much, it is my opinion that FTTN is shooting itself in the foot by putting out too many "fluff" press releases that are unrelated to the business at hand or pertinent news releases that lack specificity. Case in point, let's look at the news bits from this month:
3/5 - FTTN starts off the month being relevant by announcing their deal with Green Oil - although lacking in details (working/net interest, timing, cost of acquisition), the release stayed on target and was useful for investors.
3/7 - FTTN jumps off track by commenting on the record US rig count - usually a sign of peak operating/drilling costs - not a good sign for FTTN if they want to reduce drilling costs.
3/12 - FTTN gets back on center with the hiring of Pimuro Capital to help them evaluate prospects - this is a very good thing for the company calling in experts to supplement Robert's minimal knowledge of the industry. FTTN did not provide specifics on the cost of such consulting and would expect to see some relatively minor dilution in the next 10Q to cover this expense - hopefully not through a toxic debt conversion.
3/14 - Announces the newly acquired unspecified working interest for an unspecified amount of money and intents to target assets in the region.
3/16 - FTTN comments on China and India global impacts to oil consumption - not sure how this is related at all to FTTN since they are focused on domestic markets, and FTTN's impact will not affect world oil prices.
3/19 - FTTN rehashes the Alabama prospect promising that they will rig up in a few weeks, then comments that the well is expected to produce 400-800,000 bbls per day....if this were true, then the 3/16 news release about global prices might be more relevant in that FTTN might actually impact pricing with a well like that!
3/21 - More nonesense commenting on a wide range of global impacts such as the war in Libya and the global monetary fund - all of which is completely irrelevant to FTTN's efforts.
3/26 - contrary to the 3/14 release about targeting assets in the region, FTTN now exclaims they will go for the shotgun approach of diversifying their limited acquisition funds to places like offshore Gulf of Mexico. Brilliant move Robert to hedge your bet that some of your existing prospects in known producing fields, might actually not come to fruition - can't blame the guy for trying.
"I find it odd no matter what that the company can put out so much news and get no reaction from the PPS" - not so odd when you consider investors are aware significant dilution has likely occurred to pay for these newest ventures, and there has been a lack of any data to evaluate the company on (recoverable reserve estimates, working interest percentages, net revenue percentages/payouts, cost of acquisitions, lack of oil field experience by the part-time/one-man management, etc) - typically expected as minimal information which would be put out by any reputable oil & gas company indicated probably/possible/proven reserves.
Factor in Delaney's history of past SEC suspended Pink companies (GSLO, EHSI, EVSO, ONYX, CYGX, SSLR) and one can begin to see why confidence is low.
Having stated the above, small venture capitalist companies that venture into minor stakes for oil & gas wells can be moderately successful if prudently operated and get lucky on a few productive wells if they can manage not to overly dilute their share structure - looking forward to the next quarterly statement to have more definitive answers to the previously posted questions.
es1 - has anyone received answers lingering on the following related to recent press releases:
1. What are the Company's Working Interest (%) acquired in the 4 wells (Oklahoma, West Texas, Louisiana, and Alabama)?
2. What are the payout terms (i.e. the Net Revenue Interest paid out after initial ROI)?
3. How much did FTTN pay for acquiring these interests and specifically, how much dilution did investors incur for the assets?
4. What are the estimated net recoverable reserves for each well?
5. This latest news release (along with at least one prior news release) eludes to entering as a market participant in offshore production. Why does FTTN believe this is an area they wish to pursue in light of the heavy costs/long lead time (several years) to get a payout?
6. Does FTTN have a plan to hedge production pricing to mitigate fluctuations in commodity prices?
7. Does Robert Federowicz plan on devoting his efforts full time to the company, or will he be stepping aside to steer Kathleen Delaney's newest company, QUAN.pk?
8. With drilling expected to take several weeks, and the resultant production facilities (if commercially viable) to extend that duration longer, and with an unstated payout schedule for FTTN's participation in the well, how can FTTN make the statement that it "expects its current assets to begin paying off within weeks" - isn't that a little premature?
Michael Franklin's Optimum Solar shows a picture of their Plug n' play panel here: http://www.optimumsolar.cn/Products/PlugAndPlay
Curious is that the panel appears to have multiple accreditations including: CEC -ISO 9001, CNAS (China National Accreditation), CE (international equivalent to UL), and IEC.
I sure hope that Michael has met the stringent requirements of all of these agencies, since the fines are fairly steep for falsifying such claims (example Article 57 under CNAS rules: http://eng.cnas.org.cn/extra/col1/1156832200.pdf ).
For one example, the CNAS requires:
(1) having fixed premises and necessary facilities;
(2) having management system that meets the requirements for certification and accreditation;
(3) having a registered capital of not less than 3,000,000 yuan (roughly $475k USD); and
(4) having not less than ten full-time certification personnel in relevant fields.
2
A certification body to engage in product certification activities is additionally required to have technical competence in testing or inspection commensurate with relevant product certification activities.
Since Michael appears to be a one man show, without capital or facilities, I am just curious how he meets all of the above prestigious accreditations in such a short time....curious.....surely he has not fudged on placing these tags on his products!
Solawerks represented at show under Franklin's Optimum Solar: http://pva12.mapyourshow.com/5_0/exhibitor_details.cfm?exhid=10549
optimum solar
Booth: 639 (near the high traffic area of the Men's restroom)
2002 huang jin da sha
xiamen, fujian 360013
P: +1 407 413-9142
F: +1407 290-9214
www.optimumsolar.com
I doubt anyone can answer the question definitively. Personnally, I am more concerned about the big chunk of shares owned by Franklin as well as Scott Sieck (former business partner with SEC recividist Darrel Uselton at Warrior Capital: https://www.oag.state.tx.us/oagnews/release.php?id=2088 and here (page 3): http://www.sec.gov/litigation/aljdec/2011/id416a-bpm.pdf and Darrel's brother Mark : http://www.finra.org/web/groups/industry/@ip/@enf/@adj/documents/nacdecisions/p122244.pdf ) - assuming he still has the shares noted in the 2009 filings - more details here: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6574901 and here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61479075
Also, more interesting history regarding Franklin's involvment at Synergy Development: http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_E/threadview?m=tm&bn=79156&tid=185&mid=186&tof=16&so=R&frt=2
Delta - nevermind, I found the answer. Sorry for the error in my previous post.
According to the lastes 8-K filings, Kidd returned 50,000 preferred shares to the company via the Armada transaction and sold the remaining 50,000 shares to Michael Franklin who is now the only controlling interest.
Kidd only retains about 500,000 shares of common stock and should not be considered a controlling interest.
Unfortunately, in my opinion, Michael taking control should not give anyone comfort.....
Beijing Beautyfresh - glad you brought that up - one more failed venture of Michael Franklin he did for another scam, OBJE: http://southflorida.citybizlist.com/6/2011/5/19/OBJE--to-Purchase-Beijing-Beautyfresh-International-Trade-Co.aspx
OBJE is a Kathleen Delaney company, that is yet another company that will probably follow her other SEC suspended companies (EVSO, GSLO, EHSI, SSLR, GFET, CYGX, and ONYX).
http://caps.fool.com/Blogs/obscene-jeans-20-million/619224
http://messages.finance.yahoo.com/Business_%26_Finance/Investments/Stocks_%28A_to_Z%29/Stocks_O/threadview?bn=122450&tid=149&mid=149
If you zoom in on the right hand side of the picture, you will find Michael Franklin's phone numbers listed on the banner next to the display. Of course, I have to assume the photo taken was actually from the PV America Show.
http://mms.businesswire.com/bwapps/mediaserver/ViewMedia?mgid=316537&vid=4
http://www.asiadirecttrade.com/ at 407-413-9142
http://conventionmusic.com/ at 407-921-8290
From the March 9 8-K:
"Pursuant to the terms of the Agreement, all assets and liabilities directly related to Armada (as more fully described in Exhibit 10.1 hereto) shall be transferred to a new company ("NewCo") to be formed by Kidd. In consideration for the sale of Armada, Kidd shall return to the Company 50,000 shares of the Company's Series A Preferred Stock and 9,771,500 shares of the Company's Common Stock"
Please advise where you show that he returned the remaining 50k of the 100k preferred shares stated in the 10-K from January that he owns?
So cyphering thru the documents, as of January's 10k document there were 36.5 million shares outstanding, of which Kidd controlled 10.3 million plus 100k of preferred shares.
The latest (revised) 8-K shows Kidd giving up 9.8 million shares plus 50k of preferred for Armada, leaving him with 0.5 million shares and 50k of preferred equating to a voting block equivalent to 50,500,000 shares. Michael Franklin acquired his other 50k of preferred equating to a voting block of 50,000,000 shares (not including any other common shares he may have received/bought).
The net result is that between Kidd and Franklin, they now effectively control 100,500,000 voting block out of a possible 136,500,000 shares** (74%).
**Assumes no additional shares have been issued since January.
Furthermore, there is a debt obligation to Infinite Funding of $356k due 10/15/12 (plus 3% simple interest). It is believed Kidd and Andrew Farmer control Infinite Funding.
If I have calculated this incorrectly, please advise.
Delta - regarding taking things into his own hands, Michael Franklin negotiated the $36 million dollar deal for EVSO. Specifically, the press release states: "Michael Franklin, Director of Asian Operations, has executed an exclusive contract to supply one million Chinese manufactured wafers per month to Okaya & Co., Ltd. www.okayaelec.co.jp and Shinetsu Film www.shinetsu.co.jp of Japan. The contract provides a commission payment per wafer and is initially termed for a year, with provisions for possible extensions."
This deal was 100% his to make or screw up. As evidence from the lack of ANY revenues for EVSO, he never delivered on this deal, and as a result EVSO came under scrutiny by the SEC and eventually had trading suspended.
Case in point #2 - Michael Franklin was responsible for delivering his Volt Solar Charger to GSLO and was to have negotiated an "exclusive" license for North American sales of the same. Michael never delivered on the product and in fact, a number of other companies attempted to sell the product direct from the manufacturer - thus violating the exclusive agreement. The fact that GSLO never got delivery of his product after months of hyping it up in press releases, resulted in GSLO also getting suspended by the SEC.
"Michael Franklin looks like a cool dude" - yes, but being a hip 50+ year old washed up Wolfman Jack fan club president who can only make his 1970's musical schtick fit in is in China does not qualify him to be a leader of a solar company.
Regarding his relavent experience, let's take a closer look:
In 2008, he begins his solar career in between his Rockin' Robin musical extravaganza and producing 1970's icon Gloria Gayner's Christmas special by becoming Director of Asian Operations for Evolution Solar (EVSO). Shortly after this designation, he announces a block buster $36 million dollar deal which gets them an exclusive right to produce 1 million solar wafers per month!!: http://www.thestreet.com/story/10690535/1/evso-evolution-solar-announces-36-million-wafer-supply-agreement.html
Unfortunately, that deal never actually materializes, despite the announcement of a solid contract, which then brings scrutiny to the company by the SEC resulting in a suspension: http://sec.gov/litigation/suspensions/2011/34-64612.pdf
In 2009, while bringing the first successful Cantonese Superstar, Andy Hui, to the US, Michael then becomes CEO of Synergy Design and Development in Shanghai, an associate company of Evolution Solar. Synergy failed to deliver on other contracts with sister company AESO: http://www.redorbit.com/news/business/1590115/evolution_solar_receives_purchase_order_for_a_700kw_solar_system/
In 2011 he promised to deliver the much hyped Volt Solar case for the iphone to GSLO: http://www.slashgear.com/gslo-volt-solar-charger-for-iphone-enters-mass-production-25136151/
Unfortuneately, a few months later, GSLO was also suspended by the SEC for making false and misleading announcements about the same: http://sec.gov/litigation/suspensions/2011/34-64612-o.pdf
This year, 2012, while working on his much anticipated solo album, "Forgotten Secrets" to be featured at the Xiamen International Music Festival, he has also launched Optimum Solar which featured the much anticipated "Plug 'n Play" solar panel with a company called ONYX: http://www.solarsouthwestflorida.com/plug-and-play-solar-panels/
These panels were to have also been used on a much hyped $84 million solar project in Roatan that they were awarded: http://www.businesswire.com/news/home/20110927005742/en/ONYX-Wins-Approval-Massive-84-Million-Solar
Yet again, the SEC stepped in after questioning the validity of this project: http://sec.gov/litigation/suspensions/2012/34-66262.pdf . After this action was taken by the SEC, ONYX announced the cancellation of the project: http://www.solarthermalmagazine.com/2012/03/16/onyx-terminates-development-of-honduran-solar-project/ . ONYX's only success to date using Franklin's Optimum solar products was a free demonstration project using 8 panels: http://www.marketwatch.com/story/onyx-completes-solar-power-project-for-upscale-caribbean-resort-2012-02-08 , which by the way, took nearly 6 months to install despite ONYX's claim that the panels only require 4 mounting screws to install.
So in summary, Michael Franklin, the accomplished musician, with having just entered the solar industry in 2008, has a 100% track record of having each of the three companies he was involved with being suspended by the SEC (EVSO, GSLO, and ONYX). Maybe he should stick with his day job or is the 4th time a charm.....?
Michael Franklin bio: http://www.michaelfranklin.com/bio.html
(is it just me, or is it apparrent to anyone else that Michael just dabbles in solar as a hobby in between international music gigs?)
His website for the solar products (including those produced for SEC suspended GSLO as well as those proposed for DOMK): http://www.voltsolarproducts.com/