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They did more notes at .05 just to keep the lights on!
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Issuance of Convertible Notes
From January 1, 2017 up to March 31, 2017, the Company issued convertible notes in aggregate of $248,600 in exchange for cash of $226,000. The notes are unsecured, convertible into 4,972,000 shares in common stock of the Company at a conversion price of $0.05 per share and mature in one year. In connection with these notes, the Company also issued warrants to purchase 2,486,000 shares of common stock of the Company at an exercise price of $0.05 per share and expiring one year from the date of issuance. As a result, the Company will record a note discount of $248,600 to account for the relative fair value of the warrants, the notes’ beneficial conversion feature and original issue discount which will be amortized as interest expense over the life of the notes.
Conversion of Convertible Notes"
Bigger removed gets 580k separation!Is there any question now what this company is all about?
Just about any snap shot in time will show a steep decline in share price. Imo Qsep is going to get whacked to a much greater degree than the current pps reflects. It may not be today or tomorrow or next week but the tidal forces of dilution coupled with the years of mismanagement of cash and company resources will ultimately collapse the vortex ,until all the sucking sound is silenced and investors equity flows like a quiet river down the drain! The only hope is a real order. Not a fake one like pawning off the mini lab as some sort of new revenue model.
Total trades are less than 25k today. This is more penny stock wizardry. Water will always find its level..
Yeah they are waiting alright...
Remember legitimate companies with good news don't release a 10k after hours on a Friday.
While agree is sketchy management is to blame for most of it, I'm not buying the technical side. I do not believe applying an electric or magnetic field has any long term effect on either oil viscosity or pipeline turbulence other than to slightly raise the temperature. Adding heat will obviously reduce viscosity to some degree but we are talking a fraction of what has been touted.
Qsep has had several goes at this. If the product worked and was durable enough to be in field operations... it would be in use now in several locations and product iterations. Yet...No word from Kmi on a contract signed in 2014 and management waiting to the last moment to release the 10k late on a Friday! Shameful!!
Yeah all this good news yet management chooses not to release the 10k before the open. These are tricks the penny promoters cut their teeth on! If they don't file the 10k tonight they will have 2 weeks more to cook up more excuses!
I would expect the 10k after hours on Friday.
Joke of a report...this company will be sub penny after all the North American players evaporate in favor of some amazing opportunity thousands of miles away from prying eyes! The story is dead...CEO not willing to stick his neck out any further for a paltry 300k a year gig so they gone up with the mini Aot on flatbed. Comical!!
The only certainty is that management will continued to dilute shares until it collapses! 10k this Friday.
Qsep has lied so many times in public disclosures it literally consumes volumes of text. Now that they have exited to an non accelerated filer they can be even more cryptic..except for the uplist dream which will be resurrected once they can score some more cash.
Press releases are not evidence.
The foot dragging is management reluctance to level with its shareholders.
As you correctly point out, major players would not hesitate to buy one or more units , provided company claims were even in the same ballpark! You would also expect that one of the many supposed clients, would install and run a hard core field test, measured in months not hours!
Sorry to say but Juniper/Columbia labs has been a company devoted to itself way before its investors! For several decades they have failed to return anything except losses to the common share holder yet management always gets fat comps and cushy stock grants! Company should be taken private.
The only "door to door" sales this management knows how to conduct, is stock sales! Cecil was the king of that. Doctors, Dentists, Lawyers. All perfect targets. GB doesn't have the same swagger that allowed Cecil to easily extract free money from investors. Thus the inflated share price has adjusted accordingly. Apparently "oils of the world" part 1-2-3 isn't doing it! Time for a European Roadtrip!
Here's the answer:
SECTION 2. Annual meetings of the stockholders shall be held on the anniversary date of incorporation each year if not a legal holiday and, and if a legal holiday, then on the next business day following, or at such other time as may be set by the Board of Directors from time to time, at which the stockholders shall elect by vote a Board of Directors and transact such other business as may properly be brought before the meeting.
Read more: http://getfilings.com/sec-filings/130708/SAVE-THE-WORLD-AIR-INC_8-K/stwa_8k-ex302.htm#ixzz4ceWQp5UC
Operative words: "from time to time"
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yes, the BOD chose Cecil's salary
and then they chose Greg B's
and - funnily enough - they are the same salary "
Ahhh no. Cecil 2013 salary was 335k plus 100k not to mention millions in free stock and a free years salary for basically spending the company into oblivion.
Midstream was a disaster...thus the pivot to condensate which has produced nothing but another giant question mark! Subsea or marine offloading will be the latest greatest.
Even if there products were "game changing" , management reported they had only sufficient cash reserves through January 2017. Its now end of March and there have been no disclosures of additional raises. Instead of press releases of the CEO's vision of "oils of the world" , maybe they could release a financial plan to keep operating based on actual real numbers. I'm sure we will find out after hours this Friday.
Qsep management has been inept since its beginnings in the late 90,s. Bigger is responsible for much of it but so we're his predecessors. Cecil spent bags of money on a huge staff and lavish location with high rents in several locations. he basically squandered millions while Bigger rubber stamped every move as CFO. This would disqualified him in my book as CEO but overall he is just trying to keep the ship afloat. This is the only fiduciary duty this outfit cares about.
Zinke almost got derailed by taking 80k from Qsep...he is not risking anymore political capital with this one man show.
Here where Qsep gets it's talking points:
https://rbnenergy.com/kind-of-a-drag-how-drag-reducing-agents-are-changing-midstream-planning
Interesting never here about alternatives to this multi billion dollar business!
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INCORRECT. This is why TRANSCANADA is showing "CONTINUED INTERESTS" in the PROVEN AOT.
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Yeah they had enough interest that they sent it home even though they could have easily have kept it for free or at minimum a greatly reduced rate...but Tcp engineers saw the results...and they couldn't be fooled by Tao shell game.
Too bad Aot 4 pack got yanked after 90 days. Now it's just another million dollar Pterodactyl bird feeder rusting in Texas!
Lots of great ideas rusting in warehouse across the US because the inventors didn't have the money to market its products...unlike Qsep which has squandered its cash on payroll, lifestyle and stock promoters. Even raising and spending 100million, Qsep never did significant industry trade shows and are not visible in industry trade publications, even after years of fluffing its electric field magic pipe! If they claim they replace diluents and DRA then you would expect a company presence at any major show that deals with these products. Instead you get Tao making presentations with outrageous claims not backed up by any data or peer reviewed studies. It's a joke....but it's on investors and I doubt they would find the punchline funny!
You got that right! The pump is back from the dead!
Company has fabricated its accomplishments for decades! The latest being how the Aot movie prop can solve all the worlds oil transport issues. Management and it's paid consultants have all been complicit in this continuing charade who's sole purpose is to extract more investment by God knows who! The only constant...management gets paid in full....well up to the point where they can get no more investment to fund its whacky products. Company acknowledges it had only enough cash to fund through January 2017 yet they say nothing about this since the MRQ. Doesn't Bigger need to come out and "assuage" the concerns?
Agreed! Although the human comedy of watching these fraudsters and operatives is wildly entertaining!
Thanks for the reply. Apparently they don't need to disclose the change or they do it in the 10k. Last Q was accelerated and they did NOT meet the limit then. In either case the filing deadline is just that...a last day to file.. correct? I'm sure nothing prevents the company from filing on the 16th like they have done for past 3 years but unfortunately investor were met with more silence. This after three consecutive 50% or greater share value loss year after year. Yet every executive every worked there got hefty comp packages and golden parachutes on exit. Only in pennyland!
Agreed... no worries my money not going anywhere near this outfit just curious to know if this status change has any real consequence...other than giving this company another 2 weeks to dream up something something magical to release!
Thanks for the reply
Oh yeah Money TV has never told a lie! lol.If they have the nut flush the world would know. News of innovation travels at the speed of light. How many years have investors been promised the same line.
Q...I follow a penny that has for the last 3 years reported as an accelerated filer. Investors are chopping at the bit for any shred of news but the 10K was due yesterday but didn't come. Checking the SEC resources, indicates that a company "exits" the accelerated class if the public float value drops below a threshold minimum. The company then become a "non accelerated" filer which is apparently the same as a small business company.
Does anyone know if the company is obligated to advise its investors of this change and what effect does this actually have? I know they have less auditing requirements but does it fundamentally change any of the reports?
Thanks for any help!
This company actively promotes the now famous series of pressers on " oils of the world" but can't even let its shareholders know it's 10k will now be filing 2 weeks later than the previous three years! This when investors are literally dying to hear any bit of news! So much for transparency! It amazing that management and it's directed agents encourage its investors to discovers this crucial bit of info via personal phone calls to the a local sec lawyer. lol! I wonder if they set up like Lucy's psychotherapy booth for .25 a reading!
All Qsep products are to this date unproven and who's predecessor were based on patents for magnets strapped to some form of intake or flow through manifold either for diesel or gasoline or crude oil. It has never been show to work in industry or has even run reliably in trails greater than a few days!
Yeah yeah I get it... but the reason why it's NOW due at End of March is because the company has SQUANDERED is share value, to such s degree that is no longer an accelerated filer. In other words...they have been so miserably bad at execution , the company can't even maintain a low public float minimum threshold. I wonder if management will be awarding themselves bonuses for another milestone and job well done!
That's interesting even though it has nothing to do with when the 10K should be released. Management continues to spit in the eye of those that bankrolled the 100million dollar charade. The day of reckoning is soon upon us.
All 10k and 10Q since 2014 has been an accelerated filer and Qsep has religiously followed the (75 day 10k)release dates mandated by that status. Now when everyone is expecting a 10k...the line goes dead. One has to dig through the filings and determine they have exited the accelerated status by virtue of its public float value. The year is over and I'm sure the filing is ready to go but management sits on it. The deadline is just that...they can release anytime up to that date, but tge cravk team has chosen to say nothing which tells the story management doesn't want revealed. Another delay tactic and a clear demonstration of a broken fiduciary duty.
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As one engineer friend relayed - it took KM 4 months to schedule a job which involved the changing of one valve..and which actual work took 2 hours..that is quite a ratio !"
Actually Qsep failed on three separate attempts to get its flag ship Aot from shorting to ground! I know of no other legit company that would send a device that was not guaranteed to pass a safety review on the first go around...nevermind actually working!
Wait....Money Tv didn't vault the pps??! Old Don must be loosing a step!
Unless they are waiting for end of business day, then indeed Qsep will report as a non accelerated filer as they exit out of the accelerated category for 2016. It's where they belong in the first place as the public float was no where near the threshold at end of q2 fiscal 2016. I guess all investors are to suddenly forget about the importance of being Sox compliant. I guess up-listing is really out of question now! Lol!
Really hope you didn't pay too much for the phone call! There are three outcomes possible:
1. They have converted to a non accelerated filer and the 10k is due March 30th.
2. They file today and remain an accelerated filer even though the company public float did not make the threshold minimum.
3. They file late. NT10K due tomorrow.
Place you bets!
So If I'm hearing you straight...you agree with me that QSEP has been converted to a Non-accelerated filer, which is the only option with a 90-day deadline. If no 10K tomorrow then you are right but IMO Qsep needs to preserve the accelerated status for other reasons. I believe the 10K will come tomorrow. Whether it does or doesn't know this, Qsep would never delay good news.
https://www.sec.gov/fast-answers/answers-form10khtm.html
Category of Filer
(public float)
Revised Deadlines For Filing Periodic Reports
Form 10-K Deadline
Form 10-Q Deadline
Large Accelerated Filer
($700MM or more)
60 days
40 days
Accelerated Filer
($75MM or more and less than $700MM)
75 days
40 days
Non-accelerated Filer
(less than $75MM)
90 days
45 days