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Over 3 BILLION SHARES issued now.
Someone has 180,000,000 shares and that's 5.75% of the outstanding.
180,000,000 / 0,0575 = 3,130,434,783 shares.
Man, if nothing else, these Cyclone engines can sure churn out stock.
CYPW = Sell On News
Isn't it funny how right after each PR there is a big dump of shares on the market, then the action fizzles?
It's like Schoell and Fruge put out a PR every time they need a few bucks.
Hey Arnold, maybe the LOI came from a Secret Valentine... ;)
As Tom said, most of Cyclone's big deals with these major backers turn out to be from one guy with no money working out of his home. Or in FSDS's case, a company just about to go into bankruptcy.
If Frankie really believed the BS she spouts, there wouldn't be that great big disclaimer on the PR.
Anybody real with $5 million to drop into Cyclone would be smart enough to read the balance sheet. $62 million spent resulting in net assets of a quarter million (at Cyclone's valuation). Then ask why?
It's also a year and a half since Cyclone has posted those really pathetic videos showing the Mark 1 and 3 engines spinning for a minute under no load.
It's been 3 years since the last update on the Mark 5 engine:
Cyclone hasn't filed the "Binding LOI" with the SEC.
Given the emphasis Cyclone put into the PR, this LOI is obviously a material fact, as defined in securities law.
Cyclone has filed all their previous LOIs and contracts with the SEC. One wonder why they haven't filed this one? Maybe the LOI doesn't match what the PR says?
If Cyclone gets another $5mil they will do what they've always done: squander it.
I would like to wait and see what the company can do now that they actually have money to bring products to market.....
Whoa! Huge RED FLAG
management is selling Preferred A out of there personal ownership so the company benefits and there is No dilution to current shareholders is what that statement really means...
On the topic of message deletions.
I'll put on my moderator hat here, and refer everyone to the official policies.
When you write a post there is a message on the right of the page that says:
TOU Reminders for Stock Specific Boards
You are posting to the Cyclone Power Technologies, Inc (CYPW) board. Please keep your post about the stock and company. Do not post about other users or other stocks.
Your post may be removed if it contains off-topic or other content that violates the terms of the Terms of Service.
Personal Attack
This is when someone attacks one or more members personally rather than the content of that Member's message. The post does not have to be addressed to the "target" of the attack to be considered a Personal Attack. If it attacks a messenger rather than the message, it qualifies for deletion and it is expected that Moderators will remove it.
Off Topic
Posts about or focusing on other Members or groups of people and their reasons for posting on the board (i.e. "XYZDownDaDrain" is just a basher, ignore him", "XYZToDaMoon" is a pumper", "the naysayers are very loud today", "c'mon, where did all the cheerleaders go?"). The post does not have to be addressed to a specific person. If the post is about other Users then it should be removed.
Posts about Moderators and/or deletions are also "off topic". Issues of this nature need to be discussed with a Site Admin.
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Posting of what the Member believes to be any personally identifiable information (email, real name, phone, address, etc.) about another User or posting the contents of a private message is a privacy violation. For example, if a Member posts that "XYZDownDaDrain is actually Bob Smith", whether the information is accurate is irrelevant. The Member was trying to disclose personal information. This is a serious violation and can get you suspended or terminated from the site.
WHOO HOO! Secret Investor! LOI! 6 months of DD! PR issued! Price blip, and lots of new shares hit the market.
Yep, Cyclone hasn't used this play six or eight times before.
Oh look, engine production will now start in six months. Just like Cyclone has said constantly since 2007. But this time it's for real, right?
Harry Schoell can't make his 5 horsepower toy engine run well enough to publicly demonstrate (remember all those Cyclone lawnmowers that were going to hit the market by 2009 at the latest?), but that's OK because now he's going to be building 1500+ horsepower engines for his megawatt solar systems....
Hope people were able to cash out before the price drop.
Yep, same MO: PR followed by a trading blip.
Here's the Google Streetview of their new partner's headquarters:
This partner is actually a registered company, as opposed to most of their previous partners. Although I'm surprised Frankie didn't tout him as a "Leading Regional Construction Conglomerate", as is her habit.
That Youtube presentation is pretty awful. I've got through only the first 9 minutes, but it's a showcase of Harry Schoell delusional thinking. Did you know that Cyclone engines have "an unprecedented long service life"? They say so at about 2:30 into the video.
Boy will that contractor be surprised if he actually tries to build one of these systems. Hope he's got good lawsuit insurance.
No, 0.0003 is the new ceiling.
Cyclone has been operating for the last few years almost exclusively on diluting the stock. They issue new stock to pay their suppliers, consultants and lenders. Everyone they owe money to gets stock, and lots of it. The lenders hold convertible notes that convert into stock at 45% below market.
If the price goes above 0.0003 the floodgates will open with all the current holders wanting to take profits, plus Cyclone themselves will dump stock to get the cash.
Over the last year Cyclone has been issuing an average of more than 100,000,000 shares per month. Since they have no product and no other revenues, either they keep printing stock to keep the lights on, or they go CYPWQ and trading stops.
That was Chris Nelson's MO at Cyclone Power - constantly announcing new "deals" with LOIs and MOUs. Nothing ever came of any of them.
Four years ago Nelson announced receiving a million dollar purchase order:
"Christopher Nelson, President of Cyclone and Director of its WHE subsidiary, commented, "We have achieved a monumental milestone for Cyclone, Cyclone-WHE, and our shareholders – the conversion of a previous letter of interest into an initial purchase order valued at $1,000,000."
Cyclone never got a penny from this order because they had no product to sell. Actually having a product was one of those details that was yet to be worked out.
Different company now, but same process at work. QPWR will do acquisitions, just as soon as they raise 100% of the necessary funding. And they now have a new MOU to do joint acquisitions, just as soon as they raise 100% of the necessary funding.
Outstanding shares
November 14, 2017: Common – 48,422,386
August 19, 2016: Common – 29,551,431
They may "anticipate" a stock price of $0.15 following an acquisition, but what they are now is a shell approaching zero cash and $3 million in liabilities, who have been rapidly printing stock. The lower the cash gets, the faster stock will be issued. Notice they had raised the last round of funds through convertible notes. Any funding raised for acquisitions will also be through convertible notes, with lots and lots of new stock issued.
Again, same MO as when Nelson ran Cyclone. Wait for the major league toxic debt and massive dilution. Cyclone is now past 2.5 billion shares issued.
The winners will be the insiders and the savvy big investors who sell the convertible notes. Retail investors will be the bag holders in the end.
Well, you've got to admit Molten Salt has a point - it probably would take $5.9 billion for Cyclone to develop a working steam engine.
And since nobody is going to give Cyclone that kind of money, Cyclone will never make a working engine.
So the logical conclusion of Molten Salt's position is: avoid CYPW stock.
Let's take another look at what Ford accomplished, since they are the benchmark being used for Cyclone.
From Wikipedia: "The Ford Motor Company was launched in a converted factory in 1903 with $28,000 in cash from twelve investors, most notably John and Horace Dodge (who would later found their own car company)."
From an inflation calculator: "$28,000 in 1903 ? $740,485.52 in 2017"
So Ford started with far, far less capital than Cyclone. How'd they do?
"On June 16, 1903, the Ford Motor Company was incorporated, with 12 investors owning a total of 1000 shares."
"Despite Gray's misgivings, the Ford Motor Company was immediately profitable, with profits by October 1, 1903 of almost $37,000."
Looks like it took a lot less than six months not only to develop but to put engines, and whole cars, into profitable production.
The first car was the Ford Model A (1903–04) "1,750 cars were made from 1903 through 1904 during Ford's occupancy of its first facility: the Ford Mack Avenue Plant, a modest rented wood-frame building on Detroit's East Side. The Model A was replaced by the Ford Model C during 1904 with some sales overlap."
"In 1904 Ford introduced new models, the AC, B and C, and two new engines." In 1905 they introduced the model F, with a new engine, then in 1906 the models K and N, each with new engines.
That makes six successful engines in three years, developed and put into production.
How'd they do financially? "A dividend of 10% was paid that October (1903), an additional dividend of 20% at the beginning of 1904, and another 68% in June 1904. Two dividends of 100% each in June and July 1905 brought the total investor profits to nearly 300% in just over 2 years; 1905 total profits were almost $300,000."
That $300,000 profit in 1905 is less than $8 million in 2017, so Ford at that time still had far less capital than Cyclone has burned through. And Ford paid out huge dividends from that profit, reducing their capital for reinvestment.
300% in dividends in 2 years, plus appreciation of the stock value for Ford, vs. zero dividends and 99.9% loss in stock value for most investors in Cyclone.
So yes, Ford is a good benchmark to compare Cyclone's performance to.
Not to mention that 100 year old Ford engines still work better than anything that Cyclone has ever produced...
There's a huge differences between Ford and Cyclone that is being ignored.
You can buy a working Ford car, truck, van, or a new Ford crate engine, or bare Ford industrial engines for your own application. If you buy, they come with a warranty of 5 years/60,000 miles on the powertrain. If the vehicle averages 30 mph over the time the engine is running, that's 2,000 hours of running time, with full warranty.
Of course, you can also rent Fords, or even test drive vehicles for free. Engine specifications, and actual performance measurements done to industry standard tests are available. There are lots of third-party evaluations available as well. Ford Performance has a hotline with tech people in case you want to modify a Ford engine.
The Cyclone diversion now seems to be "but whatdabout Ford? You can't expect us to make a working steam engine with only $60 million of investors' money!"
If I had the time I'd go through all the hundreds of PRs and financial reports put out by Cyclone over the last decade claiming they had working engines that had completed alpha, beta and pre-production testing and that mass production was going to start in six months.
Tell you what, find a public statement by Cyclone in the last 10 years where they gave any hint they would need a the kind of money you now say would be necessary to develop a working steam engine.
Just one.
Please.
If they didn't realize they needed that kind of money to build a working steam engine, that makes them incompetent. If they did realize and didn't tell investors, that makes them frauds.
But really, just look at what Cyclone got for all those millions. In addition to all the junk filling the Schoell Marine building in the photo in the intro, here's a shot from the last video they put out:
This was where the mechanic had to push the engine to get it to start.
And here's the control panel:
It looks like something put together by a hillbilly from parts scavenged from dumpsters. And this is the net result of how many millions spent?
And that video was from a year and a half ago now. What progress has there been since then?
Remember, we're talking about steam engines. Technology that was in operation well over 200 years ago. If Cyclone had ever been serious about making a working engine, they would have. The reason they've produced nothing of value is they whole business venture has been to transfer wealth from investors to Harry Schoell and Frankie Fruge to keep them in the lifestyle they think they deserve. 14 years of paid vacation, and still going.
That was seen in spades after Cyclone hired OSU to fix the WHE engine. Cyclone put out a press release in November 2013 announcing how happy they were with OSU's work:
The WHE-DR boasts several important advancements over the previous engine model, meant to decrease manufacturing costs and increase operational durability without loss of performance. For instance, the new engine replaces six cylinders with three slightly larger bore cylinders, and utilizes more robust and less complicated admittance and exhaust valving systems, and simplified rod bearing connections. Overall, the WHE-DR has approximately 60% fewer parts than the earlier version. Initial testing has demonstrated significantly smoother and quieter operation, which is expected to result in the successful completion of durability tests over the next two months.
“We are very proud of our improved engine. This is a technological and business milestone that must not be understated, as we are fast approaching our transition into phase one manufacturing with our team that we have been preparing in Ohio. For small-scale waste-to-power applications, we believe this product has enormous market potential,” stated Harry Schoell, Chairman and CTO of Cyclone.
Molten Salt wrote:
I think they are issuing stock to pay their auditor.
They said that the difficulties they were having with their auditor were Cyclone's fault and that Cyclone had stiffed this auditor when they changed to a new one.
Others have imprudently invested too much money in this stock when it had a P/E ratio of infinity ($1-2/share with negative earnings.) Rather than admit that they were foolish, they attack Cyclone for misleading them.
But what engineer ever, has not been overoptimistic about their inventions, at early stages?
Cyclone is not public about their technology, proving its merit.
In any event, my schadenfreude will be exquisite should Harry Schoell and his comrades succeed in their aims to have purchase order deposits in 1Q 2018 and deliveries and revenue in 2Q 2018.
Expect perhaps a 10-1 reverse split to facilitate getting the stock traded on a major Exchange.
Not only has the runtime bar been lowered, but also power output:
Q3 2016 "The company anticipates that it will concentrate on the following engine models (power ratings) : Mark 1 maximum rating (10 KW- 15 HP), Mark 3 maximum rating (20 KW-28 HP) and the Mark 5 ( 45 KW- 100 HP)."
Q3 2017 "The company anticipates that it will concentrate on the following engine models (power ratings) : Mark 1 (2.7 KW- 6 HP), Mark 3 (12 KW-22 HP) and the Mark 5 ( 60 KW- 100 HP)."
The Mark 1 is reduced from 10 to 2.7 kW (73%) and the Mark 3 from 20 to 12 kW (40%). The Mark 5 rating went up, but it's been years since Cyclone has done any work on it. (Combilift is still waiting for theirs, with the original promised delivery date of July 2012.)
Even with the major derating of these engines, Harry still hasn't been able to make an engine run for 10 hours. Or shown a video of a Cyclone engine powering anything, or even shown a video of a shaft turning for more than 70 seconds.
But, production is going to start in six months, so it's all good, right?
Interesting rate of dilution going on.
From the Q3 report, For the three months ended September 30,
Outstanding shares: 2017..48,422,386.....2016...29,105,669
60% increase in shares in a year.
For 2017, Net cash provided by financing activities $1,652,500 (from the convertible bridge notes).
CASH - End of period (Sept 30) $671,540
The current burn rate is $110K per month. That gives them six months from the end of Q3. Intersting they predicted "The proceeds from this offering are expected to provide working capital for the Company through at least the first quarter of 2018. " (page 9)
All they've got aside from this remaining cash and $620 in furniture and computers is a letter of intent to buy a compost operation in Florida, provided they can raise the new cash to buy the place.
Unlike CYPW where millions got siphoned off into the founder's private company and a little is trickling back to keep CYPW open (and now at $0.0002), QPWR doesn't have any deep pockets.
Once the remaining cash is drained off by the insiders, printing stock is their future.
60% increase in A/S will be nothing compared to 2018's dilution.
The Cyclone dilution engine is revved up!
Page 22: "In the first nine months of 2017 the Company issued approximately 585.7 million shares of common stock in settlement of debt, related accrued interest and accrued liabilities and of approximately $418,000."
NOTE 18 – SUBSEQUENT EVENTS
"b-The Company issued approximately 335 million shares of common stock pursuant to conversions of debts and related interest and approximately 282 million shares to satisfy accrued liabilities for consulting services. "
335 + 282 = 617 million new shares in Q4, and 1.2 billion for 2017.
And, Frankie got the A/S wrong again:
"c- The Company authorized an increase of Common Stock to 6 Billion shares ."
It was 6 billion already. Maybe she meant 16 billion....
Engine production in six months: "We anticipate delivering manufactured products thru our integrators and manufacturers by the second quarter of 2018." (bottom of page 20).
Whew! I was worried there for a minute. Good to know that even though Harry Schoell has been unable to make a steam engine work for 10 hours after 14 years and over $25 million in cash spent that in six months they'll be rolling off the production line.
Bottom of page 18: "The company has progressed from development of proof of concept engines to the enhanced design of production models which promote manufacturing efficiency, engine application dynamics and durability."
You gotta hand it to Frankie and Harry. Not many people would be willing to lie so extravagantly in an SEC report.
"FSDS has been placed under Danish government receivership and the Company has reached out to the Danish Ministry of Defense and other Danish military contractors to complete the contract."
at the bottom of page 16. It also says "In the third quarter of 2017, the company recognized $150,000 of deferred revenue from FSDS upon the delivery of the engine design and documentation (as per the contract). The company also delivered the first of 2 engines for evaluation and testing."
The $150K of revenue was from delivery of "engine design and documentation", not because the engines met their 10 hour run time requirement for a progress payment.
So, the streak continues: 100% of Cyclone engine designs are total failures.
Whatever happened to that FSDS engine?
More than a year ago now from Facebook:
Love that promise to post the full test results. Yet another Frankie Fruge baldfaced lie.
And, it should only take six weeks to finish all the testing, right?
Now we're at a year and six weeks, and not a peep. Obviously this engine was just as massive a failure as all the other Cyclone engines.
Isn't it amazing how Harry Schoell can take more than $25 million in investors' cash and 14 years and not even build a steam engine that can run long enough to show people? There are 200 year old steam engines in museums that still run fine. It's not like he had to do anything revolutionary - just make a steam engine that runs.
Good Grief...
If there is no revenues or gross profit why can't Cyclone file SEC reports?
ANSWER
President of Cyclone, " We have a small accounting staff and we do not have the robust employee resources and expertise needed to meet complex and intricate GAAP and SEC reporting requirements of a U.S. public company.
Surprisingly (or not) absent is a mention of all the help Harry Schoell is providing making the heat exchanger work.
Remember the PRs touting the deals Cyclone made for heat exchangers for that "leading turbine integrator" in Canada that no one could find, and the outfit in Alabama that was going to be producing and marketing Cyclone heat exchangers?
Unfortunately for those IBES people, once they are able to make steam they will soon discover their Cyclone engine will quickly self-destruct and Harry Schoell is just as clueless about makeing steam engines work as he is about heat exchangers.
I wonder what happened to the person who said I owed Harry an apology for suggesting IBES' problems were the fault of Cyclone not delivering a working system that they contracted for? Probably realized how badly they got lied to by Harry.
A year ago today...
Engine for FSDS. Finishing touches, getting ready for delivery !
"Finishing touches", like, for instance, making a steam engine that can run for 10 hours.
I wonder if the true performance of Harry Schoell's "ingenious invention" will ever be known. Years ago he bragged on the steam car board that the souped-up Mark 5 for the land speed record car put out 108 hp on the dyno. Even though Harry had promised to post test results, he later came up with a series of excuses for not doing so. I'll be the 108 hp was a spike from suddenly throwing a load on the engine, with the inertia of the moving engine parts providing most of that power, although just for an instant.
CYPW has always been a Ponzi scheme. Money from new investors and new customers has been used by the company to promote the next product.
When they can't make the next product work, they silently bury it and announce the product after that with a new customer or two.
The current vaporware product is the Cyclone solar microgrid generation system.
The 10Q hasn't been issued because Cyclone hasn't been able to suck in any new customers on this latest scheme.
Because Cyclone was required by the SEC to file their contract with FSDS of Denmark, a previous victim of the Cyclone auxiliary power unit, we know that Cyclone has never been able to make their engine run for 10 hours. That's after spending about $30 million of investors' money.
In fact, the failure of the land speed record project with several years of trying shows they can't make an engine run at full power for 5 minutes.
It's about Mr. Smitter being conned by Harry Schoell.
All the claims about the performance and costs of the proposed Cyclone system are pure fiction. Cyclone has been making claims about great performing generators for 13 years now, and has never demonstrated one working.
In 2010 Cyclone with Phoenix Power were going to start manufacturing "green" generators to burn waste motor oil in 2011: http://www.businesswire.com/news/home/20101115006265/en/Cyclone-Power-Technologies-Phoenix-Power-Group-Announce
In 2009 Cyclone and Renovalia Energy of Madrid, Spain were going to have world-wide installations of Cyclone solar generators within a year.
http://www.businesswire.com/news/home/20090505005484/en/Global-Renewable-Energy-Leader-Signs-License-Cyclone#.VQjxAuF26zk
There are about 10 more cases where Cyclone claimed they were going to roll out working power systems in different industries.
The only system ever installed at a customer site was at Bent Glass Designs in Pennsylvania to generate electricity from waste heat. Startup was nearly two years late, and they permanently removed the system within one week.
http://www.marketwired.com/press-release/bent-glass-design-purchases-engine-system-from-cyclone-power-technologies-921147.htm
This new Cyclone solar venture is more Harry Schoell delusional thinking. Or outright fraud. He's never made one of his engines work right after burning through almost $30 million of investors' money. But he and Frankie keep lying to potential customers about Cyclone "technology".
As a point of reference, they've contracted for two small engines with a small defense contractor in Denmark. The engines only have to run for 10 hours before Cyclone gets paid for them. That hasn't happened yet.
Not only are there no working Cyclone engines, but Harry has never shown a working solar collector, let alone a molten salt heat storage system.
Oh, Cyclone also sold such a solar system to a group in Mexico last year. Harry was supposed to personally deliver a working engine to them last August. They're still waiting. They were given Cyclone plans for the solar system, also last year, and were supposed to be building one. No word of what became of that venture, but if anything worked even a tiny bit, Cyclone would have issued multiple press releases.
See the bottom of page 5:
The Cyclone Engine is a state - of - the - art, high efficiency engine that produces no greenhouse gasses and has an unprecedented long service life.
Well, whaddya know? The quarterly report is going to be late. Again.
No doubt when it does come out the numbers will be unaudited.
I don't know who's more incompetent, Harry Schoell, the CTO who can't make a working steam engine, or Frankie Fruge, the President and former Ernst&Ernst auditor who can't cut and paste a 10Q within two months of the quarter's end. With the help of a CFO and two business consultants.
And the 10Q will be accompanied by a letter to shareholders stating how Frankie's great business model is coming to fruition with all their worldwide distributors and how engine production is expected to start in six months.
The little material fact that they can't make an engine run for 10 hours will not be mentioned, of course.
Well let's look at the dilution rate and see what we get.
Cyclone has two business consultants on contract, each being paid a nominal $10K per month. They are paid in stock steeply discounted from market. In the past with Cyclone that's meant 40-55%. Let's pick 50%. After all, Cyclone wouldn't hire dumb consultants.
We take today's relatively high 0.0003 as market. $20,000 per month at 50% discount means $40,000 of stock issued per month. That's 133 million shares per month. Just to those two consultants.
If the stock was issued against a price of 0.0002 instead, there would be 200 million new shares per month.
Now if Cyclone is paying anyone else in stock, like they have commonly done for the last several years, the amount issued per month is even higher.
So what were those trading volumes like, again?
PS: Tuesday is the deadline for filing the 10Q. Any bets Cyclone will be late, even though they have no sales, revenues or even a product?
Hey Chuck, thanks. I just put in a chart of A/S. When I get time I'll link into the contracts of those two business consultants being paid in stock.
A problem I'm grappling with is that Cyclone's list of failures is just way too long for the intro....
Hey thanks Arnold. A nice thing about the intro editor is that links to information sources can be put in.
I think the next addition will be the rise in issued shares over time. That graph will have one heck of a curve upward.
It appears that Cyclone notified the state of Florida that the authorized shares have been increased to 6 billion but have not notified the SEC. as would be requiered. The last filing with the SEC is a correction lowering the a/s from 8 to 4 billion shares. Buddy, any idea what this is all about?
Hey Creston, 6,000,000,000 shares are authorized now. If you get a chance could you update the intro text?
Who said the penny is worthless? Why, it can now buy 50 shares of CYPW.
Pretty soon a penny will buy 100 shares.
OK, so bad example....
I wonder if they will post another awful video soon showing a shaft turning to prove there is "progress" being made? Seems about time.
(Spoiler warning) That fellow in Dubai is still having trouble with his Cyclone generator: https://www.ibes-energy.com/news/
Here's the video:
Hmmm... Seems like just a month ago Frankie was telling shareholders not to worry about A/S increasing. Where does the time go?
The last filings showed Cyclone has hired two business consultants at $10K per month each, and their only duty is to be the liason with the auditors. After all, Cyclone's financials are just soooooo complicated, what with the zero revenue and no products.
Those consultants are getting paid in stock, at a steep discount to market. Obviously they are dumping it as soon as they get it and that's been causing the recent dilution.
Remember Frankie's excuse for having to correct the financials? They put out 300 pages of filings, and it's just too difficult to keep track of it all.
The trouble with that excuse is that if you read Cyclone filings you see that they are 98% cut and paste from previous filings. All they do is change the total sum of investors' money they've squandered, and push up their estimates of production starting to be six months from whatever the filing date is.
Why you need a "Management Team" including a president claiming to be a former Ernst & Ernst auditor plus a CFO, plus two $10K/month business consultants will always be another Cyclone mystery. Heck, one of the consultants was given a one year contract to deal with the California auditors that Cyclone had already ended dealings with.
$120K contract to deal with an auditor Cyclone doesn't use anymore? Nice work if you can get it.
Of course, Frankie works just so darned hard "for the shareholders" that she deserves all this help. Remember that recent boat magazine article about what an in-genius Harry is? Notice how it said Frankie and the CFO finally rolled in at the end of the business day? Maybe they were attending a Management Team Strategic Retreat all day. You know, planning how engine production is going to start in six months.....
I can't wait for the next PR from Cyclone. I'll bet it mentions some new "partnering" agreement, signing up more worldwide distributors, and Frankie claiming that her business model is coming to fruition. In short, different day, same old BS.
Well, last summer they announced Harry was going to the customer in Mexico in August and bringing the engine that was "finishing its testing at Cyclone" with him.
No word since on either Harry going or that engine completing testing.
The customer was supposed to be building a Cyclone solar system from Harry's plans, so maybe they figured out there was no need for the non-working Cyclone engine to connect to their non-working Cyclone solar system.
They also announced a couple years back that Harry was going to Denmark to consult with customer 3R's "20 engineers" at their "factory". Harry never made that trip, either.
And if the "next stage" of the military APU is "a fully working field unit ready for mass production meeting military specifications", the Cyclone development timeline must be:
Stage 1: Announce a new engine with claims of performance vastly superior to any existing technology. Make shiny, non-functional mock-ups of this super-engine and talk about them as if they were real engines. Promote everywhere you can, including creating a Board of Advisors consisting of very reputable people (and never ask for their advise, or even tell them what you've got).
Stage 2: Con thousands of investors into putting in money with claims of "market-ready family of engines" and that all the technical problems have been "overcome". Con customers into putting money up front for prototype wonder-engines that you know will never be delivered.
Stage 3: Work 13 years, with actual operating losses of $29 million (plus another $32 million in derivative losses), with more than 2/3rds of the cash going to undescribed "general and administrative" expenses (aka Schoell Marine). Announce new engine models, work on each for a few years with nothing but failures then announce new models. Keep lowering the bar until you are struggling, and failing, to make a low-power engine survive for even 10 hours.
Stage 4: Announce that "this month" you will have a "fully working field unit ready for mass production meeting military specifications."
After all, why let details like having an engine that actually works
get in the way of bleeding investors and customers even more.
Insiders Looting the company.
From page 22 of the last 10Q:
As of the date of this Report, our CEO and President are receiving fees as consultants, even though they spend virtually all of their time on Company operations.
Hey Bobby, I always liked your term YT#2. Similar to the saying "polishing a turd". Just like Harry Schoell spending the last decade tinkering with his engine and showing no progress at all.
When I came across Cyclone I kept seeing announcements about Mark 5 doing this and Mark 5 doing that. It took a lot of digging and reading to find out no Mark 5 engine had ever been shipped to a customer.
In fact, no one outside Cyclone has ever seen the Mark 5 engine even run.
Cyclone engines only turn out to run properly inside Harry and Frankie's imaginations. But neither are honest enough to give any hint that's the situation. They keep making announcements of engines soon shipping to customers and engines soon going into mass production, knowing fully well that's not going to happen.
It's been a pure scam since at least the WHE installation at Bent Glass, two years late, being dismantled within a week of it finally being started. Harry and Frankie (and Chris Nelson) were fully aware since then the engines just could not be made to work, yet they kept making announcements of deals and production starting soon. They knew nothing they announced had any chance of happening.
Don't forget the constant DILUTION.
Cyclone has two consultants under contract, each at $10,000 per month and being paid in shares at a discount to market. (Cyclone didn't say what the discount was, but in the past on convertible notes it was usually 45%.)
So, right now figure they get shares at 0.0002, or 5000 per dollar. Twenty grand a month to these consultants would be 100,000,000 new shares per month being issued. Just to the consultants.
Then figure that Cyclone is using stock to pay anyone else who will take it and it's no surprise trading volumes have been up recently along with the price steadily dropping.