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Can someone post the link to the news or better yet, post the text here? I have been to EDGAR and other sites, and the only news I see is an 8K today that the filing will be late. Where is the news coming from about formalizing partnership or whatever?
It looks to me like Southwest is getting their disinfectant from Bactronix (or maybe Bactronix is a distributer for someone else). The backpack sprayer on the floor in the video looks like the BactroCase (picture here at the bottom).
There is also mention in the video of a "film" that keeps the surface disinfected for some time after the application. As far as I know, PCTL does not make that claim.
But with our system you get centralized tracking and proof of cleaning. Important difference.
If you click on the purchase button on the Danolyte site, one gallon of Danolyte disinfectant costs $66.45 retail. I am sure the 10,000 gallons we sold are less expensive as they are wholesale and buying in bulk, but $15 (as was mentioned in a past post) seems a little low. Maybe $25-$50 a gallon? Quite the revenue stream for little expense (water + salt + electricity + a gallon jug).
Also, terms of agreement with Duedi in 8K in 2016 mention that we were given exclusive license to sell the product worldwide--wonder how Danolyte is able to do so as well.
Exodus 20:7 (NASB)
“You shall not take the name of the LORD your God in vain, for the LORD will not leave him unpunished who takes His name in vain.
Something to think about...
Mrblabla, from what I understand, it wasn't the sales momentum that caused them to walk away from the Ontario deal--it had to do with Ontario not being able to follow through. The momentum just gave them more confidence that they were in a better negotiating position when they did walk away.
I don't post often, but thought this was worth posting.
I spoke with Gary today. I had called him twice last week and left a voicemail each time. He returned my call this afternoon. He spoke with me for a half hour and answered all my questions. He said the 8K today was to put out the final word on the Ontario deal as there was a lot of confusion regarding the status which resulted in a lot of calls to the company.
He also said sales are increasing by word getting around, and hospitals that use the system are seeing a high decrease in cases of (I think he said C. diff). Those that try the system buy it because it works.
I thanked him for his time and for being forthcoming in the 10Q about the debt situation.
He said they are addressing the debt aggressively, and they are in a much better position to negotiate now than when the Magnolia and Ontario LOIs were signed. From what he said, they walked away from the Ontario deal, not the other way around.
Also, the part of the "package" that is no longer being supplied by Annihilare/PRIME ITS is cloud storage related. Something another vendor could provide as is stated in the 10Q. PCTL owns all of the IP related to the product.
The 10Q does mention a small piece of "protocol" IP that Annihilare is claiming they own exclusive rights to and PCTL is disputing as it was jointly developed. I forgot to ask him about this, but the 10Q states that it is not a critical piece of the package and would have only a minimal impact if they were not able to use it.
I asked him if they had the production capacity to ramp up if a large number of orders came in, and he assured me that they do.
There is still a long way to go, but the conversation was very encouraging, in my opinion.
He also invited me to come see the office if I am ever in eastern SC as I live about 4 hours from there.
Make your own decisions about whether to buy, hold, or sell but thought this might give a little encouragement to those still in.
From the 8K:
Perhaps Annihilate is operating under this license/sub-registration agreement from the 10K as it was the parent company of Annihilyzer which was acquired:
No offence taken. And thank you for all the info you provided--it is apparent that you have done some good research in this field. I don't know all of the ins and outs of eVTOL, so the evtol.news publication and Uber study you provided will be helpful.
I did provide Bruce with contacts for some proprietary battery technology that is manufactured at a company near me, but none of that is involved in the current design.
PRs have said that they are based out of Lewisville, TX, but that is just where the Matthews building (where Bruce works) is located.
I don't know that they have a physical location. I would surmise that the work is being done at the location of their partner Paterson Composites and maybe some design work at Kasaero.
The company that Bruce bought was a foreign company from one of the smaller European countries (I think one that started with a B, if I remember correctly but might be wrong).
I think that they are probably paying at least one person from each partnership & some engineers from the foreign company that they acquired (the ones that designed the model they have now)--maybe the engineers from the foreign company now work for Paterson--not sure.
I do not have any documentation or research to support that they are less expensive than the competition, but that is what I have been told by Bruce in our initial conversation. Competition would be vehicles from companies like eHang, Surefly, I.F.O., Volocopter.
I do not know the source of the 6M in impairments. I may ask Bruce about some of these items in the future, but I don't want to bother him with too many questions.
Just got an email back from Bruce. 10% is annual rate as I thought, not monthly.
What I asked: "About the Promissory note for up to $750,000 from MAAB. 10Q mentions that the 10% interest is compounded monthly. I am assuming that that is a 10% annual interest rate that is compounded monthly, not 10% per month. Wasn't clear to me from the 10Q."
His response: "Correct interest is 10% per annum"
I would imagine that it is an annual 10% compounded monthly but that they just did not use the word annual in the 10Q. When referring to interest rates, everyone just assumes annually as that is standard. Interest of 10% monthly would indeed by exorbitant and not likely. I'll ask Bruce and see what he says.
Yes, 10% compounded monthly works out to approx $29,000 in the first year, $32,000 in the second year, $35,000 in the third year which is when the note matures (2021) if no principal or interest is paid. So approx. $96,000 in interest over 3 years.
Agreed, Bruce does very well, but that does not make this a scam. I believe he is truly interested in bringing this forward, but, obviously that does not mean it will happen.
And he is bearing the risk of the investment if it does not make money in the long run.
Yes, so Bent is making approx $29,000 per year ($280,000 loaned so far @ 10% compounded monthly) for funding the development.
"Astro Aerospace is the first company to have a working vehicle that is in an affordable price range." just means that their cost of production is low enough that when/if the vehicles become available, they will be very affordable--much less than the competition. I was not implying anything about how long it would take for the market to develop, regulations to be put in place, etc.
"They are working on a second improved version of the vehicle that is currently slated to be ready around December."
Yes, ready for more testing and proof that the design works.
"They have short-term funding, but they are currently seeking long-term funding."
Yes, this is currently funded by Bruce, but he is seeking long-term funding.
I don't know anything about Paul Beard.
There are many challenges to overcome before this will be a marketable product, but it doesn't seem to be a scam. I think Bent is seeking to develop the concept and become a buyout candidate.
Here is a small video on Youtube from the test flight on Wednesday:
More on Bruce Bent:
He is CFO of Matthews Southwest:
http://www.matthewssouthwest.com/
Bio here:
http://www.matthewssouthwest.com/people/bruce-bent/
He is also chairman of the board of EnerDynamic Hybrid Technologies.
You can read about that company here:
http://www.ehthybrid.com
and see Bruce's bio here:
http://www.ehthybrid.com/investors.asp. Scroll down and click on the Leadership link on the left.
Also looks like he is CEO of a newly formed company called MAAB Global Limited based out of Dover. Looks like it was registered in Sept 2017, the same time as mentioned in the 8K.
https://www.bizapedia.com/de/maab-global-limited.html
Could be the same as this company in Kenya with new site under construction:
http://www.maabglobal.com/
From the 8K:
From September 18, 2017 to present, Mr. Bent has acted as Chief Executive Officer and Director of MAAB Global Limited. Mr. Bent is President of Matthews Development (Alberta) Inc. a Canadian based project management company and is Chief Financial Officer of Matthews Acquisitions LLC, a holding company for the Matthews Group of Companies in the United States. Mr. Bent is Chairman and Director of Enerdynamic Hybrid Technologies Corp, a TSXV listed company.
This is Bruce Bent the new CEO.
http://www.matthewssouthwest.com/people/bruce-bent/
Looks like big money at his disposal.
Maybe so--not sure how that works. That would be great if they could get that issue cleared up.
I talked to Jeff Michel (former company that was helping HTIC with business development) about this a long time ago. He told me the issue was that the Canadians wanted management to sign off on financials from years when the company was Dragon Polymer. They had no way of verifying that the financials were accurate for past years so they would not sign and be held liable. I doubt that that situation has changed.
Going up slowly...
Big trade! 333 shares at .0092! :)
Some difference in wording in the two sections that mention subsidiaries. These two sections together is what we know. Notice that the second section mentions subsidiaries (plural) so apparently there is more than one.
Under Business Operations:
Through its subsidiary, the issuer manages and operates a boutique hotel brand Junhao and a
hospitality supply chain that includes the Classico and Lead Innovation brand. The issuer aims
to build a worldwide hospitality supply chain to service China, Asia, Europe and the United
States.
The issuer, through its subsidiary, controls the patented technology that allows tires to be
recycled through pyrolysis. The issuer is currently obtaining funding to complete the designs
and manufacturing of machinery and plants for the pyrolysis process. The issuer will then sell
the resultant pyrolysis oil, syngas, carbon black, and steel to petroleum product manufacturers
and rubber blenders.
Under Services:
The issuer, through its subsidiaries, engages in the hospitality business and environmental
recycling with a focus on innovation and brand development. The issuer’s aim is to create a
truly econ-friendly product while keeping both environmental and human safety in mind.
The issuer manages and operates a boutique hotel brand Junhao and a hospitality supply chain
that includes the Classico and Lead Innovation brand. The Company aims to build a worldwide
hospitality supply chain to service China, Asia, Europe and the United States.
The issuer, through its subsidiary, controls the patented technology that allows tires to be
recycled through pyrolysis. The issuer is currently obtaining funding to complete the designs
and manufacturing of the machinery and plants for the pyrolysis process. The segment operates
between several separate industries, notably the tire industry, the rubber manufacturing industry,
the oil industry, the natural gas industry, and the steel recycling industry. The operation plants
will take in waste off the road tires (OTR) and produce salable commodity products.
Correction, as Rainmaker said, Lead Innovation is the parent company and the hotel company is the subsidiary which controls the former Hitec technology. We own stock in the parent company and thus all subsidiaries as well.
Harvey sold Hitec and the new owner changed its name to Lead Innovation. That is the "hotel" company. Harvey is now on the board of a Lead Innovation subsidiary company that is seeking funding to build out his technology.
Did anyone else check this out?
Here is a link to Clasico Brands. It is mentioned in today's filing, but I think it is just misspelled in the filing as "Classico" (should have 1 "s"). I could not find anything on the Lead Innovation brand that was mentioned.
http://clasicobrands.com/whoweare.php
Poking around on the website, it sounds a lot like the goals stated for our company in today's filing.
Here is a link to Clasico Brands. I think it is just misspelled in the filing as "Classico" (should have 1 "s").
http://clasicobrands.com/whoweare.php
Same exact name, same address, same share structure.
I'm still not convinced that LingHang is not involved with this somehow as CEO is CEO of LingHang Group Corporation with same Junhao Hotel address on NVSOS site and same share structure.
My interpretation of what is known is that "LingHang Group Corporation" newly incorporated on NVSOS site is parent company and Hitec Corp was purchased to become a subsidiary under a new name. The subsidiary will be involved with waste management and will use Harvey's technology in that pursuit.
Just spoke with the attorney again this morning, and I wanted to clarify something. I mentioned to her that I thought she had told me that Harvey was on the board of the new company, but she corrected me that what she had said originally was that Harvey is currently on the board of the subsidiary.
She did not elaborate on this, so my best guess at what she meant is that he is not on the board of the LingHang USA company, but he is on the board of a new subsidiary company that was formerly Hitec.
Also, I did find out that she is remaining on as legal counsel for the new company as well, so she is not out of the loop as someone had thought in a previous post.
I asked her what attracted them to Hitec, and she said that the synergy was waste management.
She also reiterated that everything is still moving along with the name change and business plan, and that they will announce when there is something to announce.
There is not much that she can disclose at this point.
I spoke with Harvey on the phone a few weeks ago, and he told me the exact same thing--that they had sold the company. I second this.
Yes, I've been a shareholder since when it was Dragon Polymer, but not many shares back then. More when it became Hitec. From what I understand, they almost had financing a year or 2 ago, but some things happened, and it didn't pan out. Glad to have waited.
She did not say what Harvey's role on the board was or even if tires were involved. She did say something about waste management or clean waste or green waste (I don't remember her exact wording, but she was correcting me when I said that I thought she had mentioned tires in our last call). I would guess the pyrolysis process is involved somehow, but I don't know that for sure. I am eager to see how it all pans out.
Good deal. Make us some rain... :)
Forgot to mention that I also asked her about share structure and dilution. She said that she did not think there would be any dilution with the merger. Forgot to ask if the intellectual property that Harvey was "renting" to the company was still involved.
They are not under SEC rules, only FINRA, so SEC filing requirements do not apply. I did speak with the attorney yesterday, and the FINRA paperwork for company name change is moving along. We should hear something about that soon. Business plan is still being finalized, but some delay due to Chinese New Year. Still a few weeks out most likely before we hear something about business plan. Harvey is on the board of the new company. I mentioned to her that shareholders have not heard anything in several years, and I asked if the management of the new company was going to put a priority on informing shareholders. She assured me that that was the case and that they would announce once things are finalized. Sounds like good things ahead.