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All this commotion and nobody is mentioning that there is still not a single variable convertible note or unrestricted issuance on their audited financials.
This is uncommon for an OTC Pink and makes it a terrible idea for anyone to short this stock when there are hundreds of others that are suffocated with debt and 2B O/S by OTC standards.
Pretty sure Vader69 said the CEO would likely sell his shares in April / March of 2023 yet they are still labeled restricted on the audited fins so he’s eating double crow at the moment.
He doesn’t even understand the Sep 2021 rule change or he would know that CEO shares are locked until 12 months after EGYF is SEC current.
Now he’s tripling down on the concept not being real even though the CEO has a proven track record within advanced technology development over the past 20 years.
You can’t fix stupid as Ron White says. If they prove this concept in the near future this could outshine the TNSP / HMBL / BITC / OWCP runs many of us traded years ago.
Much of life is whether your half full or half empty. We’re very fortunate to have 3 new good Samaritans here to shepherd our fun money decisions lol.
No damage to the panels by dust, wind, hail, water, uv degradation. I bet they'll last longer this way.
Thanks for the info. Reminds me of EGYF, similar size float and merger process unfolding.
The company declared itself a shell on Page 1 of the Dec 2021 Filing.
https://www.otcmarkets.com/otcapi/company/financial-report/323118/content
Then the company declared it was no longer a shell in the next filing through March of 2022 and ever since then. Just because the company believes it's no longer a shell doesn't mean the SEC agrees, hence there are registration rules which all must be met for Rule 144 to be made available to them.
They will not meet the requirements for their 1 Year Restriction to begin until they are current with the SEC. If they had never reported themselves as a shell you would be correct, but they did and now they are subject to the rules of previously being a shell until the Form 10 is accepted by the SEC.
USE OF FORM 10, FORM S-8, FORM 8-K, AND FORM 20-F BY SHELL COMPANIES
https://www.sec.gov/rules/final/33-8587.pdf
https://www.hg.org/legal-articles/sec-rules-affecting-shell-companies-24083
Page 128: https://books.google.com/books?id=wQU7AQAAMAAJ&pg=PA128&lpg=PA128&dq=d)+At+least+one+year+has+elapsed+from+the+time+the+issuer+filed+current+Form+10+type+information+with+the+SEC+reflecting+its+status+as+an+entity+that+is+not+a+shell+company.&source=bl&ots=Qv77uQRzDu&sig=ACfU3U3syYycQqRE0GYRdnsika7m9NkrqA&hl=en&sa=X&ved=2ahUKEwijqfKeg6L9AhWOGFkFHfpFBZYQ6AF6BAgwEAI#v=onepage&q=d)%20At%20least%20one%20year%20has%20elapsed%20from%20the%20time%20the%20issuer%20filed%20current%20Form%2010%20type%20information%20with%20the%20SEC%20reflecting%20its%20status%20as%20an%20entity%20that%20is%20not%20a%20shell%20company.&f=false
It's clearly written in the legal documents describing companies which previously were shell companies. You've only provided your opinions and no evidence. Those shares will be locked on the next 5 filings. See you then.
d) At least one year has elapsed from the time the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
Has EGYF filed a Form 10? No. Hence they have not met the 4 criteria shell companies must meet to exercise Rule 144 rights.
The 1 year restriction starts when the SEC accepts EGYFs Form 10. There's nothing to debate here until the Form 10 is submitted and accepted.
I honestly don't know what you're trying to say.
30M shares issues April 1st need to appear on June filings and they did on both June filings.
Another 1M shares were issued in Sep of 2022 and thus those were reported on this filing through Sep 30th.
Not sure what you are missing?
shares issued on April 1st are on all three filings so your statement isn't true. only change I ever found on the revised June filing is a typo on fins cover page.
you can spin it how you want, fact is they filed a day early with $150,000 in shares purchased at .15 (double market price). That's a few more dollars then the $60 you were concerned about last year. Positive Progress
Quarterly just posted on OTCM
Same rule applies to all new restricted shares, not just the CEOs.
It’s a mute point considering this is 12+ months away based on the way the rule reads. I’m far more interested in the next few months personally.
For me, the real question is why is the company finally showing signs of movement for the first time in 7 years. You said the shell risk would never come down and it’s gone so opinions without sources are just noise.
I respectfully disagree based on the following info.
“Rule 144(i)(1) prohibits reliance on the rule for sales of restricted stock and any stock held by affiliates of the issuing company into the public market if the issuing company is now or at any time previously has been a “shell company”, unless the requirements of Rule 144(i)(2) are satisfied.”
https://www.rule144solution.com/definition-of-a-shell-company/
“If the issuer is or was a SPAC or other shell company, Rule 144 will not be available until one year after the de-SPAC transaction (and filing of the Form 10 Information) and then only if the issuer has filed all of its '34 Act reports (other than on Form 8-K).Jan 24, 2022”
https://www.americanbar.org/groups/business_law/publications/blt/2022/02/spacs/
Because they were a shell I'm pretty sure those shares can't trade until 1 year after SEC current. Not 1 year after being issued. It will be 2 years before those trade at this rate.
Nice surprise, not the fastest management group but the potential is astounding here
Nice to see them file more than a month early. Was expecting to see more assets and new share issuances on there but appears both those items are still ongoing with shell removal taking priority.
They referenced a new task order contract to develop something proprietary in the shareholder presentation so that must be the new sales showing. Good to see all positive movement albeit slow movement so far.
We'll have to see how good the eBox photonic efficiency conversions really are to value the IP or not.
I agree its quite an outlandish claim to say you can more than double the efficiency of solar energy conversion.
But then again you look at what he is pioneering in the UK, and you see it backed by venture capital now as of today.. doesn't smell like many OTCs stories I've ever read.
MZ isn't the type of man to lie based on his record. Not even a parking ticket in the UK in 30 years. Check for yourself.
Why did W$RC just get another $25M in capital investment backing after 114 years of mining losses? Anything is possible in the OTC, that's why.
Correct, they work on pipes and water in the UK and received grant funding so cant go pilublic until certain time is up. Doesn't mean they can't scale with venture capital however.
Sensortecnics is doing something completely different in the US per the shareholders meeting. It just lends credence to the MZ IP and vision for EGYF IMO.
https://www.welpmagazine.com/top-influencers-20-uk-head-of-contents-to-follow-in-2022/
MZ ranked #5 influencer in the UK by Welp Magazine
https://pressreleases.responsesource.com/news/61234/ict-excellence-awards-2010-winners-announced/
Finally Datatecnics was named winner of the coveted Chair’s Award for Excellence for ADAAS, the world’s first Asbestos Disturbance Automated Alert System. Mohammed Zulfiquar, Chief Executive at Datatecnics, said: “It’s taken three long years getting this product market ready. There is nothing else like ADAAS worldwide so winning this prestigious award gives ADAAS credibility, helping us raise further investment so we can bring this unique invention to market. In addition, being recognised by our peers will help us to push the government for support in getting ADAAS into all the UK schools where there is asbestos. If ADAAS can save just one life then the sleepless nights and hard work will all have been worthwhile.”
https://www.intelliclad.co.uk/
This man has a new world patent for air quality sensors on the exterior of buildings endorsed by the Prime Minister of UK Housing. You have a lot of catching up to do before you call the SEC.
Make sure you call the prime minister to let him know he's been scammed as well. The fact that you're appropriating slander toward someone trying to improve the planet and save lives in the wake of Grenfell is honestly just......
Good Luck, I've contacted them many times, can't even get FINRA to investigate a big board scam let alone a penny that isn't doing anything wrong after being a shell for 20 years.
The only dump is whoever keeps selling air shares on the ask via the unsolicited quotes. Funny it shows up as shorting, isn't it?
Tight share structure and all this churning means it will move very quickly when the volume comes in.
Probably bought a new Ford Truck & Camper for $124k which will be worth about $80k next year.
That $124k on EGYF might be worth 2 million in a year or two. Nuts.
I think I ate about 200-300k of them :)
Appreciate your level head and commentary on this board over the past 6-7 years. Thanks
Well Said,
It also appears both EGYF representatives have other active private businesses they have been growing while EGYF was quiet. Worth noting until we know what exactly EGYF plans to do.
Optimistic but cautious
Your misunderstanding IMO. 53M is held at DTC currently. That number includes your shares and my shares and everyone elses held electronically.
Only 746k we’re deposited in March thats why we went from 52M held at DTC to 53M. Seems like that person needs some money and has been our resistance the past 4 weeks
I've traded this since 2015 and I can't remember a single day where it traded like today.
Very odd right before advertised news release. GTSM has been playing undercut on lots of tickers today.
Good Analysis,
As a 10+ year OTC trader I couldn't agree more with the increase in this activity among shells especially. Will be interesting how state law plays into effect given both previous company directors appear to be deceased.
One must concur the increased cancelation activity is also a byproduct of the 11c rule updates and the forward progression of less companies operating at a presumptive higher quality level.
The OTC volume may be at record lows for the past 3 years but among that scarcity is a few giants being built properly IMO.
One CEO owning the shell for 7+ years and starting to communicate over 2+ months is actually the opposite of fishy in the OTC 99% of the time.
With EGYF the consensus has always been the CEO should focus on the tech & IP and hire others for everything else IMO. Hopefully that's what happening. As trader 59 says he's not going to put all his IP in here at once and if he does put it in he will likely issue some commons to himself to pay for it. No big deal if that's what starts the business.
As shareholders the best case would be some IP coming in with existing revenue however there are recent OTC examples which have gotten shell status off by adding significant land assets to a balance sheet, ect.
A company should be operational to have its shell status removed IMO. Working phone number, office open from 8-5, working toward or accumulating revenue, ect.
The hope of many EGYF supporters is that the IP he adds will add immediate value and start to justify a market cap above 15M based on the business intentions & scale potential. His reputation is top 1% compared to most OTC companies. He would either be preparing the shell for sale or putting something of his own in it. The "Interim Update" & Twitter postings suggest #2.
Might help explain why so many shares aren't held at DTC after all these years
You would file a petition in the state where the shares are owned IMO
Annual Report / 10-K is essentially the same thing. If they're going to file a form 10 they can reobtain SEC compliance with a 2 or 3 year audit I believe
Their Annual Report is due by June 30th, seems like it will be uploaded in the next week. As Trader 59 says, we need to see assets on the next filing for a confirmation of a new marker valuation capable of exceeding $20M IMO
Biggest Update Yet - New Office Opening May 11th in Washington DC
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https://www.otcmarkets.com/stock/EGYF/profile
https://twitter.com/EnergyFindersIR
People selling .14s one session after .16-.20 was kicked in the face on Friday lol
True, hope it turns a corner now!