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"Documented efficacy."
That TC and KM couldn't find, that no other scientist can concur with, that only QSEP can say, leading to an inability to sell a single unit. Of any of the devices.
The wilful self-deception here needs to be commented on.
Is it incompetence to pay a failed former CEO a $580K severance package that can only be funded by share sales forcing dilution yet again, or is it malice? Yeah, Bigger can sue but really do you roll over at the first thought of it and give him his phone bill and absence pay too?? Or is it the entire reason this company exists??
It is incompetence to be unable to make the greatest fuel saving device of our generation sellable or is it in fact worse than that: the device doesn't work. How can you /fail/ to sell something that if it did what it claims was worth not billions but trillions? Slow moving markets don't cut the mustard, especially nearly 20 years in. Face the music: the devices don't work.
Is it incompetence to keep up the payments on the licenses at Temple or is it done in full, malicious, knowledge that those licenses are worthless?
Ignore the fact they said it before and bailed the CEO. Ignore the failed devices, sales contracts, tests, and move on. Ignore the notices of sales and move on. Ignore everything they did previously and move on. Keep on paying, its on the cusp for 20 years...
One has to stop looking at what STWA says it will do, and instead look at what it really /has/ done.
Wut?
Splitting hairs over what this company says isn't wise; we already know they lie, misrepresent, and obfuscate. So granted everything you said is true, what happened since this flagship 24 hours?
I believe some evidence was supplied in subsequent posts.
This company is exempt however, from, for example, selling anything to prove anything. Carry on. 12,000,000 shares to pay gregg off for doing SFA.
What this means is:
The next 12 million shares we sell will go to fund Bigger's separation agrement including health insurance, phone bill, and holiday pay.
Still buying shares at this price? Knowing that you are paying for the guy on who's watch 95% of shareholder value was lost?
What a great job! Can I be the next CEO?
So Bigger is so big he gets his "Bigger Separation Agreement" worth half a mil all earned from the next shares investors buy (before they develop the damn products! - does this mean all share sales will be paying Bigger AND Kyte?) and they appoint two total unknowns. So basically if the newbies they hold on long enough they too can get paid a squillion for doing diddly squat when they get fired when the next two capable hands come along.
Jason Lane, lots of noise so far but not a lot I can pin down just now but: Dr Eric Bunting, google it and you get the confirmed (not very oil and gas specializing) ENT specialist as shown on the 10K here http://midkansasent.com/physicians-ent/eric-c-bunting-md/ - as a "shareholder advocate" - meaning probably one of the guys sold shares who thinks he can do a better job, and possibly posting hic et nunc and really really demanding a return on investment.
One of Kyte's victims takes the seat!
What a scam!
All of this below is true and yet, over a half-dozen iterations and redesigns over 18 years and a hundred million dollars in expenditure and NOT ONE unit of any description has EVER been sold? The only thing that happened was Cecil got a big house?
The whole of the oil business must be filled with slow moving, completely blind chumps! Can't they see this this works!
No, it IS a scam AND they have run out of money.
Its a scam because the devices don't work, as agreed by QSEP ("we wont' say proven any more"), Tao and TCPL ("inconclusive data"), not to mention ANY other serious commentator on the subject. The only wham blam bold statements are in seriously disclaimered PR. As for oilco's paying for their tests... yeah right. What did happen to KMI's $20K?
They have run out of money as they have UNPAID bills. It doesn't mean they won't get more money by selling junk warrants, but they are not paying their bills.
What does running out of cash look like? For anyone and anything the bailiffs don't turn up and turn you out of your office on the first day it happens and impound your laptop and office chair. You get to negotiate and come up with plans but running out of cash means you can't pay your bills, such as not paying Temple University (bingo) and probably not paying salaries. I am sure as soon as the next gazillion warrants at 5c are sold the first claim will be Bigger's salary arrears and Kytes parachute arrears. Temple and any other creditor will be far down the list as they know its not actually worth the bother as none of the stuff works anyway. The show goes on!
Difficult to laugh in the office when there's only one person there.
Maybe when the contract cleaner comes in to remove that week's shredded papers.
Which one fits the facts better:
#1. The device(s) work and despite spending $100m of shareholder money over two decades, its just been bad luck, bad timing, the devices were not fine-tuned enough, there was no real "salesman" at the helm, and market conditions have been unfavourable.
or
#2. The devices don't work and the company will do what it has done, which is convert shareholders money to CEO's money.
Lots of things have not been reported, even apparent material events. LG Partners was first put up in a press release. Never updated upon subsequently. Same with all that China stuff. ETG pretty much the same. Norront same thing. Heck, even sales of the MagChargr a decade ago there was no update - and there was no sales.
Then move to what they did report. The SEC ordered them to remove the word "proven".
So whatever else is going on, the speculation is more colorful than the real facts.
Who benefits from speculation, lack of information, misdirection and so on?
Tao is at best a maverick, at worst a total fantasist and fabricator. On balance I'd say he cherry picks results as they don't stand up to more rigorous testing, as the TCPL tests showed: "After the testing, however, both companies agreed the tests were flawed, according to company filings."
In addition to what his peers think (below), you have to wonder why nothing has come to fruition after decades of work, why in this potentially lucrative field only one person is magnetising oil and claiming it brings benefits, and why its so completely rejected by other respected scientists.
"The authors do not present any credible evidence in the paper to support their claims, and these claims and conclusions violate the first law of thermodynamics."
"The next step was to perform tests in house with more experimentation of the settings in power, time, and polarity. While the paper doesn’t list the settings chosen, the authors point out that the in house test with a Mercedes engine described as “typical” shows a dynamometer measured output at essentially identical fuel rates yielding an improvement of 20.4% with a 5 second fuel time in the field at 1 kV/mm. But what throws me off is the quoted fuel rates at 500 grams per hour and horsepower at only 0.3677 and 0.4428 from a Mercedes 300D engine. Something is way off here."
"This is essentially a case of a physicist, who may be very good in his sub-discipline, talking about a subject about which he is abysmally ignorant"
Another expert, meteorologist Mike Smith of AccuWeather Enterprise Solutions, also called the theory "nonsense."
"Tao et al. propose that electrorheology leads to healthier and tastier chocolate. However, the Tao et al. article in PNAS appears to miss several important developments in chocolate processing."
Absolute rubbish. Reading between the lines, emphasising one word in order to create a fantasy, the truth is,
no sales,
no products,
no successful tests.
AOT-XL - latest product, its totally conceptual, doesn't exist, but will make us rich.
M&A Strategy - previous product, totally conceptual, and binned.
AOT @ KMI - previous product, no news.
AOT @ TCPL - previous product, failed.
AOT @ China - ahem
AOT @ PCRI - no sales
Elektra - previous product, no sales (ever).
MagCharger - "
Eco What? - "
Each iteration requires money, to spend, on salaries.
Any pattern here?
Unless he knows the true price of the shares is nil in which case then the $300K salary is the only motivation. I would think he has a good view of the correct market price of the shares. Probably in negative now.
I might add to this that the TCPL tests are largely undisputed now as unsuccessful, but boy, did it take time for that to be admitted or deduced openly so that it became a fact. Even now we hear noise of "continued interest" and as I've said before its possible to have continued interest in in the Dodo. But no-one seriously disputes that TCPL did not prove the AOT AND it was embarrassing for STWA to have to declare that contract 11124 was voided on its first opportunity. No doubt with KMI they'd have taken steps to avoid having it having to be 8K'd in any instance... hence probably the silence.
These small companies are given a lot of leeway to not report, not have to file, not have to register. Its no secret that the SEC probably has bigger fish to fry and a much smaller budget to do it with. Its no secret that pink stocks are very risky indeed and there's no reason to see this one as an exception to the rule. Everything it does says it conforms to the rule.
Amen to that
One organisation can straighten these issues out for good. QSEP!
How about a press release giving the straight version of the current status of the KMI test, without just ignoring it? How about naming the Canadian Oil Company? How about telling us what really happened to the previous devices and why they were shelved? How about telling us why Cecil and Bjorn quit so suddenly?
An honest answer to these questions would end the rife speculation in a stroke. I wonder who benefits from all the speculation anyway? It isnt' the shareholders!
Biggers terms are a golden parachute.
Drop his salary to the intolerable level of only $270K per year and he can bail and claim $900,000.
Unbelievable.
Is anyone expecting an honest reply from a company which in the last SHM put it way out in the pacific ocean and now is running the next SHM online only, that has only one employee running from a broom cupboard office, who has never retracted the viability of previous devices despite the fact they are all shelved, unsold, but are still licenses to print money?
What a great job they have. $300K a year just for making each year more awesome than the previous without actually having to sell anything. All you gotta do is string along yet more people and get them to swap real money for fake paper.
No doubt we're on the brink of a great Q1 (or Q2) for 2017.
New years prediction: NO SALES!
UTTER SHASH
Information contained herein contains "forward looking statements" ... Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts and may be "forward looking statements". Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or by statements indicating certain actions "may", "could", "should" or "might" occur.
Great update!
My favourite part is the link to the link to the disclaimer. Probably the most important and overlooked part of the whole thing. Important because they have to tell you, overlooked because it basically openly permits not being open and transparent.
Here's a company which could give you a transparent update, but instead leaves huge gaps which can be injected with fantasy and fiction such as the Pres-O-Dent is interested. And its all perfectly legal.
http://www.qsenergy.com/site-info/disclaimer
Me too. Heard about from a friend. Fortunately I decided the bail a bit earlier in the day as the stink was a bit much even then.
How would this look if it was a scam?
Investors purpose of funds: to invest in a device which will revolutionise oil transportation. Actual purpose of funds: 300K/yr salaries for unqualified insiders with no scientific background or industry experience. The money is NOT used for the intended purpose.
This hooks around the device, therefore does it work? How much has been invested in it? History: Zefs, MagChargr, Elektra, all shelved. Any Trumptastic investor would not make a deal on this basis. Only ONE scientist gives it his seal of approval. AOT has a number of tests which are clearly not working: Adoption NIL, Sales NIL, development NIL. Its likely the device doesn't work. News Releases say its just around the corner, evidence given: NIL. Salaries still very high and no sales. Share price drops.
How would this look if it was genuine?
Most investment goes to the device itself, numerous experts and major important firms are engaged to improve performance, insiders take minimal salaries but major share options they choose to be paid in equity rather than cash; no one is interested in creaming off as much as possible now. Progress is fast, the device shows promise: i.e. passing tests in labs, oil companies, a manufacturer has been engaged and within a matter of weeks engineers are tweaking to improve proven performance. Expecting sales, the company expands payroll, they move to State Street and the share price is rising.
Changes in the company leadership, board etc make the assumption that the device(s) work and just need a bit of a sell. This is just not true. The devices are part and parcel of the scam. If they worked they would have sold. Lets face it folks, electrocuting or putting a magnet on your oil doesn't generate any cost savings at the pump whatever else it might do in a lab under the right conditions.
The "right changes" for the current and past management of this company is arrest, trial, court orders, and bailiffs.
NOTHING has contradicted or invalidated
the Updates.
So the elektra - a device which could reduce fuel consumption in vehicles worldwide and garner revenue in the order of a percentage of global GDP - does in fact work and they just haven't bothered to manufacture, license, or sell it because there were apparently bigger fish to fry.
And that bigger fish the AOT does in fact work and TCPL cancelled the contract at the earliest moment on the basis of masochism, and KMI are just playing with QSEP for a couple of years to everyone's detriment.
And salaries of $300K a year are not suspect at all for a non college educated insider of a company that is unable to sell any of its half dozen miracle devices.
And so on ab ovo ad nauseam
No - the learned precedent suggests the simplest solution is often the correct one.
Is it the case that after spending $100m on salaries, administration, compensation, some fees for one professor, that several devices have all failed, been shelved or forgotten and now at this late stage when the pps has tanked and its taken what 18 years to get to this stage of the cusp when one big firm has declined a device and another has pointedly not paid its fees that we really are just about ready to take off with a perfect device which will revolutionise oil transportation in a cheaper, greener manner and we've all just had to wait this long for the technology to have got this far, we really, really, really ARE on the cusp of a game changer...?
OR
Have the investors been roundly scammed of their money with a series of stories.
I know which one is simpler and easier to do.
As far as accusing them of fraud: Yup. The elephant is $100m spent on iterations of the same devices which were never sold, and where the money has thus far been spent. Did they do this in good faith or did they always know it had no chance of working? That's for the courts, but the fact is the money has gone, been spent. Business-wise this is a dead duck.
Someone once mentioned ockhams razor, which is in the long form, do not multiply entities beyond necessity, in the short form, its find the simplest solution and you are probably correct.
Applying the same to QSEP:
June16 we had the successful KM test. <-- did we? There are no lease payments the contract has not been fulfilled.
Prior experience on TCPL would suggest that negative news is not played out in public with a full PR, this would also suggest that the KM test failed or hasn't started, they just haven't deigned that the bill payers get to know about it yet. The TCPL test I'm not sure it was clear that it had started in PR until it was announced that it had terminated.
The whole industry now knows it works. <-- but nothing in the public domain, no PR, nothing to confirm from KMI, nothing from even QSEP to say that, what is going on?
No contract or sales <-- correct.
Pps at record lows <-- no buyers. Sellers can't sell.
Simplest answer to question which has fake complexity: the product doesn't work, the company is a sham, the money is up in smoke.
I said before the company SHOULD NOT BE allowed to raise money. Trump should put in regulations that a company that raises 100M must turn over /something/ before it sells more shares. Even if the limit is 1% (i.e. QSEP has to have sales of 1M to verify itself after 15 years), otherwise companies like this are just the unacceptable face of regulated thievery.
The problem is that company PR itself is not the single fountainhead of all truth, its what the company says about itself which is bound to be at best slightly slanted, and at worst, an outright lie. In assessing evidence one needs to take account of the motivations of the people who write the PR. This is critical thinking 101, they teach it at high school. Who's the author, what’s the purpose, who are they writing it for? Even if the authors are college professors, they have certain interests (pet theories, wages, esteem etc).
Company PR is also at odds with itself and other established facts. It cannot be squared:
--Company PR says Elektra for Sale! Company PR also says, never sold one!
--Company PR says MagChargr for Sale! Company PR also says, never sold one!
--Company PR says AOT for Sale (pending testing). Company PR also says, not sold one, and is judiciously and deliberately vague on the testing (why?)
Either way there are ways and means of saying enough to keep the embers glowing and not saying enough to get yourself sued for lying. "May" = "May not", "Expects" = "Hopes,. "Continued Interest" can mean anything on a scale from considering a purchase to morbid curiosity on the fortunes of a serial liar. Ex wives have "continued interest" in their ex husbands, and vice versa.
Company PR is also at odds with statutory declarations, which show that it is unaudited, under financial pressure and may not be a going concern, it haemorrhages cash into insiders pockets, shareholders are increasingly kept at arms length: the statutory warnings are there for a reason, and to rank company PR as a better arbiter of the state of affairs puts balanced reasoning in great peril!
It is true what homebrew says "its harder to convince someone they have been scammed than to scam them".
- So here's a company which has not sold a singe device - despite PR to the contrary that it was ready to the point of sale - in over 16 years.
- Here's a company that never explains WHY it abandoned devices which were gods gift
- Here's a company who's main concept was busted on MythBusters!
- Here's a company which has taken over $100m in development capital and spent it all on salaries and costs and has NO device sold
- Here's a company which /can/ tell true information (KMI contract has started, or not) and instead says they "may" have something to tell you in the future
- Here's a company which pays a non-college educated ex soldier a fortune to head its company but not make ANY sales
- Here's a company who's chief scientist at rent-a-PhD university has been rebutted by his peers, more than once (he has counter rebutted, but this is does not a solid investment make) -
- Heres's a company who has numerous third party entities as partners who are torn apart as dubious so early on (employing a VET, a DJ and an IMPRESARIO as officers in the oil business!)
- Here's a company found distributing payola to agents who sell shares!
- Here's a company who on sale of a microscopic percent of its shares absolutely tanks to a nickel
- Here's a company moving into broom cupboard offices and subletting its high street shop...
... and there's NOT something wrong? and if there IS something WRONG its nothing to do with the COMPANY? Its the DRA agents, the lawyers, the socialists, the greens, the fat cats?
Jeez. What's wrong is that companies like this are allowed to trade shares at all. The big scam here is not The Big Short, its that penny stocks like this are allowed to even sell shares.
A company like this should not be allowed to sell paper, end of story.
If I had raised 100m over 15 years, by god, I'd have something to show, even if it was a chain of shops or franchises. You might as well have used your dollars for a solid fuel fire and be glad you got warmth out of it.
This is not a time to be deferential to the "American Executives" of QSEP, or those companies who happen to regulated (partly and lightly) by the SEC. Its a time to realise, this was, is, and will be shown to be, a scam.
its a good day to bury bad news.
the AOT is not proven, as two years later its not even been installed or accepted. So much for that.
"The Company and Kinder Morgan are continuing to work to finalize installation and acceptance of the equipment under the lease."
If they could spin it better I am sure they would, but this is two years later, "finalise" makes it sound like the end of a process largely completed but its a judicious choice. It basically means it hasn't been either installed, or accepted. ITS NOT HAPPENED.
they owe Temple 129,377 which sounds like a big problem:
"As of September 30, 2016, the entire $129,377 is deemed past due. The Company is currently in negotiations with Temple to settle this amount."
However funny how salaries are prioritised:
" In addition, as discussed below, the Company has substantial contractual commitments, including without limitation salaries to our executive officers pursuant to employment agreements"
And in the real world:
"These factors raise substantial doubt about the Company’s ability to continue as a going concern. "