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Except that's all baloney.
There are no savings. This is a capacitor bank, and capacitor banks have no effect on the watts/kilowatt-hours that people pay for. If a utility needs a capacitor bank for voltage support in one of their substations, they'll buy a passive one from ABB or another HV distribution equipment supplier and install it, they've been doing that for decades.
This is a warmed over hoax. Power up a motor with no load on the shaft (a very reactive load, terrible power factor), measure the amps, then hook up a capacitor bank and voila, the amps go down. Unfortunately, it's all VARs/KVARs, and you don't pay for them, watts/kwh remain unchanged. But this "demonstration" gets foisted on folks with no sort of electrical background or understanding, and they are led to believe there are savings (this company's claim of 40% wasted electricity is pure BS), and they either buy one or invest in a company making one. This hoax has been around a long time, and all this company has done is add a computer to control the capacitor bank.
Here's a single phase demonstration of the hoax by a major electrical equipment supplier. The company's version is 3-phase, but this mock up shows exactly what the company is doing and wants people to believe:
"Less expensive" to merge into a shell with 2/3's of the equity issued and outstanding? "Less expensive" to give ownership to the bagholders of the dead shell?
LOL. Can't make this stuff up.
Question: Now that we're delaying into April and the fiscal quarter ends tomorrow, will the S-1 need to be updated with audited Q1 financials?
I guess that since the merger isn't complete yet, we'll have to wait for Q2 for a consolidated financial report. That may be "convenient."
Of course it is. Real companies don't merge into dead penny shells and give ownership away to the bagholders of the dead business. It's ridiculous to even consider a legit company would do that.
You want shares @ $0.005? The CEO is selling 1B at that price.
No payments were made for the KERP because the program requirements were not met. This motion describes and requested the KERP:
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-015_071818.pdf
The KERP was to be paid out of the proceeds of the SISP. Payments were subordinated to repaying the DIP lender in full and the secured creditors in full from the successful SISP proceeds. The program was requested and approved on that basis, the employees would help sell the company and/or plant, everybody with a secured claim gets paid, and the employees get their KERP bonuses from the leftovers.
Problem was the SISP didn't get a single bid, much less one that paid the secured creditors in full. The requirements of the KERP were not met.
As further proof, every monitor's report has a cash flow report in it, and there have been no payments made for the KERP program.
Couple posts about this Chinese company holding the shares. LDSR did state they merged with them a long time ago, and if Chiguan can produce the legal details of said merger, meaning if they can show they received the shares as part of the merger deal, they might just be hitting the float. All the PR's around that time look like a typical scam merger, but even those sometimes have real looking paperwork and contracts and stuff filed to help the pump. Wonder if the Miramar group (who had the shell back then and did the "merger") got wind of the lawsuit and is helping their former partners out?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147137086
Last minute $50 trades to paint the tape, desperate times.
Looks like the narrative of a big Chinese company giving their ownership to the bagholders of KRFG isn't holding up too well.
10Q will be due in mid-May, not April.
LOL. That site is nothing. Revenues aren't verified.
No company that "owns" 100 companies with plans to "own" 1000 is going to merge into a stinky pinky shell with 2/3's of the shares issued and outstaning - ie - giving away the ownership of their company to bagholders of a dead business. That's nothing more than fluff like the CEO's other adventures.
LOL. “Pink Current,” meaningless, of course.
“They made filings!!!!” Yeah, they filed a couple years of financials for the dead business confirming that it has done absolutely nothing.
“Wow, an attorney letter!!” Laughable it took 4 tries for the attorney, who merely writes that he read the financials of the dead business and believes (based on multiple caveats) they were prepared correctly. The attorney who can’t even prepare a brief letter correctly believes the financials of the dead business were done correctly.
Big deal.
Form filed in May says "Debtor's estimate of available funds"
That's from May before the SISP process failed to get a bid. Guess the estimate was way off, huh?
Here’s an update:
After that was filed in May of last year, the company went through the SISP seeking a buy-out, financing, investment, reorganization, restructuring, but failed to get a single bid. Then the assets were liquidated for $4.34M. Those proceeds and income from the sale of remaining inventory and accounts receivable only provide a small partial recovery to 2 of the secured creditors, nothing for the rest, and nothing for the unsecured creditors and shareholders. There’s over $80M of debt, and recoveries will be about 5-6% of that. The company is going to disappear once the bankruptcy proceedings are complete.
So, the assets have been sold, but it is not a shell? How’s that work?
A paper company with no assets and no operation, let alone no board, no executives, no employees, is a shell. This one is in debt over $80M and it can’t pay that debt. It’s going to disappear.
Of course he wants a buyout, that's how he gets paid. With 3.8M, he'd probably love to get $5 per share if someone would buy the company right now for $60-70M.
Those market makers are a busy lot, they manipulate every single stock on the OTC and are the sole reason none of them make it big.
What, exactly, do we think happens to a company that is an empty shell with no remaining operations (assets were liquidated, an undeniable fact) that has $80M of debt that it cannot repay and is in bankruptcy proceedings?
What will happen is the judge will discharge the remaining debt and the equity (the shares) and the company will cease to exist. That's how it works. Every time.
And he also gave himself millions of shares to acquire his own company back in the American Idol days when it had done nothing, and exercised warrants he awarded himself for about $1.80 ($0.12 pre-split). He and the other insiders would also have to file before he sold, which would be a clear signal for everyone else to.
Sheesh. Read the 7th monitor’s report, clearly and undeniably the assets were liquidated for $4.34 M.
Except that BIOAQ is an empty shell with no operations and $80M of debt that it cannot pay. Once that debt is discharged with the equity (shares), the company will no longer exist.
The NOL’s are worthless, the IRS will apply rule 269 and disallow their use and everybody knows that.
Honest answer: the company that purchased the plant and other assets is private today and has no reason to purchase the shares/company and take on the $80M debt. That would be really really dumb on their part.
They de-registered in 2009. There’ll be no “super 8k.”
What happens to a company in bankruptcy proceedings that has gone through liquidation of its assets and the proceeds are insufficient to pay its massive debt?
The remaining debt and the equity are discharged by the judge, and the company ceases to exist.
Every time.
There will be no shareholder vote. The monitor controls the company under the authority and oversight of the bankruptcy courts. Anybody here get asked if it was OK to liquidate the assets? Nope.
ANDI has introduced me to a new pump to sell their stock. By promising shares of the fictitious water company (you know, the one that was dead a few months ago and now purports to be working with an investment banker that will give a company with neither money nor assets $30M) to the holders of ANDI stock, they’re hoping to kick off a wave of new buying so they can sell more of their preferred B conversions into the market. The water company from the dead has no posted financials and the proposed acquisitions remain under cover, yet they hope to sell some ANDI stock in advance of any confirmation of a legitimate business happening. Wonder if anybody will fall for that?
Good lowered, the used boat broker is going to try to get a contract!
What a lame attempt at stinky pink fluff.
That’s a crock. They’re back to “capturing” or recycling wasted electricity again. That’s a lie.
Except the documents are very clear, especially the latest two monitor’s reports. Want me to post them up here?
They say directly shareholders get nothing.
They say directly only 2 secured creditors get any recovery.
They say directly the unsecured creditors get nothing.
They say directly the company has not been sold.
Billions of contracts? LOL. Why would a company with those ever go bankrupt??? That smacks against logic.
All the “documents” being touted to sell stock are little snippets, words, and parses of information presented in order to mislead others, nothing more. Reading is fundamental, and one read through the 10th monitor’s report is all it takes to conclude that shareholders will lose 100% of their investment in this stock.
If they achieve “going current,” they still will not be an SEC registrant and will not file an 8k.
And every bit of that is a misrepresentation of the facts.
The KERP charge has not been paid, not one single penny has been paid. That sentence says "amounts owing that are subject to the KERP charge...", and that absolutely does not mean the KERP was paid. The KERP was set up to pay the held over employees from BioAmber who were to assist in the SISP sale, and the program was set up to require that a bid be received that would make the secured creditors whole. They did not meet that requirement, so the program was not used and no payments were made. If you like, I can put up a pretty picture of every cash flow sheet from every monitor's report showing there has never been a payment made for KERP. Like it or not, those are the facts.
The company has not been sold, and the monitor stated that directly, but every shareholder knows that anyway because they still hold shares, and aside from all the reporting requirements of such a sale that haven't happened, a sale of the company would require the shares to be bought. Still have shares? Then the company was not sold. Ignoring the direct words from the monitor that no transaction involving the shares has occurred, choosing instead to glue together a resume from LinkedIn from the CEO who was in charge when the company went bankrupt and a snippet that simply explained a consultant charge on a cashflow sheet paints a completely false narrative of a sale that absolutely has not happened.
And the restructuring is almost complete. It has resulted in an empty shell with $80+M of debt that the company with no operations cannot pay. The completion of the proceedings will restructure BioAmber into oblivion when the remaining unpaid debt and the equity are discharged by the judge.
Anyone stumbling in here simply needs to read the last two monitor's reports and the motion and order for the most recent stay, as they summarize succinctly what has really happened, the facts, and what is left to do.
Shareholders will lose 100% of their investment in this stock, it will happen without warning, and can happen any day.
They aren't an SEC registrant, why in the world would they do an 8K?
All of that, every word/phrase, is false. The company has not sold, and the monitor stated that directly. Only the assets and inventory has been sold. The KERP charge was not paid, and the sentence often cited to mislead about that doesn't say it has been paid. There's not been one single dollar paid for KERP, and all anyone has to do is look at the cash flow sheets on the monitor's reports, and that is because the requirements of the program were not met when not 1 single bid was received during the SISP. BioAmber has been restructured into an empty shell with massive debt. Fact is, they hoped to restructure/refinance/reorganize, but they failed to get a single bid that would allow them to do that, and that failure led to the liquidation of the assets.
Speaking of FACTS that are undeniable, in the latest monitor's reports, they've stated and restated the company has not been sold, and the shares will receive no recovery, they are worthless. Yet, snippets from this report, a few words from another, toss in an unrelated regulation or two and a guy's LinkedIN resume, etc., glued together simply paints a completely false picture in order to sell stock.
This company is dead, and when the books are finally racked up and the checks written, shareholders will lose 100% of their investment in this stock, it will happen without warning, and can happen any day.
As a CEO, I'd agree he's incompetent. I have no way to measure his tech skills except to say his product isn't selling.
He got hoodwinked on this shell by Alessi. The merger hadn't been completed, the 1.5B mystery shares have been there ever since LDSR merged with the Chinese company a decade or so ago, and that Blue Citi note was there that converted into 2.5B shares (1.5B left to go). Very simple to identify all of those with very basic due diligence, and he failed.
No, they were not all included, the only notes included (along with the associated equity purchase agreement and security purchase agreement) were the newer ones entered into in February of last year.
There are 2 listed as outstanding as of the last quarterly, and only the 2nd of those was included in the restructuring:
https://backend.otcmarkets.com/otcapi/company/financial-report/204208/content
Except that the "truth" is APHD acquired Classidocs, and APHD was a publicly traded company:
https://www.prnewswire.com/news-releases/appiphany-technologies-ip-risk-control-acquires-classidocs-619006434.html
https://www.globenewswire.com/news-release/2017/06/20/1026265/0/en/IP-Risk-Controls-ClassiDocs-Releases-Encrypted-File-Detection-Functionality.html
They "broke up" later in the year. Of course APHD's stock price went up, acquisitions are all the rage of hype in the OTC. Then the price went down. Just like with LDSR, price went up, held OK when the hype was how much money was coming in from the GDPR deadline, then when sales revenue remained zero, zip, nada, the price went back down.
That note was not included in the restructuring, it is still intact with its original terms of conversion. The notes that were restructured were the new ones from February of last year, along with the Equity Purchase Agreement and Security Purchase Agreement. The financial notes that were issued with the last quarterly refers to that old note as well, with a separate description of the new notes from February with information about the subsequent restructuring.
That original note continues to convert @ $0.00005, and the last documented conversion happened on November 15th per the registration statement the company submitted in January.
Sorry, but that note still lives and will result in 1.5B shares sold into the O/S. Blue Citi would have to be nuts to give that up.
He "went public" with his product with another ticker, APHD, a couple years ago, and it didn't sell then, either. Software's been around long enough to sell if it was going to, but it hasn't, so I expect he "went public" to monetize and get what he can. Reading the financials and seeing how many shares of stock he's paid himself for the product and his two other companies he merged in may shed some light.
Thanks for this. It aligns more with the financial numbers that were included in the S-1 as well, since 500k users even paying a buck a month for any of their apps would have resulted in substantially more income for the majority of 2018.
"Possible projected potential" strikes again.