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BOD Disappeared?
What happened to the pursuit of patent use fees?
Has Mel been found?
Any fake news?
Happy Halloween
I put on my Evolucia shirt and paraded through the neighborhood as a F**CKING IDIOT!
How about you?
BOD are Criminals !!!
The Board of Directors were persons with substantial business experience and personal wealth. It is stunning how they could screw up an advanced lighting technology company, with technology patents.
I know being ignorant is not illegal, but a willful act of ignorance should be prosecuted.
Good work
I hope all revenues are used to satisfy all valid debt so they can then move ahead.
Patent enforcement?
Whatever happened to the "big deal" law firm that specializes in "intellectual property" that was going to enforce "aimed optics?"
Anybody home?
The BOD are still thriving, but the company ain't.
Any news?
Up Forty percent today?
The overall markets are down, and ILED is up?
Is Sgt. Bilco at it again?
No Money…no reporting!
Today's filing indicated that a law firm was pursuing the monetizing of their intellectual property, but HAS NOT EARNED ENOUGH $ to pay for a filing.
Perp Walk!
Carl Smith got pushed out early, he is not guilty. His team created the LED patents that made this company unique, and valuable.
The real perp here is Mel Interiano, and the clowns on the BOD.
Every January through March, the clown school in Sarasota conducts training for the upcoming season. Our BOD boys continued to do well for three seasons in a row.
Mel Interiano had a canned presentation that showed the reported backlog of orders worldwide.
The total exceeded $200 mil. That led me to "stay invested" because if only 10% was realizable, that was $20 million = 5 times the prior years revenue! Leading the list was Mexico at $24 million, Poland at $10 million (Krakow and Warsaw street lights) and Burger King 'chain wide', etc. Pure bullshit!
Well, here we are.
Craig Hall…?
Craig was an original founder of SUNV, and was issued "Founder's Shares." What he did with them is anybody's guess. He could have transferred them to a "foundation" or some other financial entity, and then liquidated them. He could still have them.
I don't know anything about his business except that he seemed to be smart, and conscientious.
Separated IP from total assets?
I don't know where you see that. If my memory serves me right, one of the BOD loaned the Company money, and tied his loan to the IP.
This business enterprise has been a scam from the beginning. Senator Elizabeth Warren declares that Wall Street is rigged. SUNV/ILED could be the center piece of that argument.
UHAUL leaving town?
The BOD hired that fellow to write a "favorable autopsy". They needed it to cover for the mess they created.
Life's #1 lesson - "Be not deceived; God is not mocked: for whatever a man sows, that shall he also reap."
ILED in Poland, and elsewhere
Several years ago the founders of the Polish company contracted to pay $11 million USD for the exclusive distribution of ILED in Europe. They also set up an assembly operation in Poland and won a 10,000 unit bid to provide ILED street lighting in Warsaw and Krakow. The electronics/LED's were to be in-sourced from China, and all else created in Poland. The future was bright.
Similar opportunities existed in Mexico ($24 million), Columbia, Australia ($5 million), and the Dominican Republic. The Burger King franchisees in Puerto Rico/USA were also big prospects, CVS in the USA (successful multi unit trial at franchise stores), and the US government via GSA contract. Siemens agreed to become a distributor of the award winning street lights.
Several famous major league baseball players became large investors, and promoted the products.
The stunning demise of ILED is directly attributable to inept supervision by the Board of Directors. It is just pathetic.
Failed LED Componentry - ILED
The ILED light failures on the Ringling Bridge were attributed to "power supply" failures caused by "dirty" electricity from FPL. This problem is widespread in USA which explains the slow expansion of LED lights along major streets and highways. Electric utilities have suppressed LED adoption. Most of us have home "spike protectors" near our electric meters to curtail damage to our electronic devices inside.
Dirty electricity is a widespread problem, but doesn't explain ILED failures. Two consecutive "fraudster CEO's" hired by same BOD = Fraud scheme by BOD.
BTW - The interim mortician they hired work contract expires next month. What did he do, and what's next?
Today's Filing
One wonders how a "rich guy" BOD could produce this mess. They even contributed personal funds that are "going, going, gone."
I am stunned, over, and over, again.
Evolucia Street Lights fail
The Sarasota Herald Tribune newspaper announced that the lights on the Ringling Bridge had failed, and were replaced.
See: http://www.yourobserver.com/news/longboat-key/Front-Page/1027201436831/New-lights-installed-along-Ringling-Bridge
This was the showcase installation. Ugh!
How low?
There is no inventory, no manufacturing equipment, no cash, and no sales activity.
My guess is zero. What say you?
More debt resolution
On September 11, 2014, the Company and the Landlord entered into a Settlement Agreement (the "7040 Agreement") pursuant to which the Company and the Landlord settled all past due amounts and amounts owed for the term of the Lease in consideration for the Company issuing the Landlord an 8% Secured Promissory Note in the amount of $1,100,000 (the “7040 Note”).
This will make you proud!
No volume today! Finally, sanity.
WOW!
By my calculation, the market spent $1000.00 today, and moved the stock 50%. We could be on our way to a penny!
Stating the obvious
1. The accumulated debt from broken promises far exceeds the assets
2. The business behavior of the recent management precludes borrowing based upon their integrity and business acumen.
3. The latest group of "saviours" is pre-occupied with re-tooling the product offering.
4. Nobody understands that sales activity is important.
5. Competition has foreclosed ILED's opportunity because of product superiority, and fair dealing.
More Later.
Autopsy Report
After reading the local Sarasota press, ILED, has no chance of recovery. The BOD failed miserably because they couldn't count, the last CEO was the second consecutive fraudster, and the founders were from the Boone, NC gang….???
This country needs more regulation, not less. The FASBE 157 "mark to market" rule was suspended in May 2009. The banks are the biggest fraud going. Buy gold coins!
Picking good leadership?
Remember the old adage.."Birds of a feather, stick together." The BOD hired the last two CEO's, Buchman and Interiano. The BOD is still intact, and Smith/Hall still roam this town. We shareholders don't stand a chance of getting a nickel's worth of what we invested. The new guy is an undertaker from Colorado. He was hired to produce a carefully worded death certificate. Buy gold coins!
Happy Talk!
I have also heard it said that DL Piper will take up the mantle for ILED and try to collect licensing fees. The sources of the talk are the same culprits that brought us this scam. A press release from DL Piper would help change my mind. Further, some formal announcement of plans to resurrect this company would also help.
This company is DOA…buy gold coins!
DL Piper
I have heard that the IP hawks think they can make big money. That could be "happy" talk, stalling for time, hoping the "gross negligence" issue goes away. When you divide the IP payments by the billions of shares, you get nothing, nada, zilch. You would be better off moving to Gaza.
Good luck kind soul.
Revenge is a normal human reaction!
There are too many people in Sarasota who were scammed by these folks. The baseball players got taken, the customers got taken, and the Chinese got taken. The new landlord got a renovated building, and the old landlord got stiffed.
That old adage, "An eye for an eye, and a tooth for a tooth" will visit these folks, probably sooner, than later. The future is not bright, buy gold coins.
SEC Filing
$2.5 million in SAG 1st quarter-about 12x gross profit.
Yikes -
Going concern?
ILED has never been a going concern. They bought a registered public company in Nevada and created a stock symbol…SUNV. Then they changed the name to ILED, so now please sell it to someone else. Sell the patents, return the parts to China, and play TAPS!
I know a lot of people who can't believe they fell for this story. I heard Rick St George is back in Cleveland. He left a trail of debris in Sarasota, and 90210.
Gone, gone, gone!
I have been calling around, and there is nothing going on. It seems like this public company never existed. Everybody lied about everything, and smart people kept feeding this thing.
Can somebody explain to me what financial regulators do?
ILED Patent
The presence of a large IP law firm is a good omen! The recent patent award for "aimed optics" processes, and technology by the PTO secures the ownership. This patented technology is used by all players in this marketplace. "All" includes the auto industry too.
That means the principal players must pay licensing fees to the patent holder, or cease and desist.
ILED has no money to pay a law firm so they must have determined that this effort will be worthwhile.
Sadly, the BOD has hired the second consecutive CEO who has failed brilliantly, and squandered this opportunity. I continue to be stunned by their rank incompetence.
They don't have enough money left to pay the "light bill", create a reasoned answer to an inquiry from the SEC, or pay someone to protect the inventory provided by the Chinese benefactor.
ILED Charade?
This fraud has thrived for almost 8 years. The same Board of Directors, same principals, all getting rich.
And now it evaporates with many left believing the "spin."
There must be a revolution coming in these United Sates. Financial fraud is the #1 American business.
Class action lawsuit ?
Who is initiating the suit, and where do I join? I suspect that Charles R. and Mel I. have their fingerprints all over this fraud. Three of the "Seven Dwarfs" also played a role while on the BOD.
What Happened?
Take a look at the following company failures.
1. InnoVida
2. Swisher Hygiene
In cases like Evolucia, failure is usually the result of lax oversight, accounting irregularities, and management incompetence. I expect we will see a plethora of shareholder lawsuits. There were too many people who lost money they spent years accumulating.
The big boys always feed on the unsuspecting.
see Jeb Bush link;
http://www.nytimes.com/2014/04/21/us/politics/jeb-bushs-rush-to-make-money-may-be-hurdle.html?_r=0
D and O insurance!
The BOD are personally very wealthy persons. There are many senior investors with $50k and less in this farce. Mel was the problem, and the BOD turned a blind eye.
Good luck
Tuesday, April 15, 4pm
The time of reckoning is now.
What do the baseball investors think (2@$500k each!)?
What about the restauranteur?
What about the DC developer?
Now is the time to be smart about the future.
Bilco says read the language in the 14% note
That was rather standard language in the note, so I wouldn't conclude that all the IP value defaults to this lien holder. If the outstanding shares are reduced by a reverse split (100 to 1) then a comparison with RVLT is appropriate. ILED should subordinate itself to major players like Siemens to lead the marketplace effort. Their own R&D, confirmed technology, plus manufacturing support from Leader is very valuable. This recent "turn of events" could be what we needed.
Believe the markets!
The share volume and price indicate they have a bright future. They still are a premium purveyor of product and technology. Those elements are still in place, and a big player without them, but has $, could rescue us all. It seems certain that a reverse split could happen. Best of luck to us all…the hypster is gone!
A "Lost carry forward" for next year.
The members of the BOD had a lot of personal money in this. It is hard to believe they (we) were all this stupid. There is value in this company, the problem is getting it out in a timely way.
Everybody has been let go???
http://www.heraldtribune.com/article/20140404/ARTICLE/140409840/-1/news?p=1&tc=pg