Yes, we are looking for: HOPE!

Reality will probably be different, again.

Where is the hope for OMTK?

You are right, with Diesel prices high, OMTK should fly.
But it doesn't!

9-30-2022 statement:

cash: $8k
a/r: $11K

while

a/p: $387k
accrued compensation: $638K
payable to related party: $129k
Customer deposits: $231k

or in other words... crazy up side down, the company is still so broke!

November 2022...

It seems OMTK is late again in filing the reports.
What happened to the anticipation?

Notification of inability to timely file Form


It seems OMTK is late again in filing the reports.
Not looking good in my books.

Houston: We STILL have a problem at OMTK
Latest 10-Q filed late again

9-30-2021 statement:

cash: $14k
a/r: $12K

while

a/p: $428k
accrued compensation: $616K
payable to related party: $125k
Customer deposits: $170k

or in other words...

The company is still so broke, even after receiving massive amounts from government covid help.
Has hope for OMTK left the building?

Late filing again

It seems the company is late (again) in filing the quarterly report for the ending period of June 30, 1021.

Still not looking good in my books.

Or in more details:

And only because the government helped:
OMTK as of march 31:

Cash $60k
A/R $22k
Real ASSETS on paper: 82k

And the other side:
A/P $461k
Accrued compensation $603k
payable to related party $123k
Customer deposits: 232k
Real LIABILITIES on paper: 1.5 Million

or on other words...
the company is so broke, where is the hope?

Only around because of Government help?

The company received $399k from the government in the last 12 months.

As of March 31, 2021:
$1.5 million liability and
$59k cash in the bank

Nothing wrong with this picture?
Why loading?

What changed?
Why is this OMTK suddenly active?
Still no good news from the company.

Company received $ 259,436 in federal covid funds
Accrued management compensation reduced from $706,830 to $586,312
Did management pay themselves out of covid funds?

Accounts Payable increased to $ 533,397 and monthly revenues are only $67k

Still looking bad!
No touch!

CFO leaving Omnitek

As of January 10, 2020 report, it does not look better:
- 2018 Promissory note for $25k not paid, instead shares issued
- CFO, Richard Miller, leaving the company on 2-7-2020
Too bad, not promising

Ed

50% reduction in revenue compared to 2018 !!!

No positive impact from "strategic investment"
430 k Accounts payable
10 k Accounts receivable

Who knows what the inventory is really worth?
1.5M Liabilities !

Lease area now reduced by about 50% should probably
have happened years ago.

It does not look good.
Still no touch for me!

Ed

Just a drop in the sand....

What a strange investment.
$10k per month / $90k minimum per quarter.
$25k was paid at signing of the contract.
$75k is due by the end of this month (9/2019).

Just enough to pay over due rent of $87k!
And how do they want to develop an engine with this "investment"?

Thank you, No touch !!!
Ed

Three Day Notice

Unfortunately it seems fact and is confirmed by the latest 10-Q from 2019-08-19

Fact1:
"On August 6, 2019, subsequent to the date covered by this report the Company was served with a Three-Day Notice of Pay Rent or Quit, for failure to pay rent for the months of May, June, July and August, 2019, in the aggregate unpaid amount of $87,477.09, for the premises leased by the Company located at 1333 Keystone Way, Suite 101, Vista, California."

Fact 2:
"The Company’s current lease expired on March 1, 2019 and the Company is currently occupying the leased premises on a month to month basis. The Company is actively engaged in negotiations for the renewal of the lease and a mutually acceptable resolution with the landlord."

Fact 3:
"On January 19, 2019 the Company and Werner Funk, President and CEO, agreed to a one-year extension of the $15,000 related party note payable due to Mr. Funk. The extended due date is January 19, 2020."

Fact 4:
"On June 15, 2018 the Company entered into a Securities Purchase Agreement with an accredited investor, under which the investor purchased a Secured Convertible Promissory Note from the Company in the principal amount of $100,000. Under the terms of the Note simple interest will accrue at a rate of 10% per annum. The note will automatically mature and be due and payable on the eighteen (18) month anniversary. The Company shall make principal payments under the Note in the amount of $5,000 per month, beginning on the seventh month anniversary and continuing each month thereafter through the maturity date. Also commencing on the seventh month anniversary of the Note, the Company shall make interest payments under this Note based on the unpaid principal balance. The Note is secured by the inventory of the Company in accordance with a Security Agreement executed concurrently with the Note and UCC-1 Financing Statement perfecting said security interest."

Fact 5:
$ 8,000 cash at hand

Fact 6:
$ 400,000 accounts payable

And who knows what the "real" value of inventory really is.

All very sad, to say the least

Ed

Soon to be 0.0000000 ?

It seems Omnitek lost their long term lease contract for their building and cash is gone.
What to do?
So sad!

Resignation of Director

"On May 9, 2019, George G. Chachas, notified the Company of his resignation as a director of the Company, in order to pursuant other opportunities."

Bad, really bad, when the corporate counsel who made the IPO a reality, leaves the company.

$ 17k in the bank

$ 362k accounts payable
$ 506k Accrued management compesation
$ 1.3M total liability

Not looking good from my perspective!

52 week low: 0.057
No end in sight.
Soon might be 0 ?
Opportunity or total disaster?

3 weeks?
No news since Nov filings.
How can Omnitek survive with 5k cash and 500k short term liability?