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The CEO of SNPW, Nicholas B Campanella, owes Sierra Trading Corporation $14,000.
It's the CEO of a public company who owes money to Sierra Trading Corporation. They loaned money to Nicholas B Campanella, who is the CEO of SNPW.
The CEO, Nicholas B Campanella, owes $14,000 to Sierra Trading Corporation.
Perhaps the CEO, Nick Campanella can pay his debt of $14,000 to Sierra Trading Corporation.
Do they have the exclusive distribution rights? How does it work for product from China with the supply chain issues? Nick Campanella owes $14,000 from a loan he took Florida. How does a company run with a balance sheet like it has. Has the rent on the Medrecyler building been paid yet? Has that new location been announced yet?
And the CEO, Nick Campanella, owes money to yet another party. $14,000 due now from a loan he did in Florida. How does a company operate with the balance sheet looking like it does?
Where does Sun Pacific have these solar power bus shelters?
I'm betting that they don't mine. None of the equipment listed is in use. There would be a mining expense listed on their filings. Electricity costs. Zero. Looks like a scam
in their filings RIOT and MARA mine. BFHC put out a press saying they are going to make money mining, but they don't mine. The revenue is from some outside company that they don't get any money from. tons of toxic debt
does your friend read filings?
Zero money from mining.
lol, prove they have a mining program in process. Zero, none, nada. They are not mining. There is zero mining income. Why don't they provide pics of their miners? I've asked and don't get anything from them. Total joke
none of it is from mining
These guys don't make any money. Company is a total joke. Should be a class action lawsuit.
Read about immersion tanks but what about the miners? What good are tanks if there aren't miners? Putting out press about making $5000 to $8000 a day is garbage when there is no operation.
Why would anyone use SNPW to build a solar farm? There are many well funded companies that have already built solar farms. Who are the experts in solar farms and photo voltaic science that work for SNPW?
There are also a few solar farms both operational and in progress in Durango. I didn't see SNPW or any of its subsidiaries listed.
These are my opinions.
The 10Q filing is pertinent to investors and stock holders.
As of today, the Company’s principal source of revenues is derived from Street Smart Outdoor Corp. operations in the outdoor advertising business with contracts in place in Rhode Island and Tallahassee, Florida, along with some other minor contracting work that we are currently reviewing to determine if we shall continue pursuing in the future.
The Company has been unable to produce positive cashflows since inception resulting in the Company relying heavily upon convertible promissory notes and equity financing. As a result, the Company’s shareholders have suffered from highly dilutive financings.
The Company has incurred losses from continuing operations and had a working capital deficit of $2,919,594 as of June 30, 2021. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise the additional capital to meet short and long-term operating requirements.
On August 3, 2021, MedRecycler-RI, Inc. received a demand letter related to moneys owed for the property leased in West Warwick, Rhode Island. The Company is a guarantor to the lease. Although no formal action has yet been lodged with the courts, the Company has potential liability exposure as the guarantor of the lease obligation.
The Company has engaged counsel to challenge the bill, generally, however, even a successful action against the state of Rhode Island would be timely and expensive and still does not ensure that MedRecycler-RI, Inc. can even get permitting. If the Rhode Island Project fails, the note holders will likely foreclose on the project, including all security and guarantees.
In order to further implement its business plan and satisfy its working capital requirements, the Company will need to raise additional capital. There is no guarantee that the Company will be able to raise additional equity or debt financing at acceptable terms, if at all.
There is no assurance that the Company will ever be profitable. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.
There is no assurance that the Company will ever be profitable. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.
Bottom line, the permit was not approved and the state passed a law preventing another one in the future. The other companies have a better product that's in operation in many locations inside the US.
Patents aren't monetized. Show me the monies...
Not making enough advertising on that business. 100k in total?
Company has never constructed solar farms. The 10Q mentions going from a plumbing business into solar farm construction business. Who in the company has that experience and expertise?
Tesla and Apple had very driven and genius CEOs (and they do now) Don't see the correlation whatsoever.
Do your own research. These are my own opinions.
however, even a successful action against the state of Rhode Island would be timely and expensive and still does not ensure that MedRecycler-RI, Inc. can even get permitting. If the Rhode Island Project fails, the note holders will likely foreclose on the project, including all security and guarantees.
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On August 3, 2021, MedRecycler-RI, Inc. received a demand letter related to moneys owed for the property leased in West Warwick, Rhode Island. The Company is a guarantor to the lease. Although no formal action has yet been lodged with the courts, the Company has potential liability exposure as the guarantor of the lease obligation. The Company believes that the lease agreement should be cancelled as a result the legislation rendering the continuation of the Rhode Island Project inoperable.
The thoughtful response is appreciated. You sound more sophisticated than many people that appear to be gambling.
When the stock couldn't get over the .30 area to me it was a screaming short. I've done intensive research into the company. I agree with too many directions. Seems like many irons in the fire and no one stoking the flames. The Rhode Island advertising business seemed like it could have been a decent business and at least covered overhead etc.
Other companies doing a better version of waste management are already in process with the EPA and have the backing of two states.
Why would anyone choose SNPW with no previous solar farm experience when there are hundreds of other well funded and well staffed companies to choose from?
UL Certification is easy. Let's see this actually get monetized. Call Atlas to see the progress.
MOU with Atlas is not monetized currently, it's been months on the MOU.
The stories go on and on and nothing happens.
The company can't make any real money with the current advertising in Rhode Island.
The thesis remains intact with the stock going to zero. Massive debt and little to no income to justify.
These are opinions. Do your own research and realize the risk of any investment.
Here's some other very pertinent information from the 10Q:
If the Rhode Island Project fails, the note holders will likely foreclose on the project, including all security and guarantees.
Currently, the Company has been and is insolvent if you factor in the Company’s debt obligations.
This ship is like the Titanic. Rearranging the deck chairs as it slips under the water. No notable revenue, high debt. Don't see how the ship is better than ever.
We know the process was shut down in Rhode Island and the move to another state will take years. Another company is already in process in two states so this company's options are shrinking.
We know that the solar farm in Australia is a long shot and SNPW doesn't have any solar engineers on staff or any notable consulting agreements in the filings.
We know that there isn't solid funding in Durango, only a term sheet. Durango already has numerous solar projects in the works and completed by other companies with vast experience.
SNPW Street Smart hasn't been able to make money with advertising before the covid shut down.
Patents are not generating revenue. I'm sure that engineers are only interested in using solar where the sun actually shines. i.e. roofs and flat lands with sun exposure all day.
down 5.79% today and sub .02
thesis remains short
these are my opinions, invest at your own discretion and risk
Appreciate the great research, thank you.
Well said. In addition why would anyone use SNPW as a partner in a solar farm? What's the CEO's experience. How many solar farms have they built?
There are literally thousands of well funded solar companies across the globe that have completed numerous projects. None of which are SNPW.
Who is the "we" the company is referring to? Is there a staff of engineers at SNPW? Are there outside consultants that were hired? Why would a capable company need the help of SNPW? SNPW doesn't have any solar projects they have completed in the past that I can find.
Found this website on the Australia Energy Park:
https://www.dpenergy.com/projects/port-augusta-renewable-energy-park/
DP Energy has partnered with Spanish renewable energy giant Iberdrola to build the Port Augusta Renewable Energy Park. With a capex of $500 million, the project will provide around 320 MW of power on land situated on the coastal plain south-east of Port Augusta, in South Australia.
providing research, everyone should do their own. Shares were a great short much higher and very worthwhile. If my thesis proves out I don't have to pay back the shares and no tax consequences.
Why sue the state when the company and the CEO failed to execute? The shareholders should be upset at the CEO. Who would buy equipment, lease a building, install said equipment without having the permits in place. Cart before the horse much? The Technotherm company has three other locations and none of which are in the US. Maybe this plant can go down the Mexico, maybe Durango.
it's not the shareholders
Zero dimensional business.
Advertising business....small revenue if any
Medrecycler.....non operational
Durango.....many other companies already doing or completed solar farms in Durango, none of them being SNPW
Solar panels....simple to get UL testing (why isn't this already done)
Two different states are supporting another company working in the space. That company also has EPA permits in process and looks like they are already approved in the states. Don't know the amount of time it will take to get approval elsewhere and highly doubt the company had a back up plan. It will take money that the company doesn't have to move the equipment and/or to fight the State of Rhode Island. My guess is that it will take two to three years for another state and location to be approved and much more capital.
There are my opinions
I don't see any other parties managing the company. Filings suggest the attorney as you mentioned and one LLC which is likely a person remaining anonymous and shielding from the potential lawsuits this company could face.
Seems like they are working on stock which I'm sure will get old after sometime. Who do you sell worthless stock to? More than likely parties have taken money out of the equipment pile to pay themselves. Would not be surprised to see another LLC manifest itself that will further injure the shareholders.
Seems like the LOI's are intentionally vague. Much like the mystery behind the mask scandal article the CEO was mentioned in. One has to wonder where the truth lies in that debacle.
In my research of the filings there is only one other board member.
My thesis remains short and the stock to zero. These are my opinions.
Well said. Longs and shorts make the market work.
One idea is the fund can take their equipment back and try and recoup some their losses.
Many funds don't keep throwing good money after bad. Any relocation of the equipment will cost money. A new location will have to go through the same process as in Rhode Island and will take at least a year or two, if not more.
Maybe Rhode Island comes around, but with a team of attorneys on the opposing side I don't see how it will happen quickly. Other companies in the space are already well ahead and have the support of several states.
In my opinion the stock is grossly overvalued. No income, massive debt loads. Lots of alleged deals including an advertising business that could have at least made some money for the company.
Thesis remains intact and that the stock will go to zero.
These are my opinions. Do your own due diligence before investing.
Excellent post. Durango also has several solar projects in the works or completed with many companies. Never any mention of SNPW or subsidiaries in any of the searches.
Still curious as to who owns the equipment as the Medrecycler program can't get off the ground.
My thesis remains that the stock goes to zero.
You are one of the few that does great research and reads the filings. Kudos
Another company, which is much further ahead of this one, filed with the EPA for the same process. There is a reason why the environmental groups have fought this project in Rhode Island.
That's one piece of information. You asked about filings, there's a link to read and learn more
some good premarket volume and ZashGlobal made a mention which could be a key indicator for a move higher.
You should read all of the filings. Interesting on who or what actually owns Medrecycler and what the shareholders of SNPW own.
https://www.marketwatch.com/investing/stock/snpw/financials/secfilings
https://www.epa.gov/rcra/medical-waste
"EPA has jurisdiction over medical waste treatment technologies"
Certain affiliates have made non-interest-bearing advances. The balances of these advances, which are due on demand and include the Advances from Related Parties noted in Note 5, totaled $615,432 as of March 31, 2021 and December 31, 2020. Included in accounts payable related parties as of March 31, 2021 December 31, 2020, are expenses incurred with these affiliates totaling $76,512 and $76,512, respectively.
In January 11, 2019, the Company entered into that certain Forbearance Agreement between the Company and Nicholas Campanella. Mr. Campanella is owed approximately $648,400 in principal and interest on loans and lines of credit issued by the Company. Those debt obligations are currently in default. As consideration for the forbearance of those debts, the Company has agreed to provide a pledge of 100% membership interest in MedRecycler, LLC, and wholly owned subsidiary of the Company organized in the state of Nevada which holds 51,000 shares of MedRecycler-RI, Inc. as security against the moneys owed. The amounts owed to Mr. Campanella date back nearly five years and represent cash payments made by Mr. Campanella to Sun Pacific Power Corp. On April 3, 2019, Mr. Campanella agreed to extend the forbearance until December 31, 2022.
In order to secure financing for the MedRecycler-RI, Inc. West Warrick, Rhode Island waste to energy facility, Mr. Campanella agreed that upon initial financing of the project, he shall pledge substantially all of his holdings in the Company, assign his pledges in MedRecycler, LLC, and certain properties held by Mr. Campanella, personally, in order to collateralize the debt obligations. As consideration for his inducement, the Board of Directors has deemed it fair consideration to issue Mr. Campanella 39,000 shares of MedRecycler-RI, Inc. In addition, MedRecycler-RI, Inc. had engaged the services of Marmac Corporate Advisors, LLC and Eilers Law Group, P.A. to oversee, negotiate and to facilitate the initial financing and capital structure of MedRecycler-RI, Inc. As neither party has received compensation for their services for the Company or MedRecycler-RI, Inc. since August of 2018 thru January of 2019, the Board of Directors, in January 2019, deemed it fair consideration to issue Marmac Corporate Advisors, LLC and Eilers Law Group, P.A. 8,000 and 2,000 shares of MedRecycler-RI, Inc., respectively. As a result, the Company shall maintain 51% of the ownership of MedRecycler-RI, Inc. through its MedRecycler, LLC holdings. During the year ended December 31, 2020, the Company paid Mr. Campanella $165,000 of fees for overseeing the project. The Company also agreed to pay consulting fees to Marmac Corporate Advisors, LLC in the amount of $15,000 a month effective February 1, 2019 for one year totaling $165,000 and $15,000 a month thereafter.
On February 7, 2019, pursuant to an Indenture of Trust entered into by our subsidiary, MedRecycler-RI, Inc., a Rhode Island corporation and UMB Bank, N.A., a national banking association (“UMB”) (the “Indenture”), Sun Pacific Holding Corp. (the “Company”) entered into that certain Guarantee of Payment and Performance with UMB acting as Trustee, whereby the Company agreed to guarantee any and all payments and/or other obligations owed by MedRecycler-RI, Inc. pursuant to the Indenture.
In order to secure the financing described herein, Mr. Campanella, Marmac Corporate Advisors, LLC and Eilers Law Group, P.A. have further agreed to pledge, upon funding, 100% of their ownership in MedRecycler-RI, Inc. as well as Mr. Campanella’s assignment of his pledge from the Company of 100% of the membership interests of MedRecycler, LLC. As a result, 100% of MedRecycler-RI, Inc. will be pledged, upon funding, to the lending party as security for the note and/or bond.
On May 20, 2019, Nicholas Campanella agreed to forbear any of his rights to convert any portion of his related party debt into common stock until such time that the Company had sufficient authorized shares to honor full conversion of all principal and accrued interest into common stock of the Company.
18
NOTE 9 – SEGMENT INFORMATION
The Company operates in three segments: outdoor advertising, construction management services, and industrial waste management. Summary information by segment is as follows:
Summary balance sheet information by segment as of March 31, 2021 is as follows:
Construction Services Outdoor Advertising Industrial Waste Total
Cash $ 1,930 $ 54,450 $ 88,196 $ 144,576
Escrowed Cash - - 117,824 117,824
Accounts receivable - 19,354 - 19,354
Current Assets 1,930 73,804 206,020 281,754
Property Plant and Equipment 95,520 - 1,276,561 1,372,081
Right-of-Use Asset - - 1,075,871 1,075,871
Deposits and Other 22,531 - 6,547,415 6,569,946
Total assets $ 119,981 $ 73,804 $ 9,105,867 $ 9,299,652
Accounts Payable and Accrued Expenses 1,402,018 276,494 1,502,790 3,181,302
Related Party Advances 615,432 - - 615,432
Notes Payable 230,492 - 10,037,802 10,268,294
Convertible Debt 506,621 - - 506,621
Right-of-Use Obligation - - 1,168,178 1,168,178
Total Liabilities 2,754,563 276,494 12,708,770 15,739,827
Net Stockholders’ Deficit $ (2,634,582 ) $ (202,690 ) $ (3,602,903 ) $ (6,440,175 )