Yes, no revenue for a whole 3 months, HUGE expenses,
and apparently no windmill currently under construction, unless you can build a windmill out of $33K worth of parts.
They don't own their assembly shop, they lease it.
Most of their huge expenses were:
$1,627,754: Stock options to various officers, exercisable at $0.15 and $0.25 a share: let the good times roll !
$409,866: Consulting expense: I expect that's what they paid the swindler that arranged this reverse merger.
$30,593: Marketing, advertising and promotion. That reasonable, enough for a new website, an "executive summary" and a couple of brochures. Serves as much to peddle the company to shareholders as to sell windmills.
$22,229: General and administrative expenses: That's extremely low. How many employees are they supposed to pay with that ? Are all officers paid with shares ? More directors than employees, right ?
$21,302 : Travel & Entertainment: They spend as much on T&E than in wages ?
A huge part of their balance sheet is the $7,370,602 Intellectual Property intangible.
Without that their balance sheet would show negative value.
Rainmaker still owe about $2M of royalties over those patents tho.
The company still has not filed the previous 2 years of financial reports, that is mandatory for a merger.
Since they have only $2.2M in previous liabilities, it seems that losing $2M per Q is a new thing for that company.
They have some $65K of manufacturing equipment (after depreciation). That's not particularly impressive. My dad's basement contains as much in tooling.
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That is not the financial portrait of a thriving high-tech, small manufacturing company.
Looks more like a start-up struggling for its first contract.
They purchased Wind En Water Technologie Holding B.V. patents in 2015. WeWTH is still their main shareholder, right ?
