It all boiled down to money...
Before May of this year none of us really knew what was going on or had much hope for WSTI. Many of the core group here had been in the stock since 2015 or earlier many paid .0001 , some had held shares from higher prices earlier before the convertible debt crashed things.
Then May came along, the stock woke up due to the chance ImpactPPA offered WSTI to get rolling.
But it all goes back a bit further. Dan started ImpactPPA in 2017, crypto was hot, Bitcoin ran to 19k . A Forbes article we found later showed Dan was trying to raise 50 million. Why not, another energy crypto raised triple that and people were throwing funny money around.
Problem is it took too long to get rolling, Crypto crashed and burned, and all the people with the air money felt a bit deflated. All the crypto guys were beaten up and no one was tossing money around. But, the potential for blockchain seemed to be universally accepted as being huge so Dan stuck with it.
The Blockchain angle gave Dan what he likes to call a "payment rail" to try to launch these big deals. India hit, other stuff was in the works and it was down to raising the money which I believe he felt he would get (at least 10-20 million etc)..
That is why he said "soon" "shortly" when we asked about a WSTI update. He needed the cash to fund the restructuring, do the filing etc..
The problem is, and hindsight is 20-20 of course is that when he had that rough time, he should have pivoted and put everything into the filings. Some of us came to that conclusion pretty quickly when we started talking to people. "Some" means me, other shareholders large and small, potential investors etc.
No one understood the crypto angle for investing their money. Dan has it set up right, and well but as I said to him myself, he was ahead of the curve looking for money from beaten up investors.
The other problem was the path involved accredited investors only, and then that was further narrowed to accredited investors who understood and got that the security token market would be a "thing" at some point (like maybe next year).
What made much more sense to people was stock/equity, a restructuring pegged to cleaning up filings first, then negotiating convertible debt etc. Everyone here knows what happens to the stock in that situation.
I posted here , we should just sell a billion shares and raise 500k ourselves. It was certainly possible. But even that 500k would not be enough. It would be enough to get filings done and maybe toss some on the India deal but then we still had the convertible issue.
In any case, since the crypto raise seemed DOA I came up with the plan I posted to the blog and it was run by everyone. No negatives out of everyone including securities attorneys. Just wish we got started on that in May/June or we would not be here now.
In any case that is how we got here. Not enough money and ran out of time. As best we can tell from the white paper for ImpactPPA the nearest money would be Haiti project starting Nov/Dec. with India completion possibly after that provided some working capital.
Dan has raised some money but it was not enough to do what we needed (money raised for ImpactPPA etc).
I think what Renee posted is the the same as what I stated earlier. The best bet is to come up with a plan, allow the revocation (which as best I can tell they cannot stop anyway) make a plan to get the filings current re-register with a new form 10 and get the market maker lined up.
But first this thing has to be re-thought from top to bottom and we need to know exactly where Dan is coming from.
Everything I post is my own opinion and people should always do their own research and due diligence on any company they are looking at
