This has been explained many times before.
Dan just could not raise the money to fix the issues he needed to BEFORE the SEC suspended the stock.
While the filings (approx 250k-300k or so) were one issue ,we had convertible debt and other loans and the court cases and legal costs and trying to juggle it all.
Rewind... Last year around this time Dan got the idea from a friend to try to crypto route by trying to make these contracts in other countries work through a blockchain financing mechanism. At the time Crypto was hot, bitcoin was soaring and another energy blockchain company raised 150 million like nothing. He felt he could raise 40-50 million, take care of WSTI problems etc.
Fast forward to May when we found out about things. At that time the India project also came into place and the mechanism to raise money was set up. He figured with the large contract certainly the investors would come in.
The "Soon" and "shortly" were stated because he really did not know the timing, it could have been 2 days 2 months or who knows.
The problem Dan ran into was that crypto had crashed and the funny money being thrown around all sorta dried up. So he doubled and tripled his efforts, flew all over the world kept trying on India, kept trying in the Caribbean and other places etc. He did get some money raised but not enough. The attorneys had spoken to the SEC back in in March or so and between that and the fact that when I looked many companies just being suspended had not filed since 2012/2013 , most of us felt we had maybe 6 months to a year maybe at most from May to get things done ,figured it would happen by then.
Fast forward a month or two.. when it became apparent that the crypto raise was difficult, I started talking to people and to shareholders. I posted here. We could have raised the money to do the damn filings. But by the then time had passed. I got people lined up on my end and ran it by people that run hedge funds. Eventually I got Dan, and his attorneys to be open to it. Then we got suspended.
Dan has not made any money from WSTI shareholders. In fact he has spent money trying to keep WSTI rolling. Not just because of you are I but because he owns shares and probably is tied up in some of those notes as well.
So that is where we are. The only way we get out of this mess now that we are suspended are 1 - some jobs start generating revenue. 2-Hopefully that enough to jump start India to finish. Then some money coming in pushes investors off the fence perhaps on the ImpactPPA end. Once Dan is committed to WSTI end and has some options things can start to happen.
Since we are for now still trading in the grey market, if ImpactPPA news comes before we get revoked and dont trade the stock can still go up. If we get revoked then it is a much longer process. Probably take many months if not 3-6 months but does not mean we are dead.
Personally I think the next month or two will tell the whole story.
My deal that I proposed was very simple (back before the suspension). Get people (investor group) and even shareholders to buy units with warrants. Use of funds -filings, debt resolution etc. When the stock was about 4-5 ticks you could issue the stock with warrants at 10 ticks and another at 20 ticks etc. Everyone would want the deal because the news itself would send the stock higher. Easy to understand, no crypto needed etc.
The only problems now are that the stock is suspended and that makes it tougher, and I am starting to wonder about the book of business and its viability. IF the business plan really works etc. I mean it all sounds good but that is why having some jobs hatch takes those worries off the table.
I might not have agreed with Dan's approach but everything looks clearer in the rearview mirror. I mean crypto was hot then it was not. He was open to everything and certainly has been working and trying. Maybe he will fail. He certainly does not want to and has more to lose than we do.
If things start falling into place and I can help I will as will other people.
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
