Highlights of 10Q
- Raised funding to start production through bridge notes (better than convertibles....)
"On September 6, 2018, the board of directors authorized the raising of up to $3 million to buy components, build product, and fulfill orders through the issuance of bridge notes. A board member led the investment of $125,000 and $250,000 notes that offer simple interest of 15% per annum on or before the one year anniversary. Furthermore, the Company committed to pay the principal amount and accrued interest within 30 days of the receipt of funds from debt or surety bond financing, In exchange, we issued cashless warrants to purchase 1,000,000 ($125,000) or 2,000,000 ($250,000) shares of common stock at an exercise price of $0.05. The warrants expire after five years. As of November 16, 2018, the company has raised $2 million."
- Meeting with someone from incoming Mexican administration is planned (this is different than getting invited to women's issues conferences)
"A September meeting with a representative of the incoming Mexican administration was canceled and has been rescheduled for the fourth quarter."
- They have not started testing of 125 KVA model, they just bought parts so it could begin to be tested.
"On July 15 th, the company purchased a Ford purchased a Ford F-450 Chassis Cab Truck. Subsequently, a metal flat bed was manufactured and installed. The truck was delivered to Craftsmen on September 15 th . It will be used for the installation and refinement of the MG 125 kVA."
- They orderd parts for 5 vehicles (my guess is only 1 of which is for 125 kVA model for the new test vehicle)
"During the week of October 7, 2018, the company placed orders for System Controllers, 80 and 125 kVA Generators, Voltage Regulators, Panasonic Toughpads, Power Take-Offs (PTO) and Split Shaft PTOs. The company purchased parts and components for completion of 5 vehicles."
- My take is that they recently recieved the parts and upfitting has been started
"Craftsmen Industries, has recently begun the upfitting process."
Reality check
They had $1,000,000 in convertibles due between late Aug. and end of Sept. These are not due from Dec 15 to end of year.
In addiiton the Hoppel guy who buys the promissory notes off of KHIC toxic investor has been handed nearly 5 million shares in the past 2 weeks at conversion price of 0.025. He is keeping this from going up as he is continually siphoning off any investor interest.
They need to announce a deliver by Dec 15 when the next note is due so that that giant note can be dumped into a price increase. Otherwise we are looking a 40million outstanding share increase to get out of the debt due by the end of the year. They do seem to be working to pay off the convertibles so maybe they will take any profit from product deliver versus letting the shares dump.
AI
