Well ill be the first to admit there is a lot we do not know and it is possible some things happened we do not know about. But that said some info posted here is just not correct.
First WSTI was a start up company. Even though we were coming out of the worst recession since the Depression these are the sales numbers from the financial statements...
2012 11,000
2013 896,000
2014 1,764,000
2015 2,821,000 (and that was only for the 9 months they reported they did not report the 4th qtr.. Est sales for 2015 were 3-4 million for the whole year.
Then in 2016, they had a huge deal in Argentina that we did not know about until someone dug up an invoice for a major system installation in the neighborhood of 6 million dollars. (This was part of a package of info sent to preferred stock investors or potential investors.)
So as far as we can see the company was growing sales.
People mentioned huge salaries.. I do not think that is true.
Here they are from the financials
Dan
2012 123,706
2013 123,706
2014 204,846
Mr Keating
2012 50,000
2013 50,000
Travis
2013 62,185
2014 127,436
Ms Ferguson 2014 89,846
If one was seeing huge compensation it was stock options granted to Dan and Travis I believe in 2014. Not actual money paid out.
The Wall Street Revelator report with Musk
-Was done by a guy who bought a large position in the company and paid 900,000 to Mandarin Media. The stock went up, he sold and either he or others who wrote some negative articles then sold the stock short.
One of those articles mentioned an SEC investigation. Which, the company stated was bogus and we know it was because nothing ever happened and the company continued to limp along.
The problem, as I have stated many times before is the company ran out of money, bigger jobs took larger amounts of money and only in the end started getting better margins. The import/export bank which funded bigger deals out of countries was not funded and the efforts to raise funds via a preferred stock offering failed.
Then the ImpactPPA token/crypto thing only raised limited funds.
I do not know the deal on Dan's home. But he is 60? or so years old, I forget. People in Cali bought homes for a lot less years ago and they are worth crazy prices now, like 200k to 1.8 million. So it would not surprise me if he has owned this home for a long time.
Obviously from the sales growth the product had a niche. And obviously Dan did not give up even though everyone was telling him to file bankruptcy.
What happens from here is difficult. With ImpactPPA not raising enough funds to help WSTI. With the major contracts seemingly on hold until funds come in and with numerous issues to work out it is super high risk as it has been since 2015. We thought we had taken off in May of 2018 but ImpactPPA just could not close on the 10-20 million it needed to make everything happen and clean up WSTI
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
