I believe you are probably right. I have also noticed that even though they operate in the US they go to great lengths to avoid SEC regulation. Their PETROBLOQ division also has to be a joke. There are real companies like IBM that are pursuing blockchain technology and have the deep pockets to do it. PQEFF is probably just in it because blockchain is a current hot buzzword.
There are other companies out there that seem to perpetually stay in the development stage as well. Check out Rise Gold Corp. (OTC:RYES). They are allegedly going to reopen an abandoned, waterlogged gold mine in Grass Valley California (Idaho-Maryland mine). The 3 surface pads they own are all in what is now a residential area. Anybody that restarts this mine is going to get a demand from the State of California to clean up the tailings piles left over from the 1950s. The last company that was going to reopen the mine was planning to make clay tiles from the tailings without bothering to mention that the tailings had all been run through a cyanide process gold extraction plant. That company did not get permitted and offloaded the mine to RYES. RYES has only about C$250K in the bank and all of 2 employees but we are somehow supposed to believe that they are going to obtain all the permits they need, clean up the tailings piles, build a water treatment plant to they can drain the mine, drain said mine, re-timber some or all of the 75 miles of underground tunnels, install new winding equipment, air compressors, tools, lighting and ventilation equipment, and post the required reclamation bond which is likely to be at least US$100 million. Also, the good core samples they are advertising come from about a 5,000 foot depth when the mine is only about 3,400 feet deep so quite a bit of new tunneling will have to be done to get to the ore. All this in the face of teething opposition from the residents of Grass Valley who do not want the mine reopened. The mine next door, the Empire Star, is now a state park but the minerals are owned by Newmont. Newmont is not interested developing those mineral rights anytime soon and Newmont has the deep pockets to do so. If the Idaho-Maryland mine was is such a good deal then a major miner should be snapping it up. Nobody is. RYES did manage to sucker a couple of million dollars of new investor money last year though. Looking at RYES' financial statements I would like to know what kind of creative accounting turned the Idaho Maryland into a C$14 million asset in only about 2 years when the company that sold it to RYES reported sales proceeds of only about C$300K. Wonders never cease. Maybe PQEFF ought to buy RYES. They could have a new division, PETROGOLD and see how much new money they could raise marketing their plans to reopen the Idaho-Maryland before people get wise.
Sorry for the digression, but I just could not help but notice the similarities between PQEFF and how some junior miners operate.
