Man, something just doesn't add up!
So let me get this straight. Michael de la Garza raises $20-25 million, takes several millions for himself, his brother, his mechanic, some family, et al, then gets ousted by a suggested "coup" and our beloved Tom Wilkinson (brought in by de la Garza, I believe) takes over the helm. Wilkinson pretends to be large and in charge, but quickly shows his incompetence and decides that it's better for him to be Chairman of the Board. Tom takes a job at Sonim Technologies as CEO, and, as of today, drives stock price from $3 to $1.38. Wilkinson brings in the actor, Andrew Borene, who comes to CLOK with Symantec toilet paper on his shoe and a whole lotta smoke about closing "the big deal". Well, no "Big Deal" closes, and he quickly exits stage left with a nice 6 figure going away party gift.
Somewhere during all this time, the CLOK Board of Directors approves office leases left and right and also must have made consulting deals with "Sales" guys who crawled out from beneath every rock imaginable, pretending to have a clear path to this big company and that big company. None of those deals even made it to a second date! Meanwhile, more millions of dollars are flying out the door, all approved by Tom Wilkinson, the Chairman of the Board, and the rest of the Board of Directors! And they continue to sit on CLOK's balance sheet as liabilities. Thank you, Tom Wilkinson and CLOK Board!
So Borene is gone, and now we have David Chasteen. Who is David Chasteen? Why hasn't Mr. Chasteen introduced himself to us, the shareholders?? Didn't Chasteen bring in actress Borene? Well, after doing some light digging in the garden, we find that Chasteen is a consultant for SideChannel, https://www.sidechannel.com/about
Hold on! Is that the same guy, Nick Hnatiw, CLOK's CTO, on SideChannel's website, who is also SideChannel's CTO and partner, and Chasteen's boss?? Is this the "shadow CEO" mentioned in the past?? WTF??? This is like one of those binge shows on Netflix!
And all we get is radio silence. And a timely 10-Q that paints another picture of a company that has been on a crash course of self-destruction for many quarters. All led by Thomas Wilkinson, approving CLOK to spend millions of dollars on legal fees to pay de la Garza $400k and LaGanke $50k for what appears to be worthless stock. Are Wilkinson and de la Garza "dating" again? This is the same de la Garza who got caught with his pudgy hands in CLOK's cookie jars, yet Wilkinson and the Board refused to perform and accept the results of a legitimate forensic audit. Are Wilkinson and de la Garza planning to work together to turn this company around? Or are they planning to buy this company out of b/k, and do another money raise?
I don't know about you, but if I purchased CLOK shares thru a private placement, I'd be furious.
...much more to follow. Stay tuned!
