Are you saying oil prices didn't crash in that time period? And that oil companies didn't pull back to survive? And that this didn't cause problems for IET? And that they didn't overextend themselves at the worst time?
Read the filings... I have. I am oversimplifying to keep it brief, but it wasn't the product that was the problem. You know the product is good. You have said it yourself, that it is effective and the potential is there.
I get that you are not a fan of Gary... it sure looks like he is doing the right thing by deferring to the experts finally.
Here is one filing to start with that shows how things fell apart -
Third quarter and nine month revenue was $56,000 and $170,000, respectively, a reduction from the previous year periods as the Company slowly regains momentum following the adverse impact from the precipitous drop in oil prices from October 2015 through January 2016 that caused oil drillers to scale down operations;
? Gross margin for the third quarter and the nine-month period was approximately 64% and 62%, respectively, roughly consistent with prior quarters despite modest revenue and start-up costs related to an additional 5 th production facility opened during the third quarter;
? The Company reduced monthly cash used in operating activities by approximately $42,000 to $149,000 during the first nine months of 2016 compared to the same period in 2015, a 22% decrease. During the third quarter of 2016, the loss from operations, adjusted for non-cash expenses, averaged approximately $125,000 per month, down from approximately $195,000 per month during the same period of the previous year;
? Operating expenses totaled approximately $532,000 in the third quarter of 2016, a 25% decrease over the third quarter of 2015, and a 5% decrease over the second quarter of 2016;
? In July 2016, the Company raised gross proceeds totaling $603,500 through the issuance of zero coupon secured convertible debentures with a face value of $670,577 to support business development initiatives and working capital.
“Early third quarter we received verbal confirmation of business expansion opportunities with several existing customers, signed Master Service Agreements with 2 large independent oil and gas producers, furthered discussions with several additional producers to sign similar engagements, and initiated sales through two regional distributors. In light of those developments, we anticipated that revenue growth in the third and fourth quarters, coupled with the funds raised in July, would carry the Company to breakeven in December. Unfortunately, our estimates were not correct. While IET does not appear to have lost any of the opportunities that led to the estimates, the timing was off. During the third quarter 2016 we serviced a total of 84 wells on the Excelyte ® maintenance program – significantly less than were anticipated. Although we have now begun servicing additional wells in our pipeline, we are approximately 4 to 6 months behind expectations and the time-line to break-even is similarly delayed. Consequently, we are responding to the revised time-line by making adjustments for the endurance of the Company,” commented David LaVance, President, Chief Executive Officer and Chairman of the Board of IET.
And here is Oil prices... look at 2014 - 2016 right when IET fell apart.
AI
