They used to brag about having "over 1000 hours" of accumulated engine running time. Let's suppose that for once they were honest and didn't exaggerate that number. Over 15 years that's just over one hour of engine running time per week. There were approaching a dozen engine models announced, and no doubt each was rebuilt many times after it self-destructed shortly after each startup.
And then we have all the videos posted that show engines running poorly, for an average of a minute, with no load being applied.
A quick search turned up this discussion board post from "Brownie" who was something like chief "engineer" at Cyclone:
That was more than 11 years ago, and the boat has yet to move one foot propelled by a Cyclone engine.
So yeah, Frankie talking about engine production as if it had any relationship to reality demonstrates pure criminal fraudulent intent. Any new money that comes into Cyclone will end up just like all the previous money - maybe a little spent to keep up an appearance of doing some R&D, but the majority disappearing without any explanation.
That boat is an example. They never admitted how much was spent on it, but later the amount of "equipment" in the balance sheet jumped by $70 or 80,000. Of course they couldn't just buy a used race boat hull, or even a new one, they had to contract with Schoell Marine to custom build one at an exorbitant price. So this boat did serve its purpose of funneling investor cash into Harry and Frankie's pockets. Real commercial product development didn't have anything to do with Cyclone's M.O.
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