Liquidmetal Technologies Inc (LQMT)

[jaybiscuit]

since Apple may announce an event today, I’m bumping this to the top. Please read the info below about the potential involvement of Apple. Pay attention to the dates at the beginning of each entry they help tell the story and give you good info regarding the timing of events—it matters.

O) 6/15/2021: Trademark registered/updated. The trademark is owned by CIP, which is the joint patent/trademark holding entity between LQMT and AAPL. Under Class 40 of the trademark, it lists: "manufacturing services for others in the field of consumer electronics". By agreement, Liquidmetal can only manufacture consumer electronics with Apple's blessing. Since the trademark is inside CIP, it is held jointly with Apple and Liquidmetal. This is yet more proof that a Liquidmetal product is being “manufactured” for Apple. This trademark adds support the 12/31/2020 “consumer electronics” wording change in the financials opening the door for an Apple product. In addition, we already heard Bromage say that every technology they are considering falls under the agreement with CIP and Apple. Remember the manufacturing class of the trademark when you read (YY) below.

(B): 6/29/2021 Eontec/Yihao set up a $30,000,000 forex for US Dollar exchange rate fluctuations. If the exchange rate risk alone is $30,000,000 the sales volume would be HUGE. I know nothing about Forex, so I literally spend a day researching it. The most concise document I can find that explains it is linked at (AAA). It says that in China, companies (Eontec) must comply with a “closed” capital account policy. This means that money cannot be freely moved into or out of the country unless it abides by strict foreign exchange rules. The main bodies responsible for overseeing the flow or foreign exchange is the State Administration of Foreign Exchange (SAFE) and the People’s Bank of China (PBOC), the central bank. SAFE is the administrative agency responsible for managing foreign exchange activities in China… SAFE’s approval is required for a range of transactions involving inbound and outbound forex payments. In the Chinese foreign exchange system, there are two main accounts: the current account and the capital account. The current account applies to ordinary recurring business transactions including trading receipts and payments… If the company (Eontec/Yihao) fails to comply with SAFE requirements, the foreign exchange bureaus can take over the capital account information, and banks will refuse to process any foreign exchange business under the companies (Eontec/Yihao’s) capital account. The Chinese government introduced new capital controls through a number of announcements by government agencies at the end of 2016 (see history 3, and history 1). The announcements indicated that certain outbound transactions would not be approved unless given specific approval. The transactions in question, that require specific approval, include the following:
• Outbound investments made by limited partnerships (this one DOES NOT apply to Eontec. At the time of the forex 6/29/2021 there are no outbound investments and Eontec is not a limited partnership.)
• Foreign direct investment (outside China) involving an acquisition of 10 percent or less of the shares of an overseas listed company (this one DOES NOT apply either—Li’s investment in Liquidmetal is much more than 10% and it happened years before the forex agreement.)
• Overseas investment made by a newly established entity without substantial operations (this DOES NOT apply either as Eontec/Yihao is not a newly established entity.)
• Outbound transactions (sales or receipts) inside the core business of the company (Eontec/Yihao) involving US$1 billion or more. (This one applies IF sales or receipts are expected to be more than $1Billion US dollars.)
• Transactions involving domestic capital participation in the delisting of overseas listed Chinese company (this one DOES NOT apply either).
So, the only option that could apply is when sales are more than $1 Billion US dollars. This sounds WAY FAR FETCHED—but that’s what the article said. (Perhaps China lowered the $1 Billion US dollar limit mandate due to recent policital relations???) On the other hand, consider this limit when looking at (I) when Yihao/Eontec was named a “Little Giant”—less than 30 days after the forex was attained! In China “Little Giants” are small companies that are expecting to receive “HYPER GROWTH”!!! Don’t forget, this happens less than a month after the $30,000,000 forex was put into place…crazy.
If yihao was named a “Little Giant” because of their technology, it is important to realize capacity to serve a huge company like Apple. Remember in (T) that Yihao sublicensed Ningde Sanxiang which agreed to purchase a minimum of 40 Liquidmetal machines from Yihao/Eontec. We also know that Eutectix USA has at least 2 machines, but let’s not count them. Plus, we know that Eontec has machines as well, and Eontec lists Lens Technology and Foxconn as customers on their website. Plus, we learn that Liquidmetal Japan has machines as well in (CC). It seems as if capacity isn’t an issue. The forex for Eontec/Yihao makes sense. Keep in mind that the forex is for US dollars--$$$--so the forex is not needed for anything except a US$ paying customer. Apple. Also, in (YY) we learn that Liquidmetal’s contract with Yihao isn’t exclusive—Liquidmetal can hire anyone they want to manufacture. Capacity for Apple is not an issue.
In the past, Eontec/Yihao didn’t see a need to obtain protection for exchange rate risk. Now suddenly, they do…in a big way. Based on (AAA) it is required. Also, in the 3/31/2021 Eontec financials we see this statement: “…continue to explore new energy automobile parts, consumer electronic structures in liquid metal products and other markets, affected by factors such as rising costs and increased exchange losses caused by exchange rate fluctuations”. Finally, we see another statement (from the Eontec financials) in (O) item number 4, that shows exchange rate risk in Q3 was up considerably. Since there have been no mentions of any other USD paying customer, and since Eontec/Yihao gave up rights to the North American market via the PLA in 2016 (History 1), this must be a Liquidmetal customer. Apple. Hence the need for the “manufacturer’s supply agreement” with yihao and the 8K from item (YY).

(XX) 7/7/2021 The Sanxiang zirconium based liquid metal manufacturing operation with Yi’an (Yihao/Eontec) has reached “production conditions”. A Sanxiang investor asks Sanxiang’s board secretary: “has the zirconium-based liquid metal cooperated with Yi'an Technology been put into production? Has Haichuanghui been exhibited? Please introduce the production and sales of the product. thanks.” The reply was: “Hello dear investors. As of July 2021, the Sanxiang liquid (metal) project has reached the production conditions and is currently in the market development stage. Thank you for your attention! (From: Shanghai Stock Exchange)” This production operation is using the (minimum) 40 Liquidmetal molding machines from item (U) from 4/8/2020. They are a sub licensee of Yihao—and would likely fall under the (YY) agreement.

(K) On 7/9/2021, Lugee Li then appoints Tony Chung as CEO—with a salary, and a unique stock option plan that rewards him for getting LQMT on Nasdaq and for the stock being over $1 per share. Keep in mind that Li was previously the CEO and did the work for no pay. Now he is paying Tony for the job, plus stock options. Tony is also offered accelerated vesting and a decent salary. In fact, Tony Chung’s new stock options of $2,500,000 were fully vested on 10/7/2021. That is one hell of a short vesting period! In total, he will receive $7,500,000 shares of stock options in his new role. Plus, he received a $20,000 signing bonus. Regarding the “decent” salary. That’s all it is, decent—about $250,000 per year. Not a lot for California and the risk of being a CEO. He is obviously being compensated for a big windfall via stock options. Plus, his contract has several provisions for a huge payout once the stock performs. Looks like he knows that is coming.

(V) 07/16/2021 Ningde Sanxiang Liquid Metal Technology Co., Ltd., a joint venture between Yihao (Eontec) and Sanxiang, has opened and is in trial production. July trial production. A September product release makes sense especially since Ningde Sanxiang Liquid Metal Technology Co, Ltd. would be a sub producer of Yihao/Eontec—see previous entry. The implementation entity is Ningde Sanxiang Liquid Metal Technology Co., Ltd. (hereinafter referred to as "Ningde Sanxiang") jointly established by the two parties.

(I) 07/19/2021 Remember that $30,000,000 exchange rate fluctuation info (item B above) that was dated 6/29/2021? The next month, July 19th, 2021, Yihao (Eontec) was named a “Little Giant” for companies in China that are expected to have hyper growth….AND, the article specifically mentions “APPLE” and “consumer electronic structural parts”. Here is a quote about the structural parts: “Amorphous alloy precision structural parts have been mass-produced. With strong technical strength and industry resources, Yihao Metal has become a leader in the industrialization of amorphous alloys. It is the first to realize the industrialization of large industrial-grade amorphous alloys in China. Amorphous alloys have been applied to industrial-grade products such as new energy vehicles and consumer electronic structural parts, and their service performance far exceeds that of stainless steel and titanium alloys.” Consumer electronic structural parts!

(N) 08/02/2021 Liquidmetal Global Limited incorporated in China. After everything to date, it looks like Liquidmetal is going to be the next big thing…. bigger than plastic, bigger than steel. So, they form a new company called Liquidmetal Global Limited. Why confuse the miracle metal with the operations of Yihao and Eontec—take advantage of the Liquidmetal brand! This is historically what Apple suppliers sometimes do—form new corporations to fully segment the Apple business.

(P) 08/27/21 +/- Apple for the first time was mentioned in Eontec’ s bi-annual financial statement. Hmmm. Not a huge mention, but it’s the first time ever the name “Apple” appeared.

(G) 08/27/2021 Next, we learn via Eontec’ s bi-annual financials that Eontec has strengthened its relationship with Lens-Technology. We also know that Lens-Technology which previously supplied glass backplanes and cover glass for the iPhone, will be supplying metal housings /frames for the iPhone and Apple Watch (H).

(L) 8/30/2021 Bromage and Van resign--but it’s not the typical resignation—as in resign or you’re fired. Instead, it reads more like a pat on the back for a job well done. They both resign for future dates—and receive accelerated stock options and cash payouts! It seems they (Li, Bromage, Van, Chung, and the entire board of directors) know something we don’t know. The board of directors and Li REWARD Bromage and Van with no outward news of a contract, or any news of increased income?!? Come on… Name another time in the history of forever, that a company lets two employees resign for a future date and then rewards them with accelerated stock options and a cash payout. Oh yeah, both Bromage and Van’s employment contracts were set to renew in November—just a few months away. Why didn’t Li and the board just wait for the contracts to expire, and not renew them? Why were they rewarded? Why was it allowed for them to stay on after the resignation announcements? Answer: Because they helped land a whale of a contract, Li and the board rewarded them. Bromage and Van know about a whale contract and that the stock price is going to skyrocket, and they will never have to work again…. ever. Apple.

(XX) 09/28/2021 Sanxiang, one of the largest amorphous raw material suppliers in the world—and a partner of Eontec/Yihao announces that downstream demand is causing an increase in zirconium prices: “the company's zirconium products are affected by rising raw material prices and downstream demand. Recently, the company's zirconium products have been on an upward trend and adjusted in line with market prices.” We later learn in (YY) that Liquidmetal and Yihao’s new 5 year “manufacturing supply agreement” is based on a cost plus % contract….smart Liquidmetal, smart. Or did Apple dictate this? My bet is on Apple.

(DD) 9/29/2021 Apple financial statements show a day’s payable time of nearly 90 days. This means that it takes Apple approximately 90 days to pay its vendors for their work and/or their products. As a result, Liquidmetal likely will not show revenue from Apple during Q3. Looking at the chart on the referenced webpage (DD), apple has a trend of significantly increasing their days payable every September. Why, so that news of a new product, or component of a product, isn’t released in a vendor’s financials before a product release. In delaying payment, Apple makes certain that its news is quiet until after a product release/launch.

(OO) 9/30/2021 Eontec Q3 Financial Statements: We should see some leading indicators on Eontec/Yihao’s financial statements. After all, Eontec / Yihao would need to stock up on material and investments to satisfy an Apply order. Raw material inventory would be up—it is up 53%--(1) below. Construction expense for installing equipment would be up—it is up 49%--(2) below. New equipment assets would be way up—it is up 295%--(3) below. Exchange rate fluctuations would be up—it is up (81%)--(4) below. Credit impairment exposure would be up—it is up 348%--(5) below. Financing to pay for the working capital (inventory, materials, equipment) would be WAY UP to support Apple—it is up 2,711%--see item (6) below. OK, I think six leading indicators is enough. Here they are straight from the financials:
(1) “Inventory at the end of the reporting period increased by 52.92% compared with the end of the previous year, which was mainly due to the increase in the company's raw material inventory during the current period”
(2) “Construction in progress at the end of the reporting period increased by 49.49% compared with the end of the previous year, which was mainly due to the increase in investment in the second phase of the company’s purchase of equipment to be installed and the subsidiary Yi’an Yunhai Light Alloy Precision Die Casting Project”
(3) Other non-current assets at the end of the reporting period increased by 294.64% compared with the end of the previous year, which was mainly due to the increase in the company's prepaid equipment purchases during the current period.
(4) Other comprehensive income at the end of the reporting period increased by 80.56% compared with the end of the previous year, which was mainly due to the increase in the translation difference of foreign currency statements affected by exchange rate changes. (Remember the forex agreement in (B)?
(5) The credit impairment loss in the current period increased by 348.26% compared with the same period of the previous year, which was mainly due to the increase in the loss of bad debt provision made by the company in accordance with the accounting policy in the current period
(6) The net cash flow from financing activities increased by 2711.10% in the current period compared with the same period of the previous year, which was mainly due to the increase in the cash received by the company from borrowings in the current period.

(III) 10/15/2021 This is Bryce Van’s final termination date. In case you’ve been wondering why Van was allowed to stay on after his resignation…let me explain. On LinkedIn, Van lists his Liquidmetal experience as being: “Highly involved in the Company’s last two financing transactions, inclusive of front line interaction with investors and ownership of all accounting and disclosure considerations, which resulted in funding to date of $18 million with an additional $30 million available in an unused facility.” A couple of key phrases to focus on: “funding to date”, “last two financing transactions”, and “additional $30 million available in an unused facility”. Obviously, Bryce wrote this after he left Liquidmetal to join ArtemisDNA. The phrases “funding to date”, “last two”, and “available in an unused facility” all tell us that this is a current funding transaction (loan) that had not been fully used as of his departure on 10/15/2021. So, what is an “unused facility”? An “unused facility” is a line of credit (JJJ) that is still available for use. Lines of credit are used for working capital. Working capital is used for things like materials, equipment, labor, inventory, overhead, etc. These all have to be paid for while you are manufacturing a product while you are waiting for the customer to pay you. (For example: if you buy a pen from me, I would have already paid for the plastic, the spring, the ink, and for all the overhead to make it before you paid me. The money I use to make the pen, and inventory it, is called working capital.) Now how big of a sale requires $30,000,000 worth of working capital and an additional amount of $18,000,000 that was already funded? It must be big! This gives even more support to the large forex (foreign exchange rate fluctuation protection) purchased in June for a US$ paying customer. Thanks Bryce….appreciate the info! Even more support—no previous financial statement has disclosed a $30,000,000 Line of Credit or “unused facility”. Expect this to be in the Q4 numbers. Another nugget of info: What banker would loan $48,000,000 (total) to Liquidmetal with their historical sales volume? This would only happen with a huge order—a banker would easily post a line of credit for a huge Apple contract wouldn’t they!

(KKK) 09/31/2021 (out of sequence purposefully) Regarding (III) above, we know that the $18,000,000 and $30,000,000 is new financing. Here’s yet another reason why. In the 9/31/2021 10Q, it states: “Cash provided by financing activities totaled $0 and $0 for the nine months ended September 30, 2021, and 2020, respectively.” So, there was no cash provided by financing before 09/30/2021. In fact “cash provided by financing activities” was $0 all the way back to 03/31/2020. There were small entries in 2019 of $21,000, $14,000, $14,000 and $11,000 in Q4-2019, Q3-2019, Q2-2019 and Q1-2019 respectively. (These are all labeled “stock options proceeds” which is not an “unused facility” and they are nowhere near $18M and $30M.) In addition, there are no new entries in the current liabilities or long-term liabilities sections. Because of this, we know that Van was talking about new debt that will show up in the 4Q financials. Again, thanks Bryce! We appreciate you staying on until 10/15/2021 to wrap up this financing! Enjoy your accelerated vestings.

(CC) 10/xx/2021 Liquidmetal Japan (formed in 3/2021) says they have achieved “full scale” business/production. From formation to full scale production in 7 months! The “full scale” business/production date matches the need for a new Apple product. Liquidmetal Japan releases a video (GG) of from their chairmen: Akihisa Inoue. Akihisa Inoue is literally Japan’s best metallurgist and is world renowned for his amorphous metal and nano-crystalline research. He was also part of Liquidmetal’s initial advisory council in way back in 2002—he has been connected to Liquidmetal for a long time! The Liquidmetal Japan website link is item (HH). So Liquidmetal now has production capacity via Sanxiang, Yihao, Eontec, Eutectix (USA) and this Japan operation as manufacturing options. Also, Eontec’s website lists Foxconn as a customer.

(II) 12/15/2021 Here’s a big one! Liquidmetal changes their accounting firm via an 8K notice to BF Borgers. The old accounting firm had been with them for many years. The new accounting firm has members who specialize in international accounting…something the old accounting firm lacked. One member of the firm, Eric Lein (JJ), specifically performed the audit services for large “electronics consumer product manufacturers” in China. In addition, he has experience with Asian-Pacific based US public company financial statement audit engagements and led one $400+ million revenue China based US listed client and a couple of smaller private company clients. He also assisted in financial statement audits of several Asian-Pacific based clients who listed in US and Canada. These clients have operations in China, Hong Kong, Singapore, Malaysia, Indonesia, Vietnam, Cambodia, India, New Zealand, and so on. Coincidence? Nope.

(KK) The new accounting firm, BF Borgers, is a heavy hitter with the SEC filings and has experience with getting companies listed on the big board. In November it was announced that “For the second quarter in a row, Colorado-based firm BF Borgers netted the most new Securities and Exchange Commission clients”. Liquidmetal was content with their previous accounting firm for many years…why the change? The obvious answer (after seeing all this information in chronological order) is because it is a necessity due to the new international exposure. Apple. It will also facilitate getting on a better stock exchange.

(YY) 1/12/2022 Liquidmetal and Yihao sign a 5 year, non-exclusive, “Manufacture Supply Agreement”. In the agreement, certain items are redacted regarding pricing and insurance requirements. It states: “CERTAIN CONFIDENTIAL INFORMATION, IDENTIFIED BY BRACKETED ASTERISKS "[*****]", HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED”. This redaction sounds like an Apple requirement. Again, the term is for 5 full years, non-exclusive. This means that Liquidmetal has sold a large contract (Apple), will be pursuing (or already has) other means of production, and the contract sale will require production for 5 full years (the approximate life cycle of a consumer electronic device) and will automatically renew each year thereafter unless either party decides to not renew. Also, the agreement dictates a cost plus % arrangement but the % amount is redacted—sound like Apple to you? Yup.
Going with the Apple vibe—let’s give it a “ONE MORE THING!” like the great innovator Steve Jobs would have done! Ponder this! Yihao has manufactured for Liquidmetal a lot in the past few years BUT they have never needed a “Manufacture Supply Agreement” for anything else Yihao had ever manufactured for Liquidmetal. (For example: the Zyris Isolite dental equipment didn’t require a “manufacturer supply agreement” with Yihao. It is a multi-year product too. The same circumstances apply to the Martin guitar pins. The new golf club announcement is not the reason for the agreement with Yihao either. Keep reading to see why.)
Why does Yihao production suddenly need an agreement? Here’s why! We must remember that Yihao is part of Eontec and falls under the Eontec PLA (parallel license agreement) (History 1). All previous manufacturing by Yihao fell under the PLA contract because all previous manufacturing was for items that were not consumer electronics! Since this IS a consumer electronic part, the parallel license agreement DOES NOT apply and Yihao has no access to Liquidmetal’s patents, processes, etc. That’s why this new “manufacturer supply agreement” has a clause that defines Liquidmetal technology, patents, branding, etc. both now and into the future. The new agreement must also protect confidentiality and the “assigns, etc.” of Liquidmetal. Because the PLA excludes consumer electronics, Liquidmetal and its affiliates (APPLE!!!) MUST have a separate agreement to protect the consumer electronics market (APPLE). This 8K “manufacture supply agreement” proves consumer electronics AND validates the wording change in the 10K by liquidmetal (A) on 12/31/2020. AND it validates everything else in this document. Most importantly it validates Apple because Liquidmetal cannot pursue consumer electronics for anyone but Apple. That’s why Bromage was so nervous when answering the ASHM conference call question (LL) This is it! Full Circle. It’s Apple. It’s always been Apple.
History (1) Parallel License Agreement: https://www.sec.gov/Archives/edgar/data/1141240/000143774916027548/ex10-2.htm
History (2) Removed N/A
History (3) https://www.macrumors.com/2021/12/07/apple-ceo-tim-cook-secret-deal-with-china/
History (4) http://www.yihaometal.com/?p=8972
History (5) http://www.yihaometal.com/?p=8983
History (6) https://investorshub.advfn.com/boards/read_msg.aspx?message_id=159242386

(A) https://investorshub.advfn.com/boards/read_msg.aspx?message_id=162448026
(B) https://www.reddit.com/r/LQMT/comments/oan1ud/what_30_million_whale_will_only_pay_in_us/?utm_source=share&utm_medium=web2x&context=3, https://www.torquenews.com/14093/tesla-18650-2170-and-4680-battery-cell-comparison-basics
(C) https://www.cnbc.com/2021/09/15/iphone-13-poised-to-continue-apples-super-cycle-of-sales.html
(D) https://appleinsider.com/articles/21/02/28/demand-for-iphone-13-could-be-boosted-by-iphone-12-supercycle
(E) https://www.taipeitimes.com/News/biz/archives/2021/02/01/2003751535; https://inf.news/en/economy/aaedc6c6176ea601274dca0fb8d844bc.html; https://www.reuters.com/article/us-catcher-lens-apple-idUSKCN25E18G; https://www.reddit.com/r/LQMT/comments/p9z9ua/apple_changing_cases_for_iphone13_liquidmetal/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
(F) https://liquidmetal.gcs-web.com/node/11671/html#ex_281117.htm Bromage; https://liquidmetal.gcs-web.com/node/11671/html#ex_281118.htm Van
(G) http://static.cninfo.com.cn/finalpage/2021-08-27/1210870360.PDF
(H) https://hitechglitz.com/chinese-electronics-company-luxshare-precision-joins-supply-chain-for-apples-iphone-13-on/
(I) https://www.reddit.com/r/LQMT/comments/osyect/not_123_but_4_usa_whales/
(J) https://www.youtube.com/watch?v=EvGOlAkLSLw&t=1783s
(K) https://www.businesswire.com/news/home/20210903005442/en/Liquidmetal-Technologies-Announces-Further-Changes-to-Management-Structure; https://liquidmetal.gcs-web.com/node/11651/html#ex_262709.htm; https://www.businesswire.com/news/home/20210709005448/en/Liquidmetal-Technologies-Announces-Changes-to-Management-Structure; https://liquidmetal.gcs-web.com/node/11671/html#ex_281117.htm; https://liquidmetal.gcs-web.com/node/11671/html#ex_281118.htm
(L) https://liquidmetal.gcs-web.com/node/11671/html#ex_281117.htm Bromage; https://liquidmetal.gcs-web.com/node/11671/html#ex_281118.htm Van
(M) https://www.reddit.com/r/LQMT/comments/pdvlrl/liquidmetal_expansion_initiated/
(N) https://www.hkcorporationsearch.com/companies/3072737/ ; and https://preview.redd.it/8v9fas085zn71.png?width=376&format=png&auto=webp&s=6f98dfbc0dc7d8d4d7019730985f8b7753a152af ; and https://www.reddit.com/r/LQMT/comments/pprhcb/someone_says_whats_up_with_this/
(O) https://www.reddit.com/r/LQMT/comments/oitgbk/facts_does_matter/; https://tsdr.uspto.gov/documentviewer?caseId=sn88863010&docId=ORC20210530022654#docIndex=0&page=1 ; https://tsdr.uspto.gov/documentviewer?caseId=sn88862972&docId=ORC20210530022653#docIndex=0&page=1 ; https://www.reddit.com/r/LQMT/comments/opkokb/liquidmetal_trademark_status_in_china/
(P) http://static.cninfo.com.cn/finalpage/2021-08-27/1210870360.PDF
(Q) https://liquidmetal.com/market-development-dec-2020/
(R) https://stock.us/stock/sz/300328/guidance/review ; https://www.reddit.com/r/LQMT/comments/oksuvd/heres_business_model_for_all_up_and_coming_cm/
(S) https://stock.us/stock/sz/300328/guidance/review; https://www.reddit.com/r/LQMT/comments/oksuvd/heres_business_model_for_all_up_and_coming_cm/
(T) https://stock.us/stock/sz/300328/guidance/review ; https://www.reddit.com/r/LQMT/comments/oksuvd/heres_business_model_for_all_up_and_coming_cm/
(U) https://www.reddit.com/r/LQMT/comments/oksuvd/heres_business_model_for_all_up_and_coming_cm/
(V) https://www.caishen.co/china-market-data/0916002007982025; https://www.reddit.com/r/LQMT/comments/oksuvd/heres_business_model_for_all_up_and_coming_cm/
(W) http://www.haythink.com/insights/detail.asp?ID=9377
(X) See financial statements
(Y) https://preview.redd.it/zxxhuqo45zn71.png?width=385&format=png&auto=webp&s=e00c299fb3462898a7789f508769bfef63d970f8
(Z) http://translate.google.com/translate?hl=en&sl=zh-CN&tl=en&u=https%3A%2F%2Fxueqiu.com%2F2361692109%2F142384902; https://www.reddit.com/r/LQMT/comments/pvln6c/china_investor_research_notes_on_eontec_that/
(AA) https://eutectix.com/about/eutectix-news/eutectix-liquid-metal-bmg/
(BB) https://liquidmetal.co.jp/archives/16
(CC) https://liquidmetal.co.jp/archives/16
(DD) https://www.discoverci.com/companies/AAPL/days-payable-outstanding-dpo
(EE) https://www.reddit.com/r/LQMT/comments/qzcj7e/if_anyone_has_doubts_that_apple_and_eontec_dont/ and https://www.reddit.com/r/LQMT/comments/rs3gtl/here_you_go/ and https://www.linkedin.com/in/%25E6%2598%259F%25E7%2584%25B6-%25E9%25BB%2583-822266a6
(FF) https://twitter.com/lkmachineryint/status/1348442996765691905?s=11
(GG) https://youtu.be/b9xLLLJ2F6Y
(HH) https://liquidmetal.co.jp/
(II) https://liquidmetal.gcs-web.com/node/11861/html
(JJ) http://www.bfbcpa.us/about-us/
(KK) https://www.accountingtoday.com/news/bf-borgers-leads-again-in-new-sec-clients
(LL) https://www.youtube.com/watch?v=99oHMweY3dk
(MM) https://www.reddit.com/r/LQMT/comments/rrqv5q/apple_airpods_max_internal_hinge_amorphous_test/?utm_source=share&utm_medium=web2x&context=3 and https://ycharts.com/companies/LQMT/financials/income_statement/1
(NN) https://www.macrumors.com/2019/09/25/kuo-2020-iphones-to-boast-redesigned-metal-frame/
(OO) https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300328&id=7620969
(PP) https://www-365pr-net.translate.goog/news_view.asp?id=39704&_x_tr_sch=http&_x_tr_sl=zh-CN&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
(QQ)
(RR) https://patents.google.com/patent/JP2001303218A/en
(SS) https://investorshub.advfn.com/boards/read_msg.aspx?message_id=135516256
(TT) https://twitter.com/ihacktu/status/1411963840531734529?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1411963840531734529%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.redditmedia.com%2Fmediaembed%2Fpatv7k%3Fresponsive%3Dtrueis_nightmode%3Dfalse
(UU) https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6265695/
(VV) https://preview.redd.it/ry4nl8lbhns71.png?width=364&format=png&auto=webp&s=8d9212c7b18dcb599db32b401467aae8ca09d139 the reddit post that holds the pic is here: https://www.reddit.com/r/LQMT/comments/q51k14/lk_means_looking_good/
(WW) https://ir.p5w.net/question/0001BF16C28E85514AEBBD09FB9D8733F84A.shtml
(XX) https://ir.p5w.net/question/0001BF16C28E85514AEBBD09FB9D8733F84A.shtml
(YY) https://www.sec.gov/Archives/edgar/data/1141240/000143774922001228/ex_325604.htm
(ZZ) https://stock.us/stock/sz/300328/guidance/outlook
(AAA) https://www.tradecommissioner.gc.ca/china-chine/control-controle.aspx?lang=eng
(BBB) https://investorshub.advfn.com/boards/read_msg.aspx?message_id=135516256
(CCC) https://www.reddit.com/r/LQMT/comments/sbugk0/apmax_hinges_with_matching_mold_linesone_from_a/?utm_source=share&utm_medium=web2x&context=3
(DDD) http://www.yihaometal.com/wp-content/uploads/2021/11/c47a3ba2c793b5b9e212-e1636008409782.jpg
(EEE) https://www.apple.com/supplier-responsibility/pdf/Apple-Supplier-Responsible-Standards.pdf
(FFF) https://www.sciencedirect.com/science/article/abs/pii/S135983682100603X?via%3Dihub#!
(GGG) https://www.linkedin.com/in/dermot-stratton-a5476a21
(HHH) https://patents.justia.com/inventor/dermot-j-stratton
(III) https://www.linkedin.com/in/bryce-van-732312114/
(JJJ) https://www.lawinsider.com/dictionary/unused-facility-amount
(KKK) https://www.sec.gov/ix?doc=/Archives/edgar/data/1141240/000143774921026711/lqmt20210930_10q.htm
(LLL) https://www.accountingtools.com/articles/2017/5/5/accrued-liability
(MMM) Not used
(NNN) https://www.bmg-yihao.com/no-plastic-deformation-to-headset-bracket-product/
(OOO) https://www.reddit.com/r/LQMT/comments/srtp9o/proof_apple_is_using_liquidmetal_and_is_in_mass/?utm_source=share&utm_medium=web2x&context=3