I read in detail the auditors letter who plainly said that the future of the company depends on it (and I assume its clients) being able to raise capital to fund the projects. Without capital, there is no revenue - only speculation.
Specifically, the letter stated:
Subject to available capital, a Clean-Seas processing plant expects to generate revenue from operations in several ways.
Equipment sales – Under the Company’s business plan, in some cases, Clean-Seas plans to sell, through its distribution agreements with technology providers, the recycling equipment needed to start up a fully functional recycling facility. These sales will provide a revenue stream to the company, as well as recurring revenue through a royalty model and ongoing service and maintenance contracts.
Consulting – using the Company’s technical and waste handling expertise, the Clean-Seas team may, in some cases, provide consulting services for a fee to customers seeking to engage the company for an analysis of the viability of a recycling facility
Competitive landscape: We believe that the following are the critical investment attributes of our company: • Over the past six months, the company has developed relationships with Global Green International Energy (GGIE) and American Renewable Technology Incorporated (ARTI). • The Company has acquired its first pyrolysis unit from ARTI for use in our pilot project in Hyderabad, India, which is expected to be operational in March 2022. • The company believes that direct access to decision-makers in governments and municipalities will be the key differentiator and driver of the Clean Seas business model and securing trusted partnerships through these strategic business relationships will off-set potential competition in the marketplace. • As a solutions provider, Clean Seas believes it is well positioned to source best in class pyrolysis/gasification technologies to meet the demands of any specific installation requirement. • The management of Clean Seas has begun to develop relationships with several providers of pyrolysis technologies, with whom the Company expects to seek a strategic partnership or business relationship as we move forward. • We believe that the relationships Clean Seas has developed with providers of pyrolysis technologies will allow the Company to enlist new and emerging technologies as they come to market without the capital requirement of designing and developing proprietary technology
Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has an accumulated deficit and recurring losses from operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty
NOTE 3 - GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has an accumulated deficit of $13,165,085 at December 31, 2021 and had a net loss of $6,034,411 for the year ended December 31, 2021. The Company’s ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. Management plans to continue to implement its business plan and to fund operations by raising additional capital through the issuance of debt and equity securities. The Company’s existence is dependent upon management's ability to implement its business plan and/or obtain additional funding. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company's liquidity problems. Even if the Company is able to obtain additional financing, it may include undue restrictions on our operations in the case of debt or cause substantial dilution for our stockholders in the case of equity financing
Where are we on Roselle or the other west coast funder in raising capital for the various projects. Nothing appears on the financials. No updates have been presented prior to India. Is this a case where I am looking ahead and nothing in the rear view mirror doesn't count?
