Well said Sir. For one, just look at their websites.
biomasssecurepower.ca - suspended
biomasssecurepower.com - only 2 news posts from 2017 and shows biomasssecurepower.ca as their web address.
bmspf.com - lists the web address as biomasssecurepower.com, news from 2017-2018.
Not the work of clear thinkers and serious business people.
I don't believe they have any money to do anything, even if they knew what to do. Their annual budget is only around $250k and most of that is for their salaries. They only have $127k in assets. They are $2.8 million in the hole.
They tout these bonds, etc. However, they mention opening their Laramie, WY facility, which they have said for what two years, or more? For that, they are seeking grants, meaning they can't open it on their own.
To quote them:
The Company has developed a business plan whereby the Company will convert low quality wood fibre from sustainable growth areas into biocoal and has commenced the implementation of the business plan. The Company does not generate any cash from operations. Without the ability to attract additional equity funding or receive the ongoing financial support of its directors and officers, the Company:
will not have the working capital necessary to fund current operations throughout the fiscal year 2023.
will not be able to expend any funds on implementation of its business plan; and
will have an expected working capital deficiency, resulting in the Company’s inability to meet
obligations as they come due.
Attract additional equity funding? Well they better get to work on that. Shares at $0.0005. If they could raise additional equity funding, they would have done so and would probably not be depending on a grant to open the Laramie plant. I wonder what their $127k of assets are??
One thing I will say is they have not died yet. Maybe something will come of their supposed LOI for samples testing. Open the Laramie plant? We'll see. They have been talking about a plant in Louisiana since 2012. Really we'll see. Not even sure they can make the samples supposedly ordered.
Bearish
