Aqua Power Systems Inc (APSI)

[netmoney1999]

1-A amended offering filed today. Updates on current financials from end of 2023 which show a mess/loss on operations. The offering is still the same crazy terms from Carnes and Co of .45-.75/unit (3 common and 1 warrant at .25), while the stock price is under 3 cents and there is nothing to push it up with assets being sold off.

I also see some items about 'Recent Actions'

Since December 31, 2023, in an effort to increase cash available for Tradition’s operations, certain assets have been strategically sold for cash, with proceeds being applied to its outstanding bank loans; payroll has been reduced by approximately 25%; leased warehouse space has been reduced by approximately 25%, with additional reductions expected. These actions have been, and continue to be, taken, in response to: the fact that many assets were acquired at the heights of their values and that such values have dramatically dropped over the past 12 months, causing violations of asset ratio clauses in Tradition’s bank loans; labor rates have jumped from approximately $25-30/hour to $40-45/hour in a short period of time; carriage rates have not increased such that these increased costs can be supported. Tradition believes these issues are being experienced industry wide.

Sounds like this place is a mess and in freefall. Nobody in their right mind would go near that absurd offering.