Highlighted for the reading adverse.
"As of December 31, 2023, the Company had one full-time employee" lol!
"The commercial viability of QS Energy’s technologies remains largely unproven and we may not be able to attract customers." So much for the 'proven' lie.
"Despite the fact that we leased AOT equipment in 2014 to a major oil pipeline operator and tested the equipment on their high-volume pipeline under normal operating conditions, entered into a lease agreement with a second major oil pipeline operator to operate and test AOT equipment in 2015, and have initiated a project to demonstrate our AOT technology on a commercial pipeline in 2019, the commercial viability of our devices is not known at this time" B-bb-bb-but I thought these guys had all this data from these tests lol?
"The Kinder Morgan Lease is currently in suspension and there are no current plans to resume the lease or reinstall an
AOT device at a Kinder Morgan facility." Didn't Cecil imply these guys were still interested? I know pundits certainly did.. Doesn't look like that was true either.
"Notwithstanding our efforts, the AOT system continues to be non-operational under normal operating conditions" WOW.. just wow.. And here it is folks. Grid shorts, get a new grid. That one shorts as well. Put old grid back in. Everything fails when the pressure is ramped up, yet management has never stated this. So they re-work the blind flange, and that made no difference.
"Executing on this plan, our team removed the modified grid pack and re-installed the original grid pack assembly in the AOT. After removal, our engineers performed a detailed inspection of the modified grid pack. Inconsistent with our expectations, no damage to the modified grid pack was found during this inspection, leaving the cause of the most recent electrical short circuit undiagnosed.
We have tested and attempted to operate the AOT under a variety of conditions. We have been able to bring the system up to high voltage under static “shut-in”
conditions; however, as reported above, the system continued to shut down due to an electrical short circuit when operated under pressure. In simple terms, as also reported
above, this means we can flood the system with crude oil, shut-in the system by closing the intake and outtake valves isolating the system from the pipeline’s operating
pressure, and power up the system in excess of 10,000 volts. Once the valves are opened and the system is subjected to the pipeline’s operating pressure, the system develops an
electrical short circuit and shuts down. Because of our inability to fully diagnose the cause of our current electrical problems, we can provide no assurances that we will not face other operational issues after completing a full diagnosis and evaluation of our technology." That pretty much says it all folks.
Imagine reading this and thinking this is still a good play..
'Proven'... lol!
Bearish
