Memdicht,
I for one think you're correct to scrutinize this company thoroughly. When I first went through the financial statements, I just laughed at their history. They have burned through huge amounts of investors capital, never made any significant, profitable, sustainable revenue streams and they are only around today because of investors goodwill which kept they from going broke.
But I was intrigued by the Verticrop technology. So, I committed to dig deeper and through my reading I began to understand the companies path over the last 3 years much better. I would encourage anyone who finds there way to this obscure corner of the internet to do the same.
There is no bones about it. This is a very high risk investment. I don't think anyone should invest in this company, at this time, unless they can afford to lose their investment entirely. Its pure Venture Capital.
But along with high risk can come high rewards ... You need to decide if your willing to take that risk or not.
When you look backwards what you see is a failed bike rental business, online dating sites, algae oil, lost directors, fired executives etc ...
When you look forwards what you see is incubators wanting a piece of the pie, Steve Fane wanting a piece of the pie, Chris Ng wanting a piece of the pie, a completely restructured company that is likely to emerge from the recent PP with no debt, time magazine voting the technology as significant, etc ...
I think it's important to look back and fully understand the history but it would be a mistake to assume new management will end up leading the company down the same path. If you want to look back on Steve/Chris then analyze their success at Hot House Growers & Lululemon, not Valcent.
I have said in the past it's "white truffle" investing.
You drive to the back woods where no one will go. You hike up a hill, kick over the leaves and there at the base of a tree is a white fungus. You put it in a basket, take it home, clean it up and all of a sudden you are selling paper thin wafers of a culinary delicacy to your very critics for $20/slice.
At this point, I think Valcent is like the white fungus sitting at the base of a tree. I picked up a whole bunch and put them in my basket.
usg
