If you can find a five year graph you can see that this company was once a green dream like a lot of companies that were going to change the world under Obama's Administration. This is just another disaster that will be easily forgotten in the aftermath of his economic and foreign policies as they continue to collapse in the next few months. The following is taken from the 2 June 2014 Form 10Q/A for Echo. If you check the link it goes on to explain how expenses grew out of proportion and they had no income to speak of.
We were organized under the laws of the State of Nevada on September 2, 2008 under the name Canterbury Resources, Inc. On August 27, 2012 we effected a stock dividend of four shares of common stock of the Company for each share of common stock issued and outstanding. Effective September 24, 2012, we amended our Articles of Incorporation to change our name from "Canterbury Resources, Inc." to "Echo Automotive, Inc."
On October 11, 2012 we closed a voluntary exchange transaction (the "Exchange" or "Exchange Transaction") with Echo Automotive, LLC, an Arizona limited liability company ("Echo LLC") and DBPJ Stock Holding, LLC, an Arizona limited liability company and sole member of Echo (the "Echo LLC Member") pursuant to an Exchange Agreement dated September 21, 2012 (the "Exchange Agreement") by and among the Company, Echo LLC, and the Echo LLC Member. As a result of the Exchange, the Echo LLC Member acquired 70% of our issued and outstanding common stock, Echo LLC became our sole wholly-owned subsidiary, and we acquired the business and operations of Echo LLC.
Through Echo LLC, we are now a development stage company with several technologies and methods that allow commercial fleet vehicles to significantly reduce their overall fuel expenses. Our business plan is based on providing the marketplace with a business proposition for reducing the use of fossil fuels by augmenting power trains within existing commercial fleet vehicles with highly efficient electrical assist delivered through electric motors powered by our modular plug-in batteries to achieve rapid real-world operating results including a rapid return on the investment for such amended vehicles.
Bright Automotive, Inc. was established in 2008 as an offspring of the non-profit Rocky Mountain Institute to commercialize and develop the IDEA plug-in hybrid electric fleet vehicle. Bright Automotive ceased operations in March 2012 after failing to obtain a loan through the Advanced Technology Vehicles Manufacturing Loan Program. We successfully hired key members of the Bright Automotive team and acquired certain facilities and intellectual property in a bid to accelerate EchoDriveTM's commercialization in spring of 2012. In the first quarter of 2013, Bright Automotive, Inc.'s assets, including all of its intellectual properties and patents, were auctioned off and were purchased by Advanced Technical Asset Holdings, LLC ("ATAH"). On April 5, 2013, we acquired ATAH for 6,000,000 shares of our common stock as part of an exchange agreement with ATAH in which we received full ownership of the assets described above ("ATAH Exchange"). We plan to use the intellectual property and patents to develop additional electrification solutions for the marketplace.
As of the date of this Quarterly Report on Form 10-Q/A, we have generated minimal revenue and we do not generate adequate cash flows to support our existing operations. Moreover, the historical and existing capital structure is not adequate to fund our planned growth. Our operations to date have been funded by advances, private "family and friends" capital contributions, equity financings, convertible notes and subsequent equity conversions by the majority stockholders. Our working and growth capital is dependent on more significant future funding expected to be provided in part by equity investments from other accredited investors including institutional investors. Future cash flows are subject to a number of variables, including the level of production, economic conditions and maintaining cost controls. There can be no assurance that operations and other capital resources will provide cash in sufficient amounts to maintain planned or future levels of capital expenditures.
News 
Market Data 
Discover 
