No, I don't think it is someone "tired of holding." It is most likely the company selling shares at opportune times as it has been doing in the past. They have not much cash. Why do you think they raised the AS?. It has a huge capital deficit and a current operation expense that requires a lots of upfront capital for labor and equipment.
Now, I for one have 4K shares mostly at Pre RS price and setting at a 60% loss, so I hope that they can get some of those contracts that they keep talking about in their shareholder letter. I would buy more shares, but EVERY time I have. I soon regretted (as most here have) not waiting just a few trades longer.
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At December 31, 2014, the Company had total current assets of $5,178,123, consisting of $123,629 in cash, $3,710,180 in accounts receivable. $519,789 in accounts receivable from related parties, $480,000 in Project Equipment, and $344,525 of prepaid expenses. At December 31, 2014, the Company had total current liabilities of $24,775,985 which includes $4,523,265 in accounts payable, $4,280,180 in related party payables, $5,890,414 in current portion of notes payable (of which $3,192,305 are past due), $2,671,843 of sales, payroll taxes, and penalties payable, $208,271 of insurance premium finance contract payable, $1,769,117 in accrued expenses, which principally includes accrued interest on our various debt obligations, $680,000 in Deferred Revenue, $643,777 of accrued compensation, $496,067 of accrued board compensation, $2,783,711 of Fees Payable in Common Stock, $27,000 of stock subscriptions payable, and $802,340 of derivative liability.
At December 31, 2014, we had a working capital deficit of $19,597,862 compared to a working capital deficit of $11,367,649 at December 31, 2013. Current liabilities increased to $24,775,985 at December 31, 2014 from $11,951,231 at December 31, 2013.
We have been funding our operations through private loans and the sale of common stock in private placement transactions. Management anticipates that significant additional expenditures will be necessary to develop and expand our water treatment and oil & gas services revenue before significant positive operating cash flows will be achieved.
NOTE 12 – SUBSEQUENT EVENTS
Management evaluated all activity of the Company through April 2, 2015, the consolidated financial statements issuance date, and has concluded that no material subsequent events have occurred that would require recognition in the financial statements or disclosures in the notes to the financial statements, except as discussed below.
On January 22, 2015, the Company filed a Certificate of Amendment to increase the number of common stock shares from 41,666,667 to 191,666,667.
Issuance of convertible notes and common stock:
In January of 2015 the Company started to raise capital for the purpose of retiring some of the older loans with higher interest rates. To the date of this Report, the Company has issued $1,375,000 of new debt to 4 investors; after reductions for discounts and fees, the Company raised approximately $1,144,000 for that purpose. The new convertible notes bear interest of 5% through July 15, 2015, and 15% if in default and are convertible, subject to limitations, at $0.65. In connection with this funding, in February 2015, the Company issued 525,000 shares of common stock valued at $481,500 to the four investors as further inducement.
On January 15, 2015 the Company issued 62,500 shares of common stock to an investor, at a unit price of $1.59, in payment of interest on a short term loan for a value of $99,375 and an additional 170,000 shares of common stock, at a unit price of $1.40, to a consultant for services valued at $238,000.
On January 27, 2015 the Company issued 281,167 shares of common stock, at various unit prices, valued at $210,642 to 19 employees for signing bonuses and continued service to the company.
On January 28, 2015 the Company issued 158,335 shares of common stock, at various unit prices, to 7 investors valued at $223,501 in payment of interest on 7 short term loans.
In the first week of February 2015 the Company issued 378,334 shares of common stock, at various unit prices, valued at $429,834 to 4 employees pursuant to their employment contracts.
On February 3, 2015 the Company issued 15,385 shares of common stock, at a unit price of $0.65, to an accredited investor based on a unit offering at $0.65 per unit raising $10,000 of additional capital for the Company.
On February 6, 2015 the Company 150,001 shares of common stock, at various unit prices, to 2 consultants valued at $144,333 in payment of services rendered in 2014 and the renewal of a 2015 contract.
On February 18, 2015 the Company issued 184,975 shares of common stock to an investment group, at a unit price of $0.65, valued at $140,581 for services rendered in procuring investors for the company.
On February 23, 2015 the Company issued 562,500 shares of common stock to 6 directors, at a unit price of $0.80, valued at $450,000 for services rendered in prior year(s).
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