There is a fair amount of smoke and mirrors here. One should read the documents carefullly
LRS actually invested in the new LLC (ECOS Art) not ECOS. Why? Because ECOS has an issue with its SEC compliance and can't sell registered shares in ECOS until they actually update their SEC filings for the past 2 years and bring themselves into compliance. They can only sell unregistered shares of ECOS which is likely not what LRS wants. LRS lawyers are very astute and wanted to keep their client clear of ECOS and its history.
The JV while nominally owned 95% by ECOS, actually appears to allocate 50% of the profit on the sale of units back to LRS. One would argue that LRS is actually not paying the sticker price for biodigesters that is referred to in the 8K since they get back part of the profit
The 400 units in North Korea have nothing to do with ECOS. That is the Korean market of units sold by other parties. It is merely anecdotal.
For those of us who have been around a while this is a replay of the 2015 Nation Waste venture. This venture was supposed to deploy biodigesters in the Houston market. Note the representatives of Hanscom K are actually the same as Ecolocap. 18 months of this venture and nothing has come of this deal. nation Waste doesn't actually refer to it anymore. Here is the presentation from that deal.
Some of us have been there for the battery technology, the seaweed to energy technology, solar street lights, chicken manure, reverse split a number of convertible note offerings (some of which still overhang the equity) and now two versions of the biodigster deal.
"The newbies are getting sucked in again. No products, no revenues and the cycle repeats over and over!"
Fortunately with the internet and social media, there are far fewer naive and ignorant suckers to be had than there were just a few years ago. Financial predators like Michael Siegel (and their enablers) are being 'exposed' almost immediately these days LOL.
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