The concept of BEHLs PBR is alluring, because it makes sense, and it appear to be the most cost efficient design out there when you look at the competitors. Furthering this along is that you see one and it is running and you really think it will do exactly what it claims. I have no issue with the leaks and other problem they experienced in the beginning, it was to be expected in my mind. The prototype PBR that started this all at SJC was completely different than what is at SA.
The largest issue plaguing this company is commercial viability, they claim it, but they surely have not proven it. To date not a single harvest to show that the entire concept from inoculation to end product has not been demonstrated. They have shown they can inoculate and grow algae, which is great, but where is the rest of the process here. The harvester has yet to be shown to work. It is a nice piece of “specific” built hardware. They had it modified to work with their calculations of production output, the dimensions of the PBR and so forth. We know it works on other applications, but we do not know if it works on BEHL’s specific application as they modified it work to.
They are months away from proving such commercial viability, not only are you waiting for them to finish the infrastructure there at the site, but the system as whole has yet to be tested. The harvester does not just get slapped on and away they go, they must adjust it and test it, this alone will take a lot of trial and error trying to achieve optimal conditions. Lets say they achieve great results and produce the end product biomass, it still has to meet certain commercial grade quality checks. I am not sure how they can ensure little to no contamination in these units. But I am sure we will never see, if they reach that point, an outside independent test from a reputable lab.
Looking at the past year so far they have gone back for 1.25B shares to sell to raise capital and so far we are no closer to commercial viability than we were at the start of the year. It appears they are coming back to the bank for another increase in AS to raise even more capital at this point. This week will prove to be a crucial point for some shareholders, if this is in fact an increase of the AS. This proves that BEHL has received nothing to date from outside sources in a form of payments or “debentures”. But payment received has already been shown to be a Liability in the Q2 report and of course the 3rd AS increase puts that to rest.
If the PBR at DVJ was paid for, what exactly went above the costs of operating the company in comparison of Q1 or Q2 for example? Yet they needed another 500M shares in August mid Q3 for what exactly? They just had 500M in Q2 and they went through 250M in both Q1 and Q2. It tells exactly what has happened here there are no payments rolling in here.
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