"Beginning in 2nd Quarter 2012, the Company began to engage the sales and marketing processes associated with gaining early adopters of the AOT technology to their assets in commercialized form."
Still no-one interested?
"During the year ended December 30, 2013, the Company entered into new non-disclosure agreements, increasing the number of multi-national companies with which the Company is jointly evaluating the deployment of AOT™ technologies from five to seven."
No-one new over the last year? The same thing is mentioned in the last 4 reports. How many of these NDA's are through Nimmo's ETA?
"Several of these companies have elected to send crude oil samples to Temple University for official, independent laboratory viscosity reduction technology testing."
STWA has been saying this for 2 years. Where are any results?
"In addition, the Company has entered into a regional relationship with newly formed North African energy equipment distributor Energy Tech Africa (ETA)"
Payola to Tim Nimmo. Obviously no established company interested, and STWA obviously doesn't take Africa that seriously.
" This third-party testing is to establish independently verified data related to the Company’s technology as applied to commercial use in a controlled facility, using a commercial-scale prototype of our AOT technology."
There was no third party testing since STWA ran the tests. PRCI declined to carry on with further testing due to the fiasco that was the first RMOTC testing.
More of the same old tired and sad twisting of words.
"To date, we have dedicated most of our financial resources to research and development, general and administrative expenses and initial sales and marketing activities"
Sales and marketing? Are you kidding me? But I thought STWA was R&D until now? Wasn't every other device lined up with contracts to sell, or had "unsolicited interest" like the Elektra which has vanished? R&D is under a mil per year so the bulk of the cash went to "general" expenses... wonder what that is lol!
"We had an accumulated deficit of $93,038,863 as of December 31, 2013."
On the way to a hundred mil! Maybe they should have listened to Guilder and others who shot this stuff down over the last years.. but then again if they did, they couldn't reap the paycheques or fat warrant packages.
"Agreements with other potential customers the commercial viability of our devices is not known at this time. If commercial opportunities are not realized from the use of products incorporating the AOT technology, our ability to generate revenue would be adversely affected."
"At this time, our technology is commercially unproven, and the use of our technology by others is limited."
But I thought the RMOTC and 'third party testing' validated this? Why then saying that it is not known if it is viable or not?
"On November 15, 2013, Cecil Kyte voluntarily resigned as a Director, Chairman of the Board, a member of the Nominating and Corporate Governance Committee, and CEO. Subject to terms of Mr. Kyte’s separation agreement, Kyte will receive severance pay equal to one-year’s salary ($350,000) paid in 24 equal installments ($14,853), subject to all applicable tax withholdings, beginning November 30, 2013 through November 15, 2014. The Company recognized an expense of $350,000 for severance pay plus $14,315 in deferred payroll taxes. As of December 31, 2013, the Company had paid $44,559 of the severance pay and $997 of deferred payroll taxes. The severance pay balance of $305,441 and deferred payroll tax balance of $13,318 as of December 31, 2013 are reported liabilities in Company’s balance sheet as Accrued Expense and Accounts Payable – Related Parties.
At the time of separation, Mr. Kyte held unvested options which had been issued in January 2011 to purchase 10,560,000 shares of common stock at $0.25 per share, of which 3,520,000 shares were due to vest in January 2014. The remaining 7,040,000 shares were due to fully vest by January 2016. Under terms of the separation agreement, the Company accelerated vesting as of the date of separation on the 3,520,000 shares due to vest in January 2014. "
Nice.. cuz he did such a great job with the Elektra. Amazing that in September of 2013 they gave Kyte a raise to $350k, then he is gone and takes that pay as severance over the next year (2014)... just 2.5 months after inking this agreement.
Why didn't they get rid of all the SEMA guys who thought all these devices like the Elektra, catmate, ecoChargr, Zefs..etc were actually marketable devices in the real world? What does it say about those guys ability to work in shareholders interests when they allow the company to continue to blow money on sham devices other scientists completely blast as a joke?