I recall the company saying during the lawsuits with Zuckerman that the original patents were worthless (anyone surprised). The company subsequently used different methods and feedstocks to create it's bio-oil. Most of the inventions the company is now using comes through Invetek (Dr. Paul A) but who has the time to research whether any of this IP is an asset of GETG.
Could a public company do a worse job of disclosure to its shareholders than GETG -- completely run by insiders who have deep conflicts of interest.
Jeff Loch's marketing company still getting paid despite horrendously bad performance. Wheels fell off this bus years ago, but Jeff still gets to milk the dying cow. There was Hail Mary to pivot into oil field products -- but (you can't make up these blunders) some genius chose Venezuela. Insider dealings ran amok, but shareholder have no one to blame than themselves. The writing was on the wall from day one.
It's material news when company makes assignment of assets to creditors, but company hasn't made PR. Nice to not have to file with SEC. Who wants to sue Paulson?
What do you call a slow growing company that persistently loses money -- toast. One day investors will notice the emperor has no clothes and doesn't live forever. They make inadequate margins over the cost of fuel/maintenance for delivering energy to customers, but have high SGA.
Warning - do not look at the earnings report if you have a weak heart. Spoiler alert. Revenues $92k. Expenses $2 million. I guess they are borrowing money to pay employees and everything else is thrown into payables, which jumped $1.5 mm in qtr. I have not ever seen a company with such awful operating results and financial standing. I wonder how much the assets would be worth to a company like Golf Digest that knows how to sell ads (although not mobile ones).
What happened to those folks at Paulson? The company knows the GPS technology but hasn't a clue about selling ads. What's the next move -- this company can't survive on its own. The platform has to be worth something - but to whom? I hope this management isn't so inept they ran out of money, which would screw the public shareholders -- the ones that funded last year.
Company had only $79,000 cash and $341,000 of receivables at Oct 31, 2014 vs. $3,233,000 of Accounts Payable and $2,092,000 of debt. Revenues for 3 months ended October 31, 2014 were measly $61,000. How are they meeting payroll? This looks like a melt down.