Post by
SIMPLICITI1 on Aug 01, 2023 8:08am
The Keystone Cops..... Just Keep On, Keeping On
So, let me get this straight......As Per the Press Release.....
To date, the Company has only shipped such HydraGEN™ Units to Guyana because the Company has been awaiting from the Purchaser, through a representative, certain usual information regarding the specific electric voltage, engine information, On Board Diagnostic port types, and other data pertaining to the vehicles and equipment on which the HydraGEN™ Units of the Company are to be installed
For the above statement to be factual it means that the customer ordered and paid in advance for product from dynaCERT without knowing if said product would work on its trucks. Furthermore dynaCERT apparently accepted the order and shipped product without first determining compatibility. HOW IS THIS EVEN POSSIBLE!
Furthermore, the 2 units they did ship are waiting for an agent of the purchaser to accept them. In other words they are in limbo and can't be considered as sales either. Who is the agent of the purchaser and why isn't said agent identified in the press release?
Issues regarding the transfer of payments from Guyana for the HydraGEN™ Units that were ordered are also pending.
This likely means that the up front payment for all 93 units hasn't been made at all! Why would a bank in Guyana interfere with a reasonably common business transaction? Maybe Bristol and Bristol is what many on this board think it is.....
So what does all this mean? Well to start, my calculations as to how much money remained in the kitty is way off. Essentially they have burned through $2.133 million since the $2 million financing and are now flat broke.
In reality, they have current liabilities that exceed $2.5 million which impairs their ability to build product even if the above noted orders are legitimate.
It is once again proof positive that dynaCERT and their management team are simply incapable and not worthy of shareholder trust or funding. There is a reason for this. It's called incompetence!
Cleary this incompetence extends to the Board of Directors as well in light of the non arms length nature of the above noted "sale"
Desparate is as desparate does, and dynaCERT is the poster child for desparation in my opinion.
Shameful behaviour.