What is going on? I am not a happy shareholder, and I'm searching for answers.
Here is one possible scenario. Please let me know if I'm on the wrong path.
1) EnviroLeach always aims to sell the ewaste business or become a royalty company, but operating one plant for a while turns into a necessary first step.
2) As of Nov. 21 last year, EnviroLeach has every intention to ramp up production of PCBs.
3) But then Jabil approaches EnviroLeach around Thanksgiving and tentatively offers a long-term feedstock deal and a JV for several additional plants, based on successfully testing all types of ewaste. Jabil is most interested in a versatile circuit that is not focused on PCBs.
4) For a company that never wanted to be a recycler, EnviroLeach can't resist that offer.
5) Testing goes smoothly until EnviroLeach runs into the same issue as in Memphis. The shredder is not able to sufficiently grind certain ewaste, which brings the process to a halt.
6) Before committing to a deal, Jabil recommends certain process improvements to the grinding in February.
7) This forces EnviroLeach to raise capital at the worst possible time.
8) Ultimately, the money is raised and testing continues.
9) About three months later, the grinding issues still are not resolved on a wide enough array of ewaste, and Jabil walks.
10) During this time, EnviroLeach fails to implement a Plan B for getting a reliable supply of PCBs in case things couldn't work with Jabil.
11) Once Jabil is out of the picture (mostly?), EnviroLeach returns to Plan B.
12) Even with COVID, many types of ewaste are readily available. But PCBs, with no grinding issues for EnviroLeach, are in short supply for a start-up. In this type of economy, most companies are demanding certainty i/o a new technology.
13) The wait continues to find a PCB supplier in June through August.
14) Management continues to miss deadlines in September. It's been 40 days since Duane was on the DM podcast with the expectation of a deal within 30 days.
15) A few people give up and blow out their positions, tanking the stock price.
16) In September, we continue to wait for a PCB supplier to work with EnviroLeach.
17) In the meantime, we also wait for the DA with MWX and maybe a contract with a conventional gold miner.