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Cash---------------------> $ 2,000
I am surprised that so many people are willing to put their money into the stock of a company that has such a seemingly skim chance of making it. Correct me if I'm wrong, but if they don't get some money in the bank fast, they're history. Or is the plan for the CEO to lend the company even MORE money than he already has. Here are some tidbits from their 10Q filed in Nov. 1996: (CAPS LOCK COMMENTS ARE MINE)
"Certain of the Company's creditors holding debt aggregating $405,000
accepted an offer from the Company to accept noninterest-bearing
notes payable in 36 equal installments over the next three years
beginning on September 30, 1996, in exchange for amounts owed by the
Company. The holder of the $250,000 note, which is in default, agreed
to accept this offer and also agreed to accept payments for the
accrued interest owed. Accrued interest of $120,000 was converted to
a three-year note. The Company executed the notes but has not been
able to make any of the payments agreed to in the notes as of
November 6, 1996.
----------------THEY OWE A LOT OF PEOPLE A LOT OF MONEY.
On November 21, 1994, the Company extended a rescission offer which
expired on December 22, 1994, to all of its stockholders because
some of its securities were sold in violation of securities laws.
The rescission offer gave all stockholders the right to revoke and
rescind all purchases of the Company's stock and agreed to pay 12%
interest from the date of purchase by the stockholder to the date
of repurchase by the Company. Stockholders owning 20,000 shares
of common stock and 7,000 shares of preferred stock accepted the
rescission offer. As of November 6, 1996, the funds to repay the
$57,000 owed plus interest have not been available.
---------WHO SOLD THEIR STOCK WITHOUT PERMISSION? CAN'T THEY EVEN AFFORD TO PAY OFF THOSE POOR SHAREHOLDERS WHO WERE HARMED IN THE PROCESS?
A settlement was reached in a lawsuit with a supplier who claimed
that the Company owed $123,000. A Confession of Judgment was
signed on October 5, 1995, in which the Company agreed to pay
$85,000 to the supplier in four equal payments beginning 90 days
from the date of execution of the judgment. Said amount has been
recorded as a liability; however, no payments have been made as of
November 6, 1996.
------------I SOMEHOW DOUBT THAT THEY'LL BE MAKING THAT FIRST PAYMENT. UH OH...YET ANOTHER LAW SUIT.
Due to the shortage of working capital, the Company has operated
without liability insurance coverage.
---------GOOD LUCK GETTING ANY!
On December 4, 1995, Caribe Environmental, Inc., and Caribbean
Sales Group filed suit alleging breach of contract. The claim is
that $50,000 was paid as a deposit on equipment to be furnished by
the Company. The suit seeks the return of the $50,000 deposit
which was received in 1995. The Company filed its answer setting
forth defenses to this claim. On January 30, 1996, an Order of
Attachment was authorized, and the equipment has been sealed;
however, it remains at the plant site. The Company acknowledges
that the deposit should be returned and has recorded the amount as
a liability.
---------CANT THEY DO THE RIGHT THING AND GIVE THE POOR SUCKERS THEIR MONEY BACK?
Commercial production of the Company's products will require
additional work to complete the integration of the thermal oxidizer
into the waste oil conversion equipment. The thermal oxidizer was
added to the original design in 1994 based on recommendations of
engineering consultants and DHEC. The thermal oxidizer's purpose is
two-fold: to contain any air emissions and to supply heat for the
thermal cracking process. The use of the thermal oxidizer is not the
only technology available to accomplish these procedures, however, and
the Company can either continue to develop the units to accommodate
the thermal oxidizer or it can use an enclosed gas flare system which
it believes will simplify the process. Due to the lack of funds after
March 31, 1995, Green Oasis has not operated a production process nor
completed any significant further development of the design of the
system since that date. Consequently, the Company has not yet
completed all research and development for its waste oil conversion
equipment, and there can be no assurance that it will be able to
obtain the financing to complete the development of such equipment.
--------OH, SO THE THING MIGHT NOT WORK EVEN AFTER THE THERMAL OXIDIZER IS DELIVERED? INTERESTING. BTW, ONCE THE REFINER IS UP AND RUNNING, IT STILL HAS TO PASS THE ENVIRONMENTAL AGENCY'S TESTS SHOWING IT CONFORMS TO THE STANDARDS. HOW LONG WILL THAT TAKE...IS IT WEEKS OR MONTHS?
The Company is presently defending a number of lawsuits, most of
which are from various creditors, especially suppliers, who have not
been paid for their products and services. The Company has recorded
liabilities for the amounts that it believes can settle those
judgments and obligations. Two other suits involve the customers to
whom the three units were sold. These suits are being defended
vigorously by the Company which believes that it has meritorious
defenses and, in some instances, valid counterclaims. There can be
no assurances, however, as to the outcome of the lawsuits. See Note
H to the Condensed Financial Statements.
-------------WHEN SOMEONE ON AOL POSTED THAT THE COMPANY OWED SUPPLIERS MONEY, THE STOCK PROMOTER (MICROCAPCC@AOL.COM) WHO THEY HIRED FOR $52000 IN STOCK ATTACKED HIM PERSONALLY. OF COURSE, MR. PROMOTER DIDN'T DENY THE ALLEGATION. BTW, THAT WASN'T ME.
THIS MAKES ME WONDER HOW THEY GOT THE MONEY TO PAY FOR THE THERMO OXIDIZER UP FRONT - YOU KNOW THE ONE THAT'S STILL NOT DELIVERED? IF YOU MADE THERMO OXIDIZERS, WOULD YOU DELIVER TO THIS QUASI-DESTITUTE COMPANY WITHOUT CASH UP FRONT? NOT.
"As of November 6, 1996,
two partnership units have been sold for $50,000 each. The offering
has been extended to December 31, 1996."
--------I HAVE THE UPMOST CONFIDENCE IN THE ABILITY OF THIS CO'S STOCK PROMOTERS TO PUSH THE STOCK. IT WOULD SURPRISE ME GREATLY IF MORE THAN 2 PARTNERSHIPS HAD BEEN SOLD AND NO ANNOUNCEMENT MADE.
I ALMOST GOT SUCKERED INTO BUYING THIS STOCK. IT WILL TAKE SUCCESSFUL LAUNCH OF THEIR REFINER AND AT LEAST A QUARTER OF NICE REVENUES NOW. IT REALLY DOESN'T MATTER HOW NICE A "SOUTHERN GENTLEMAN" THE CEO IS. I HOPE FOR ALL YOU SHAREHOLDERS' SAKES I AM WRONG. |
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