synaphai
2 months ago
I know that he was not factual when he claimed in a publicity video interview posted on the company's Youtube channel in early fall 2021 that waste was at that time being accepted by Belleville from Montreal. I checked with the relevant department in Montreal, who let me know that they were not sending waste to Belleville. I asked Marc about it via email and, if memory serves, he recanted that claim in a later video.
I believe that the statement made in the May 2021 investors presentation that Susglobal products were at that time being sold in 5 big box type stores in Canada was likely untrue. I checked with most of those stores at the time and could find no record of Suglobal products being sold either in the stores or online. Also, that investors presentation claims that revenue for 2021 would be $18 million. Should he have known at the time that it would be nearly impossible to even get remotely close to that target....(revenue for the year was $754k).
If anybody wants to see that presentation, it's here: https://smallpdf.com/file#s=e67d628f-bf80-4c70-b532-1c52d7a2baab
There is also the question of lawsuits the company was a party to not being mentioned in quarterly or annual filings. Beginning in August 2022, lawsuits were filed by subcontractors that worked on Hamilton likely for nonpayment of services. I can't see the filing history for these lawsuits so maybe there's some wiggle room with the status of those suits over time but nothing was mentioned about these types of suits until the 10K that was filed last week.
But as for any legal action against him, the company doesn't have any cash or much in the way of assets given all the mortgages so at this point you can't get blood out of a stone. Maybe he'll miraculously find the $20 million needed to fulfill current contractual obligations, the company has not gone under yet, but it'll take something amazing to happen against long odds. I'd still like to see him succeed but debt has piled up for way too long.
synaphai
2 months ago
I believe Marc has until end of day Thursday to file and preserve OTCQB status but it may be end of day Wednesday. It's 45 days from April 1st.
If he doesn't meet that deadline, the stock should drop to the pink sheets, which won't be the end of the world but trading pink along with being late with the 10K, which may bar him from filing an S-3 for 12 months, could make raising money more difficult, as if it hasn't been difficult enough already. If he can sell green bonds that would bypass any of these issues because that would not rely on selling shares but I have no idea about the chances of actually selling bonds.
From what I understand, if he misses the deadline this week he would still have another 135 days to file before trading would be essentially halted for the stock.