Free Energy Trackers
I came across a new website called Ning, which allows anyone to set up a custom social network, like Facebook or MySpace. I've set up Free Energy Trackers for all of us who are interested in what is going on with Steorn. Our first members are Dr. Mike, Sean McCarthy, and myself. Join and connect, and maybe we can figure this out together!
9 comments:
What is the point of another forum on this subject? Is that what is holding this back - not enough forums?
I'd say Free Energy Trackers is just an extension of the Free Energy Tracker blog. It's more of a social network with profiles, etc, vs a forum, although it has forum functionality.
Are you sure that's the real Sean McCarthy who has joined Free Energy Trackers, or someone just pretending to be him?
As promised ...
A first analysis of the Auditors report of Steorn on the year ended December 31st 2006 (approved on October 31st 2007 by the directors of Steorn).
The front page of this Auditors report wrongly shows the title 'Financial statements for the year ended 31st December 2005', instead of 2006. Cheap copy-paste work by Phelan Prescott & Co accountants?
---
The Creditors at 31th December 2006 match exactly the investment of Euro 8.388.732 (336 B-shares + 5284 normal shares) plus Euro 400.000 (probably some kind of bonus for management or investment mediator).
When calculating the net current assets position ('cash'), assuming the Creditors to be turned into shareholders, we find:
31st December 2005: 3,0 Million
31st December 2006: 7,9 Million
The 'burn-rate' of Steorn has been growing the last years:
2004 0,8 Million
2005 1,8 Million
2006 3,1 Million
If the operational costs of 2007 would be equal to 2006, Steorn could run for more than two years on the cash position they had at the end of 2006. The real cash-out of 2007 is yet unknown, but it looks like they continued the growth trend. They could have spend over 6 Million in the first 10 months of 2007. That is a lot of money for so little bang!
The new investment of 1 Million in October 2007 may have been needed to continue operations well into 2008.
Comment of the Auditors about 'Going Concern':
"The company is dependent upon the successful outcome of its prototype development to generate future income. In the event that the company is unsuccessful the going principal may cease to apply with consequent impact on the future viability of its activities."
---
Conclusions:
The allotted shares of March 2007 were already in the books of 2006 as current assets. The investment of Euro 8.388.732 was booked as "cash equivalent" balanced by the shareholders as creditors. In March 2007 this loan was transferred into new allotted shares. Therefore Sean did tell truth when he said there was no new investment when discussing the March 2007 shares allotment.
The latest allotment of October 2007 was not in the books of 2006. While it is 'only' one million Euro, it does contradict Sean's statement that Steorn would not require any new investment before validation. But it may have been needed to continue operations.
According to the Auditors, at the date of the report, approved by the directors of Steorn on 31st October 2007, there still is not a working prototype. Despite four years and 15 Million Euro. Any earlier statement about a working machine or a successful demonstration has been a lie.
‘Free energy’ firm raises €1.1 million
02 December 2007 By Gavin Daly
Steorn, a Dublin firm that claims to be developing a system that creates free energy, has raised €1.1million in funds amid rising losses.
The company raised the money from three private investors, James Murphy from Cork, Eamon McKenna from Waterford and JJ Sullivan from Meath, according to filings at the Companies Registration Office in Dublin. Before the latest injection of funds, Steorn had already raised about €12 million from private investors.
The company had an accumulated loss of €5.9 million at the end of last year, up from €2.8 million a year earlier, according to accounts filed recently.
However, it had almost €6.4 million in cash on its balance sheet at the end of the year, up from €1.6 million a year earlier. It also had ‘‘short-term investments’’ valued at €1.8million,up from just under €1 million at the end of 2006.
Last year, Steorn placed a full-page ad in The Economist magazine, asking scientists to review its claim that it had created a device to generate free energy. However, a demonstration of the system earlier this year failed.
‘‘The company is dependent upon the successful outcome of its prototype development to generate future income,” the auditors’ report in the accounts stated.” In the event that the company is unsuccessful, the going concern principle may cease to apply, with consequent impact on the future viability of activities.”
The directors of Steorn include chief executive Sean McCarthy and consultant Mike Daly.
http://www.sbpost.ie/post/pages/p/story.aspx-qqqt=IRELAND-qqqm=news-qqqid=28711-qqqx=1.asp
Failed demo, new investment... Hmmmmm...
I'm a fence sitter (still leaning towards the believer side), but it is really beginning to look ugly for Steorn.
According to Sean they want to be less cryptic... What are they planning to do in order to make that happen?
4 months have passed since the disaster and everybody can see that Sean and Co. are hiding more than ever.
A lot of people have been emphasizing for quite a long time that Steorn owes us shit and we should wait patiently, but the July embarrasment and the new investment created a totally new situation.
Well, I think it's no surprise now that we are expecting some kind of explanation regarding the above-mentioned things.
Steorn could not deliver on some of its public promises. I think it's time for them to "whitewash their mistakes" (without lying).
They should be honest. It won't do them any harm (or so I hope).
Anonymous said...
Failed demo, new investment... Hmmmmm...
I'm a fence sitter (still leaning towards the believer side), but it is really beginning to look ugly for Steorn.
OK, I'll bite: how does new investment make things look ugly for Steorn instead of making it look like they have something convincing to show a potential investor?
4 months have passed since the disaster and everybody can see that Sean and Co. are hiding more than ever.
Or just getting on with the job?
A lot of people have been emphasizing for quite a long time that Steorn owes us shit
Finally something that makes sense.
@Anon
I guess you misunderstood me.
When someone says he will organize a (successful) demo, then you expect him to do so.
When someone promises the public to be less cryptic about something, then you expect him to do so.
Steorn is undoubtedly making communicational (and maybe other) errors.
They may lose the sympathy of many people, although they might not care about it at all...
But at the same time ("as a side-effect") they are becoming suspicious.
What I really liked about Steorn (at the beginning) was its openness. Now it is gone and I think it is definitely a bad thing for all of us.
No matter what goes on behind the curtains, it is not the way to go ahead.
Steorn better throw a good xmas party as for certain this will be their last.
Post a Comment