![](/m/assets/46931549/no_avatar_available_thumb.jpg)
I have taken a quick run though on the K. There are many areas where questions are left open and guidance is either nil or next to nil. Here are a few of the random items of interest that I noticed:
Processor 3 is "being assembled." Last November we were told in a company PR that it would likely come on line first quarter 2013 -- in other words, by now! But in the K we're only told that it will be operational "during 2013." And that many components of 3 have now "been received." WTF?
While "tweaking" still continues, is #3 the basic design of future units? It has been reported that 4 and 5 are identical to 3. What is their delivery status?
Have the "fabrication delays" been resolved? If not, why not and when will they? Is this all that is keeping #3 out of service -- or are there other issues?
"Continuing to negotiate final site details with RKT. " That's it? Can we have some timetable for installation there other than we've ordered many of the long lead time components for the site? 2013 installation? Later? Are operations at Jacksonville being delayed by technology issues with the processors? Or for other reasons - or both?
No cash flow positive guidance at all anymore? So we've gone from Q1 2013 expected to be CFP to no guidance -- and now we're sticking with zero guidance?
Board status? Name change status? Cost per barrel now - and projected?
So it is reported that customers are happy with the fuel. Sounds great. But sales are well below what most people thought. That means to me that there are major problems with running the processors at a consistent uptime that results in a lack of fuel to sell. The PR before the K said that uptime goals were very near to being met. It would have been nice to have been told more in the K. To me, this is the glaring issue where something is amiss and significant progress has been lacking. If those who are responsible for technological progress disagree, then let's hear it.
Maybe the company still feels hamstrung because the SEC settlement has yet to be approved. I don't know. But these (and other) questions need to be answered and addressed. I hate to think that we will wait in silence for answers until the AGM. If we do, they better plan for one hell of a long Q and A session! As has recently been observed on this board, this is not an instance where silence is golden. It's not.
I am not a basher. I've been a shareholder since the TRTN days. I'll hang with this a bit longer, but patience is growing thin given the lack of meaningful information from the company on these issues and probably some others I have failed to mention.
![](/m/images/thumb-up.png)
![](/m/images/thumb-down.png)