Aqua Power Systems Inc (PK) (APSI) News

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Yeah, this was primed for massive dillution with shares to be issued, but whatever happened (we'll never know for sure) with Carnes and Friends, it died on the vine. Usually with these things, there is some fault on both sides, but based on Carnes history and how things went down (along with the promotion, lies and lack of communication) I think the vast majority of the blame is on his side.

Yeah because he could never get an offering qualified because of the mess he made of it.

Yeah, it appears Carnes didn’t benefit ….

at all financially from APSI / Tradition.

It seems logical it would be in his best interest now to look for another company to come in to APSI, via reverse merger or acquisition.

Yet for this scam, the O/S only ever came down, not a single share was issued, hmmm, SP was 10 times this pre-Tradition, 17m float, glad I stuck around and picked up more!

Because he needs one so he can set up another Dilution scam. Its big business for him.

Because you need to look at it from his perspective ….

Carnes didn’t make any money from the Tradition acquisition. He lost money from it, since APSI had to relinquish control of all of Tradition.

As a result, Carnes still has an “incentive” for his own self (not only just for shareholders) to still actively search for another merger or acquisition opportunity for APSI.

I never said I fully trusted Carnes ….

Whether he is at any or all fault for the Tradition situation is fair to speculate.

With that being said, there were still two positive things he did for the APSI ticker in the past. He spent his own money to clean up the shell and to also reduce the O/S from 50 million to 17 million shares. Those are facts that you or anyone else can’t deny.

An empty shell (especially a clean one) is worth at least $3 million market cap on average historically in the OTC. The current market cap of APSI now is only $400,000, which is only 1/8 the value of the historical average of an empty shell.

The news we got last night did say that APSI is still presently and actively looking for another trucking/logistics company.

There is still a very realistic chance that another company could come in this shell in the foreseeable future. Especially with it being cleaned up and only 17 million O/S. That right there makes it an attractive shell.

Why would Carnes bother even looking for another RM target for this thing when he has other scams he can focus on milking cash out of unsuspecting people?

Why TF would you trust Carnes at this point. I dont get it.

Looks like APSI is going back to being a clean shell.

No more Tradition.
The only good thing to happen to APSI over the past couple of years is that Carnes did get the shell clean and was able to get the O/S down from 50 million shares to 17 million shares.

The current status is now a clean shell, and still 17 million O/S. APSI can now look for another opportunity for acquisition or reverse merger. The shell will still be attractive due to its low O/S of 17 million and being cleaned up previously.

Unfortunately no more Tradition, so hopefully a new company comes in later this year or so, or at least within the next 6-12 months.

Yep. I hope people remember who was pumping this and telling you to buy at .50+. They knew this was a sham from the start.

Yup - this thing is worthless. Funny how the pumpers are long gone and did nothing but attack those of us who asked questions because this smelled suspicious from the start of Carnes and Friends lying.

Blamed it on Tradition too. What scumbags. Led investors on.

https://www.otcmarkets.com/otcapi/company/financial-report/401237/content

I think it's safe to say Tradition is no longer part of APSI. What a sham.....

🚨 APSI

💰 0,029025
📝 Officers Update:

🔴President Removed: Joseph Michael Davis
🔴Treasurer Removed: Joseph Michael Davis

AS: 200.000.000

📝 Buisiness Description Update:
🟢 The Company is pursuing opportunities in the logistics and transportation industry.

AS: 200.000.000
OS: 17.204.180

Yeah I dont know why SEC doesnt enforce anything. Seems like hes setting up for an easy win for them IMO.

And he keeps getting away with it, so not surprising hes focused on the other scams now.

Lol check out this scam they are running now: https://www.newsfilecorp.com/release/208228/Greene-Concepts-and-Tocca-Life-Holdings-Join-Forces-Within-4.5-Trillion-U.S.-Healthcare-Industry-to-Increase-Vitality-Nationwide?utm_source=dlvr.it&utm_medium=twitter

Major fraud at its finest. Oh well Carnes off pumping his other tickers currently so he doesnt care.

These clowns had to file a withdrawal of their offering withdrawal, since they used the wrong form.
They re-filed the offering withdrawal (presumably on the proper form) today and I saw this gem of a statement in there as well:

"The Company has decided not to pursue the qualification due to significant changes in the business prospects of the Company that have rendered moot the business purposes of the Offering Statement"

Yup, I don't even know why they filed that amendment to the offering a few weeks ago, since the price is dream land.

Will be interesting when financials come out since Q1 is due in 10 days, assuming they file.

Requesting to withdraw their offering now:
https://www.sec.gov/Archives/edgar/data/1553264/000168316824002943/aquapower-rw.htm

Probably because they sold all the assets and theres no way they could get the price they were asking for shares.

Bashers? The company is liquidating assets and not telling shareholders.

You consider bashers those that find this out via sources and post it.

APSI Needs better pumper

Dollar Volume: $153
Quantity: 1,000

SPOT ON. Buy when there is blood in the water....

When a stock is beaten down & bashers come in. Nobody wants shares that is the time to buy. A lot of $$$$$'s made that way.

Probably bb_stock who is pumping Carnes other scams TLIF and GMZP.

Looks like somebody wanted out from this debacle and kept dumping 70k+ shares into the bid today.

Read that amended SPA that posted where they "agreed" to different terms where the Evans would leave the company and the 24m apsi owed them was extinguished. That was of course in August just prior to the lawsuit.

They claimed that extinguishment of debt as gains on their financials. In the IRS view, that $24 is taxable. Wonder if they are breaking tax laws here honestly

according to them it was a paper write off as book value exceeded actual

Yeah but those 'earnings' are based off of canceling a massive pile of debt, which still isn't clear how they did that.
They actually posted an operating loss of almost $6M

Also said they only have enough money to operate through the 2nd quarter of 2024. Here we are in the 2nd quarter and they are liquidating assets. What a mess

This amended purchase agreement between the Evans is interesting. Explains how they wiped out that $24m in debt.....

https://www.sec.gov/Archives/edgar/data/1553264/000168316824002528/aquapower_ex0647.htm

Read through the detailed filing rather than just that cover page

What they officially filed to the SEC today …

is that their “earnings per share” are $1.14 “per share”. That is very good. It’s showing up in the link below, below the screenshot of it.



https://www.sec.gov/Archives/edgar/data/1553264/000168316824002528/xsl1-A_X01/primary_doc.xml

Shame. As trucking is needed everywhere

1-A amended offering filed today. Updates on current financials from end of 2023 which show a mess/loss on operations. The offering is still the same crazy terms from Carnes and Co of .45-.75/unit (3 common and 1 warrant at .25), while the stock price is under 3 cents and there is nothing to push it up with assets being sold off.

I also see some items about 'Recent Actions' Since December 31, 2023, in an effort to increase cash available for Tradition’s operations, certain assets have been strategically sold for cash, with proceeds being applied to its outstanding bank loans; payroll has been reduced by approximately 25%; leased warehouse space has been reduced by approximately 25%, with additional reductions expected. These actions have been, and continue to be, taken, in response to: the fact that many assets were acquired at the heights of their values and that such values have dramatically dropped over the past 12 months, causing violations of asset ratio clauses in Tradition’s bank loans; labor rates have jumped from approximately $25-30/hour to $40-45/hour in a short period of time; carriage rates have not increased such that these increased costs can be supported. Tradition believes these issues are being experienced industry wide.

Sounds like this place is a mess and in freefall. Nobody in their right mind would go near that absurd offering.

If so, why no disclosure to shareholders on that?

No official communication on record from them.
Yet, the Tradition employee i talked to over the phone earlier this week is already getting their paychecks from “Central Marketing” Transport, instead of Tradition.

Which means that the merger/acquisition/sale of the trucking division of the company (whatever you want to call it) has already been “completed” and done “officially”.

It’s not like it’s “pending” or anything.
It’s done.

Yet, no communication or disclosure to shareholders. Crazy.

Yup... it sounds like the whole 'deal' was dissolved as part of whatever arrangement they made to drop all of the lawsuits. Don't know for sure, but it sure looks and smells like that.

Yep. And now we are learning through sources other than the company itself that it sounds like they are liquidating off assets.

I don't think there is anything to appeal... it was a joint petition for dismissal of the lawsuit and counterclaims, which the court approved (with predujice which means the plaintiffs cannot refile the same claim again in that court) and canceled the jury trial that was scheduled for next year.

As mentioned - we don't know what was found in the forensic accounting investigation of Tradition records since it is sealed, and we don't know what the agreement/settlement of the cases involved since nothing was made public about that and likely is not going to be announced other than the matter is settled.

Ok, thanks ….

Does anyone have the permanent links then?

Those aren't permanent links. They are generated in response to searching for the case number, and expire after a few hours, from my experience.

And the plot thickens ….

Maybe the case isn’t exactly 100% settled after all? Someone stepped in at the last second and said, “let’s appeal something?”, lol.

Evans family would be my guess if so. They seem to be pretty ignorant, especially if Carnes took their company from them right under their noses, and now they’re late to the game in discovering more about what is taken from them? Who knows.

Weird... the link worked for me earlier this morning but now I also get the same expired/invalid message.

Theres thousands of empty shells. No reason that somebody would bother touching this one. If there is nothing there, I can see Carnes and Co using it for some other illicit activity to sucker others in to buying on a big pump so they can cash out, followed by it going dark and into the gray market.

This link doesn’t work ….

It says this case is either expired or invalid …

If APSI becomes an empty shell again ….

There is no reason to sell now at a $300,000 market cap.

The average empty shell historically in the OTC usually has around a $3 million market cap, which is about 10x current market cap here.

Carnes did clean up this shell entirely before the Tradition super 8k.

If Tradition is indeed gone from shareholders, then APSI goes back to an empty shell, which is what it was directly before the super 8k.

Another company can then reverse merge in to this ticker at a later date. Especially a clean shell like this one, if all things Tradition are indeed sold off.

Thanks. Read through some of the case filings... quite interesting. Too bad information the forensic accounting audit was redacted as to what if anything was discovered.

So at this point, the case is dismissed as petitioned by both parties and we as shareholders have no idea what the agreement was since that isn't filed as public record.

Don't know who is in charge of what, if there is any company left here, or what happens other than most likely we get screwed and the whole thing was a big bunch of lies by Carnes and Co. Only other info is the tidbit from Roofus about them selling off assets and merging, which means there won't be anything left to APSI.

https://public.courts.in.gov/mycase/#/vw/CaseSummary/eyJ2Ijp7IkNhc2VUb2tlbiI6IjBRaXdYUk9taWRPTDNUQjV4QUFVZVBSU2g3dWxXSU5Kdm9RamRaVXhPa0kxIn19