mCloud Technologies Corporation (MCLD)

I had not seen that before, but not a word of it surprises me. It was clear from the very first filing after the loan was received that these funds were not being used for their stated purpose. These guys were complete frauds.

"Finally, in or about October or November 2022, during a phone call among
mCloud and ERC, McMeekin admitted that he and mCloud had knowingly misappropriated the
loan proceeds for purposes other than the EV Dealership Projects, and that “it is what it is.”"

Shameless

Did anyone ever see this? Looks like he scammed out katusa as well

https://www.law.com/newyorklawjournal/2023/11/28/new-suit-alleges-tech-company-diverted-development-loan-to-pay-own-executives/

It's hard to believe how these guys are still operating. Where is the money coming from? It's also funny to me that after all the announcements of an MOU, certifications, licenses, Google Cloud partnership, etc that NOW they're ready to start implementing in the Middle East after they destroyed every last penny of shareholder value. Of course, this is probably just more hot air from these guys with little to no substance behind it ...

https://investor.mcloudcorp.com/press-releases/press-releases-details/2023/mCloud-Joins-Google-Cloud-Launch-in-Saudi-Arabia-to-Announce-AssetCare-Now-Hosted-in-Region-and-Commercially-Available/default.aspx

It's truly unbelievable what he has done here. For a long time, despite MANY clues that this guy could not be trusted, I just couldn't believe that he could be lying about certain things. Like in Nov '21 during the CC when he claimed to have close to 90K assets under "signed contract". I would tell myself, he couldn't possibly lie about SIGNED CONTRACTS. I remember thinking during the 2022 Q1 Conf call, when he finally lifted his "pandemic restrictions" excuse, that he has nowhere left to hide. They HAVE to start implementing that backlog now, right? What could he possibly blame things on now that he can no longer blame everything on the pandemic! Well, he simply stopped reporting asset connection numbers by Q3 and by Q4 stopped reporting EVERYTHING. There are so many other complete BS statements that he made that I've considered writing an entire expose of the whole ordeal and try to get it published on a Financial site. He deserves to be exposed for what he did to investors, and the CFO too. She went right along with all of it.

I don't know how to explain the Aramco "deal" and the Mercedes one as well. The Aramco MOU was actually publicized on the Aramco website and Toto Wolff, the head of the Mercedes F1 team, actually participated in a video promoting AssetCare at their facilities. How do you have business relationships with the biggest company in the world and one of the most powerful brands in the world, and shortly after become exposed as a completely failed company. Remember that Carbon Royalty farce of an agreement, where they were going to implement their tech at all those car dealerships and had all those LOI's lined up, and CR was going to loan them the money to finance it all? They got the $15M, but what did they do with it? Did they ever go live with a single dealership?

It's all just a colossal failure that I believe needs to be thoroughly investigated. I've personally been in contact with a class-action lawyer in Alberta, but it's unlikely that course of action will work, given the insolvency of the company. What will there be left for shareholders to recover, not to mention the law firm's required compensation. If anyone else has had conversations with lawyers or the SEC regarding the execs at mCloud, I'd be interested in hearing about it.

(you can DM me on Twitter @dvp25 if you want to discuss privately)

MCLD ever real?

I hope the SEC takes a long, hard look at Russ McMeekin. I think he is a scammer and a liar. He had a company called PGI that had a supposed revolutionary poker chip that could not be pcounterfeited. It failed and he had no shares.
Next, we have mCLoud. Assetcare was going to revolutionize air distribution in office buildings to reduce power consumption. Claimed to have deals with Starbucks, Coca Coa, BofA, to name a few. Never materialized.
Not to be deterred, he too a picture of some Chinese guy and said he was the ticket to put assetcare in every mall in China.
After that lie, he showed us a picture with some guy wearing Saudi Robes and claimed to have a contract with Aramco.
This was to use their fictional headsets and non existent fugitive emission sensors.
Was there ever anything? Why doesn't McMeekin have large amounts of his own stock? It now trades as MCLDF and is .005.

The final indignity

They are officially delisted. McMeekin needs to be investigated because thete were way too many promises made that never materialized. He used the Progressive Gaming tactics he used in the 2000's and recreated the same scam here. He had few shares, made grandiose claims, and did nothing but collect his salary. Disgusting.

MCLD new 52 week low

The NASDAQ listing should be gone soon

And this will establish firmly the absolute incompetence of the mgmt. team. Why did tbey waste the time and money. I don't know who still owns this trash but I hope they sell soon.

Anyone can screw up

But to do it twice within 20 years should be a crime. The bullshitters running this scam had virtually no shares yet never missed a check while actual shareholders lost it all. This was a repeat of what he did with Progressive Gaming Intl. McMeekin made a ton, shareholders took a bath, and creditors got pennies on the dollar. People like McMeekin belong nowhere but jail imo.

Anyone can screw up

But to do it twice within 20 years should be a crime. The bullshitters running this scam had virtually no shares yet never missed a check while actual shareholders lost it all. This was a repeat of what he did with Progressive Gaming Intl. McMeekin made a ton, shareholders took a bath, and creditors got pennies on the dollar.

Special Committe for Strategic Alternatives

What a load of bullshit. These grifters are doing nothing but trying to stall to maybe avoid the future SEC investigation.

MCLD......................https://stockcharts.com/h-sc/ui?s=MCLD&p=W&b=5&g=0&id=p86431144783

Adding

Doing better

Here it comes
Woooza

mCloud Provides Update from Special Committee Exploring Strategic Alternatives

MCLD............................https://stockcharts.com/h-sc/ui?s=MCLD&p=W&b=5&g=0&id=p86431144783

MCLD.........................https://stockcharts.com/h-sc/ui?s=MCLD&p=W&b=5&g=0&id=p86431144783

I'm out with the 8M share pump today.
Russ really let me have it on this one.
Good luck to all on this board!
All IMO. Prime

Any news out there why MCLD has traded almost 8M shares this morning? Thanks, Prime

Cease trade order? What a joke

None of these frauds ever invested anything substantial into common stock. A cease trade order means nothing if they own no stock to speak of. They should protect the public and hit them with a company CTO and not just against a couple of con men.

It should come as no surprise that Maxim and ATB are the "Financial Advisors" to this new "Special Committee" formed to explore strategic alternatives for the company. These are the same two banks whose analysts have let Mcmeekin off the hook time and time again with softball questions that failed to hold Mcmeekin accountable for his preposterous guidance and targets from previous calls. It's shameful on every level.

Something else to keep an eye on are the Preferred shares (MCLDP). They haven't really budged since the announcement. Granted there is almost no volume in these shares at all, but it looks like 1700 sh traded yesterday at $25.12. That converts to a little over $1/sh in the common. Why would someone pay over $42K for those shares at that price? My only guess is that it has something to do with those funds being held in escrow so they are considered protected. No clue really.

Here's something even harder to believe than that. Their CFO was part of an Oracle Netsuite sponsored panel of "female finance leaders" yesterday. The promo for the event read "Data supports that firms with female CFO's produce superior stock price performance compared to the market average." The irony was not lost on me as her appearance on the panel occurred on the same day the company essentially announced that they are on the verge of collapse and also would not meet their filing deadline. No shame I guess (or even awareness).

Strong demand....ROFLMAO

Another thing I noticed

They started out doing office building air exchanges/purification. Covid happened and I foolishly thought this was perfect. Their website had Safeway, Starbucks, Chevron, etc. as if they actually did business with them. As we see, there was not any real office building thermostats and air cleaning.

Trendy windmills in China was next and they had a picture of some Chinese guy saying he was President of malls and windmills in China.

We next hit on fugitive emissions. That is a problem that has vexed refinery operators forever. MCloud claimed to solve this problem but really did nothing. There were headsets never proven to be real and pictures with some dude in Saudi Arabia. Throw in a couple of EV chargers and a BS PR about Mercedes and thats it.

In other words....I see nothing but a scam and I hope McMeekin burns for it. This isn't the first time he has sold shares irrationally.

I wonder what is going to become of the Preferred Shares (MCLDP)

If you recall, they actually reported the closing of $10.5M of the $25M Preferred offerring back in December, but the PR cited that ...

"The net proceeds from the initial closing will be held in escrow until mCloud has proceeds, including from potential subsequent closings of this offering or the Company's previously announced non-brokered common share offering, sufficient to satisfy the convertible debenture debt."

Considering they never reported the closing of the remainder of the offering, I would assume the money is still in escrow. I would also assume the investors will be trying to get that money back.

It should also be noted that despite announcing an upsizing of their concurrent common share offering to $18M last November due to "strong demand", they never announced a single penny of that offering actually closing.

How does a deal have such "strong demand" and never close?

It's incredible when you go back and look at it ...

All the the partnerships and MOU's w/ Aramco, Mercedes, Invest Alberta, Fidus, Carbon Royalty, etc
Windfarms in China and EU (including largest operator in Europe)
Shopping malls in China
IAQ at small/medium sized businesses and Govt Buildings in both NA and KSA
Oil wells in NA
EV charging stations in NY and CA
Refineries in KSA
Methane LDR w/ Aramco
Heat Exchangers in Alberta
"Very large" connected worker deals in China and SA
Demand response w/ BC Hydro and Con-Edison
Signing contracts "all over the place" in SE Asia

The list goes on and on and on ...

The most egregious of all, in my opinion, were the various comments over the years re their alleged contract "backlog", including this exchange back in Nov '21

Ryan Kienstlinger — Analyst, Alliance Global Partners
Okay, and then, can you quantify? I know you give a pipeline slash backlog. Can you quantify the
number of signed—sorry, the total number of assets in signed contracts, as well as the backlog that’s signed for TCV?

Russ McMeekin — Co-Founder, President, and Chief Executive Officer, mCloud Technologies Corp.
Yes, so very specific number of assets is about close to 90,000.

It was this information that kept me invested in this pig, despite all of the warning signs. I assumed that much of what he was saying was total BS after a certain point, but I did not believe he could be making up data about actual "signed contracts" in backlog. Does anyone now believe that those contracts actually existed back in Nov '21?

If there is ever a class-action, this should be Exhibit A.

What a waste

The CEO should have already resigned and should be under criminal investigation. I seriously doubt there will be any filing anytime soon since it would be looked at very closely. They literally waited until they ran out of time. I wonder how many of the claims of headsets, Chinese wind farms, Saudi refineries, etc. was true?

What a waste

The CEO should have already resigned and should be under criminal investigation. I seriously doubt there will be any filing anytime soon since it would be looked at very closely. They literally waited until they ran out of time. I wonder how many of the claims of headsets, Chinese wind farms, Saudi refineries, etc. was true?

The Charlatan ran out of BS ...

https://investor.mcloudcorp.com/press-releases/press-releases-details/2023/mCloud-Creates-Special-Committee-Retaining-ATB-Capital-Markets-Inc.-and-Maxim-Group-LLC-as-Financial-Advisors-to-Explore-Strategic-Alternatives/default.aspx

The 10K filing deadline for a company mCloud's size is next Friday, March 31st. They have yet to announce the scheduled conference call. It's looking more and more like we're going to get a Friday after the bell earnings dump. Perhaps they hold the CC on the following Monday, or maybe they just hide from investors altogether. Nothing would surprise me from these folks.

We have 10 days left in the Q1 and we haven't even gotten a PR about scheduling the Q4 CC.

Are they even going to hold one or are we at the stage of them literally hiding from the public?

Gossip from Yahoo finance conversations (Jake): “ The office space in downtown Calgary that mCloud was supposed to move into, after some big announcements from Russ, now has the mCloud sign removed. Also confirmed with some staff at mCloud that they have not been paid for 4 pay periods now. It would appear, in my opinion, that mCloud could be closing its operations soon unless someone with deep pockets and light on financial knowledge comes along and puts up more cash to keep mCloud a float.”

The comment was dated late January. A follow up post in March from same person alleges employees still haven’t been paid. Sounds like old Russ(Ian) Style: “you pretend to pay us and we pretend to work.” Snarky posts will end when/if I ever get paid.

DVP:
Excellent detailed post!
Prime

By next week, it will be a FULL YEAR since the constraints to their business, resulting from the pandemic, had supposedly been lifted ...

"... in fact, carries through to about mid-March. Now that’s behind us pretty much everywhere, in fact, everywhere is behind us. "
- Russ Mcmeekin 4/4/22

This coming after almost two years of investors being told that a contract back-log had been building up as they continued to sign up customers but were unable to implement until the "pandemic restrictions" were lifted. As of mid-August, Mcmeekin was still sticking to his 90K year-end target.

Mcmeekin may be able to continue BS'ng his way through conference calls, putting out fluff PR's, modifying performance metrics, posting blogs and ESG articles, signing "partnerships" etc to keep skating by with no accountability for awhile longer, but he should NOT be able to hide from the public comments he's made regarding the contract backlog. If that contract backlog is not proven to exist, there should be legal accountability. Too many people, including myself, have lost large sums of money believing that this contract back-log existed ...

11/12/20: "Bottom line going into 2021, of our top 10 customers, if you look at the contracts we have in backlog right now, we have over $50 million going into 2021."

5/25/21: "So other than what we converted to revenue, we added double-digit of millions in just recently."

11/29/21: "Yes, so very specific number of assets (under signed contract) is about close to 90,000."

12/07/21:  "These contracts are comprised of AssetCare™? solutions for wind, communications, and oil and gas.  The total contract value for these awards is expected to exceed US$5 million, with contract formalities to be completed this month."

3/2/21: "mCloud announced it had signed new AssetCare contracts at six oil and gas facilities in Alberta, including the adoption of mobile connected worker and connected asset solutions by multiple oil and gas companies in the province."

8/16/22:  " ... but we just look today, that's $83 million of TCV, of which the Middle East will grow disproportionately. But for now, Middle East is 22% of the $83 million, Asia-Pacific's 18%, UK/EU's 14%, and North America is 45%"

8/16/22:  "Asia Pacific, we started again signing some very large oil and gas deals all over the place. So inSoutheast Asia, in Australia -- so that's definitely back and rocking ... "

Hi, Rod:
Only excuses. Money to close last November, then 12/30/2022, then 2/28/2023, and now it's March. Friday, I left a message for Russ at the Canadian office, she said he was overseas.

Wayne, such a PR dynamo. No money, Saudi building, or Oil & Gas updates, just one non-revenue producing PR about Mercedes. Long ago, I mentioned Wayne had two listed clients MCLD and DRIO. Fyi, both have since continued down the toilet. Prime, all IMO

Any updates on the financing?

Russ really knows how to enhance shareholder (his own) value.

FYI, there were a total of three people at the annual mCloud meeting in Scottsdale on December 29, 2022. Russ, a local board member acting as chairman for the meeting, and one investor.

No mCloud Chairman, no other board of directors, no co-founder, no CFO, no Wayne/PR representative, only the greeter and moderator spoke on the phone to record the official annual meeting for the public corporation on the second to last day of the year when no one is paying attention.

It was publicly disclosed that $8M was going to be wired to mCloud that day, or at the latest, the next day, December 30, 2022.
All IMO, Prime

I agree, it's crap. But, some stocks you buy to hold and some to trade. I always set up two positions, one to hold and one to trade. This is a real winner for me. You can take a nickle or a dime out every day. Either long or short. Nickles make dimes and dimes make dollars.

Yea, it was the ole' "Update" without actually providing any real update. What did we learn ... absolutely nothing. Previous "updates" told us the common share financing would close in November then December now supposedly February. Nothing they say can be believed.

mCloud provides update on financing activities today: “On December 6, 2022, mCloud announced it had commenced the closing process of initial proceeds from a non-brokered offering of common shares of the Company, originally announced on November 1, 2022 (the "Offering"). mCloud continues to make progress with the Offering. Given the complex requirements to close these proceeds, the Company now expects to complete this Offering around the end of February.”
The kiss of death. When govt officials have denied something several times, you “know” it’s true. When mCloud says something is Going to happen, better beware. At least Wayne hasn’t answered the phone or my emails to confirm the above.

Over 2M shares traded off of a PR about presenting at a Conf. next week.

This stock has gotten onto the radar of the day traders the past couple weeks. You could see it building on social media $MCLD. All it took was a PR with very little substance to get the pump going. Would be nice to get some actual meaningful news while it's on people's radar. Like how about closing that common share offering that we were told had commenced 2 months ago? Or maybe completing the Preferred offering, which has closed only $10M of the $25M thus far. Or, dare we say, announce some actual contract wins or asset connections or contract wins or anything substantive?

Great pump dude. Stock tanked over 20% immediately after your post.

$MCLD: Dammmmmnnnnnn......... I thought you were dead.


Wish it were true.


Go back to your lil gopher hole now



GO $MCLD

LOL ... you ticked the top.

You won't fool anyone here. Get lost.

$MCLD: Not todayyyyyyy.......... BOOOOOMMMMMMMMMMM

Offffff she goes.


Amazing move here...... now 1.40



GO $MCLD

Incompetence and self-dealing (eom)

It's now been 4 full weeks since mCloud anounced that they had commenced the closing of their common share offering.

Had they actually "commenced" the closing when they say they did, why hasn't it closed 4 weeks later? I think we all know the answer to that.

What still amazes me about this guy is his sheer audacity. I've been in this game a long time and I certainly understand that CEO's will always put a positive spin on things and play games with the numbers and it's the investors job to read between the lines. However, what this guy has been willing to say publicly in order to keep his narrative in tact is truly incredible and he continues to get away with it, enabled by his inept BOD and analysts he can count on to never follow-up on his previous statements.

Take the Q2 Conf Call for example, which took place on 8/16, half-way through Q3. He was still sticking with his 90K year-end asset target - implying 23K more assets by year-end - and indicated it would be weighted more to the 4th Qtr with "... mid-thousands in this quarter, and then double digits of thousands." Just think about that for a second given the context of what we now know from the Q3 call in November. He's telling us they will do "mid-thousands" in Q3 at a point where they had done virtually NOTHING in the Qtr up to that point and were in the process of converting their platform to the Google Cloud which apparently shut-down their connection activity completely. He HAD to know this at the time he was giving us his phony guidance on Aug 16th. In fact, during the Q3 call he said the Google plan actually was initiated back in July 2021 and "we finalized everything by August (of this year)" Yet, he still had no problem telling investors in the middle of it all that he was still on track for his year-end goal.

There are numerous other examples, which are just as egregious that I could provide. I've even sent numerous of these examples to the Chairman, Michael Allman, but never got a response. They are all complicit, including the CFO who has gone right along with all of it.

People love their end of year "Lists". Perhaps a Top Ten list of Mcmeekin's biggest loads of BS is in order ...

The best way to manipulate someone and con them is to give them just enough to pay attention but be vague enough to claim plausible deniability. That is what happened to me. Everything he promoted made sense to me based upon prior experience. In my opinion, Russ is a con man. A confidence man. A grifter. I could be wrong but 20 years of experience, between Progressive Gaming Intl. and Mcloud, leave me confident I am on the right track. I hope I am wrong and he pulls a 4D chess move out of his ass and you all get rich but this is unlikely imo.