DVP25
6月前
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
DVP25
1年前
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
DVP25
1年前
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)
rodgranite
1年前
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.
DVP25
2年前
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?
DVP25
2年前
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.
DVP25
2年前
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 ... "
Prime39
2年前
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
Prime39
2年前
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
Butte Bill
2年前
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.
DVP25
2年前
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 ...
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