Martin Jetpack

[fungus pudding]

Just got back form Warbirds over Wanaka where there was a live demonstration of the jet pack.

First impression: "LOUD". I knew this thing was noisy but had no idea it was as noisy as it was. Put any ideas of this being a personal jetpack away. There is no way on earth any local authority is going to let anyone fly this thing anywhere within suburban limits. It is so loud only the wealthiest who can afford to piss of their neighbors in some boondock republic will be buyers.

Next impression: under whelmed. The demonstration was pilotless. There was an explanation but I couldn't hear it over the din this thing was making. Why do this - unless of course it is never going to be a Personal Jetpack

Granted it did fly a few meters above ground and it did hover over a dime and it did fly a few meters out. But that was it. Thats all - nothing else. What a lost opportunity. Is this what MJP are doing at every expo - if so they are wasting money.

They didn't even try to demonstrate any first responder stuff. They could have tried to lift a 100kg weight and move it fro A to B. Or perhaps strap some emergency gear and fly it to someone on the ground. No - nothing like that. Just a very boring up, across hover and down while making a hurr of a din. I have i mentioned the noise!

No wonder their test base is out at Oxford (where no doubt even the sheep are running scared) and not in the city. I reckon this thing would make more noise than the Christchurch Engine Centre on a still night.

All I can say is I remain convinced that anyone with money in this stock are muggs. There was nothing in the demonstration to convince me otherwise.

Drones will be the way to go. Electric powered, powerful and quiet. Watch this space,.

According to what I read the other day in some newspaper a company spokesman said - it has been demonstrated flying manned at a demonstration in China and there are videos you can view. Here is the chance for NZers to see an unmanned fight - or words to that effect. Make of it what you will. I know what I think and it's exactly what you think MM. B/s beyond belief.

[troyvdh]

They could not get it started on Sunday.

Apparently the emergency parachute -which supposedly saves the pilot and machine in an emergency (over 18 ft) didn't have appropriate paperwork ? hence no pilot and no height.
The N90 helicopter did not fly on sunday. ...because the pilot had a day of ?

[Joshuatree]

Sorry but I'm very sceptical .heres something pretty cool but it also may be a con. https://www.youtube.com/watch?v=KEDrMriKsFM

[fungus pudding]

Sorry but I'm very sceptical .heres something pretty cool but it also may be a con. https://www.youtube.com/watch?v=KEDrMriKsFM

Why be sorry - hardly your fault. This outfit have spouted nonsense for ages. Even if they can ever get it to fly successfully they've still got to find a market. Nothing's impossible but to date the whole thing looks dismal. Forget the video of a demo in China. Forget the nonsense of demonstrating how it can work unmanned. If they don't front up with a local demo soon they'll lose all credibility -laughing stock level.

[Harvey Specter]

Didn't realise this was a target market. Otherwise I would have bought: https://www.youtube.com/watch?v=tpEkN1NdjKU

[fungus pudding]

Sorry but I'm very sceptical .heres something pretty cool but it also may be a con. https://www.youtube.com/watch?v=KEDrMriKsFM
It wouldn't be possible to stand or maintain balance while moving around like that.

[ari]

What a load of crap! Just clever, no just stupid marketing! And Bubba flew it? yeah right! Only pds150,000...I'll take a cart.

According to Martin Aircraft's website, Watson is third on the waitlist for the aircraft and the pilot training that goes with it "once the Jetpack has been certified by the regulatory authorities and is released to market" (including as a first-responder vehicle, and carrying commercial payloads of up to 120 kilos, it was granted experimentatl certification in New Zealand in May).

[minimoke]

ROFLAMAO "Its going to be very useful on a golf course" ha ha ha. Havent laughed so much in ages. Thought it was 1 April for a moment - had to check my calendar.

But seriously where is the "Martin" brand? Oakley and Ping and US Olympic golf the beneficiaries of that comedy skit.

Martin haven't twigged yet that Bubba used the Neoteric Hovercraft First responder for a joke back in 2013. This awesome machine could also"...new hovercraft can fly over water, ice, mud, sand, grass or wetlands, allowing us to get to places you can't reach by boat or by foot. This machine can save people under the most difficult weather conditions that prevent the use of a helicopter". All this for $70,000

[minimoke]

More delays. In the paper today (and share price at $0.455) "West said the company was now focused on flight testing and delivering the Series 1 Jetpack in early 2017" (I'm still hoping RObbo sold out at MJP high's)

[Joshuatree]

A First: Jet Pack Pilot Rockets Out Of The Water (https://www.google.co.nz/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwi8_p-GrODOAhVMGpQKHfpVDFoQqQIIKDAC&url=http%3A%2F%2Fdenver.cbslocal.com%2F2016%2F08%2 F23%2Fa-first-jet-pack-pilot-rockets-out-of-the-water%2F&usg=AFQjCNGKiQO1CmzwTYgkzA0I56JvULq87Q&sig2=klK0bfwq3xu1I5fEoaFXww)

[fungus pudding]

A First: Jet Pack Pilot Rockets Out Of The Water (https://www.google.co.nz/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwi8_p-GrODOAhVMGpQKHfpVDFoQqQIIKDAC&url=http%3A%2F%2Fdenver.cbslocal.com%2F2016%2F08%2 F23%2Fa-first-jet-pack-pilot-rockets-out-of-the-water%2F&usg=AFQjCNGKiQO1CmzwTYgkzA0I56JvULq87Q&sig2=klK0bfwq3xu1I5fEoaFXww)
Surely one of these companies will get one in production one day. They're all good at talking them up but little else.

[minimoke]

A First: Jet Pack Pilot Rockets Out Of The Water (https://www.google.co.nz/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwi8_p-GrODOAhVMGpQKHfpVDFoQqQIIKDAC&url=http%3A%2F%2Fdenver.cbslocal.com%2F2016%2F08%2 F23%2Fa-first-jet-pack-pilot-rockets-out-of-the-water%2F&usg=AFQjCNGKiQO1CmzwTYgkzA0I56JvULq87Q&sig2=klK0bfwq3xu1I5fEoaFXww)
In the meantime Dominos are near market ready to bringing a solution to first world problem - saving the hungry. Net payload not a lot different to a MJP
http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11700291

[minimoke]

More delays. In the paper today (and share price at $0.455) "West said the company was now focused on flight testing and delivering the Series 1 Jetpack in early 2017" (I'm still hoping RObbo sold out at MJP high's)

Early 2017 here and still no sign of a delivery.

SP now 22.5 so they have to congratulated on this very soft landing.

Robbos silence is concerning.

[minimoke]

Best they get a turbo charger on board. Now down to 15 cents. A grounding is closer to being in sight

[minimoke]

Crash landing now on the cards. Trades today at $0.086.

[minimoke]

wow, I remember the IPO days.

Didn't some Chinese investors invest heavily in this?

I wouldnt be surprised if it turned out to be some money laundering operation. I never figured out where KC got their capital from in the first place.

[fungus pudding]

Interesting looking flying car on TV 1 news tonight. A google project I think. Just what MJP doesn't need.

[minimoke]

Interesting looking flying car on TV 1 news tonight. A google project I think. Just what MJP doesn't need.
Then there is this guy last year: http://www.bbc.com/news/av/technology-37571844/jetpack-pilot-in-flight-across-royal-docks.

Or this guy the other day: https://techcrunch.com/2017/03/31/a-uk-entrepreneur-is-takes-flight-by-attaching-miniature-jet-engines-to-his-limbs/

Men and their garages!

[levin123]

This is how the football was delivered to the ref in the Portuguese cup final yesterday. https://www.youtube.com/watch?v=yv7jud7mVbA

Maybe a jetpack would have been competitive in the market 5 years ago, but with the rise and improvement in drone technology over the past 2 years, I cannot see how they break into this market.

[silu]

Not interested in Martin Jetpack but what a cool video.

[minimoke]

Crash landing now on the cards. Trades today at $0.086.
Parachutes fell off today - down to $0. 06

[minimoke]

Had to be a reason so checked out today's announcements. Essentially they dont have a comercially viable engine.

Also only enough cash to see them through to august 2017 with parent company not wanting to put more in.

Expect capital raising in very near future.

I still cant see any justification for putting money into MJP. Given they are testing unmanned aircraft seems to me they have gone seriously backwards from glen martins original dream while new technologies have raced ahead.

[minimoke]

Now a price starting with a 5. $0.058

[minimoke]

Now a price starting with a 5. $0.058
and dipping into the 4's today at $0.049

[minimoke]

Low of $.056 high of $0.089 today. Bwahaha.talk about madness (or manipulation)

[Deceived]

More than 30 years of so called 'development', with at times 8 executive directors, more than 100 employees & at least $52m in funding. Promotional overseas travel to places like Dubai, Munich, Paris, Monaco, India & the USA. Signed 'Memorandum of Understanding', 'Intentional Framework Agreements' & 'Letters of Intent'. Now in need of a brand new engine design, after the current rotary engine has been declared as unsuitable & still only halfway through the flight testing programme? Burning through $20m per year & once more running out of funding at the end of August 2017. KuangChi Science, Martin Aircraft's (MACL) 52% majority shareholder, has just obtained the right to change MACL's executive board composition, finally enabling them to sack all current directors. So where to from here? Option 1: Another $10m from KuangChi Science, giving Martin Aircraft Company an additional 6 months of life. Option 2: KuangChi not providing any additional funding & the company closing its doors in approximately 6 weeks time. Option 3: Martin Aircraft trying for a capital raising at who knows what price, given that the current share price is just a few cents.
8991

[minimoke]

I think option 2 the most likely. Though i never understood why KC bought in the first place.this was always only ever going to be a garage project worth no real commercial market potential. Also never came to grips with where KC came from either. Out of no where came mega billions - all very strange. Given that, they may well launder more cash through MACL.

[Deceived]

One has to wind back the clock to early 2015, minimoke. The time when the founder of the company, the then CEO & various venture capitalists spruiked this jetpack in their IPO prospectus and various print/digital media outlets. They supposedly had hundreds of enquiries from private, industrial & military sources and all that was apparently needed was money to set up a manufacturing facility. Soon after the company was listed, the founder voluntarily resigned and the stationary display unit and a simulator were shipped around the world, with nothing to sell, other than logo printed accessories (i.e. T-shirts, luggage tags & thermal flasks). The 'highlight' for me was their attendance at a Monaco luxury goods (mainly cars & watches) exhibition in Monaco, mingling with royalty and producing a fake video, showing their jetpack landing in this mediterranean principality. This video (and others) still exist on the internet (with comments disabled). Just conduct a search and you will find them. The former CEO then sourced a rotary engine from a UK based company, specialising in power plants for unmanned drones. It took Martin Aircraft Company more than a year to admit to themselves that 30 hours of running time before a complete rebuilt was something that would NOT be an attractive feature of a still highly aspirational jetpack. There were also problems with the cooling system and of course the noise. There are other issues, like a 100kg payload, which includes a 40litres fuel tank. You work out yourself, how much a pilot can weigh with these specifications and why you never saw the then CEO (and qualified pilot) flying this apparatus. The company founder is now giving inspirational speeches all over the place, stating that "the only competitor the Martin Aircraft Company has to worry about is that on the 22nd of September of this year (2017) his restraint of trade is coming off". So, a fantastic environment for all the trusting supporters of Martin Aircraft Company who gave this gentleman many chances to turn a backyard shed concocted dream into the world's first fully certified practical jetpack. I have not heard anyone from this company thanking ALL shareholders for their support, other than perhaps gratitude towards their last remaining financial lifeline, a Shenzhen based, Hong Kong listed and Bermudas incorporated company.

[minimoke]

One has to wind back the clock to early 2015, minimoke.
My clock wind s back well before then in another thread. I have consistently never seem anything attractive here as an investment. It only ever was a back yard project

If any one is excited by a September RoT release then they are mugs. Glen was never able to make a commercially viable product and he can spend the next 30 years trying ' he will still fail. In the meantime new technologies emerge which make a potential jetpack redundant.

[Deceived]

Mr. Martin was lucky the first time around, listing his company on the ASX (and not the NZX) then cashing in by selling his unrestricted MJP shares with a healthy return. I doubt very much that he will be able to attract (unsophisticated) investors again, should he really have anything in store after the 22nd of September 2017. Once bitten twice shy! There is a video online with him giving a presentation at the posh Crowne Plaza Auckland on the 11th of November 2016, patronising his audience and his former investors, using foul and totally ill-suited language. Really worth a look and highly recommended for anyone wanting to avoid future capital losses. Again and with the benefit of hindsight and more research, Mr. Martin announced the first sales of his jetpack invention as far back as 2008, when it was proclaimed that "copies went on sale at the airshow in Oshkosh (USA) with prices starting at US$100,000". The video shows the Martin Jetpack being chased near ground level by 2 anxious earmuff wearing assistants, anticipating the 'disruptive technology airframe' to suddenly crash to the ground at any moment. Almost 10 years later and this jetpack is still only halfway through flight testing and far far away from gaining commercial certification. They are also desperate for a replacement engine with currently just 6 weeks left of funding.

The special meeting, called for by KuangChi Science and held at Martin Aircraft's HQ in Christchurch happened more than a fortnight ago. No news yet if the current NZ based board members have been replaced by 'international talent' and/or if the MJP request for another $10m is granted. Meaning that without any news, Martin Aircraft Company could be closing its doors by the end of August 2017 with a possible option to turn these facilities into a men's shed.

[minimoke]

I am not do sure martin was lucky.

NZ'ers could see this thing was never going to fly (see my earlier thread )

It was only the dumb Aussies that saw this thing get off the ground. Hot Copper was melting down with ipo excitement with this one.

That it was never going to fly ought to have been known to KS - which is why i have always questioned their involvement.

You'll see previously i used the term "widow maker". That in part is aimed at the nuts who dreamt of flying one of these things. It apples equally to those who put their life savings into this black hole.

Now look at the rats leaving the sinking ship. Who is going to turn out the light in the wigeam shed?

[Deceived]

What I meant by 'Mr. Martin being lucky', was his 'ability' (together with his team of venture capitalists) to list this company on the ASX, then exiting as a millionaire and joining the public speaking circuit. I don't know if you should call us Aussies dumb, nuts or rats, especially considering that the almost $60 Million provided to Martin Aircraft Company, at least in part helped to support the struggling Christchurch economy through payroll taxes & local spending. Regarding the lights in Wigram and barring a miracle, they will most likely be turned off by administrators at the end of August. If this disruptive outcome can be postponed by a few more months, with yet another $10m financial injection, remains to be seen. Miracles do happen, but given that KuangChi Science also owns a big chunk of UK based GILO Industries (the company who supplied the current unsuitable engine), their immediate technological sourcing options are somewhat limited as well.

[minimoke]

What I meant by 'Mr. Martin being lucky', was his 'ability' (together with his team of venture capitalists) to list this company on the ASX, then exiting as a millionaire and joining the public speaking circuit.
r
Yes, ability is an interesting word.

I think he had no ability at all to do so. The people who tried spruiking in nz didn't have the ability either - unless nzers weren't so gullible. But the Aussie listers certainly had loads of ability. I am Still surprised they managed to get the thing off the ground.

I don't see martin walking away as a millionaire as an ability. It probably doesn't cover his actual and opportunity costs for all the years he spent in his back shed.

As for being on the speaking circuit - why?
He's essentially a commercial failure. Perhaps a success as a shed potterer but we all make stuff in our back sheds. I see nothing of interest in this story other than a yarn about a guy who strapped two big fans on his back in an attempt to fly. Interesting over a beer or two but i wouldnt pay to hear the story.

What is interesting is the affect of ramping and market manipulation which i am sure there is plenty happening in the life of MACL.

[minimoke]

$9.7m cash as at end of june. $4.3m is theirs leaving $5.4m with no commercial path and no viable engine. They can draw down another $2.1m to give them breathing space till October 2017. $3.5m the expected burn through to end of September. No sign of revenue after that. Cant really understand why good money is being thrown after bad - other than it has given the shareprice a bounce. Also cant see where all the R&D money is going - staff costs are covered so what does $2.4m get spent on?

[Deceived]

minimoke ...... A theory (of mine) is that they are now just interested in raiding their last piggybank & more specifically, their Hong Kong based subsidiary, before administrators knock on their door in just a few weeks time. NZ$4.3m have been 'parked' with Hong Kong based, KuangChi Martin Jetpack (KCMJ), originally intended to develop & market jetpacks for the Chinese market.

9083

But why not now distribute this money in New Zealand, in the form of wages and perhaps a bonus here and there in preference for it to go to shareholders.

There was talk of Martin Aircraft Company asking for another $10m directly from KuangChi Science (Martin Aircraft's 52% majority owner), but no relevant announcements have been made by KuangChi, even after an amended board composition ruling (sought by KuangChi Science) was successful, now allowing 'international talent' to replace the current 'expertise'. In seeking this amendment, KuangChi also mentioned that it would conduct some due diligence on the viability of the entire project and who can blame them, having sunk almost $50m into this project. Martin Aircraft Company knew for at least a year that the P. Coker (former CEO) sourced rotary engine was an unsuitable power plant for a commercial jetpack. But apparently nothing had been done to obtain an alternative.

So what are the chances that just a couple of millions of dollars would be the catalyst for a turnaround at Martin Aircraft Company, when:

1) The old board composition remains the place (despite the recent vote)
2) The current CEO & former company accountant remains in charge
3) Almost 100 employees (including 5 board executives) need to be paid
4) A new engine is yet to be sourced, tested & integrated
5) A commercial pathway is to be established & demonstrated
6) All IPO roadmap milestones, relating to the delivery of commercial jetpacks have not been met
7) More than 35 years & in excess of $60m could not produce a commercial jetpack
8) There is no palpable enthusiasm & endeavour to keep the market informed on a much more frequent basis

I so wish that things would be different, but time, money & intellectual resources are quickly running out.

[Deceived]

This story is getting more bizarre by the week. More than 35 years of 'development', lots of historical internal conflict, in excess of $60m wasted & current funding running out in Q4/2017. Now falling out with neighbours and considering a move to the USA*. Wonder what Martin Aircraft's 52% majority Chinese owners are thinking about this proposal*? For more about Martin Aircraft Company: https://twitter.com/FearlessFarang/media (https://twitter.com/FearlessFarang/media)

[minimoke]

This story is getting more bizarre by the week. More than 35 years of 'development', lots of historical internal conflict, in excess of $60m wasted & current funding running out in Q4/2017. Now falling out with neighbours and considering a move to the USA*. Wonder what Martin Aircraft's 52% majority Chinese owners are thinking about this proposal*? For more about Martin Aircraft Company: https://twitter.com/FearlessFarang/media (https://twitter.com/FearlessFarang/media)Cant say I have the least bit of sympathy for fearless farang. Should have read this thread from the beginning before investing.

[minimoke]

minimoke ...... A theory (of mine) is that they are now just interested in raiding their last piggybank & more specifically, their Hong Kong based subsidiary, before administrators knock on their door in just a few weeks time. NZ$4.3m have been 'parked' with Hong Kong based, KuangChi Martin Jetpack (KCMJ), originally intended to develop & market jetpacks for the Chinese market.

The money go round and share price movement is a total mystery to me. Never understood who KS were from the beginning or where they came from. Someone was behind the ridiculous ramping at the start and I'm presuming someone is keeping shareprice above water at the moment

[Deceived]

Thank you for your empathy, minimoke. I understand where your allegiances are and long live the corporate frauds community, with support like this. Trust that you will never be in a position like myself. ..... Of course you won't, with your foresight and expertise!

[minimoke]

Thank you for your empathy, minimoke. I understand where your allegiances are and long live the corporate frauds community, with support like this. Trust that you will never be in a position like myself. ..... Of course you won't, with your foresight and expertise!
If you think for a moment i support MJP you obviously haven't read my posts. It is a mystery to me why anyone would have invested from day one - it struck me as patently obvious this thing would never fly.

Some how at ipo it got lift off perhaps with the help of folk like robbo who were spruiking 100% (and then appears to have sold and remained silent since) and people on HotCopper.

If people had read my posts (and others) from day one this would never have been a "corporate fraud". They wouldnt have put thrir money in.

You cant say i haven't done my bit to prevent a persons money going into this stock!

Edit: Heres what I said back in September 2010: "I reckon it will go under" I reckon Martin will crash and burn"

[minimoke]

Trading likely to be suspended on 31 aug5ust due to failure to finalize 30 june finacial statements.

Likely to be a material impairment of assets.

On going funding discussions continue without agreement.

And hoping to continue expansion of flight test programme and customer capability demonstrations within current financial constraints. I interpret this to mean executive's last chance at business class travel to exotic locations!

[minimoke]

As flagged. Suspended from trading today. Never a good look!

[minimoke]

In today's news so murat be true but probably been reported earlier. Apparently engine need an overhaul every 10 hours and there is another 3 years of engine development work ahead before a commercially craft is ready for market.

I can understand the sellers but why on earth would anyone want to be a buyer. The IP can't have any real value and i don't recal there be any other tangible assets.

[minimoke]

Financial statements expected to be completed early - mid September and still no sign of them. Consequently still suspended. Look is getting worse.

[minimoke]

Back up and running again today. 6.4 cent buy, 20 cent sell so quite a gap in expectations

[minimoke]

The money go round makes no sense. KuangChi Science have given it another $10m. This is a life line that will allow one more year of operation. Trouble is there are three more years ahead just in engine development and still no sign of a commercial business proposition. For some reason KCS are intent on flushing money through MJP

[minimoke]

Jon Mayson and Steve Bayliss (2 of the five directors) resigning on 31 October. Share price down to 5 cents. no quite its lowest ever at 4.99. But close

[minimoke]

Didn't take long before today hitting 4.8cents . A record all time low.

One cheeky bid in for 499,997 shares at 0.5 cent.

[minimoke]

Today. 4.8, 4.7, 4.6 and now 4.5. Is this the slowest crash landing ever? (that little cheeky still lurking there at half a cent. Even at that price I'd have thought they would have something better to do with there money
Edit later in day to 4.3 and 4.2

[minimoke]

Cant afford to take an eye of this one. nudged 3.9 cent today.

[minimoke]

Good news for sellers who are holding off as price hits 3.8 today. If you miss the opportunity there is someone prepared to mop up 5,000,000 for 0.01 cents.

[fungus pudding]

Good news for sellers who are holding off as price hits 3.8 today. If you miss the opportunity there is someone prepared to mop up 5,000,000 for 0.01 cents.

She's game.

[minimoke]

Opening low of 4.3 cents today. a high of 7.5 cents and closed 58% up on 6.8 cents. All on no new market news. Though NZX was the wild west. Madness on turnover of $23,000. No market manipulation here folks. Nothing to see - move on.

[minimoke]

Maybe not quite the wild west as I thought. ASX send out a "please explain" to which MJP reply in their best Sergeant Shultz accent "we know nothing"

[minimoke]

Missed yesterdays new all time low of 3.5 cents

[minimoke]

Credit where credit is due. They are still around.

And probably a bit unfair to raise this in the wake of the recent sharemarket "crash" but MJP once again trading at 3.5 cents again today. That All-Time-Low not quite breached

Edit. Opps. Just as I hit Post 8,548 share cross at 3.4 cents

Edit 2. Oh, I don't know why I bother but I took a quick look at their books Basically cash burn greater than revenue from commercial activities which remains at $0.00. And cash burn ($3.4m for quarter) greater than their iffy loan facility draw down ($2.6m). Staff costs reducing so cant be too many left doing the R&D. Obviously there is no chance of them repaying the loan

[minimoke]

Only worth noting for historical purposes. A 3.3 trade today - but only $50 worth. (I'd be too ashamed to even put them up for sale). Now gives a market cap of $13m, a far cry from when punters were looking at $billions.

[minimoke]

Vicent Leung appointed as an independent director. Apparently from a Big Four accounting firm. Why? If your company is worth $13m, has no revenue, just expences with a shrinking workforce wouldn't you just need a small spread sheet to do the accounts?

Notice he hasnt got any skin in the game - so has some commercial acumen.

[fungus pudding]

Vicent Leung appointed as an independent director. Apparently from a Big Four accounting firm. Why? If your company is worth $13m, has no revenue, just expences with a shrinking workforce wouldn't you just need a small spread sheet to do the accounts?



Pocket calculator should be all that is needed for anyone deficient in mental calculations.

[Deceived]

Mr. Leung was not appointed as an accountant, but as a 5th director forming a 5 directors board. 4 directors now reside in the People's Republic of China and one director in Australia. The board has subsequently been 'cleansed' of New Zealand talent. Mr. Leung is a director of 'Prosperous Printing', a China based firm specialising in the fine art of case & soft binding, saddle stitching & wire-O spiralling. A wonderful fit for Martin Aircraft Company, an organisation desperately trying to break into the disruptive aviation market.

The CEO of Martin Aircraft Company is also the CFO. Responsible for keeping track of the enormous fiscal leakage, the default colour of his various spreadsheets would have been RED for a number of years by now. Around $80m of expenditures, spent all over the world with travel to places like Dubai, Monaco, Munich, Paris & other exotic locations. In the end only resulting in 4 experimental jetpacks with a running time of just 10 hours each, before the amazing UK imported ROTRON RT1200 engines are disassembled for a much needed overhaul and totally discarded after a fleeting operating total of 30 hours. A busy maintenance schedule indeed, but much to the relief to the immediate neighbours of the testing facility, suffering from the incredible noise that these ground breaking airframes are capable to produce in the short time they are airborne. Things are so busy in Wigram, that the 2017 financial report could not be submitted to the ASX on time, resulting in a lengthy MJP shares trade suspension.

Not all bad news, as the current loan facility of NZ$2.5m per quarter (NZ$10m total from a Chinese Bank) goes some way towards their NZ$3.4m quarterly outflows. So really only around $900,000 in the RED above loan each quarter. Still plenty of time until 19 September 2018 when the NZ$10m loan (plus interest & charges) is due to be repaid. Not sure yet how, but worry about that in 7 months time.

Tried to contact the chairperson (Ms. Luan) of Martin Aircraft by mail, but my envelope was returned to sender, marked with 'wrong address', even though it exactly matched the address given by her on the consent form that was submitted to the ASX.

[minimoke]

Mr. Leung was not appointed as an accountant, but as a 5th director forming a 5 directors board. 4 directors now reside in the People's Republic of China and one director in Australia. The board has subsequently been 'cleansed' of New Zealand talent. Mr. Leung is a director of 'Prosperous Printing', a China based firm specialising in the fine art of case & soft binding, saddle stitching & wire-O spiralling. A wonderful fit for Martin Aircraft Company, an organisation desperately trying to break into the disruptive aviation market.Deceived, what you have to realise is MJP is an excellent vehicle for laundering money. (simply because there is no viable commercial business what other reason is there for its existence). What is a good way of getting overseas trips - I know. Be a Director and have your Director meetings whenever at company expense. While in the mean time drawing in $250,000 worth of Director fees to be spread between them.

But look, these directors have important governance task. They are overseeing a company with no revenue, no customers, no product, no hope on the immediate horizon. But ensuring the $10m loan facility is properly spent.


The CEO of Martin Aircraft Company is also the CFO. Responsible for keeping track of the enormous fiscal leakage, the default colour of his various spreadsheets would have been RED for a number of years by now. Around $80m of expenditures, spent all over the world with travel to places like Dubai, Monaco, Munich, Paris & other exotic locations. In the end only resulting in 4 experimental jetpacks with a running time of just 10 hours each, before the amazing UK imported ROTRON RT1200 engines are disassembled for a much needed overhaul and totally discarded after a fleeting operating total of 30 hours. A busy maintenance schedule indeed, but much to the relief to the immediate neighbours of the testing facility, suffering from the incredible noise that these ground breaking airframes are capable to produce in the short time they are airborne. Things are so busy in Wigram, that the 2017 financial report could not be submitted to the ASX on time, resulting in a lengthy MJP shares trade suspension.

Not all bad news, as the current loan facility of NZ$2.5m per quarter (NZ$10m total from a Chinese Bank) goes some way towards their NZ$3.4m quarterly outflows. So really only around $900,000 in the RED above loan each quarter. Still plenty of time until 19 September 2018 when the NZ$10m loan (plus interest & charges) is due to be repaid. Not sure yet how, but worry about that in 7 months time.
You should be thankful he has both these roles (though I see Receptionist and Chief Tea Lady is missing). Its hardly worth repeating. But how busy can a person be in a company that has no customers (damn pesky critters always demanding things like having engines with more than 10 hours life), no revenue (keeps the accounting department overheads down), no product (so dont need those manufacturing lines)

So given they have no customers, no revenue and no product you would have to ask what the $3,700,000 in employee expenses goes to. Say $100,000 per person thats 37 people all pouring over a v1 engine. They must have a fair bit of expertise in that lot - but no. theres $960k going to consultants. What value are they possibly adding. I flagged years ago this thing would never get off the ground and I haven't been paid a cent.

Maybe they are running around preparing for their next capital raise totally oblivious to the fact that new disruptive technology is flying past them. Hers a clue guys - the world is moving away from the Internal Combustion Engine. Battery and solar power is the new disruption. (Who do I send my $10,000 consultants bill for that bit of expertise to?).

But still there is always hope. Or at least the person who paid $99 (2759 shares at $0.036) for a stake in the company yesterday thinks so.

[Deceived]

Just checked Martin Aircraft's LinkedIn profile and indeed, at least officially no tea lady or ushers on their books. Lot's of contractors and personnel responsible for marketing and media.

Noteworthy that 4 out of the current 5 directors are residing in China, 9,500km from the Wigram shed and that the MJP board has now been altogether cleansed of New Zealand talent. I believe, that the office language remains English for the most part.

I am trying to envisage around 80 staff or so turning up 5 days a week at daybreak, being swallowed by the gleaming MJP shed on the outskirts of Christchurch. Now that they have stopped touring the French Riviera, what might they be doing all day to kill the hours? Perhaps a game of Tiddledywinks for the marketing people?, whilst others are folding logo printed T-shirts and re-arranging travel mugs/luggage tags in their gift shop shelves. Fingers would always be crossed that the board keeps approving their quarterly NZ$2.5m loan payments to cover at least a fraction of their NZ$3.4m quarterly outflows.

The CEO/CFO has been busy inserting at least one special clause into his contract. He will now receive a whopping NZ$200,000 golden handshake (plus GST), should his contract be terminated under certain conditions.

9496

The MJP shares buying spree seems to have ceased today after yesterday's $99 trade. Not for the worse, as MJP does not want to be busy responding to please explain notices from the Australian Stock Exchange.

[minimoke]

Just checked Martin Aircraft's LinkedIn profile and indeed, at least officially no tea lady or ushers on their books. Lot's of contractors and personnel responsible for marketing and media.

Noteworthy that 4 out of the current 5 directors are residing in China, 9,500km from the Wigram shed and that the MJP board has now been altogether cleansed of New Zealand talent. I believe, that the office language remains English for the most part.

I am trying to envisage around 80 staff or so turning up 5 days a week at daybreak, being swallowed by the gleaming MJP shed on the outskirts of Christchurch. Now that they have stopped touring the French Riviera, what might they be doing all day to kill the hours? Perhaps a game of Tiddledywinks for the marketing people?, whilst others are folding logo printed T-shirts and re-arranging travel mugs/luggage tags in their gift shop shelves. Fingers would always be crossed that the board keeps approving their quarterly NZ$2.5m loan payments to cover at least a fraction of their NZ$3.4m quarterly outflows.

The CEO/CFO has been busy inserting at least one special clause into his contract. He will now receive a whopping NZ$200,000 golden handshake (plus GST), should his contract be terminated under certain conditions.

9496

The MJP shares buying spree seems to have ceased today after yesterday's $99 trade. Not for the worse, as MJP does not want to be busy responding to please explain notices from the Australian Stock Exchange.80 staff you say. 26 of them earn over $100,000 so probably fair to conclude Mr West isnt making the tea. He'll be delegating that task. 5 days a week, 5 tea breaks a day. They'll have a roster going.

The handshake clause is interesting 1333 hours pay for no more than 180 hours work. That's probably their productivity ratio applied to other staff as well - explains the number of tea breaks a day.

Share buyer has done his job - got the SP of its all time low.

[Deceived]

A reminder on how far Martin Aircraft Company has come after more than 35 years of research & development, spending approximately $80m of investors money, currently surviving on a NZ$10m from a Chinese Bank with nothing of commercial value to sell .....

9497

[minimoke]

I wonder what happened to the 20 jetpacks ordered by the Dubai (?) emergency services, the one for the golfer, the few for the retired vet in the states and weren't there some for the Chinese civil defence. Lost track of all orders contained in the yarns over the years

[Deceived]

ASX Release 30/11/2015: 20 jetpacks & 2 simulators to Dubai (never happened)
ASX Release 29/01/2016: 100 jetpacks & 20 simulators to China (never happened)
ASX Release 28/02/2017: 4 jetpacks & 1 simulator to China (3 jetpacks with limited capabilities & 1 simulator allegedly shipped, all sold at loss)

9498

9499

[minimoke]

ASX Release 30/11/2015: 20 jetpacks & 2 simulators to Dubai (never happened)
ASX Release 29/01/2016: 100 jetpacks & 20 simulators to China (never happened)
ASX Release 28/02/2017: 4 jetpacks & 1 simulator to China (3 jetpacks with limited capabilities & 1 simulator allegedly shipped, all sold at loss)

9498

9499
Not forgetting of course the 2 manned, 3 unmanned and simulator to go to Avwatch in the States.

And the Alliance agreement with M2K in India
And the tourist operators Beijing Flying Man Science and Technology for manned and unmanned Jetpacks, simulators and static displays for theri tourism business.

Ah those were the the good old days when they routinely issued bull**** statements.

[Deceived]

Martin Aircraft Company really enjoyed having their static display photographed in a certain way:

95099510

All part of the public image they wanted to create, with absolutely nothing behind it. Short skirts & sheepish smiles, masking an engine with an expiry date equivalent to a litre of fresh milk.

http://www.martinjetpack.com/news/Meet-the-Prague-based-MACSRO-Team.html

The group photo was taken during the 2015 Czech Air Show, unveiling the so called 'first practical jetpack'. These folks were apparently in the process of opening a jetpack showroom in late 2015 (3 years ago). With Zdenek 1 still holding 2,683,340 MJP shares, they would be equally impressed with the developments at Martin Aircraft Company's Wigram shed.

[minimoke]

All part of the public image they wanted to create, with absolutely nothing behind it. Short skirts & sheepish smiles, masking an engine with an expiry date equivalent to a litre of fresh milk.

http://www.martinjetpack.com/news/Meet-the-Prague-based-MACSRO-Team.html

The group photo was taken during the 2015 Czech Air Show, unveiling the so called 'first practical jetpack'. These folks were apparently in the process of opening a jetpack showroom in late 2015 (3 years ago). With Zdenek 1 still holding 2,683,340 MJP shares, they would be equally impressed with the developments at Martin Aircraft Company's Wigram shed.
Did that one actually get off the ground at the Display. I know the one I saw at the War Birds over Wanaka a few years back only managed a hurr of a din but no actual flying.

[Deceived]

One of the main reasons why the Martin Aircraft jetpack in its current form will never be a commercially viable product

9512

[minimoke]

One of the main reasons why the Martin Aircraft jetpack in its current form will never be a commercially viable product

9511
I've sent my consultants invoice to them already. Perhaps you could tell them what is wrong with that picture and send an invoice as well. $milions in salaries weren't able to figure that out from the get go.

[minimoke]

If you havent bailed already the clock is now ticking. Request today for removal from the ASX. Shares will be able to be traded on the NZ Unlisted share register.

Oh - and a $5.5m half year trading loss reported today as well.

[minimoke]

Didn't I tell you to bail!. Down to $0.02 today!

Edit: and some people even prepared to stump up with $0.016 to get their hands on some. Amazing!

[minimoke]

Having struck $0.019 today Market cap is now $7,540,000. Less than the loan from the chinese.

[Sideshow Bob]

This thread will have to be shifted MM......

https://www.stuff.co.nz/business/101977925/martin-jetpack-posts-5m-loss-quits-asx

[minimoke]

This thread will have to be shifted MM......

https://www.stuff.co.nz/business/101977925/martin-jetpack-posts-5m-loss-quits-asx
Yup - I flagged this in post 573 above. For a while longer thought it gets to live on the ASX.

Time is running out for holders to quit their loss. Current market cap is $7.1m which would rank it about second from bottom on the Unlisted exchange. Once on the Unlisted exchange al liquidity virtually dries up. Losses only set to increase.

Surprised to see in the press release they have gone back to the Series 1 engine. There is something very suspect about this company. That news should be a market announcement as it is a major setback - given that engine has a 10 hour operational life. There is no economic model that could possibly make that a viable purchase by anyone. Unless The chinese have some other reason for "laundering" money through this business. Series One is obsolete ICE technology. If I was a supplier I would be wanting cash in advance, with a bond to cover additional costs. If I was an employee I'd be on weekly cash pay with no entitlements owing - and making sure my Kiwisaver deductions had been paid. If I was a jetpack buyer I wouldn't even bother with a guarantee as this company wont be around to honour it.

[minimoke]

Didn't I tell you to bail!. Down to $0.02 today!

Edit: and some people even prepared to stump up with $0.016 to get their hands on some. Amazing!Today down to $0.014. Market cap $5.5m. Glen might be emptying out his back shed at this rate.

Edit: Today down to $0.013. Market cap $5.1m.

[minimoke]

Clock is now seriously ticking. Special meeting to be held on 1 May. A month or so from then delisting. After that expect nil liquidity. Price gone from 1.8 to 1.4 cents today.

[minimoke]

Cant say you weren't warned. SP now down to a cent. Market cap $3.9m

[minimoke]

Oh dear. Now down to $0.009. This places it at No 4 from the bottom of the NZAX

[minimoke]

$4.7m (excluding engineering staff costs and building lease) spent on R and D in the past 9 months. They are having a joke! Best they publish a report on what that R&D is doing. Otherwise it just seems to me a way of laundering cash.

[minimoke]

Countdown now begins in earnest. SGM yesterday voted in favour of delisting from ASX. 1 month or so and MJP will be a goneburger. SP showing some resilience at $0.01 but on low volume.

Edit: https://www.stuff.co.nz/business/103514082/martin-jetpack-holders-vote-to-leave-asx. (Glen is back in his garage working on another money loosing scheme)

[minimoke]

Doing my best here to give folks a chance to sell before your shares become worthless. A new all time low of $0.008 today. Total market cap just a little over $3m. (Glen will be ready to launch a takeover soon)

[madmat]

Doing my best here to give folks a chance to sell before your shares become worthless. A new all time low of $0.008 today. Total market cap just a little over $3m. (Glen will be ready to launch a takeover soon)

It will cost me more to sell them lol

[minimoke]

It will cost me more to sell them lolYou'll save even more now. Closed at $0.007 or market cap of $2.7m. Might not be long before you can buy the whole company instead.

[Sideshow Bob]

Here is 2.0.....

https://www.odt.co.nz/news/dunedin/designer-martin-jetpack-comes

[Deceived]

Mr. Martin's garage has been cleared of all previous prototypes & selected investors are now invited to finance his latest 'disruptive aviation platform'.

https://www.odt.co.nz/news/dunedin/designer-martin-jetpack-comes

3 years have already been spent on building miniature versions and judging by Mr. Martin's history, only another 30+ years before his new company will be listed on an overseas stock exchange. Of course, there will be lots of promising announcements during these 3 decades, appearances at the Oshkosh Air Show in the USA and probably also excursions to places like the French Riviera, accompanied by a carefully packaged static display.

Please forget everything you have learned about this New Zealand celebrity and give this man another chance. It's only money ...... :confused:

[minimoke]

Bwahahaha. PMSL!

In case we need reminding of Glens last money raising exercise, which was initially aimed at "Sophistcated (read - thick as pig sh1te) Investors" and then spruiked to Australians (which only proves they are thicker than we give them credit for) here is what happens to your money

[Deceived]

minimoke ..... You really seem to be such a charming person, blaming MJP investors residing outside of your hometown, for trusting one of your fellow Christchurch citizens.

Your Guru status is well deserved, since you have so many "could have told you" insights.

Really looking forward to more meaningful and empathetic contributions .....

[minimoke]

minimoke ..... You really seem to be such a charming person, blaming MJP investors residing outside of your hometown, for trusting one of your fellow Christchurch citizens.

Your Guru status is well deserved, since you have so many "could have told you" insights.

Really looking forward to more meaningful and empathetic contributions .....
If you followed my posts on this thread and the previous thread you will see I have consistently said this was a money looser from day one - well before IPO. I said from the front dont trust. I said from the front it would end in tears. Try reading the whole story - not one post out of context. But if you prefer the rampers on Hot Copper go for it. Incidentally, I have zero sympathy for anyone who lost money on this one - the writing was on teh wall and plain as day - except for teh dreams of something that literally was never going to get off the ground.

[Deceived]

.... Exactly as I said, superb foresight & zero empathy.

You are a superstar!

[minimoke]

.... Exactly as I said, superb foresight & zero empathy.

You are a superstar!Your post has given me an opportunity for a bit of self reflection. And I disagree with you - while I do admit my well of empathy is not exactly over flowing.

I do have empathy for holders in say CBL. Insurance is a known thing, complicated but known especially if reports to market are to be believed. Which they ought to be because there is a legal obligation to be truthful.

I do have empathy for holders in FBU. Construction is a known thing, not too complicated providing you have decent managers - which you would expect FBU to hire.

I could go on about all the other companies where people have lost money (myself included) and I will have some empathy.

But I have zero empathy for holders in MJP. Simply because I dont have empathy for stupid.

This may sound harsh but holders should really look closely at themselves (not me) and ask themselves why on earth did they buy into MJP. Without rehashing the history Glen had pottered in his back shed for 30 years. 30 years! Can you think of any commercial thing that had a 30 year gestation. The internal combustion engine was probably quicker, The light bulb likely was and telephony may not have been so long. So why would anyone think that something as simple as strapping on an engine attached to a couple of fans was ever going to be a goer. Madness! Let alone the insanity of strapping a widow maker to your back and paying for the pleasure.

Have people been deceived by MJP. I dont think so - because the writing was so obvious it was beyond deceit. Judgment clouded by fantasy and greed maybe.

Suck up your losses and learn from your mistakes. Thats where your energy should go - rather than sarcastic comments

[Joshuatree]

2017
Thank you for your empathy, minimoke. I understand where your allegiances are and long live the corporate frauds community, with support like this. Trust that you will never be in a position like myself. ..... Of course you won't, with your foresight and expertise!

err guys groundhog day but hugely it just means you are human and not bots;)

[minimoke]

2017

err guys groundhog day but hugely it just means you are human and not bots;)LOL. At least I'm consistent!

[minimoke]

Anyone ever seen a train wreck in slow motion frame by agonising frame. Now down to $0.006 or a market cap of $2.2m

Really not long now from a hard choice. Do I buy a JetPack or do I buy the company. A bit like that old Remington advert

[madmat]

Anyone ever seen a train wreck in slow motion frame by agonising frame. Now down to $0.006 or a market cap of $2.2m

Really not long now from a hard choice. Do I buy a JetPack or do I buy the company. A bit like that old Remington advert

Minimoke, I learnt my lesson alright. It was $400 bucks so i'm not too distressed but the lesson learnt was valuable. It was a red or black moment when the price was sitting around $0.10 ish /// a gamble that was never going to happen lol, now its not worth selling and best to forget.

ATM has well and truly made up grounds for the dumb move above :X

[minimoke]

Its a bit tragic when there is one solitary Ask at $0.007 for their 4000 shares. At $28 it will just cover brokerage costs. And there's the dilemma. Submitting to the 2,000,000 Bids you don't want to drop your pants to their $0.006 bid

[minimoke]

2 more days to go folks. You have till end of business on Friday 1 June to make best what few remaining options you have with your MJP shares. After thats its off to the NZ USX where you will experience virtually zero liquidity.

Amazingly people are still prepared to give you $0.007 a share. More cents than sense I reckon - but its not my money.

Anyone with fond memories when this was at $1.70. Just three and a bit years ago.

[minimoke]

Farewell MJP. Left the ASX on 0.007. Many lessons to be learnt from that exercise.

Mods = might be a good time to shift this thread to NZAX (or wherever the remnants land)

[Investor]

MJP has just listed on the USX..

[minimoke]

What amazes me is at 2 May there were over 700 shareholders left in this piece of junk. I wonder if Glen even managed to off load his 20 remaining shares. I'm betting he would sooner have one of the prototypes as a souvenir.

[Rep]

It's toast

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12132568

[iceman]

So is the helicopter paramedic who stupidly invested his life savings of $1.2m in this venture. Silly man.

[minimoke]

It's toast

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12132568
It was toast at IPO and just been a long slow descent since then. Just happened across their website teh other day and saw West had departed not long after leaving ASX and new CEO and ex Dr as CFO. All dodgy as. Helicopter pilot gets zero sympathy form me. Theres some saying somewhere about a fool and his money.

[minimoke]

Just checked out the helicopter pilot. Hes got 1,000,000 shares - so paid $1.20 each. He had no lack of opportunities to quit this stock - he should have bailed years ago. So his loss sits solely on his shoulders. Obviously barking mad for a while but such poor subsequent judgement probably needs a civil aviation enquiry on his mental competence - and if he should be flying. There is one thing that will help him sleep easier - yes the "greater fool" theory does apply and there are greater fools than he who hold MACL

[minimoke]

Well, since listing on the NZ USX things haven't gone so well. Last price was $0.02. Market cap now $7.9m. And it was recently placed in a Trading Halt until 2018 Annual report is released. I should drive by one day and see if there is anyone actually there anymore.

[minimoke]

Gotta say it lasted a lot longer than I ever thought it would. But now its a dead duck. Its all over rover:

https://www.stuff.co.nz/business/112920307/jetpack-over-and-out--the-funding-has-run-dry#comments

[Baa_Baa]

Well, since listing on the NZ USX things haven't gone so well. Last price was $0.02. Market cap now $7.9m. And it was recently placed in a Trading Halt until 2018 Annual report is released. I should drive by one day and see if there is anyone actually there anymore.

It was a dead duck long ago, at least it will vindicate and encourage you to keep up the good work keeping the uninformed aware about which companies are also impaired or dead companies still walking. Someone has to do it, we should be grateful that you have the time and patience to stay the course.

[Sideshow Bob]

Someone might make a few bucks out of them........

Two Martin Jetpacks for sale, both with a $1 reserve ... but there's just one problem - NZ Herald (https://www.nzherald.co.nz/business/two-martin-jetpacks-for-sale-both-with-a-1-reserve-but-theres-just-one-problem/Z2B4CPTXQMYAXFJOYERDAYVXFE/)