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Thread: Martin Jetpack

  1. #556
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    Missed yesterdays new all time low of 3.5 cents

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    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
    Last edited by minimoke; 08-02-2018 at 04:21 PM.

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    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.

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    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.

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    Quote Originally Posted by minimoke View Post
    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.

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    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.
    Last edited by Deceived; 13-02-2018 at 05:16 PM.

  7. #562
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    Quote Originally Posted by Deceived View Post
    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.

    Quote Originally Posted by Deceived View Post
    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.
    Last edited by minimoke; 15-02-2018 at 09:00 AM. Reason: speeling

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    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.

    James West Remuneration.JPG

    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.
    Last edited by Deceived; 15-02-2018 at 12:50 PM.

  9. #564
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    Quote Originally Posted by Deceived View Post
    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.

    James West Remuneration.JPG

    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.

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    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 .....

    Engine Turbine (USm & 3 Years).JPG

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    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

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    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)

    Sale - 3 Jetpacks (9498.2m - 3,040 loss).JPG

    Sale - 1 Simulator (,000 - ,069 loss).JPG
    Last edited by Deceived; 16-02-2018 at 01:19 AM.

  13. #568
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    Quote Originally Posted by Deceived View Post
    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)

    Sale - 3 Jetpacks (9498.2m - 3,040 loss).JPG

    Sale - 1 Simulator (,000 - ,069 loss).JPG
    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.

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

    Attachment 9509Attachment 9510

    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/Me...CSRO-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.

  15. #570
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    Quote Originally Posted by Deceived View Post
    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/Me...CSRO-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.

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