Why Patriot One Will Never Get It Right! (OTC:PTOTF)

I’ve been calling bullcrap on PTOTF since I first heard on the company.  After creating the first version of this website back in 2017, I wrote an article and did a video highlighting my concerns. Little did I know it would lead to the website getting hacked and all of my work deleted. I no doubt suspect investors involved in Patriot One Technologies for destroying my original website. Over a year of deep analysis across several sectors and dozens of companies were deleted and unrecoverable! That hasn’t stopped the stock from going into what I believe will be eventually a death spiral. PTOTF continues to raise capital for a goal that it will never reach and never be able to accomplish. Here is some additional information about the stock from OTCMARKETS.

4/6/2019

 

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What is Patriot One (PTOTF)?

Patriot One Technologies Inc is a Canada-based security systems developer. The principal business of the company is to commercialize a system to detect concealed weapons utilizing radar technologies. Designed for cost-effective deployment in weapon-restricted buildings and facilities, the company states that the Patriot One software solution and related hardware can be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. The Company’s motto Deter, Detect and Defend is based on the belief that widespread use of its technology will act as an effective deterrent, thereby diminishing the epidemic phenomena of active shooters across the globe. 

Who runs Patriot One (PTOTF)?

Martin Cronin, CEO, President & Director

 

 

Like so many Canadian penny stock failed companies, Martin Cronin, the company’s ceo hails from the country the company is based in Canada and He is said to be an expert in the areas of counter-terrorism, conflict resolution, and government/corporate interface. He also has extensive experience in high intensity conflict environments and recently served as CEO of a private company specializing in communications and survivability technologies. Before moving to the private sector, Martin was British Consul-General to Western Canada, based in Vancouver. His career includes over twenty years of experience in the field of international diplomacy with the British Government, including postings in Yemen, Jordan, Sweden, Pakistan and Iraq.

 

The Disaster of PTOTF Financials

THINGS JUST GET WORSE YEAR AFTER YEAR.

Located in this recent financial filing for PTOTF, here are some ugly and disturbing realities about this “investment”.

The Company issued 462,875 broker warrants exercisable at $1.00 per common share until July 13, 2020 and 16,125 agency fee warrants exercisable at $1.25 per common share until July 12, 2020.

Research and development expenditures for the three months ended October 31, 2018 were $915,268 compared with $682,141 in 2017, an increase of $233,127 or 34% over 2017.

* PTOTF continues its massive spending plan even though it is no where close to developing its “game changing deterrent system”.

Business development, advertising and marketing costs for three months ended October 31, 2018 were $1,287,549 compared with $394,572 in 2017, an increase of $892,977 or 226% compared with 2017.

Business development, advertising and marketing costs for three months ended October 31, 2018 were $1,287,549 compared with $394,572 in 2017, an increase of $892,977 or 226% compared with 2017.

Personnel costs, excluding those costs associated with research and development, for the three months ended October 31, 2018 were $489,425 compared with $279,339 in 2017, an increase of $210,086 or 75% compared to 2017 as the Company builds out its business
development, sales and marketing and corporate teams.

General and administration costs for the three months ended October 31. 2018 were $642,715 as compared with $150,998 in 2017, an increase $491,717 or 326%

There we so those rising cost that just continue to get higher and higher with no end in sight yet you havent seen anything yet folks! Here comes the acknowledge that they are no where near producing any serious return on investment for investors even though holding a $250 million plus market cap.

At present, the Company has no earnings from operations. The primary source of cash flows for theCompany have been equity private placements. The primary uses of cash are operating expenses, including product research and development. The Company intends to finance its future cash requirements through a combination of debt and/or equity issuance. There is no assurance that the Company will be able to obtain such financings or obtain them on favorable terms.

 

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FINAL GRADE

Whether its the massive amount of potentially toxic warrants, the weak pathetically financed “investments” from major defense contractors that look like slaps on the back, PTOTF in my opinion doesn’t have what it takes to take it the distance and really win.

 

 

 
       

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