Patriot One Technologies Continues To Be A Money Pit!
Back in May of 2018, I wrote an article called about PTOTF (Patriot One Technologies) and I believed(and still do) that it’s one of the biggest publicly traded scams going on right now. You can read that article HERE. At this time, expenses were spiraling out of control and nothing has changed. But Today, over a year later, these costs amount to well over $4 million dollars per quarter. This from a company which still has no revenue from operations as of April 30,2019!
Fast forward a year later, May of 2019, CEO of Patriot One, Martin Cronin did a Q&A session with Daniel Carlson of Tailwinds Research. You can view the interview HERE if you’re willing to sign up for an account. In that article, the CEO hints to the possibility of a new version of their soon to be rolled out PATSCAN CMR. By saying “I reference PATSCAN CMR V1.0 to distinguish that this is the first version, and like most technology companies worth their salt, we expect development of the PATSCAN CMR solution to continue beyond this version 1.0.)”
During that quarter, the company sent a request for a waiver to the FCC while asking for an experimental license for PATSCAN CMR v2.0. Other than a mention in the April, 2019 MD&A, what Patriot One has done is gone behind shareholders backs begging the FCC to allow them another chance with this second version of CMR. Yet there has never been a penny of revenue from PATSCAN CMR v1.0., there is question as to whether they were even allowed to point the device at people at all.
Patriot One Technologies has been dead money for investors. The 100 EMA has restricted movement in the stock since April of 2009. The stock doesnt provide any options so longs have no choice but to remain miserable holders until something changes.
So if its taken a couple years to make the realization that their flagship product PATSCAN CMR V.1.0 does not work and with the significant changes in frequency requested by Patriot One, is there McMaster patent no longer valid with use of the PATSCAN CMR v.2.0? In fact the FCC already responded to the frequency issue by saying basically, if you can’t show us you have a contract with the U.S. military or have clearance from both the FAA and the Aeronautical Instrument frequency equivalent of the FCC, to use the requested frequencies, you requests will be denied.
Instead of coming clean with shareholders about all this, they recently issued another pathetic shareholder newsletter they call “NFORCED”. In the new edition, there is no mention of the request for waiver or the request for an experimental license in conjunction with the waiver request. The company basically left shareholders in the dark for over two years while raising millions of dollars on promised roll out of its technology that may never see the light of day! Given that the company has said it is … “substantially dependent on CMR, and accordingly factors such as changes in customer preferences may have a disproportionately greater impact on the Company than if it derived significant revenue from multiple lines of products,” Its not surprising that the company has also incurred losses of over $32 Million dollars and does not know when the business will become profitable and at this point we all should be questioning whether this is even a viable business.
So ladies and gentlemen, not much has changed since I first called out this company for what it is, a piece of shit! But you can count on us keeping you updated if we find out any more information.