The Simpsons cartoon show has a long-running gag about some tire pile that's been burning for years. If only Homer Simpson could figure out how to harness that pile's energy, he could present a business plan to Montgomery Burns that would make the old man some extra money. There are such tire-burning businesses in the real world and Harmonic Energy (ASUV) is one of them. I got a pumper mailer from John Myers' operation touting this one. Here we go again.
I shouldn't have bothered looking at the key execs' bios. I can't find the CEO's previous venture, ProSource International, on the Web. Their chairman claims to be a fairly accomplished dude. Where's this Woolton Group that he runs as CEO? I can't find it either except on CorporationWiki. I wonder how much he got paid to sit on the Harmonic Energy board and give the company credibility. I wish someone would pay me to sit on a board all day and do nothing but impress gullible people with my sarcasm.
Harmonic Energy has a YouTube channel. They've got a video of equipment at some plant they don't own, but the phrase "Tire Remanufacturing Plant" at the beginning under Harmonic's logo gives uninformed viewers the impression they own the plant. Their press release says they're investigating someone else's technology. Come on already!
Their 10-Q for December 14, 2012 shows that they have no revenue, no operating plants, and a couple of agreements which they have no money to fund. I feel sorry for the investors who were stupid enough to give this company $500K in 2012.
A brilliant analyst at Seeking Alpha did some background digging on this company's administrative history and control changes. Another analyst notes its lack of financial success and negligible operational capability. The stock trades under a buck and any investor who bought in since last December has lost money. There isn't much I can add to this litany other than wondering whether Homer Simpson does in fact have a role with this company. D'oh!
