Bloom Delays Maintenance To Screw New Investors

Lying cheating gangrene crooked Bloom Energy has a pattern of delaying maintenance prior to raising money so they can pretend to have better results.  After the money is raised, the losses mount as much money has to be spent on the delayed maintenance.  This is  called screwing the new investors.

The Kiwis were taken like fools back in 2014 when their national pension fund invested in Bloom.

I sent this email to he OIG of the SEC and a whole bunch of folks including the Kiwis and the board of directors of Bloomdoggle

I did some forensic accounting using the S1.

In 2015 and earlier Bloom deferred maintenance on their coffins (boxes).  Then in 2016 they had to spend approximately $155 million on service costs.

They raised money from the Kiwis and others in 2014 and 2015 and hid the real costs of service by deferring maintenance while they were raising money.

https://www.nzsuperfund.co.nz/news-media/nz-super-fund-increases-stake-bloom-energy

Bloom is again deferring maintenance on their coffins.  We know that in Delaware each month they report to the DE PSC that the coffins are unavailable 9% to 10% of the time for lack of spare parts.  This has been going on for at least a year if one looks at the dockets available to the public.  In the S1 Bloom claims to target 95% capacity factor but is only reaching 87% capacity factor in Delaware.  Why?  Because they are deferring maintenance to show better results prior to the IPO.  They did this prior to 2016 and are doing it again.

The SEC is forewarned that small investors are not being told the truth about service costs.

 

Here is my table of imputed service costs using forensic accounting.  Bloom must provide this data as part of their S1 rather than hide the data.

increase in service revenue Q1 2018	$             1,300,000
per cent increase	0.071
q1 2017 sevice revenue	$          18,309,859
q1 2018 service revenue	$          19,609,859
q1 2018 service cost	$          24,253,000
q1 2017 service cost	$          18,219,000
q1 2017 service gross margin	$                   90,859
q1 2018 service gross margin	$          (4,643,141)
increase 2017 over 2016	$             9,300,000
percent increase	0.137
year 2016 service revenue	$          67,883,212
year 2017 service revenue	$          77,183,212
year 2016 service cost	$        155,034,000
year 2017 service cost	$          83,597,000
year 2016 service gross margin	$        (87,150,788)
year 2017 service gross margin	$          (6,413,788)