Filed under: Scandals

While Michael Bloomberg is busy mulling a possible Presidential bid, he may want to devote a few minutes to monitoring the garbage coming out of his company’s newsroom

Bloomberg’s Kelly Riddell reported on BioSolar, a tiny bulletin board stock that “expects its first product to generate about $100 million in sales in 2010,” Chief Executive Officer David Lee said.

Nine figure revenue projections are pretty ambitious for a company that has reported literally no revenue since its inception and has spent precious little on research and development. In its most recent quarter, the company reported R&D expenditures of just over $50,000 and marketing expenses of more than $29,000– an impressive sum for a company that has never sold anything.

What exactly is the marketing money being spent on? Back to the Bloomberg piece:

The company may earn $6.3 million this year on initial sales of its backsheets, Victor Sula, an analyst at Beacon Equity Research in Frisco, Texas, said.

Continue reading Bloomberg jumps on the BioSolar pumping bandwagon

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This entry was posted on Friday, January 18th, 2008 at 3:21 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.