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And if certification is announced...?

"This isn't just any old boiler, this is the inspirit charger, from Inspirit Energy - the boiler which pays for itself, over and again." Anyone else feeling hungry? ;-)

@James_cleeve73. Ask yourself the question - if good news isn't on the horizon, then why would any sophisticated investor in their right mind participate in a placing - even at this share price, given everything we know about the company? What have they to gain? The share price will very likely be on its way to zero if we have been unable to certificate the charger by now - that I reluctantly admit. This future of this company hinges on it. It's become a binary outcome... However, if there is good news to be released, which really could be imminent, then it's likely that every man and his dog will be wanting in on the placing if it were at these prices. I know I'd join in if I were in possession of the news ahead of the market and it were at these prices! But of course anyone involved in a placing couldn't possibly know of news ahead of the rest of the market, could they...? So let's suppose that the directors only *suspect* that news is imminent. In which case they can either place ahead of it, place afterwards, or place at the same time the news is released, at a share price much higher than today's - assuming the news is good and company defining of course! Of the three options I prefer news first to let the market decide what value the placing should be at: you know, how it should work... but since this is AIM - news at the same time as the placing is just about palatable. What won't be particularly palatable, and somewhat redemption lacking is if there is a placing at the current suppressed share price, only for it to rocket several weeks later on good news "out of the blue". And by news, I'm not talking wishy washy caveated news - I'm talking concrete news: "The boiler has been certified; here are the list of companies that will be/have been trialling it" news. So. News then placing? Or placing then news? Or placing and news? What's it to be? Other outcomes are possible! Place your bets ;-) Ob.

I tell you what will redeem the delays in my eyes: if the directors are able to raise funds at least at the same price as the last placing of 0.5p - that would be a show of confidence in INSP and show what farce the current share price is! Surely if what we have is potentially world beating, then investors should be lining up at the door to get in. And even 0.5p should be deemed a bargain to them as clearly anyone wanting to invest significant funds isn't going to be able to buy the shares on the open market at these crazily low prices: as soon as they get to a 3% holding their intent will be rumbled - and the share price would rocket! ;-) Ob.

@Fallingknife. I'll answer "If you don't mind you could tell me how the Net Asset Value for INSP is arrived at?" in this thread as my widget example alluded to the answer. Technically the Net Asset Value of a company is simply the value of its assets minus the value of its liabilities. From the 6 monthly update: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/INSP/13178702.html === INSPIRIT ENERGY HOLDINGS PLC Consolidated Statement of Financial Position as at 31 December 2016 === You can see that this is £2.382m, which is mostly contributed to by £2.619m of "non-current intangible assets". "Non-current" simply means that its value won't be realised this accounting year. For a general definition of "intangible assets" see: "Intangible Asset" http://www.investopedia.com/terms/i/intangibleasset.asp In terms of the specifics of our £2.619m of intangible assets take a look at the full annual report: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/INSP/13081170.html where you can see that 100% of our intangible assets are "Development Costs". In the annual report there is a good description of what these consist of: === b) DEVELOPMENT COSTS Development costs relate to expenditure on the development of certain new products and service projects where the outcome of those projects is assessed as being reasonably certain as regards viability and technical feasibility. Such expenditure is capitalised and amortised over the expected sales life of the product, being generally a period not longer than five years commencing in the year the sales of the product were first made. === The above will include a fraction of costs (including staff) which usefully go towards progressing the development of the product. Research (and any development) which leads to dead ends should not be included in development costs. In fact: === Directly attributable costs that are capitalised as part of the product include any employee costs and an appropriate portion of relevant overheads. Other development expenditure that does not meet these criteria is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. === So the answer to your question is that the end of year NAV of £2.382m is mostly comprised of the money spent to date which has gone towards *usefully* developing the Inspirit Charger - and with 936,806,859 shares in issue this equates to a share price of around 0.25p. Hence why 0.14p is a steal - assuming we are able to commercialise in significant quantities this decade! and ideally before "The feed in tariff scheme as a whole is expected to close to new applications on 31st March 2019"... ;-) Ob.

@Fallingknife - glad to be of assistance! Presumably one of the reasons you continue to "have a very bad feeling about this one." is because of the lack of concrete news regarding various aspects of the company? Take this money mail article from last year: "SMALL CAP IDEAS: Big market awaits for combined heat and power boiler specialist Inspirit Energy" (6 June 2016) http://www.thisismoney.co.uk/money/markets/article-3627456/SMALL-CAP-IDEAS-Big-market-awaits-combined-heat-power-boiler-specialist-Inspirit-Energy.html === Inspirit is currently concluding the certification process for its state-of-the-art boilers before releasing ten units for commercial use with ‘high-end customers’. === We don't know if the certification process has concluded or not, and if it has, we don't know whether the ten units for commercial use with 'high-end customers' have been released. And this: "Q&A with John Gunn Chief Executive Officer at Inspirit Energy Holdings Plc" (Dec 2015) http://www.*************.net/qa-with-john-gunn-chief-executive-officer-at-inspririt-energy-holdings-plc-loninsp/ === Q6: Just jumping back then, I guess the next news investors should be looking out for should be in January to confirm delivery to Enertek? A6: Yes, I mean you can’t just ring up Enertek and say ‘we’re going to be there tomorrow’, they’re a busy company and obviously we’ve had to try and find a diary date to fit in with theirs. So obviously the unit will be sent up there at that time, dates have been agreed, a couple of final touches but nothing significant so a date has been agreed, the unit will be sent there and the testing will continue. At the same time, we’re assembling our trial appliances now in our Sheffield facility, along with our engineering partners, and they’ll form part of our units that we’ll be using for our trial partners. So obviously we’ll be giving our shareholders feedback on the testing, though I would ask them not to be concerned and I would say that shortly after that, we’ll be announcing some of our trial partners who obviously will be doing the installations with. Thereafter, the next steps for us are really to, as I said in the RNS in my comment at the end, you know obviously the challenges we face now we’re looking forward to and they represent taking this product through to commercialisation. === So we are *still* waiting. And I'd say the market *is* concerned. Very concerned going by the share price. Admittedly we've waited so long now that it wouldn't surprise me if an RNS in the morning announced certification of the Inspirit Charger: sorry, did we say 6 weeks? we meant a year and 6 weeks... It's certainly [word redacted] @Fallingknife. Whether it's beyond [word redacted] I'll let you be the judge! ;-) Of course if it's "just" delays, then 0.14p is a steal... Ob.

I thought I'd give some pointers to those who might be trying to figure out if INSP is a good buy or not at this share price. Imagine you are an innovator, and one day you wake up and decide that you'll start a company selling widgets. But these aren't any old widgets you are thinking of selling - these will be world beating widgets. You have some money in the bank and that along with money you are able to raise via an IPO leads to a market valuation. On the first day of trading, the mcap goes up some, and then it goes down some, but let's say the IPO appeared to be about right in the market's opinion. What next? Research and development is required - and this takes both time and money. But how much time, and how much money? Well stepping out of the hypothetical land of world beating widgets for a moment, according to: "Inspirit Energy - On the cusp of cogeneration commercialisation & trading at a fraction of replacement IP cost" (13th June 2016) http://www.alignresearch.co.uk/wp-content/uploads/2016/06/Inspirit-Energy-Align-Research-13th-June-2016-Final.pdf === Inspirit's current market capitalisation of £3.89 million represents just a fraction of the money spent on developing the technology over three decades. === These things can, and often do, take time and money - three decades for our engine! plus "Fraction" of money! === Competitors have spent sums in the tens to hundreds of million pounds on their technologies, which gives some idea of the cost of development from scratch (and not considering the time involved). === Back to the widgets. Let's keep it simple and say all of the IPO was spent on R&D costs over the period. So no cash in the bank, but what does that mean for the market cap? Very good question, and very difficult to answer from the information above alone. Let's consider absolute failure and resounding success. Failure: If at the end of the R&D phase it becomes apparent that the dream of a world beating widget was impossible to achieve, then all of the R&D costs are essentially written off: the company is valued close to zero (the losses themselves may have some tax value to others) Success: If at the end of the R&D phase, a world beating widget is achieved, and a path to commercialisation is clear *and* the share holders believe this path: then bingo - the market cap should reflect this success, and begin to reflect development costs to date and the prospect of future sales. So whither INSP? IMHO it's our old friend market sentiment: shareholders have seen delays and therefore have gotten into the mindset that delays are all we are capable of. Despite reassurances: "The Board is confident that with the consolidation in the mCHP industry, Inspirit will eventually be a major contributor to the industry." If it is the success route for INSP, 0.15p is an absolute steal! Ob

In terms of attempting to compare anything to today's MCAP it should be the "Net asset value" which at the end of the year was £2,382,000 - see "KEY PERFORMANCE INDICATORS" in the annual report. I can explain if you like? I hope that answers your question, but DYOR! ;-) 0.15p is a steal! Ob.

Cheers for the kind words @Fallingknife1. You ask "What's a decrease in receivables?". I'm not sure how much you understand accounts so forgive me if any of the below sounds condescending! Receivables is something we are owed (payables is something we owe) http://www.investopedia.com/terms/a/accountspayable.asp http://www.investopedia.com/terms/a/accountsreceivable.asp From our perspective one would be right to hypothetically ask "how can a third party owe us anything - surely we haven't sold anything yet". The answer comes down to classification - if you look carefully at the full accounts: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/INSP/13081170.html you'll see from note 17 the GROUP (see below) had a Corporation tax receivable of £308,000 in 2016. And the footnote explains where this comes from: === **The Corporation tax repayable relates to the R&D tax claim receivable from HMRC. === As an aside, the GROUP in this context is described in note 15 of the annual reports, and comprises of the following companies: "INSPIRIT ENERGY HOLDINGS PLC" https://beta.companieshouse.gov.uk/company/05075088 This is the "parent company" (INSP) we own shares in, and: "INSPIRIT ENERGY LIMITED" https://beta.companieshouse.gov.uk/company/07160673 which is the limited company fully owned by INSP, whose annual accounts were filed on 30 Mar 2017 and are worth a read: https://beta.companieshouse.gov.uk/company/07160673/filing-history We also own a dormant company: "SOMEMORE LIMITED" https://beta.companieshouse.gov.uk/company/07152291 which might come in useful one day. I hope I haven't lost anyone with this aside! So in 30 June 2016 we were still owed £308,000 in tax refunds from previous years of R&D - and that is why they are classed as receivables. Now we take a look at the half-year reports to 31 December 2016: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/INSP/13178702.html You'll see from the "Statement of Financial Position as at 31 December 2016" the "Trade and other receivables" has reduced from £329,000 (308 + 9 + 12) to £63,000. A reduction of £266,000. Looking at "6. Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities" you'll see this £266,000 turn up as a *Decrease" in receivables (think about it!). Clearly there is some rounding at play as it is documented in that table as £264,000 (I hope it's due to rounding!) So in summary, we likely received the tax rebate in the 6 months period and have been using that for day to day running of the company. In terms of attempting to compare anything to today's MCAP it should be the "Net asset value" which at the end of the year was £2,382,000 - see "KEY PERFORMANCE INDICATORS" in the annual re

Indeed @NMH19! "Director Dealings" (16 September 2016) http://www.inspirit-energy.com/investors/rns-news-detail?id=jw3ey2r === John Gunn, the Company's Chief Executive Officer, has today purchased 4,000,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at an average price of approximately 0.263p per share. === You're not the only one who thinks we might go for a huge premium! "Inspirit Energy - On the cusp of cogeneration commercialisation & trading at a fraction of replacement IP cost" (13th June 2016) http://www.alignresearch.co.uk/wp-content/uploads/2016/06/Inspirit-Energy-Align-Research-13th-June-2016-Final.pdf === Inspirit's current market capitalisation of £3.89 million represents just a fraction of the money spent on developing the technology over three decades. Competitors have spent sums in the tens to hundreds of million pounds on their technologies, which gives some idea of the cost of development from scratch (and not considering the time involved). Consequently, we believe that the company may be attractive to competitors given this commercial consideration. As John Gunn holds a major stake he has influence to extract a decent price and we doubt it is anywhere near the current valuation. === "we doubt it is anywhere near the current valuation" - and that was £3.89 million. We are currently valued at around a third of this! Ob

Interestingly we got a trading update the day following the announcement of our half yearly report in 2015 - so news really could come Monday! Don't go arguing with the tea leaves now - I'll be keeping an eye out for sure... ;-)

@Faillingknife " I love the net cash from operating activities of an outgoing of £14000. The most interesting reading would be finding out where that went." See note 6...

News at last indeed @steveho! "Interim Results" (31 March 2017) http://www.inspirit-energy.com/investors/rns-news-detail?id=w67ppgx === The Directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the interim financial statements for the period ended 31 December 2016. === "Having made appropriate enquiries". Looks like we are going to make it to commercialisation if someone is willing to fund us for another 12 months (usual definition of foreseeable future). And of course our directors certainly appear to believe this: === The Board is confident that with the consolidation in the mCHP industry, Inspirit will eventually be a major contributor to the industry. === So it certainly looks good news if all is to be believed at face value. But do we believe? What are we to make of this:? === John Gunn, Chairman and CEO of Inspirit, commented, "The Company is continuing to advance towards the commercialisation of the Inspirit Chargers and the business is working hard to meet the required milestones of approvals and customer field trials whilst incorporating the 'sealed for life' Stirling engine component within the overall appliance configuration. This is being achieved through extensive reliability tests and supplier evaluations. It is fully expected that on conclusion of these tests, sales can be targeted within the next financial year. The Board believes that the "sealed for life" aspect at the heart of the Inspirit Charger is a unique selling point because of the ease of installation and zero maintenance that small and medium-sized enterprise customers will value highly and stands as a distinct attribute when compared to other engine based microCHP products in the market." === Shame some of the KDNC crew aren't here - they like a bit of forensic analysis! ;-) So "the business *is* working hard to meet the required milestones" - of course, and "this *is* being achieved through extensive reliability tests and supplier evaluations". Extensive indeed! But when will the tests conclude? That is the question - they have been ongoing for years now. And what does "next financial year" mean in this context? We need some proper updates - including an overhaul of the inspirit charger webpage: "Estimated Delivery Begins: 2016" is just embarrassing. I've just seen @Fallingknives reply - somehow, I don't think it was a head out of the window job - but that paragraph amused me too! More likely we'll find out in the next few weeks, perhaps Monday even, what price the placing will be at - or of course, if you are the optimistic sought - who is partnering with us to commercialisation! ;-) Can't say we weren't told... ;-) Ob

This caught my eye just as I was closing the report: "Inspirit Energy - On the cusp of cogeneration commercialisation & trading at a fraction of replacement IP cost" (13th June 2016) http://www.alignresearch.co.uk/wp-content/uploads/2016/06/Inspirit-Energy-Align-Research-13th-June-2016-Final.pdf === Valuation We set our minimum fair value price for Inspirit Energy as the implied price of the 2013 reverse takeover (£4.22 million) plus additional development costs booked into the balance sheet since then (£1.49 million as at 31 st December 2015 ). This equates to a total of £ 5.7 million, or 0.61p per share, implying 49% upside from the current price of 0.41p. We believe that this is a highly conservative valuation method as it only values development at cost price and attributes no value to the various certifications and business relationships developed which are key to taking the Inspirit Charger into commercial production. === Highly conservative...

Looks like a few positions are being taken ahead of our half yearly report this week! I was even surprised to see that @Fallingknife1 appeared to give a strong buy opinion yesterday! Finally, I thought, my advice has been headed and the Align Report has sunken in, perhaps the following paragraph was stumbled upon: "Inspirit Energy - On the cusp of cogeneration commercialisation & trading at a fraction of replacement IP cost" (13th June 2016) http://www.alignresearch.co.uk/wp-content/uploads/2016/06/Inspirit-Energy-Align-Research-13th-June-2016-Final.pdf === Upon completion of the field trials at client sites, and receipt of the British Standards Institute and Microgeneration Certification Scheme accreditations, Inspirit will have overcome further barriers to commercialisation and should thus justify a higher valuation. We see these events as being accomplished within the next 8 to 12 months and providing a potential valuation catalyst. === 8-12 months from 13th June: that's round about now! Of course I now see from today's post that the "Strong Buy" was a false dawn... ;-) Now I'm no fool (!) to think that no meaningful news for several months means good news is imminent - but I tell you what, if there is something akin to a heist in play for our shares, and in fact all *is* ticking along nicely, we certainly can't complain that we weren't told the plan in advance! A company *must* issue an RNS if the plan deviates substantially from that published - every other RNS is just a courtesy to keep investors onside/attract new ones. But if a company doesn't need to do that for whatever reason, well then... Did I tell you speculation is my middle name? My opinion continues to be a Buy at this share price, as the potential returns from here far outweigh the perceived risk of silence IMHO - obviously those selling don't agree! This certainly appears to be one of those shares where the mantra - only gamble what you can afford to lose, should be repeated: even if 0.15p feels a steel! ;-) I say again: can't say we weren't told... Ob.

So much is in the pipeline it is really hard to say @gallian! The most obvious and none speculatory answer is 0.51p! ;-) But there is a lot that *could* rocket us forwards. EMH PFS; BCN offtakers; merger; Cadence name; Cadence board members. 20% here, 20% there...; sell an asset; sell a JV; use the remainder of our loan to buy more assets. Sell KDNC, including office furniture, to the highest bidder. The point is that in my humble opinion this is a great share to be in for both the short term speculation of what might happen next re strategical plays, and the longer term true value out (double digit pennies IMHO!). I enjoy the short term speculation, and I've got the patience for long term value out! Posting here makes me do my research. And I truly have, and what I have seen is good, very good! ;-) So in summary in the next 4 weeks we could both see 0.5p or single digit pennies. We just don't know! And that is what makes this exciting - despite those who protest that nothing is happening: they need to open their eyes. DYOR of course! ;-)

To all new potential investors. In case it isn't obvious, "Finding new minerals in new places" is exactly one of our core strengths. And we have done an excellent job of this over the past few years from what I can see! I could name a few examples, for instance the additional EMH investment which was part facilitated by a placing which was so bemoaned at the time by some on here: "REM increases stake in the Cinovec Lithium Project to 19.8%" (04 March 2016) http://www.rareearthmineralsplc.com/index.php?cID=287&id=13324029 === REM acquired its additional 7.9% holding in European Metals at a cost of approximately of £670,000 via a placement of new ordinary shares by European Metals. === EMH was around 10p then. Today it is around 70p, meaning our £670,000 is now worth around £4.7M, and of course not forgetting the earlier 11.9% which would have been facilitated by earlier placings! Let's take a look at our most recent investment in Auroch: "Strategic Stake Purchased in Lithium Explorer Auroch Minerals" (02 December 2016) http://www.rareearthmineralsplc.com/index.php?cID=287&id=13492019 === London and New York listed Rare Earth Minerals Plc (AIM/ISDX: REM, OTC: REMMY), is pleased to announce that it has subscribed for 6.5 million new shares at AS$ 0.10 per share in Auroch Minerals Limited ("Auroch"), a company listed on the Australian ASX. === Share price today AS$0.215, meaning our ~£400,000 is now worth around £860,000 From what I see our BoD are doing a great job. What the share price does in response to their great job is mostly driven by sentiment in the short term - but long term value pretty much always outs! In my humble opinion we are massively undervalued today, and I suspect there will be many looking back on postings such as this wishing they'd filled their boots at these give away prices, saying I can't say I wasn't told! Assuming Lithium demand is as I expect it will be and we are able to meet that demand of course! ;-) Ob.

"CADENCE: INVESTOR PRESENTATION MARCH 2017" https://goo.gl/zKpOsQ === Page 13: SONORA and CINOVEC currently valued at US$11 - US$17 some 3x to 5x below mean === 3x to 5x below mean! Taking 4x for KDNC that means our share price should really be 2p *today* - risked! Strong Buy from me. ;-) Now of course if you don't even believe the conservative estimates of 600kt LCE per year, never mind the more likely estimates derived from the forecasts of the likes of Elon Musk, Tony Seba, then I can see why you might be sceptical. But surely it is becoming obvious by now that battery storage is growing at an exponential rate, and will very likely follow an "S curve" adoption. It's in the TCO - compared to the alternatives. Intermittent renewables... ;-) I like to compare future demand to "Moore's law" in computers, where at some point in time it was noticed that transistor density was doubling at a certain rate (initially every year, but later every 2 years), and this observation led the industry to use this past *observation* as a *forecast* for the future - and because of this it became entwined in the industries long-term planning roadmaps. i.e. because everyone knew their peers were developing to these timescales, they too had to develop to them, otherwise they would fall behind. This line of thought in the business world is quite compelling, and contagious! move at least at a rate of development as fast as your peers or you *will* fall behind. So secret roadmaps are made, and sometimes they get out. Take this for instance from last month: ob@20 Feb '17 ==== "Tesla Inc (NASDAQ:TSLA) Engineer and Lithium Americas Corp (TSE:LAC) CTO Dr. David Deak on Lithium and Cobalt supply" (February 17, 2017) https://www.midasletter.com/2017/02/tesla-inc-nasdaqtsla-engineer-lithium-americas-corp-tselac-cto-dr-david-deak-lithium-cobalt-supply/ === James West: Okay. So roughly 15 gigafactories on the blueprints, on the drawing board rather, right now. You were categorizing a gigafactory as any installation that was looking to produce 100 gigawatt hours per year; that implies, at the rate of 50,000 tonnes of lithium per gigafactory, near-term demand in the next five years of up to 11.2 million tonnes of lithium per year, assuming all 15 gigafactories were built and achieved that output rate. === Given what was said earlier in the interview, the conclusion should have been *70kt* LCE per 100GWh factory, not 50kt. Not quite sure where the *11.2* million tonnes comes from in the transcript, he says 750,000 tonnes of lithium per year in the audio. Regardless, both figures are wrong, it should be: 70 * 15 = 1Mt LCE per year. Unless I'm missing something... Ob. ===== That roadmap is suggesting a rate of over 1Mt of LCE per year by 2022! Not 600kt per year by 2025. And that is from gigafactories which are being planned *today*. There will be more. By 2025...? ;-) Ob.

@torchy. "Finding new minerals in new places": That is what this company is about! "Extracting them in new ways" from clay! ;-)

"CADENCE: INVESTOR PRESENTATION MARCH 2017" https://goo.gl/zKpOsQ === Page 5: DIVERSIFIED PORTFOLIO: Extensive Geographic Spread over Various Stages of the Development Curve === Top marks for that graphic - really kicks home what we are about. Although I used to get frustrated at the conservative demand graphs (IMHO) e.g. on page 6, I now actually get quite excited! For if all is looking good for the future of KDNC with conservative demand forecasts of around 600kt LCE per year in 2025, from around 200kt today, think how great it will be when the true nature of this technological disruption becomes apparent, potentially in the next year or two - which I believe very much it will! For those new to this space, this is a good yearly read: "Lithium Statistics and Information" https://minerals.usgs.gov/minerals/pubs/commodity/lithium/ https://minerals.usgs.gov/minerals/pubs/commodity/lithium/mcs-2017-lithi.pdf