History
MPM Technologies saw its auditor resign, a subsidiary go bankrupt and its chairman gain control through a debt swap, then a failed mining joint venture, before turning to convertible notes in 2013.
2000-2006: Trouble and a debt swap
The record opens with strain. After a string of late filing notices through 2000, the company's auditor, BDO Seidman, resigned on November 17, 2000. The filing said its report on the past two years' accounts was unqualified and there were no disagreements, but it gave no reason and named no replacement.
In March 2004 the company announced that its wholly owned subsidiary, Huntington Environmental Systems, had filed for Chapter 7 bankruptcy, a filing to liquidate the business. The filing gave no figures and no effect on the parent.
On December 15, 2006, Chairman and CEO Michael Luciano converted $770,000 of company debt owed to him and his JFLI Trust into 3,080,000 new shares. This cut the company's debt but diluted other shareholders. Luciano's stake rose from 71.5% to 79.0%, which the filing called a change of control.
2010: A short-lived joint venture
The company's remaining asset of note was held through MPM Mining Inc: 15 patented lode claims covering about 300 acres in Powell County, Montana. On May 3, 2010, MPM Mining agreed a joint venture with Forbes Financial Group, which was to provide at least $5,000,000 of initial financing while MPM Mining supplied the data, claims and equipment. The deal lasted less than two months. MPM Mining ended it effective June 21, 2010, because Forbes did not meet its financial obligations. The filing does not say whether any of the money arrived.
2011-2013: Back to small-scale funding
The record is quiet for the next few years. On April 29, 2013, the company agreed to sell up to $500,000 of 9% convertible notes to accredited investors. Each note runs up to two years and can convert into shares after 24 months at 75% of market price. $100,000 closed on May 1, 2013. At the $0.245 share price that day, the full $500,000 could produce about 2,721,089 new shares, diluting existing holders.
As of May 3, 2013, the company had $100,000 of these notes outstanding, with the remaining $400,000 not yet reported as sold. Peter Chase signed as Chairman and President, and Luciano no longer appeared as chairman; the filings do not explain the change.
Written from the 6 story beats below (2000 to 3 May 2013), which come from the company's own announcements and filings.