TheLightningPicks Shine the Light on BioSolar, Inc. (PINK:BSRC)

Chances are, you are probably familiar with the technology behind solar energy: there are some panels with some very clever chemicals inside them, and when it’s sunny outside, these chemicals interact and produce electricity. Depending on the size of the panels, they can power everything from your pocket calculator, to a whole house. BioSolar, Inc. (PINK:BSRC) however, believe that these solar panels are still not environmentally friendly enough and they are here to help. The thing is they have been at it for quite a while and we have yet to see the results.

BSRC started off back in 2006 and since then, they have been in the business of developing special backsheets and casings for the aforementioned solar panels. What’s revolutionary about BSRC‘s components is that, unlike the conventional ones, they are not made of plastic, which means that they are not derived from oil. BSRC argue that in addition to decreasing the environmental impact, their products will also reduce the price of solar electricity. Whether the difference will be significant or not, is yet unknown and that’s the biggest problem.

Unlike other small cap companies, BSRC have not been a mineral exploration, they haven’t tried to cure cancer, and they have not changed their business strategy every few months. And yet, now, almost seven years after they started, they are still not ready with a commercially available product. Judging by what we read, they are becoming quite desperate.

News have been flying out of BSRC headquarters for quite a while now, and they all sound mightily optimistic about the future. Pumpers are also on hand to help in case, someone has let the headlines pass by unattended. The thing is, the latest quarterly report put out by BSRC still has some big fat zeros in the revenues section. The rest of the financials don’t look promising as well:

• cash: $32 thousand
• current assets: $46 thousand
• current liabilities: $201 thousand
• net loss since inception: $5.4 million

In addition to this, we find some discrepancies between the email sent out by TheLightningPicks (TLP) and reality. TLP say that BSRC have been shipping backsheets for solar panels since July 2012, but as we mentioned, there are no revenues for this period. That’s not the only time this has happened – back in November 2011, there was another promotion and it was garnished with some news according to which, BSRC have cleared the last hurdle on their way to commercializing their product. Both the price decline since then, and the fact that there is still no revenue show how far from the truth these claims were.

We can imagine that a nice office like one on the right might inspire some creative impulses, but we still think that it’s not such a good policy to come out with statements that have nothing to do with reality. Not to mention that the “office” might not spell good for the company’s credibility.

The same can be said about the promotional emails. As we mentioned, this is BSRC‘s second pump, and this time, the ones taking care of the awareness campaign are promoters TheLightningPicks who also created some hype around Vitamin Blue Inc (OTC:VTMB) just over a week ago. We wrote about it and we guessed that it is going to turn into a farce. As it turns out, we were right. VTMB lost a total of 65% in just six trading sessions.

With quite a lot of time behind them, no real products to show, and statements that don’t correspond to reality, we are struggling to see why would BSRC be any different.