Video Cast CEO Webinar of 7 May 2020
Helping You Thrive in the World's ONLY Vital, Scarce and Recession-Proof Market
CEO Eckelberry lays out OriginClear's vision for a marketplace that securely unites investor backed funding with equipment end-users to accelerate providing clean water for all people. This briefing covers how the latest developments on the world's financial scene are affecting factors spanning market trends, money supply and other aspects influencing traditional investment instruments. Learn why OriginClear's Regulation A offering and new Investor Water™ initiatives are not only relevant and sensible investor options but also offer the potential to create a totally new water industry marketplace.
Transcript from recording:
Well, hello everybody and we are on the 7th of May. We are live and Devin will be helping me in the chat zone. Now, the way we're setting up the chat is that you can chat with me and Devin, Devin and me, and then Devin will then moderate and put the question into the panel, and then we'll discuss it. Now we thought that was better than using Q and A because the Q and A, you don't actually see the question. So, we've been working on that but we think that's the way to go. So please feel free to put your chats into the window.
The Offering – Monthly Dividend
I have lots to talk to you about today and I'm excited about how the offering is going. People are steadily coming through and we made our first dividend payment. Now here is how it works. Everybody who invests all the way up to the 25th of the month, gets their dividend paid by the third business day after the end of the month. Now it doesn't matter if you invested on the 1st or the 20th, you'll get the dividend for the full month. It's kind of a snapshot. A snapshot is taken on the 25th. Whoever's in gets a dividend three days after the end of the month. And of course, thereafter every month. And that keeps it simple and it keeps them from having 1.34 days and you're going to get $2 and 3.65 cents, whatever. So, this keeps it simple and straightforward.
Now we use something called Deluxe eChecks. This is probably the best method. Deluxe basically sends you an email and you don't have an account. You just click, print the check and deposit it. You can set up an account and get direct deposit. You can set up automated clearing house, ACH, you can set up PayPal, but if you just want to keep it simple, press the button, the green "print my check" green button, boom. Print your check and then you can deposit it in your bank physically, of course that's not done these days, but most people have the ability to do a mobile snapshot of their check and deposit it. So that we think is the best way.
Now, a lot of people like to go with ACH, right? Where you give us your account and your routing number. And that's all very well. We've done that a lot for our existing high net worth investors, but we’re going to end up with thousands of investors here and you know about hacks, right? I don't want it to be in the news, “All these account numbers got released into the wild.” Right? We're just not interested in that. So, it's not very secure. Deluxe is highly secure. Major corporation, and we had a good run. I think we did 35 checks I think was about the number, 38 maybe, and that was a great dry run. Again, on the 25th, that's your snapshot date.
Okay, so dividends went well and you're encouraged of course to reinvest. Now when you reinvest, of course, unfortunately, the platform does not keep your information, again, for, we're going to keep working on that, but that's the situation.
So I wanted to discuss a little bit about IRAs, investment retirement accounts. Now investment retirement accounts are cool and here's why, and I will share my screen. What I'm doing here is I'm showing you our safe harbor statement, which says obviously that when we say something might happen, it doesn't necessarily happen. We try our very best. We have filed an offering statement for this Regulation A offering and next week I'll be discussing our new accredited investors offering, but that's not covered here. We won't get into it. Discusses how this 10% per year thing works and you want to click on this offering circular.
Use Of Proceeds
Now the offering circular, I'll click on it quickly so you can see, is a wonderful dense piece of stuff. And you get to read all the good stuff, right? I'll tell you what's interesting about this and that is the use of proceeds, what we plan to do with the money that we raise. And here we've pretty much predicted, okay, what if we raise $5 million, $10 million, $15 million, $20 million, what's the allocation? So just looking at the 100% $20 million, you'll see that the expenses, Okay, this stuff right here, the marketing communications, general administration, auditors, all that wonderful stuff adds up to about $3 million.
So a bit more about 12% of the total is used as selling expenses. And then out of that, we also of course have the dividends that are withheld. Remember as we told you, we set aside 10% in a special account so that that money is available for the dividends. And then we have the acquisitions that we want to do. Here's about between $1 million and $4.5 million plus the cost of legal, et cetera. So that could buy us some nice companies. And then growing our operating centers, right? Things like our Texas operation where we're also headquartered as you know, and also the new companies that we acquire, improving them, doing events and conferences, we can't wait to do those, and building up this new thing called Investor Water™, right?
And then repaying debt because over the years, we accumulated debt and it's all very orderly and so forth, but it creates a heavy balance sheet and we'd rather be obligated to you than to various Wall Street people. So that's the use of proceeds. I strongly recommend that you look at it. And again, you have a 10% dividend, we talk about ‘terms of risk,’ and I'm not going to go too deeply into this, but I just wanted to cover that because it's important.
Coronavirus & IRAs
So, Coronavirus has an interesting way that you can actually pull money out of your IRA… and here's an even better article right here, and it says, “Coronavirus stimulus-package tax relief. Withdraw up to $100,000 from your IRA and repay in three years with zero tax liability.” Now that's meant to, for example, help you pay bills, pay down debt, whatever is needed. It's also a great way to invest, for example, in our offering and then put the money back. And, of course, you've got some wins, right? It's got some gains. You don't have to wait until you retire kind of stuff. So, this is really, really good as long as you recontribute the entire amount. They are called CVDs, which I already forgot what the heck a CVD is, but Coronavirus-related distribution. That's what it is, CVD. And this CVD gets repaid within three years then it's treated as a tax-free rollover transaction or a series of tax-free rollover transactions.
Now here's the good news. We know how to deal with IRAs. Devin Angus, my co-panelists here, has become an expert in it, and not all IRA banks or trust companies are really helpful. One that we like a lot is called Millennium Trust, MTC, and they are specialists in alternative investments, which is what this is. And when investors, I'm reading from a script here, “When investors existing IRA firms will not allow them to participate, Millennium is ready to help. Millennium has a simple online process to open a new IRA account and then transfer the funds over, keeping this a non-taxable event.” Then you would invest through Millennium. Now this is if you're using the IRA, but with this thing, you don't have to do that. Pull the money out, invest it and put it back.
Withdrawals & Penalties
Now, what happens if you don't put it back? Well, then you'll have a 10% penalty tax or let's say that you are 57, right? Well, by the time you're 59 and a half, you'll be in the non-penalty zone. So, some interesting considerations. Obviously, you need to talk to your tax advisor, but we know a lot about this and we'll be able to really help you work your way through it. Our finance project manager, Arla, has put together a little briefing that we'll try and publish here, and basically here's how she says it, “You can withdraw money from your IRA and return it within three years, and also you can take the money out of your 401k. It's double the amount you can normally take. You can borrow up to a $100,000 versus $50,000 from your 401k and you can pay it back in installments or lump sum.”
There are conditions which, everybody is affected by COVID so that's not a concern, but there are things to worry about, which is there's interim tax consequences that are rather complicated. So, I'll give you a little glance into that world and this is why you want to have a tax advisor, which is that there are some interim tax possibilities. Depending on how much money you make, how it affects your total income, et cetera, all kinds of interesting things happen here.
Reach Out – We’ll Help
Don't hesitate to reach out. Devin Angus is going to give his email address, email@example.com. He's also going to give you his phone number and he's available to talk about this. It's a really great way for you to make money. Now, remember that this offering is not about just getting 10% per year, because that wouldn't be bad, right? Okay, you take the money out, you get 10%, 10%, 10%. That means you gain 30% and then you put the IRA back, and you got wonderful event, right? But you could even do better, and that is if you choose to convert your investment. Because remember, your money is kept. A lot of people think that you're getting common stock when you invest in our regulation A offering. Regulation A means simply, it's A for everybody, I don't know why they call it A, but regulation A means just about anyone can invest up to 10% of their annual income, or net worth.
Preferred Share – A Bond
If they're accredited, they can invest in anything they want. The regulation A offering gives you shares that are called preferred shares. It's a bond, right? Each one of them is $25 and eventually we plan to list it on the stock market as a bond, just like Ford motor company has a bond, right? You'll have that bond and if you want to say, "Oh wow, stock's doing pretty well, I think I'll go in and convert to stock." You then convert to stock at that price. It's no secret that our stock price has not yet taken off. I'll be the first to recognize that. That's why we don't sell you common stock. We sell you what you might call a bond, right?
So, you say, "Okay, you know what? I'm going to pull some out of the preferred shares, the bond, put it in a common stock, and then sell it." Now, remember that we're not GM. We don't trade millions of shares a day, so you want to make sure that you don't take out too much and you have a hard time selling it, and so forth. But, there's a market, and you can sell it. Just don't find yourself having converted too much.
Get Paid To Wait
I don't know if you've ever added too much chili pepper to a recipe. You can't make it less spicy. You can always do a little bit at a time. But if you do a lot, you might, or might not feel very well off. But what I'm saying here is in those three years you get your 30%, and then your judgment as to whether you think it's right to do. Well you just put it back in your IRA and you got your tax-free exit, but you could also decide to go, "All right, I think I'll sell some of it." And, you get the price at the time. That's why we say you get paid to wait. You get paid to wait, why, you paid your 10% and then when you're ready to sell, it's at the price then not the price now.
So, could that give you more returns? Perhaps so. We don't guarantee it, but it is what we call a liquidity exit. The more we succeed with our new programs, like Investor Water, the more the stock will do well, and this will turn into a much easier process of selling a stock. If you look out three years, I certainly plan for this company to be in a very good situation. If not, just go ahead and you can simply, well, there's a couple of ways you can do it. You can put it back in your IRA and just let it continue, and again, subject to your tax advisor. By then we feel pretty sure that we will have the bond being listed on the OTC. Sell, the bond, if there's a market for it. Thirdly, you can convert to stock. Those are your three options.
Remember that we have really tailored things for what we believe the market is about these days, which is yield and liquidity, right? You want yield. You want to make money. That's the other thing I'm going to cover in a bit, which I gave you kind of a tease about in the CEO update. Which was this business about the digital yuan, and I will talk about that very shortly. I think I've covered the IRA enough and in fact I think I will go to Facebook and take a look at this story because it's really, really interesting.
Hyperinflation Of Currencies
China makes yet another move, and what's that all about? Okay, well let's take a look at the post that I'm referring to. My friend Roger James Hamilton was talking about this and he's talking about how money is being printed at record levels. Lebanon here tells the story in March as the coronavirus crisis hit, Lebanon defaulted on $1.2 billion, and it had no more money. It couldn't print more money. Well, it could, but it wasn't the US dollar, shall we say that? And, it's now in hyperinflation, which means every month it loses its value by half. Of course, all the savings go away and whatever you're being paid you can't live off of. They stage a funeral for the local currency and now there're riots, and you know the rest of the story.
The international monetary fund, which has received distress calls from over 100 countries and various countries have defaulted. Long list, many, many more coming. Here's the question. Is it going to extend from developing countries to developed countries? We've been printing trillions of dollars and now finally this year our national debt will be more than a full years gross GDP.
World’s Reserve Currency
What holds up the US dollar value, of course, is that we are the reserve currency. But here's the issue, this is what's very interesting. China, in May is launching its digital yuan, which is the world's first central bank digital currency. Now, it's not a Bitcoin because it's of course centrally controlled, but it does use what's called the blockchain, which is a way to distribute money without transaction charges, et cetera. It's basically a cryptocurrency without the crypto. Of course, the Chinese government knows exactly what you are doing when you're using it. Here is the deal. They are going to start, you know what's going to happen. They are going to insist that all trades with China now be transacted with their cryptocurrency and that my friends will be the end of the US dollar as the world's reserve currency.
Get Out Of Cash
It's no longer a question of whether this will happen, it's a question of when. What can we do about it? Well, Ray Dalio says, “Cash is trash get out of cash.” Or at least move to currencies that aren’t being binge-printed. And, Roger James Hamilton, very smart guy, he likes gold for example. I know gold is great, but I own a little bit of GLD, which is the exchange traded fund for gold, and it's not doing much, just noodling along. I mean, it's not doing much better than cash. Why? Because, it doesn't really have functionality. Gold is a wonderful thing, but there's better. What we propose is that you put your money into, okay, I'm going to make the joke, a liquid asset. So, you can now invest in water through OriginClear, and what does that give you?
Our “Liquid” Asset
Well, first of all, water is an extraordinarily stable marketplace. Number two, water stocks have done really well in recent years, but most of the water companies are wedded to the old centralized model and they have a business based upon the municipalities, which is a fine business. They're making billions, but it's static, right? We have that business in Texas. It's not billions, it's millions, but we don't expect it to triple. It doesn't go anywhere. It's what we call a baseload. The real expansion is in the decentralization, right? People doing stuff at the margins and that business is flourishing. The only problem is, funding is not just an issue, it's become a major issue with the Coronavirus. This is where we've come in and invented this new concept, which I won't cover again in this call, and I have recorded something on that smart board, but the video had problems. You will get to see it next week.
Only Ones Funding Decentralized Water
But meanwhile, back at the ranch, we feel we've solved that problem. Which makes us the only player who's getting decentralized water treatment systems funded in this marketplace. That's the breakthrough. Now, it's very early still. Literally, we realized this was going on in January and Ken Berenger and myself and a couple other people just madly, like what's going to work and Ken would then talk to investors and back and forth, and we figured out this model. Which, is very, very interesting. Which I'll talk some more about in a second, but what I'm saying is that we're the innovator in the water industry. Secondly, thirdly now, we're offering you straight corporate bond, 10% per year. Thank you very much. This is a very good rate. Guess why? Because nobody's giving 10%, I'm sorry, it's just not happening. We can afford to. Why? Because we are
in the growth mode and our costs are low. So, for us it's pretty low cost of money. It's actually pretty good.
So we put that money to work and if you feel the business model is good, then we'll do well, perhaps more than 10%. Maybe later you convert to stock when it starts taking off. Again, I'm not here to say that it will, but we're doing the right stuff. So, your money is out of cash. It's making money and has the potential for a rise without the danger that it's going to drop. You know, people buy stock and, "Oh my God." I've done my share of investments where I saw things go the wrong way and you don't want to be there, right? There are better ideas.
The Best Way To Play
So the way to play the market is to not have to play it. It's just to be safely there, receiving your mailbox money, you're e-check money, right? And then, "Oh, these guys actually got their act together. They built a marketplace, they got people in there," and pretty soon you've got yourself a stock that's moving. Well then, jump in. If it doesn't, no big deal.
So that's kind of our position about it and I just want you to know that whatever you do, doesn't have to be OriginClear, it could be anything you want. It can be Zoom, whatever stock you want to go into or stock market, I believe is, I have a very small amount of money in the stock market and I've reduced my exposure even more. I actually sold my Zoom because it goes up and down too much. I'd like to actually do my job versus worry about my Ameritrade screen. And so, you'll probably feel the same way. You get in stocks and I go, "Oh, Oh my gosh, what's happening?" And you just don't know what's going to happen. The fourth quarter, we don't know. Right?
Buy A Bond, Not A Stock
So stock market, not great. Gold is okay. Not bad. Bitcoin, perhaps. But the problem with Bitcoin is huge dark blocks of money that we're not quite sure. Big owners, and they've done nasty things to the Bitcoin. I'm a strong believer in cryptocurrency, but I believe it's still early and it needs to mature. So, the idea of buying a bond is not a bad one. Whether it's OriginClear or Ford Motor Company.
Now, Ford Motor Company is not selling cars right now, but that makes their bond earn more. So again, I think those aren't bad things to do. So, I've just sort of made this free form because I'm sharing my thoughts without making overt recommendations, but one thing that please don't do, please, whatever cash you've got, do something constructive with it. Don't leave it in cash. I don't think we'll get Lebanon type riots. We're not like that. But there's plenty of people out there who are busy protesting what's going on. I've got friends on both sides, everything's wonderful, everything's terrible, and we have an election coming and so forth. You don't want to be a part of the noise. And remember the Federal Government is not done giving away money. That's a big deal.
All right. Before I go on to talk about this big news of decentralization, I am going to just quickly... There are some questions here. So, Leroy asks, "Are you registered through Robinhood?" Devin says, "Yes, we are a public company so you can purchase a stock on any platform that trades." Well, okay, here's the point, you can buy on Robinhood, right? You can buy a stock on Robinhood, Yahoo, Schwab, et cetera. When you receive our stock privately, the number of brokerages that handle our stock is a much smaller list, and we have a list, and that list is growing because more and more investors are trying, "Hey, let me try Ameritrade," and "Oh, that works," right? Let's say. I don't know if it did because Bob Roos, who we interviewed last week, is trying at Ameritrade, who knows? So, we have got our investors who are kind of blazing the path to getting us onto the major exchanges. But yes, you can buy and sell the regular common stock on all these. And then once this bond is listed on the open market, you'll be able to do the same thing with the bond.
But when you buy privately from us, then you have to go through a much smaller list of brokers. Okay. Just making that clear. Okay, Leroy, you only have $200 and you know the minimum is $500. Right. Devin basically says that the minimum is $500 and you could buy the stock on the open market. Leroy... Just try and pull $500 together. That's the best I can tell you, I believe this is the best way to invest in our company, period. Okay.
Ah, Professor Asher Matathias, "Is your doomsday presentation an academic exercise? Can we not wholeheartedly anticipate a great rebound in America's fortunes after November the 3rd."
Riggs: From your lips to God's ears. I believe we will have a snapback. Not everything. We saw, for example, Wuhan, they found out that people fell out of the habit of going to restaurants. It's going to be a piecemeal recovery, but I believe there'll be a strong one.
Here's the thing, I'm not talking about the economy. I'm talking about the money supply. When you hand out trillions and trillions and trillions of dollars, and then China says, guess what? You can't pay us in dollars. You got to pay us in digital yuan. And by the way, the exchange rate for those, you can't get a lot of yuan with the US dollar. What do you do then? We buy most of our stuff from China. I think it was foolish. But we did it right. So, I'm just saying; lots, trillions and trillions of dollars and our main trading partner now goes to a different currency. So, do the math.
Diversify – It’s Important
This is why I think it's very important A, to diversify away from China. And we've done this, we've done that. We basically moved our international Asian operations away from China to India, partnership with some wonderful people there, and we need to keep diversifying. But there's trillions of dollars being manufactured in China. It's not going to happen overnight. And so, we could be held to ransom. I'm just saying that and it is what it is.
Self- Directed IRA
Okay. From Daryl, "I am wanting to put this in my self-directed IRA." Absolutely. We will do a whole thing detailed about it, but it's very, very simple. Talk to Devin Angus. Devin Angus is at firstname.lastname@example.org, his phone number, 323-939-6645 extension 116, I believe. Just talk to him because he's been doing this for years for us with the larger investors. Now going to Millennium is not always a brilliant idea because there's fees. They charge $350 a year, so you're not just going to put $500 over at Millennium. You're going to want a larger amount, let's say $5,000 or more. What I'm saying is you don't have to invest 5,000 or more with us, but if you decide to move to Millennium, you probably want to have a big chunk to pay that $350 per year fee. But again, Devin knows all the ins and outs of it. He'll be happy to help. So that's that story.
Now what's this big news that I was going to get to. It's very exciting and I hope to have a major guest on next year to talk about this. So, I'm going to turn on the share again, got to love it. This is a concentrated animal farming operation. An animal factory. And you've got where the hogs, cattle, sheep, lambs, poultry are grown and slaughtered and then you've got the famous lagoon. There's the lagoon, bottom right. Now here's the problem with that lagoon. We've been alerted to many farms that have to pay waste management up to a million dollars a month to cart that stuff away. Cause you notice there's no processing plant here for that. That's missing, right? And so that processing plant is what we, if you look, if you go to offering.originclear.com, the first thing you'll see is a video about what happened in Spain, the big win we had, and we built a plant there. And that's great. Only problem is that even though they're paying a million dollars a month, they can't come up with the one or two million dollars they need for the big water processing plant. And so, they don't do it and they're kind of on this treadmill. So how do you get around it?
Well, what we have is a way. We throw a, basically, kind of a buoy in the manure lagoon. We call it the bobber or the biobuoy, and we throw that in lagoon and it sanitizes through bacterial action, it sanitizes the lagoon over time. It takes months, but who's rushing? And that way all of a sudden now you don't have a problem with EPA. You don't have a problem with state regulators and you're not being fined. What we do is we say, okay, get this bobber, it's going to cost you a hundred thousand maybe for several of those units, because you have got a big lagoon. Now you are buying a year, two years, to do the right thing. When you're ready, buy the whole big thing and then you will roll that rental of that small unit in there because you're going to keep the bobber as a pretreatment for the big system. And that is, I think, what's super exciting.
Camel In The Tent
So we are making big headway there. We think this is actually the home run for the Investor Water concept and the reason is that the one flaw with Investor Water is, they're just small transactions. That's all very well, right? But if we have a small deal, we call it “camel's nose under the tent,” right? Small deal that leads to a larger deal, now we're talking the right order of magnitude of deal. We're not doing a series of $30,000 deals. They're okay, but what I'd rather do is do a small deal, that then automatically brings about a big deal. Think about that. That's a win-win in my opinion.
Okay, so what I'm going to do now is I'm going, I have one more thing to play for you. This is a video that the team came up with and we'll play that video and then we'll wrap it up. Okay?
Investor Water Presentation Video
We've been working now for almost 13 years and what we've found is that it's extremely hard to bring new technologies into an industry like water.
The water industry is huge, but could be doing much better and yet at the same time is slow moving. And so all along, we've been trying to figure out how do we make this thing move faster.
We knew, for example, that there's a trend towards companies doing their own treatment, but they still got to go through the whole capital, budgeting, financing, approvals, this, that, and the other thing. Very slow process.
Innovative Funding Model
The money is the key to making things happen fast and if you can take care of the money issue, then everything else starts to move. So we looked at this and we worked extremely hard and we finally came up with a model. We came up with an idea, which is basically short-term leases funded by investors. And because of short term lease, we keep ownership of the asset. It builds asset, it builds a fleet. Just like Hertz rent a car, right? If the end-user stops paying or says, "I'm done," we can take it away. Now what about the investor? The investor looks at this and goes, "Aha. So, you're telling me that OriginClear is going to keep title to this property rented out, but always able to grab it.” You know, so that if, there's all kinds of horrible things happening in economy right now, so no worries about who's suing who and who's trying to foreclose on whom. We can just go get it. It's our property. And the investor has a claim on that, so what's called a lien. The investor knows that we have the property and they have this ability to control it and then we say, "Okay. We will totally manage everything from A to Z." Well, even after a pretty healthy management fee, the investor looks like probably will make about 18, 20% per year.
We're busy piloting it in two or three specialized areas we called verticals, right? That's how we work out the model, but just the same way that Airbnb started with two apartments in downtown San Francisco. They worked out the model and then they created the marketplace that got huge amounts of funding and the rest is history. We think it's very similar.
The Zillow For Water
Moving beyond proof of concept. We want to zoom out and go, "Okay. Let's have a marketplace like an Alibaba or Zillow." Any water company can put their project that they want funded on our website and then investors can come in and browse these different things and invest. Basically, it's letting people play in this sort of well managed environment. Remember that we're going to keep an eye on the technology. We're not going to just let anybody throw up anything and give it a bad name. And now it turns into something very interesting and we think we're going to make a big change in the world with this. So please jump in, take a look and I think you'll agree with me that it's a fascinating way to invest in the future of water. Do good while doing good for yourself.
Remember I have a weekly briefing. You can always pop up in the chat. Give me your two cents. Ask me a question. I hope to hear from you. Thank you.
The Vision – Testing Verticals
So that's the vision. And what I like about it is we're actually getting somewhere with it. I showed you how we did our first transaction with the pool flushing system and you know we'll be making our final announcement on then. We're not trying to build whole businesses, right? We're trying to try out, "Okay. Let's see how this works in this particular vertical. Let's see how it works in this particular vertical." We learned, "Oh wow, there's maintenance issues," or people tend to return them more than we thought. We need to have operating experience so that investors get more and more confidence.
But here's the deal. You can invest in these water systems directly and here's how you do it. You come in as an OriginClear investor, whether it's the high net worth offering, which we have, which is very, very good for accredited investors or even in the regulation A offering. And we'll give you a credit towards the investment you make in that water machine that gets rented out. And by the way, what's new since that video, because things change all the time, is the investor will own the machine, not OriginClear. We've actually decided and the reason is you get accelerated depreciation on that machine if you own it.
And so you'll get depreciation, you'll get a very high rate of return, you'll get what I think is a very safe investment because you have title to this device. It's portable, it can be retrieved unlike things that go in the ground. And then once we've done, we've really worked things out, we're going to start backing away and creating that marketplace and we think that's super exciting.
All right, well I've taken up enough of your time tonight. I really appreciate you being around. I'm just going to quickly check from Daryl to all panelists. Do you have anything that addresses produced water in the oil and gas industry? Yes, we do. Let me tell you something. Oil and gas industry is not spending money. It's the second time around this happened to us. We were just, I mean we have all the videos from back in the day, just before the oil crash and we were in Oman. We're here, there and things were rocking. The oil price crashed and at the time, 20 some dollars, and the oil industry just stopped spending money.
Then they started again and we've been in discussions. For example, I was telling you a few briefings ago about saltwater disposal wells. We have a potential project there, et cetera. Now the oil price went even negative, right? So, I would love to help them produce water. We have a very good section in our technology. If you go into our technology section of our website, it's got all these studies and we proved it in Bakersfield and so forth. So, I wish I could tell you that we actually think much is going to happen in the oil and gas industry. In my opinion, it's not at this time.
Professor Asher asks, “What prevents our Long Island American Water Co. from doing the same deal? As an alternative, wouldn't it suit you more to jump into the desalination of seawater and simultaneously reduce water creep and fight climate change?” No question. First of all, nothing stops other water companies from doing this. But what we think is going to happen is we're going to build a marketplace. Like, nothing stops you from starting another Airbnb, right? Go ahead, start an Airbnb, but somebody else is already doing it. So, the tendency is just to go along with it, right? Airbnb has a competitor who's pretty good, but they tend to have the same listing, so it's kind of Tweedledee and Tweedledum. The point I'm making is there's only one Facebook, right? There's only one Airbnb. So, what we hope to do is create a marketplace and be sufficiently neutral that people like Long Island American Water will come in, do business there because why? Because they can use their own technology. They can access investors on it. We take a small piece of the pie just like Airbnb. If we're not greedy, then everything's fine.
It’s About The Funding
Now, we do have desalination programs that our Texas operation has. We have containerized desalination systems and we've been in a bidding process, very long, long, long bidding process with a Middle Eastern authority and it's all very good. But these takes a long time, which is why we're moving more into this business model. What I'm saying is, I'm not about desalination or even our own Electro Water Separation™ or filters and membranes. No, I'm about the funding. We think that that's where it's at. So yeah, we'll still keep doing stuff. We need to keep building. We have revenues and we keep doing that. But what we want to do is help the water industry as a whole and all these decentralized users get funding. And I think that's really the home run.
Well, okay. Thank you all. It's been amazing talking with you. Don't hesitate. You can talk to me personally. Just contact Devin Angus. Invest at originclear.com. I'd love to hear from you. Thank you all. I'll see you next week. These webinars get more and more interesting I think you'll agree. And we're going to get more into the animal farms next week. It's going to be very, very exciting. Thank you all and good night
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