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American Superconducter Plummets After Announcement Of Order Cancellation To Biggest Chinese Customer Due To Overinventory

Tyler Durden's picture




 

A stock falling due to a cut in FY outlook is nothing new. However, a stock cutting its outlook due to its biggest customer refusing to accept contracted shipments "until it
reduces inventory levels" is probably the first confirmation we have ever seen of the massive inventory overbuild in China. The plunge in AMSC stock afterhours by over 40% is not surprising considering its entire business model is now turned upside down. What also should not be a surprise is when ever more companies delivering into China commence with comparable announcements. And with China drowning in excess inventory of virtually everything, this certainty is just a matter of time.

From Reuters:

American Superconductor Corp , which makes electrical systems for wind farms, cut its full-year outlook and said its biggest customer China's Sinovel Wind has refused to accept contracted shipments until it reduces inventory levels.

On March 31, Sinovel refused to accept contracted shipments of 1.5 megawatt (MW) and 3 MW wind turbine core electrical components and spare parts that AMSC was prepared to deliver, the company said in a statement.

And the full press release:

DEVENS, Mass. – April 5, 2011 – American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, today issued an update regarding its anticipated financial results for its fourth quarter and fiscal year 2010 ended March 31, 2011. AMSC expects to report final fourth quarter and full fiscal year 2010 results in May 2011.

On March 31, 2011, Sinovel Wind Group Co., Ltd. (Sinovel) refused to accept contracted shipments of 1.5 megawatt (MW) and 3 MW wind turbine core electrical components and spare parts that AMSC was prepared to deliver. AMSC believes that Sinovel intends to reduce its level of inventory before accepting further shipments.

These delayed shipments are the primary cause for lower-than-anticipated financial results for AMSC’s fourth quarter and full fiscal year 2010. AMSC currently expects total revenues for its fourth fiscal quarter will be less than $42 million and that it will generate a net loss for the fourth quarter on both a GAAP and non-GAAP basis. As a result, AMSC currently expects its full year fiscal 2010 revenues to be less than $355 million. This compares with the company’s prior forecast for fiscal 2010 revenues of $430 million to $440 million. AMSC also expects that its GAAP and non-GAAP earnings for full year fiscal 2010 will be well below the company’s previous forecasts.

AMSC estimates that its balance of cash, cash equivalents, marketable securities and restricted cash as of March 31, 2011 was approximately $240 million. This is down from $260.5 million as of December 31, 2010. AMSC’s cash balance was negatively impacted by an increased inventory level related to the refusal of shipments by Sinovel, and Sinovel’s failure to pay AMSC for certain contracted shipments made in fiscal year 2010. As a result of both accumulated aged accounts receivable due to payment delays and Sinovel’s recent refusal to accept March deliveries, AMSC is reviewing the appropriateness of the timing of its revenue recognition on approximately $56 million of unpaid shipments in the second, third and fourth quarters of fiscal 2010.

AMSC continues to have active discussions with Sinovel to determine when Sinovel will accept further shipments and when it will pay for past shipments. In the meantime, AMSC has taken certain actions to reduce expenses, and the company is in the process of implementing plans to better align spending with near-term revenues while continuing to maintain a high level of service and support for its global Wind and Grid customers.

 

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Tue, 04/05/2011 - 16:45 | 1138494 pendragon
pendragon's picture

bring on the bear....

Tue, 04/05/2011 - 16:58 | 1138553 depression
depression's picture

Deflation Bitchez !!

Bernank + 1 FTW

Tue, 04/05/2011 - 17:09 | 1138588 Highrev
Highrev's picture

This is a good "shit just got real" moment.

Tue, 04/05/2011 - 17:12 | 1138598 SheepDog-One
SheepDog-One's picture

'Deflation' in bubble stocks anyway.

Tue, 04/05/2011 - 17:24 | 1138646 covert
covert's picture

strange contradiction here: is there excesess inventory or a job shortage?

http://covert2.wordpress.com

 

Tue, 04/05/2011 - 20:07 | 1139199 bankonzhongguo
bankonzhongguo's picture

I hope those contracts stipulate a US or Singapore venue.

Tue, 04/05/2011 - 20:51 | 1139309 Mad Max
Mad Max's picture

Even if they do, how do you collect?

Tue, 04/05/2011 - 16:46 | 1138501 Nedly66
Nedly66's picture

umm sue them??

Tue, 04/05/2011 - 16:52 | 1138522 tmosley
tmosley's picture

Good luck with that, Round Eye.

Tue, 04/05/2011 - 16:53 | 1138533 Id fight Gandhi
Id fight Gandhi's picture

Ha ha good ruck!

Tue, 04/05/2011 - 16:56 | 1138545 Id fight Gandhi
Id fight Gandhi's picture

China don't play by the rules!

Tue, 04/05/2011 - 17:11 | 1138592 Sudden Debt
Sudden Debt's picture

THEY SHOULD GO ALL FACEBOOK ON THEM!!!

TWITTER THEM TO DEATH!!!

 

Tue, 04/05/2011 - 21:00 | 1139335 Hephasteus
Hephasteus's picture

Send in the spalding smailes artificial stupidity botnet.

I still want to constantly say dirty stinky jew. Just to fire off all those israli bots and make them waste electricity while everybody is rioting around them.

Tue, 04/05/2011 - 17:53 | 1138738 spartan117
spartan117's picture

maybe trade the goods for some of them FRNs

Tue, 04/05/2011 - 19:37 | 1139095 Chuck Walla
Chuck Walla's picture

Rotsa Ruck, Yankee Fuck!

Tue, 04/05/2011 - 16:45 | 1138504 Bold Eagle
Bold Eagle's picture

Here goes the inventory component of the US GDP

Tue, 04/05/2011 - 16:58 | 1138558 Cash_is_Trash
Cash_is_Trash's picture

One day the explanation won't be overinventory but "lack of credibility in the USD".

USD = No Store of Value

Tue, 04/05/2011 - 16:48 | 1138509 jkruffin
jkruffin's picture

WOW, this is exactly the type of morons investing in over-bloated stocks....Goldman just licked their chops.   This is an after hours post on AMSC on the dumbass Yahoo board.  I mean people who have no clue are investing, not just no clue, but no F**KING CLUE.

2-1 split after the bell. congrats

 

 

ROFLMFAO!!!!!!!!!!!!!!!!!!!!!!!!   HAHAHAHA!!!

 

Tue, 04/05/2011 - 16:53 | 1138521 rocker
rocker's picture

Jim Cramer gave a 15 minute speech on this when it gapped up to $29.00 plus.  Who buys gap ups?  I sell them if I have it.

This is just too funny. Wonder if he will talk about it later.    $13.77 now, and it will go lower.

Tue, 04/05/2011 - 17:17 | 1138617 Sudden Debt
Sudden Debt's picture

superconductors aren't death stocks. They are quite valuable and will also keep rising in price.

Once the Chinese realize they can sell them to another party, they'll make a nice profit on it.

Below 12$, it's a buy.

Not that I'm buying them, 95% of my assets are in PM's :)

But if you like the dogtrack, you can make money on this one to.

Wed, 04/06/2011 - 01:56 | 1139886 gorillaonyourback
gorillaonyourback's picture

where is the data backing your opinion, i am from missouri so please if you have data post it.  please dont waste my time responding to your post, as of now your are just a retard poster prove me wrong, please.

Wed, 04/06/2011 - 05:05 | 1140006 Sudden Debt
Sudden Debt's picture

Only idiots can counter a thought with insults.

1. I proved you're a idiot.

And what does Missouri have to do with this? Is it a warning to me that you're a swam hillbilly?

Please explain.

Tue, 04/05/2011 - 17:16 | 1138620 plocequ1
plocequ1's picture

Who is Jim Cramer?

Tue, 04/05/2011 - 17:33 | 1138665 Sudden Debt
Sudden Debt's picture

Head of the US FINANCIAL LEMMINGS DEPARTMENT on Boob TV

Tue, 04/05/2011 - 18:15 | 1138833 Ancona
Ancona's picture

"Who is Jim Cramer"?

I think he's the guy on Seinfeld, you know, the goofy fucker with crazy hair that never knocks befoire he barges in.

Tue, 04/05/2011 - 19:39 | 1139101 Chuck Walla
Chuck Walla's picture

Jim got his pals out so what does it matter to him?

Tue, 04/05/2011 - 16:53 | 1138526 jkruffin
jkruffin's picture

Anymore of these gem companies supplying china out there to short before the whammies?

Tue, 04/05/2011 - 16:55 | 1138531 Peterpaul
Peterpaul's picture

they did this with the Brazilian soy bean imports a few years back - bankrupted some exporters, IIRC. The government found problems with the shipments, held them at the border, and sent them back.

 

At least now they dispense with the formalities. We ain't taking it! Whachou goin' do 'bout it?

Tue, 04/05/2011 - 17:07 | 1138587 Mad Max
Mad Max's picture

Whachou goin' do 'bout it?

Nuke em.  They wanna play by big boy rules, we can play by big boy rules.  Long history in east/west trade, you know.

Tue, 04/05/2011 - 19:44 | 1139120 Seer
Seer's picture

Are you suffering from the delusion that the US plays fairly?  Fucking hilarious!

Yeah, nuke 'em and watch the US crash instantly: wipe out those who are propping you up, talk about biting the hand that feeds you.

Better luck next time, Dr. Strange Love...

Tue, 04/05/2011 - 20:51 | 1139308 Mad Max
Mad Max's picture

Are you suffering from the delusion that the US plays fairly?

Did you even read my comment?  It's quite the opposite of "playing fairly."

Tue, 04/05/2011 - 16:58 | 1138559 topcallingtroll
topcallingtroll's picture

Maybe hyperinflationistas need to revise their opinions!

China is about to crash. I will just love rubbing it into the america haters on this site who seem to think china and the yuan are inevitably going to dominate the united states.

Anyone in the market for a ghost city? I hear the chinese may have a few. New and never used.

Tue, 04/05/2011 - 17:12 | 1138599 Cursive
Cursive's picture

It will be so obvious in hindsight, but right up until the end we're going to hear BTFD.

Tue, 04/05/2011 - 18:21 | 1138863 MachoMan
MachoMan's picture

So, btfd in dollars?

Tue, 04/05/2011 - 19:58 | 1139164 Seer
Seer's picture

" I will just love rubbing it into the america haters on this site who seem to think china and the yuan are inevitably going to dominate the united states."

And if you think that all "america haters' believe this then you're a stupid fuck.

Being the myopic fuck that you are you'd label me an "america hater."  I am, after all, anti-empire: but mindless robots aren't programmed to understand the differences.  I have NEVER championed China; I have always pointed out that China is running headlong into a collapse, and this will likewise collapse the US.

Take youre broad brush and shove it up your ass.

Please note that I speak harshly just to get your attention.  If you don't get it then too fucking bad, it means that you really are a dumb fuck...

BIG = FAIL

Tue, 04/05/2011 - 20:17 | 1139229 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Amen Seer! China is way bigger trouble than the US (which is still hosed).

Wed, 04/06/2011 - 04:55 | 1139998 StychoKiller
StychoKiller's picture

My crystal ball sees Tokyo residents migrating to those "Ghost In the Shell" cities...

Tue, 04/05/2011 - 16:58 | 1138560 A Man without Q...
A Man without Qualities's picture

What they means is we copied the models you sent before (and thanks for the initial discount), so now we can make our own....

Tue, 04/05/2011 - 19:05 | 1138985 ExpendableOne
ExpendableOne's picture

That be it.  Just ask the Russian defence industry how this works.

Tue, 04/05/2011 - 17:00 | 1138561 3.7.77
3.7.77's picture

China doesn't care, wait until they say FU USA.

Tue, 04/05/2011 - 19:34 | 1139082 disabledvet
disabledvet's picture

they did pretty good in 2008 although interestingly it involved not devaluing their currency thus causing an immediate flight to the USD and the annihilation of Europe.  I'm unclear if "that was the plan" even now.  Anywho...with nukers blowing up i imagine "they had to do something to stop this rampaging American beast-man of alternative energy." 

Tue, 04/05/2011 - 17:01 | 1138562 Elk peanus
Elk peanus's picture

my 2009 brokerage statement is littered with corpses of expired AMSC puts.  BTFD, anyone?

Tue, 04/05/2011 - 17:08 | 1138573 depression
depression's picture

BTFD not this tiem coz QE-3 ain't coming guize

Japan criticality + China implosion gonna suck everything and everyone into a black hole with them

Good news for the dolla tho

Tue, 04/05/2011 - 17:01 | 1138566 DoChenRollingBearing
DoChenRollingBearing's picture

Mish and Pettis have been all over China's current implosion.

China will not take over the world!   They always mess up when they are on the verge of greatness.  Communist Dynasty will be the same aas the others...

Tue, 04/05/2011 - 20:07 | 1139192 Seer
Seer's picture

Everything BIG will fail.  The reason BIG will fail more spectacularly is because its increases in consumption are much bigger.  China's collpase was easy to spot, that double-digit growth was going to burn itself out in short order: anyone/any system doing the same would meet the same consequences.

I'd argue that they "are on the verge of greatness."  People confuse greatness with the speed at which a society is rushing toward the abyss.  "Spectacular," perhaps, but "greatness" isn't a word that I'd think is meaningful in this context.

Tue, 04/05/2011 - 20:06 | 1139197 Bleeping Fed
Bleeping Fed's picture

When were they on the verge of greatness?

Tue, 04/05/2011 - 17:04 | 1138577 vote_libertaria...
vote_libertarian_party's picture

What does this say about GE.  They are big in this area aren't they?

Tue, 04/05/2011 - 17:14 | 1138611 Cursive
Cursive's picture

Obama and Congress will find dome way, war of otherwise, to line GE's pocket.

Tue, 04/05/2011 - 20:20 | 1139236 Seer
Seer's picture

Junked?  I'd like to know why...

But, perhaps it's the other way round, perhaps GE will find some way of getting the politicians to help do their bidding?  That's how Boeing gets its airplanes sold: via international "diplomacy."

Tue, 04/05/2011 - 17:08 | 1138585 Mad Max
Mad Max's picture

I think we need to go search for WMDs in China, what with this and the daily stock exchange blowups of apparently pure-fraud Chinese companies...

Tue, 04/05/2011 - 17:09 | 1138586 apberusdisvet
apberusdisvet's picture

For all of you who worship Dr Copper, you should be aware that Mineweb published an article about a month ago by a commodities expert that indicated that Chinese businessmen were stockpiling copper in staggering amounts.  It seems that the banks aren't lending so the copper holders are using the copper as collateral in international trade.  BUBBLE, BUBBLE???

Tue, 04/05/2011 - 17:13 | 1138609 SheepDog-One
SheepDog-One's picture

What bubble? I see NOTHING!  :P

Tue, 04/05/2011 - 17:40 | 1138595 Richard Chesler
Richard Chesler's picture

"AMSC continues to have active discussions with Sinovel to determine when it will pay for past shipments."

Yu Shi Tin?

 

Tue, 04/05/2011 - 17:12 | 1138597 Sudden Debt
Sudden Debt's picture

YOU CAN NEVER HAVE ENOUGH... superconducters...

 

 

Tue, 04/05/2011 - 17:12 | 1138605 SheepDog-One
SheepDog-One's picture

Anyone who thinks China gives 1 shit about supporting Bernankes amazing equity bubble illusion to keep the sheeple placated is nuts.

Tue, 04/05/2011 - 17:17 | 1138618 Misean
Misean's picture

Yep. They have their own bubbles to prop up.

Tue, 04/05/2011 - 17:16 | 1138613 BORT
BORT's picture

How about Apple:  The first column is 2010 final qtr, the next is 2009 final quarter.  What if someone in China has too much  of their stuff

Net Sales by Operating Segment:        

Americas net sales

   $ 9,218       $ 6,092        51%   

Europe net sales

     7,256         5,024        44%   

Japan net sales

     1,433         783        83%   

Asia-Pacific net sales

     4,987         1,813        175%   

Retail net sales

     3,847         1,971        95%                       

Total net sales

   $ 26,741       $ 15,683        71%   
Tue, 04/05/2011 - 17:17 | 1138614 Josh Randall
Josh Randall's picture

China going to the "Dave's not here" routine, if this is the trend, i wonder if it's by design to pummel the US or because they seriously are over inventoried...

http://www.youtube.com/watch?v=N6wV7rAKMNE

 

Tue, 04/05/2011 - 19:36 | 1139091 disabledvet
disabledvet's picture

i used to go to that bar.

Tue, 04/05/2011 - 17:27 | 1138648 irishlink
irishlink's picture

China starting to look inward for the first time in years, and realise that they must get ready for the rainy days that are not far away, If oil continues to increase NO ONE will be able to make money from manufacturing goods in China and shipping them to Europe or USA. Oil may not retreat as quickly now as in 2008 

Tue, 04/05/2011 - 17:27 | 1138649 irishlink
irishlink's picture

China starting to look inward for the first time in years, and realise that they must get ready for the rainy days that are not far away, If oil continues to increase NO ONE will be able to make money from manufacturing goods in China and shipping them to Europe or USA. Oil may not retreat as quickly now as in 2008 

Tue, 04/05/2011 - 17:31 | 1138657 PulauHantu29
PulauHantu29's picture

Chinese warehouses, docks, storage facilities are so overcrowded with "stuff" they will not need an ounce of copper or a semiconductor for years. Literally hundreds of thousands of tons of iron sits on their docks with no place to go...their massive bailout overbought just about everything ...except probably what they need the most---food and clean air.

Wait until China starts cancelling orders from Australia--iron, etc--that Oz Housing Bubble (where the median house price is now a whopping $601,000) will Plunge in a Big Way dwarfing the USA subprime collapse.

Tue, 04/05/2011 - 19:40 | 1139100 disabledvet
disabledvet's picture

hence "cancel the clean air thing."  move along, move along.

Tue, 04/05/2011 - 17:33 | 1138669 Rikki-Tikki-Tavi
Rikki-Tikki-Tavi's picture

thanks god AMSC is not in Nasdaq 100 - it becomes messy to re-balance weights every day to secure a green close.

Tue, 04/05/2011 - 17:34 | 1138674 DoctoRx
DoctoRx's picture

Pls correct typo in title:  "Superconductor".

The co has suffered enough for one day.

Tue, 04/05/2011 - 17:38 | 1138681 irishlink
irishlink's picture

Totally agree. My niece has put off buying for years in Melbourne as she knew that a housing bubble was forming just like in USA and Ireland. The sheeple are the same no matter which country. She will wait another two years at least .

Tue, 04/05/2011 - 18:10 | 1138812 sabra1
sabra1's picture

could it be intentional that china stocked up on everything, then shaft the US for the ongoing, relentless, badgering over the yuan?  i give you, the "up yours moment!"

Tue, 04/05/2011 - 18:13 | 1138822 AldoHux_IV
AldoHux_IV's picture

So much for the China and restocking story.

Tue, 04/05/2011 - 18:15 | 1138835 russwinter
russwinter's picture

Chinese export model disrupted by high labor and input costs.

 

http://www.manufacturing.net/News/2011/04/Labor-Relations-Chinese-Workers-Spurn-Jobs/

Tue, 04/05/2011 - 18:31 | 1138892 BKGuy
BKGuy's picture

TXN top tick...

Tue, 04/05/2011 - 18:46 | 1138929 NidStyles
NidStyles's picture

This along with the myriad of other like instances should tell people not to do business with them. Something about risk of cancelled order's and lack of ethics to fulfill a contract.

I still wonder how some of these people manage to stay in business, then I remember that the Federal Government gives subsidies and bailout's poor business model's.

 

Does this mean there will be a massive liquidation of their asset's? Can we say clearance prices on wind farm material's here in the US?

Tue, 04/05/2011 - 19:18 | 1139026 ExpendableOne
ExpendableOne's picture

It's not just the cost of transport, it's the agravation of dealing with a different culture and legal system half way around the world.  See this article for a taste of things to come (well, we can hope).

http://www.wired.com/magazine/2011/02/ff_madeinamerica/

 

Tue, 04/05/2011 - 19:38 | 1139085 sbenard
sbenard's picture

China often refuses to take delivery of its ag futures contracts when prices are dropping. This increases third-party risk. In essence, they say to the world, "And if I don't, then you gonna try and make me?" They have become the 300-lb. bully in the marketplace!

Good luck, Trump, trying to make China do what it has decided it won't!

Tue, 04/05/2011 - 19:41 | 1139105 disabledvet
disabledvet's picture

and they then "take their ill-gotten gains to Macau and...

Tue, 04/05/2011 - 19:44 | 1139124 reader2010
reader2010's picture

They've got no wind in China anymore because all the wind is blowing from Fukushima to America now. 

Tue, 04/05/2011 - 20:01 | 1139183 max2205
max2205's picture

I wonder if CAT Deere GE ect may have the same problem. Oh crap I forgot they don't have to follow any accounting rules

Tue, 04/05/2011 - 20:12 | 1139213 Bleeping Fed
Bleeping Fed's picture

CAT's bloated earnings are totally reliant on supercharged miners.  Can you say big fat FAIL?

Tue, 04/05/2011 - 20:31 | 1139258 glenlloyd
glenlloyd's picture

smells like 'inventory' piling up in the sewer pipe behind the 'recovery' clog.

Tue, 04/05/2011 - 20:55 | 1139325 mt paul
mt paul's picture

could have been worse ...

paid in  US treasuries 

comes to mind

Tue, 04/05/2011 - 20:59 | 1139334 cabernet
cabernet's picture

I have worked overseas in Asia (among other places) for more than a decade. The Japanese always keep to their agreements. The Chinese, not so much. This is deja vu all over again.

http://www.TheAngryGrapes.Com

Tue, 04/05/2011 - 21:08 | 1139354 Buck Johnson
Buck Johnson's picture

They can't sell what they have because inflation is burning them.

Tue, 04/05/2011 - 22:10 | 1139492 prophet
prophet's picture

Sinovel accumulates short position inAMSC stock.  Pulls all kinds of harassing stunts in payables and then turns back a shipment and abracadabra shazam.  Cheap parts. 

Tue, 04/05/2011 - 22:22 | 1139522 BlackholeDivestment
BlackholeDivestment's picture

Withdrawal is a leading indicator of Adicts hooked on Chairsatan's Great Chinese Wal Mart Global Market Hopium, which sold out off the shelf next to the middle Island, Honshu, do to the blue light special at the Fukushima store. http://www.youtube.com/watch?v=4qzEswAvhkQ

''Most Favored Nation'' means ''screw you laborer'' in the U.N.-Communist dialect of China.

''GATT'', in the non-U.N. dialect regions of China, means the same thing in Compton but, in Shanghai it still means Shanghai'd.

From Tricky Dick to the Hillbillies, Billary B H. O'Bomba and the Libyan Lizard Lipstic On A King Pinhead, the State Department had no clue about the modern New World Order U.N.-Chinese dialect, so they missed out on a lot of jokes coming from the Chinese on the other side of the human sacrifice (''Cremation of Care'' ritual) alter, at the annual Bohemian Club socials held in the California woods, where they came up with the new Jeckyl Island contemporary version of elite evil and established the WTO after one too many tokes taken while they listend to a BTO album over the camp speakers. It turned out that the Chinese Communist bastards just could not pronounce the B for Bohemian while they were high on hopium. They kept saying Wohemian and making everyone laugh during consideration for the name of the World Trade Organization. Someone (Henry Kissinger) trying to speak over their laughter, having heard one of the commie red yellow bellies pronounce Wockman Turner Owerdrive, came up with WTO but, it was known that night as Wohemian Trade Organization and still to this day, among the elder elite commie illuminati freaks, when they are taking care of business after hours. http://www.youtube.com/watch?v=kl-2kK3xI7I

 

Tue, 04/05/2011 - 22:35 | 1139547 savagegoose
savagegoose's picture

holy shit america exports stuff?

Wed, 04/06/2011 - 00:33 | 1139781 chump666
chump666's picture

ah China...can't wait for the 'no more imports of commidities' request.

Wed, 04/06/2011 - 00:39 | 1139791 savagegoose
savagegoose's picture

yeah here in australia, it will hit  like a wet trout. no one will have thought the good times could ever end. and stare in disbelief, as their equity pits of houses are suddenly worth half what they owe.

 

good times.

now wheres the popcorn.

Wed, 04/06/2011 - 01:06 | 1139828 NaN
NaN's picture

Companies in China have been known to refuse to pay for delivered industrial products for preposterous reasons.  I think it is an extreme negotiating tactic that works there because of their weak court system.   

Trying to ship more product after non-payment with little recourse is extreme hope.  AMSC should be happy they did not actually deliver more superconducting generators.

I would not take this as a sign of economic conditions in China unless there were many more examples. 

 

Thu, 04/07/2011 - 04:41 | 1144457 uff the fluff
uff the fluff's picture

Stuff, stuff everywhere

but no "money" to be made

 

what a stupid system

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