Has anyone reviewed S2A modular? Just doing my diligence
There is a new green modular company out of hemet, ca. S2A Modular Went thru their presentation yesterday. Just wanted to see if anyone else has looked into them. Supposedly they can build a custom or one of their predesigned floor plans with tesla powerwall, graphene solar panels for a "net-zero" or "net-positive" house for $165 a sq ft. First units out by 2021.
I know of a legitimate start up factory that is up and running, has produced homes and definitely has orders but sorely needs capital funding. They got their factory producing in about 3-4 months. I don't know that they're looking for investors but, if they were, I think if they get over the hump of startup cash drain. They probably only need about $7 million injection which they were processing through the SBA but that loan wouldn't close until July and they ran low and had to lay off employees last Friday. S2A has red flags, sirens and hazard lights blazing.
years after this forum started on S2A and I'm still getting investor seminar invitations. 5x or 10X your money guaranteed.
HaHa... me too! I'm tempted to join the call for amusement. These guys sure put a lot of effort into raising funds. I'm sure it would be desirable to those that invested to see a similar effort put into actually producing the product.
I had gotten a letter from S2A a year or so ago, to build on a lakefront lot I owned. I wasn’t ready back then but reached out recently to see if they are still interested and I got no reply.
I considered investing in the company. I heard about their plans for a mega factory in nearby Sheboygan Wisconsin. They had plans with the city in 2021. About a year later I found a small article saying S2A cancelled the contract. This raised a red flag as it reminded me of Nikola. Sure enough, every address I looked up that they claimed to be building a mega factory, is (after 2+ years) is not even touched.
I had a great talk with my 13 year old about how this scam works. He was very amazed.
1. Build a great looking website with lots of new age terms (mention Tesla once in a while). 2. Set up contracts with cities around the country, but make sure they can be cancelled at any time with minimal cost. Take picture of people with shovels. 3. Convince investors that you are the next big thing and that you are only interested in big-time investors. 4. Stall on construction as long as possible (maybe to avoid statute of limitations or something). 5. Claim bankruptcy after huge salaries and bonuses are paid out.
Wash. Rinse. Repeat.
They were giving "tours" of the new factory that is supposedly built in Patterson, CA and I signed up to see what they were up to. They said that no electronic equipment allowed, i.e. cameras, cell phones, purses subject to search, etc. I assume they didn't want any photos that someone with experience could call out as a bogus operation but that's just my opinion. Been to lots of factories and they encourage pictures- free social media exposure. Unfortunately I was not able to make the tour on the day scheduled but if I can reschedule and make it I'll report back.
Here's an update on Waco plant....not looking good https://wacotrib.com/news/local/business/development/s2a-wac...
Definitely not looking good. So glad I didn't fall for their deception...
the owner blames it on Covid Delays.
https://www.modularhomes.com/modular-megafactory-texas-site-...
That is not a current / valid excuse.
I'm very surprised that there hasn't been a post about some investors lawyering up and filing a class action on behalf of the investors. Had I been an investor 3+ years ago, I would have had attorneys begin conversations with S2A by now. At the very least, I would want a court to be involved to control/protect whatever assets remain on S2A's balance sheet.
Quote from @Raymond Schmitt:
Here's an update on Waco plant....not looking good https://wacotrib.com/news/local/business/development/s2a-wac...
I was going to say, nothing but a field of weeds at the Waco location. I believe the Paterson CA facility is just a circus tent. Nothing is real, all their home photos are CGI renderings.