Tag Archives: earlight

HumanCharger-Valkee’s balance 2019: Guess what?

Finnish Valkee Ltd, maker of the questionable HumanCharger earlight device, has just filed its 2018-2019 balance. It’s the same as every year: Overwhelming loss and now again a sharp drop in revenue.

And as every year, earlightswindle.com makes it available.

Valkee balance 2/2019 (valkee2019.pdf)

Turnover has fallen by 34%, thus eliminating last years somewhat surprising rise. It’s now 637.000€, i.e. even less than in 2016/17. The effect of the US launch seems to level out. Good news for them: Loss is down to 594.000 Euro. But this means, that still every Euro turnover results in one Euro loss – as last year.

HR costs are down from 411.000 to 268.000€, and with (only) 226.000€ paid out, the question is who’s still employed by this company – besides its CEO and some salespersons.

Valkee is struggling to survive, as it did since 2007 – and now it became clear, how the project is “scaling”. It will exist as long as its investors are willing to pay. The plug may be pulled sooner or later.

That’s an enduring embarassment also for Interbrand, which really messed up by calling HumanCharger a “breakthrough brand” in 2017. The only thing that will break here will be the investors’ patience.

Over & out, as I leave this rather boring news piece to the snail media, Kauppalehti, HelsinginSanomat or whatever, for those laties who have not cancelled subscriptions yet.

Update 13.7.2019: Kauppalehti did as expected and translated this into finnish as “news”. Always welcome on my blog.

Social Media: “HumanCharger” is comedy gold

The Sunday Times (UK) just had an absolutely awful piece on “biohackers”, and it seems that readers have a clear favourite which one is the most ridiculous “biohack” of all.

HumanCharger is trending on Twitter at this moment, and it’s not quite the way the scammers dream of.

Some years ago, one of Finland’s leading newspapers asked its readers, which is the worst product failure ever in this country. The HumanCharger won that poll unanimously. The public reaction seems now to be the same whatever whenever.

But once upon a time, things were different, when I started the earlightswindle.com-website. It is fairly outdated, but gives a good picture of the situation then, when the media hyped the Valkee device – now renamed “HumanCharger – and there were few critical voices as mine. I’m sort of proud still, for having steered the mainstream here./-ed.

Valkee: Turnover up 50% – 1 million loss as usual (update)

Korvavalofirman tilinpäätös 2/2018 loppuneelta tilikaudelta tuli julki. Liikevaihdon odotettu 50% kasvu toteutui, summa on lähes sama kuin 2013/2014. Henkilöstömäärä laski kuuteen. Tasesumma puolittui. Tappio on silti saman verran kuin viime vuonna, yli miljoonaa. Firman kulut olivat edelleen €1,10 jokaista liikevaihtoeuroa kohden.

Kokonaistappio on siis virallisesti ylittänyt 10M€-rajan. Viime vuosien huimat pääomalainat, jotka pitivät firmaa juuri ja juuri elossa, on tilinpäätösasiakirjoissa s.8 ja 9. Suurin ongelma lienee se, että uudet laitteet pitäisi valmistaa tuoreella rahalla. Tällä hetkellä myynti on nolla. Tilintarkastaja arvioi että Valkee tarvitsee pääomalainojen lisäksi uutta rahoitusta jatkaakseen toimintansa.

Valkee Balance 2018 (PDF)

The finnish earlight manufacturer Valkee Ltd has grown sales of its HumanCharger device again by 50%. With only 6 employees (peaked at 21 in 2014), the company made still roughly the same loss as last year, over €1 million. It survived until now on capital shot in by previous investors as convertible loans, amounting to 2-3 million in 2 years. Ernst&Young’s accountants suspect, that Valkee won’t exist through the present fiscal year, unless it gets substantial funding in addition to such loans.

Valkee has given up on Finland, where the HumanCharger is considered a national embarrassment. Sales to US “biohackers” susceptible to all kinds of such scams and supplements go well, especially since earlightswindle.com was unlawfully removed from Google’s index* and there’s no independent information available. (I’ll do nothing about that until the content on the classic site is updated.)

Still, all independent research to date has demonstrated that the fake “light therapy” through the ear canal has only a placebo effect. The company’s budget does not allow for new marketing “research”, and it seems no evidence is needed to ensure international sales.

 

*the important static site with all the key information about the Valkee case (under earlightswindle.com/index.htm and else) was removed, while the blog is still visible.  It looks like the content URLs were removed manually.

UPDATE 21.9.2018:
earlightswindle.com is back in the Google index. It wasn’t me!

Valkee Humancharger shutdown – temporary or final?

This blog – as the previous earlightswindle.com – was once reporting exclusively about the multifaceted scamming activities of finnish company Valkee Ltd, maker of the fake “light therapy device” HumanCharger.

Now it seems they are finally phasing out of business. The company is technically bankrupt since March 2017, but now

The finnish trade register says, that in May 2018 the main shareholders LifeLine Ventures, Vera and Merieux forgave the company another 230.000€ convertible loan; i.e. was converted into worthless shares. The same happened to several other such loans during the last two years, rising the amount of burnt money to more than 10 million Euro.

The next months will now be decisive. I am looking forward and will inform as always.

HumanCharger’s “global breakthrough” fake

Last autumn I came across a deceptive piece praising Valkee and its HumanCharger at goodnewsfinland.com (part of Finpro, a state-run agency). I complained to the editors about the fake news they spread, prompting them to delete most of the misinformation from the text. It took several weeks, and there is no mention of the changes in the article.

The diff is documented here, as a perfect example of how Valkee deceives others, which in turn deceive people about the HumanCharger.

fakenews1

The Interbrand report of 2017’s “breakthrough brands” was a marketing stunt for the HumanCharger. In the small print, the report admits that companies could submit themselves and their stories were not challenged (p. 61 in the PDF). An embarrassing glitch for Interbrand: They faithfully listed what Valkee said, although the company should not be even in there. The limit for inclusion was 10 years in business and the HumanCharger company was already older than 10 years – it was founded in February 2007, and the product is even older.

Then it gets absurd: Interbrand has never “valued HumanCharger’s brand at 64,67 million”. Impossible – it’s a known scam, and as such, a toxic brand in Finland and most of Europe. The 65 million was, back in 2013, the valuation, i.e. investors paid ~10 million for a 16% stake, which put the whole company in theory at 65 million.

This is fairly outdated. Valkee lost its share capital and is now worth Zero.

65 million x 0/share = 0

That the earlight does not work by “stimulating the brain” is clear, at least to everybody who had ever to do with neuroscience. Silently deleted.

fakenews2

The name of the notified body or its claimed image doesn’t tell anything about the earlight. It just looks better, when it’s in Germany. Changed.

Valkee’s CEO Aki Backman then claimed that the FDA somehow testified that HumanCharger is harmless. That’s a breathtaking misrepresentation. In reality, they could not provide evidence for the device’s health claims. Therefore it got no approval as a medical device, but fell in the underclass “General wellness” category. As such, the device cannot give any kind of (light) therapy despite misleading advertisements. Deleted.

 

“Breakthrough brand” is a struggling micro-business

The aging scam company meets the tight finnish criteria for a micro-business and is therefore exempt from certain standards in financial reporting. The firm uses this in its balances and managed to survive to this day – being technically bancrupt – as detailed in its 2/2017 balance. A mysterious person has recently pumped millions of private funds into Valkee, to keep it alive.

Earlightswindle.com makes the balances traditionally available to the public. Here it is.

Valkee-balance 2017 (PDF)

Confirmed: Latest HumanCharger journal is junk

As I wrote earlier this year, there was a new study for the HumanCharger device done which appears now first under “Research” on Valkee’s marketing website humancharger.com.

humancharger-fakes-2017

Yesterday I got a confirmation from the official body responsible for scientific journal classification (the Publication Forum of Finland’s learned societies):

jufo-jnr

I asked for evaluation of this obscure HumanCharger journal – Journal of Neurology Research – which wasn’t even in the classification database, although it seems to exist since 2011. The professors of the JuFo panel 13 agreed with me and assigned the journal a Zero classification, i.e. it does not meet the basic criteria for scientific publication.

Therefore the institute at the University of Oulu will get 90% less funding for this particular publication. Additionally,  the first author cannot use it for his article-based thesis, for which he got a 24.000€ grant. He will have to explain why the research was dumped into a non-publication.

flyktman-vedatysThere would have been better uses for the grant money than the HumanCharger “research”, I’m sure.

(added) Bonus:

The journal in question sails already for a long time without Editor-in-chief, i.e. the person/scientist responsible for accepting or rejecting papers. That’s the most straightforward way to announce “acceptions aren’t done on scientific grounds”.

Apologies to my foreign readers

I have to apologize to my readers from other countries. There is no forthcoming stuff at the moment. I am working on the cysteine swindle, where finnish companies are selling an amino acid as a fake medicine. The big player is a “healthcare” firm listed at the Helsinki stock exchange, which is led by cons and ex-cons (the company, not the stock exchange). The chairman is on probation for rape (!) at this very moment.

The Earlight Swindle will get one post, when the 2017 balance comes out, and the snail media will copy my stuff again without mentioning me.

About the other projects the yellow press will inform you around X-mas.

CU!

Finnish “innovation agency” leader: Evolution is a question of belief

…those are the oldest brain areas, if you believe that the brain has developed evolutionary, in a way […] depending to who you listen to

This (and other stunning announcements) is from an interview* by Timo Ahopelto, a lead strategist5006-512 at Finland’s tax-financed innovation funding agency TEKES. Many of his companies received TEKES funding5006-512 – including the ill-fated Valkee Ltd5006-512.

Ahopelto has made antivax statements5006-512 and often uses crude war- and propaganda rhetoric5006-512, especially against critics. Another incredible demonstration of what – or who – is possible in Finland, with the right connections and political support.

*at 27:55 in the SmartDrugsSmart podcast, MP3 download here 5006-512.

Suomeksi:

nuo ovat aivojen vanhimmat osat, jos uskot että aivot kehittyivät evolutionäärisesti, [se tavallaan] riippuu siitä, keneltä kysyt

Valkee Ltd collapses as predicted: All share capital lost

UPDATE: My original story has reached more than 500.000 800.000 readers.
See ILTALEHTI | KAUPPALEHTI | TEKNIIKKA&TALOUS | ILTA-SANOMAT etc.pp.

The finnish trade register has just announced, that the HumanCharger manufacturer Valkee Ltd has lost all of its share capital. That means, that all of the company’s ressources are depleted, and new capital is not in sight – not even theoretically.

valkee-bankrupt

In other countries, the firm would have to file for immediate insolvency or bankruptcy, which is regulated in the same chapter of finnish corporate law.  In Finland, however, business could go on for a while – under extreme conditions, as purchases must all be paid in advance, and credits are stroke off. All business partners are now informed officially, that Valkee cannot fulfil upcoming liabilities.

Because of the consequences, such a notification is usually done in the least possible moment. It may be driven by the fact, that management and owners can be held liable personally from now on, if they don’t declare the final state publicly.

If anyone has claims against Valkee Ltd, now is the time to demand.

Personally I think, that the company will exist on paper for a few months, until its chairman Timo Ahopelto resigns from the board of TEKES, Finland’s tax-financed innovation funding agency. TEKES has shot in more than 100.000€ last year into Valkee, despite the obviously desperate state of the company, which was strictly documented in the 2016 balance.

Probably it’s the political dimension of the case. The snail media will report more soon. The source is earlightswindle.com – just in case they “forget” it again. /-Ed.

Valkee ist pleite

Wie die finnische Registerbehörde PRH gestern mitteilte, hat der Ohrleuchtenhersteller Valkee Oy aus Oulu am vergangenen Donnerstag den Verlust des gesamten Stammkapitals gemeldet.

valkee-bankrupt

Während nach deutschem Recht die Gesellschafter zum sofortigen Insolvenzantrag verpflichtet wären, kann die Firma in Finnland unter Umständen fortgesetzt werden. Wegen der Auswirkungen auf die Geschäftstätigkeit (Einkäufe nur noch gegen Vorkasse, Kündigung von Kreditlinien, usw.) ist aber eine Insolvenz mit Gläubigerschutz und Sanierungsversuch oder ein direkter Konkurs wahrscheinlicher. [s. Abschnitt 20, §§23-25 des finnischen Kapitalgesellschaftsgesetzes: Stammkapitalverlust, Insolvenz und Konkurs]

Die Meldung über den Stammkapitalsverlust erfolgt in der Regel zum allerletzten rechtlich möglichen Zeitpunkt. Unterbleibt die Anzeige, oder erfolgt sie zu spät, können Geschäftsführung und Gesellschafter im Falle des Konkurses in Anspruch genommen werden. Hiermit zeigen demnach die Verantwortlichen bei Valkee an, dass sämtliche finanziellen Möglichkeiten ausgeschöpft sind, und sie nicht persönlich haften wollen.

Da das Schicksal von Valkee in Finnland wegen der Verwicklung der Regierung politische Bedeutung hat, könnte die Skandalfirma auf dem Papier noch fortbestehen – etwa bis zum Sommer 2017, wenn der Firmenchef Timo Ahopelto vom Leitungsgremium der Innovationsförderungsbehörde TEKES zurücktritt. TEKES hat im letzten Jahr noch über 100.000 € in Valkee nachgeschossen, obwohl die Geschäftsführung öffentlich zugegeben hat, dass die Ohrleuchtengeräte in Finnland unverkäuflich sind und der sinkende Auslandsumsatz maximal 1/4 der Kosten deckt.

Wenn Sie noch Ansprüche an die Firma Valkee haben, dann ist jetzt der Zeitpunkt, sie anzumelden. Das Zeitfenster kann sich bald schließen.