Caldwell filed a patent for his ‘ornithopter’ in 1927 which flapped its wings like a bird! The company was founded in 1928 to promote the concept. By 1938 still nothing had been produced and Caldwell had been charged with fraud but he managed to move around setting up offices in several cities and promoting this and other designs for aircraft. Finally closed in 1939.
Capital $1,000,000 in shares of 10 cents.