Post by
falc on Oct 14, 2013 11:19am
ouch
Finally read the 10Q. Unfortunately this company still is seeing money as feed for their directors and management and not for exploration and promotion. In the past quareter we see
36k for D Boatanchor, 16k for directors, 41k for rent, 25k for CEO's house, 35k for CFO, 10k for CEO's wife, 36k for management (owing another 66k). Someone needs to tell these guys the party is over and they have to work pro-bono out of their moms' basement or better yet get in a pick up truck and hit the road with promotion. No exploration + no promotion = death spiral.
It wasn't exactly clear to me that any of their lawsuits were dismissed as well they state in contractual obligations they owe IPP almost 700k which is supposed to be paid back by Dec 31st this year.
On the plus side they did reapply for their prospecting licenses but it wasn't clear to me if that means they will get 100% of the area back or if they had to drop 50% of the area.