Victor2009 -- Last Laugh Is On YOU!Victor2009, My Puppet:
I see you are spinning deceit, deception and lies again. Not surprising as you have been on "tilt" since the firing of Dr. Gary Nash, the meltdown of your LBE investment, and your emotional rants. I notice that you gave Short-Term Investments, Marketable Securities, and Loan Receivable no value at all, let alone all of the Mineral Properties. The real laugh here is that you don't give one iota of attention to the $6,100,000 of interest LBE is committed to JJ per year, compounded and deferred at 10%. What a joke -- but the last laugh is on you! Your obvious lack of objectively blinded you to the truth and left you with a wicked loss on LBE.
Bottom line, Randy Miller & ISM continue to forge forward, Dr. Gary Nash & LBE minority shareholders are history (including my puppets). So, to set the record straight on ISM, straight from the Dec 29/10 Financial Statements, and contrary to the dire picture you desperately (and deceitfully) tried to paint:
| Current Assets | 2010 | 2009 |
| | Cash & Cash Equivalents | $10,101,460 | $18,647,131 |
| | Short-Term Investments (Note 6) | $2,928,249 | $2,619,204 |
| | Marketable Securities (Note 7) | $4,232,220 | $2,660,025 |
| | Receivables (Note 8) | $87,023 | $188,177 |
| | Prepaid Expenses | $101,609 | $21,128 |
| | Loan Receivable (Note 9) | | $722,331 |
| | Sub-Totals | $17,450,561 | $24,857,996 |
| | Loan Receivable (Note 9) | $6,229,086 | |
| | Equipment (Note 10) | $3,070 | |
| | Mineral Property Held For Sale (Note 11) | | $638,156 |
| | Mineral Properties (Schedule & Note 12) | $26,418,609 | $24,754,377 |
| | Totals | $50,101,326 | $50,250,529 |
6. SHORT-TERM INVESTMENTS
_ Short-term investments are highly liquid investments with maturity dates of more than 90 days and less than 12
_ months. As of September 30, 2010, the related interest receivable for these investments is $2,208 (2009 -
_ $12,328) and is recorded in short-term investments.
7. MARKETABLE SECURITIES
_ Marketable securities are comprised of investment in shares of other public companies with total cost of
_ $2,871,554 (2009 - $1,526,821).
_ During the year ended September 30, 2010, the Company recorded an unrealized gain of $227,462 or net of
_ tax gain of $199,029 (2009 - $1,133,204 or net of tax gain of $991,553).
_ Subsequent to the year ended September 30, 2010, the Company purchased additional shares with total cost
_ of approximately $790,000 in a public company, Ursa Major Minerals Inc.
8. RECEIVABLES
_ Amounts presented as receivables comprise the following:
_ September 30, 2010 2009
_ Harmonized sales taxes receivable $ 85,705 $ 15,935
_ Recovery of exploration expenditures - 172,242
_ Other receivables 1,318 -
_ Totals $ 87,023 $ 188,177
9. LOAN RECEIVABLE
_ The Company entered into a loan agreement with a private company on July 30, 2009, whereby the Company
_ agreed to loan that company a total of up to $6,000,000. The loan originally was repayable on demand and
_ bore interest at prime plus 4%. On February 9, 2010 the Company and the borrower amended the loan such
_ that the loan is repayable on July 30, 2014 and interest is at 4% per annum. As at September 30, 2010, the
_ Company has advanced $6,000,000 (September 30, 2009 - $722,331) and accrued interest income of
_ $229,086 (September 30, 2009 - $nil). The borrower granted the Company a general security over all of its
_ present and after acquired property. As collateral on the loan, the borrower has invested the $6,000,000 loan
_ into mutual funds in Europe, the net asset value of the funds at September 30, 2010 is $6,286,735.