RE: RE: RE: RE: MARKET SUPPORT COLLAPSED While we are discussing GDW's financial condition I would like to point out the note attached by the auditors KPMG under Emphasis of Matter.
It states " Without qualifying our opinion., we draw attention to Note 1 in the financial statements, which indicates that the company is still in exploration stage and, as such, no recenue has been generated from its operating activities. Accordingly, the Company depends on its ability to raise financing in order to discharge its commitments and liabilities in the normal course of business. These conditions, along with other matters as set forth in Note 1, indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern."
I know this is a cover your -ss statement by the auditors but it truely is the Emphasis of the Matter. With permitting and other activities supposedly underway, payments made to the property owners, normal burn rate of approximate 40,000 month for office and wages GDW is digging an even deeper hole over the last 4 months since the audit was done. My guess is that it would take well over a half million dollar financing for GDW just to pay the bills. When you are desperate you make decisions out of expediency that are not always in the shareholders best interest.
Yes Goldendream, Hermann has been around the block and should know the risks of running a company to the brink. The upcoming Special Meeting called for June should be an interesting event both for management and shareholders. glta