Audited Yearly Financials...UUAAARGHH!!!!!The moment of truth has come for EC, have a look at their recently filed audited yearly on SEDAR.
They churned and burned through almost 10 million dollars, yes you heard right, 10 million dollars!But hey, not that you think they spent that on exploration, god beware!
They spent it only on legal, office costs, travel, salaries, stock based compensation and a couple of other non-exploration related things...
Well, technically the company has a massive negative working capital as of now, expect a major financing where they will load their pockets once again, I figure resplit No#2 will loom around the corner as early as 2011
Thanks EC, for
NADA!!!
Dear all at EC,
congratulations for having the courage to release the latestaudited financial statements, now I can imagine why Kesselman got out intime...
In my investing career I have never come across a Junior Explorerthat had such excessive general and administration costs as Ecometals, awhopping 9,8 million dollars, respect!
Alone the more than 4 million in stock based compensation&wagesand salaries is worth mentioning, so the private placement barely madeup for stuffing the pockets of EC staff prior to commencing any sort ofexploration?
A rise in "office" costs from 296 to 881 thousand is also worthmentioning (some diamond dotted golden Mont Blanc pens?), but you atleast tried to make up for this rise in that category with anencouraging decrease in travel costs from 825 to now only 705 thousand.Maybe there were no first class seats available so you had to flybusiness? No 5 star hotels available, so you had to settle in a 4 star?
Any ways, why should I complain, I have seen it all on the horizonand long time ago, why do I have be sucked in by the sweet talk of theIR people, my own fault...
I still cannot believe that I invested in a black hole, because atthe end of the day, what's left. 10 million flushed down the gutter,landed in your pockets, bank accounts and (mis-) used to finance somenice 5 star travelling.
Great job EC, never again, this time for good!!!
No Regards!
XXX