2012 FNR Financials Not Good &????????? As suspected and noted by Buybelow, 2012 results came out in the middle of the night, just in time to meet the dead line. Lots of Concerns and Lots of Questions??? Quick Read, in my humble opinion as an investor, NOT GOOD and Many Questions????
First - Auditor's Comments Emphasis of Matter - on Going Concern and Debentures? ITS A MUST READ. Also, it is interesting to note FNR switch Auditors from 2011 to 2012, which is noted by the Auditor's comments.
Second - All the talk about cutting expenses and payroll? The following is of extreme interest.
TMM Portfolio MGMT ( otherwise Tom MacNeill) for his Great??? Service and MGMT got paid over $1,000,000 in 2012
The we have reference to Alberta 1381613 - which is owned by the CEO??? Tom MacNeill. They received $147,000.
Payroll and benefits jumped from $2.4 mil to $3 Million ( rounded) in 2012? All that overpaid and bloated staff? in my humble opinion.
Payment for Geological and Consulting Services Jumped from$4 Mil to $15 Million ( rounded) - no breakdown - Who got paid? and any conflict or direct relationship???
Directors - Steve Halabura - is a Director of FNR and also has interests and is a Director of GenSource Capital ( formerly Nexxt Potash) they received consulting Fees.
Concept Forage - another Director did not see a name has a interest in - received Fees??
Directors - received Fees/Payments?? for what?? and Why??? not including their stock/options.
In my humble opinion this Stock should go to ZERO QUICKLY - then to NO BID - or as Buybelow says/noted perhaps Halted.
Go to Sedar and read the filings and reports. Not once or twice but more. Makes me seeeee REEEED.
All the above in my humble opinion as a Investor and the Public. PS - Tom and Andrew please feel free to correct me on any misinterpertations or misreadings of your Financial Reports.