RE:Sam Yes, it is worrying. Subsequent to the quarter and ~$1.5M to be paid. It does not touch on how much, if any, has previously been paid.
If you look at the CEO certification filing, Shubam signed as the executive chairman.
Something is definitely wrong.
traderguy5000 wrote: Along with some others, I'm coming to the realization that Sam appears to be gone. If this is true, it is material information, and the company should have disclosed it. Stepping down from the Board is one thing, but stepping down as CEO is more serious. We were only told that Sam was gone from the Board. This is a gut punch. So far, the stock price is holding at 3.5. I also note that along with Sam, Peter Chung, Senior Resevoir Engineer is not included on the MD&A. Currently, PEI does not apper to have a CEO.
This is of some concern: Apparently Sam left the Board for personal reasons. This has now become clearer.
"The Corporation is undertaking a comprehensive investigation which includes a third-party audit into the related party acquisition concerning the Brooks property. This investigation involves a thorough examination of the circumstances surrounding the acquisition and the transaction amounts, including the $417,914 0% promissory note and related party liability of $1,090,750, both of which are currently shown as a payable to the related party. The investigation reflects the Corporation's commitment to maintaining transparency, accountability, and ethical business practices in its operations. Furthermore, on October 31, 2024, a demand letter for the outstanding receivables balance was issued. The demand period has now lapsed without any payment being received. "