Cline Mining Corporation T.CMK

Opaque year end financials

[Suomalainen]

I am surprised about this.  Hasn't anyone else noticed this glaring ommission in the year end financials?

 

There is NO disclosure whatsoever of the actual cash flows with regard to the revenues generated by the sale of that one trainload of coal and, in particular, the very significant payroll costs with the 100s of miners having been on the job for most of last year.

 

So did CLINE just give away that trainload of coal for free and did all of the 100s of miners work for free or IOUs?

 

This of course would not be a pretty picture; however, keeping these important details totally out of the year end financials seems like a pretty unusual ommission even if CLINE is still calling itself a "Development Stage Company"

[Eigen337]

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[rimm=palm]

Eigen, please post the AFS & the MD&A for all to view. Thank you.  

[pastafagoli]

goto www.sedar.com all financials must be posted to sedar as well as press releases etc. Most companies put them on their website also

[Suomalainen]

Eigen I did read the M&DA and what was stated shocked me!   Basically Cline management stated that they will NOT be publically releasing ANY actual revenue nor cost of mining/shipping data until THEY decide to do so upon successfully achieving full commercial production which presumes getting some actual sales contracts.   So with these clowns how long will this take???????????!!!!!!

[Eigen337]

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[pastafagoli]

This policy of not releasing revenue until production is established is in accordance with accounting rules.  At this point any sales are simply offset against costs.  The sales are MINIMAL.  Once and if they ever establish sales they will be happy to record revenues.  

[pastafagoli]

Eigen Are you familiar with the process to vote out current directors.  Once the proxies are rec'd in the mail it normally says "for or withheld" for the directors - do we not need someone else's name on the proxy ?  Anyone know how this works ??  

[Eigen337]

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[ark88]

Notwithstanding your point Eigen, I believe it's always important to voice one's dissatisfaction. The election of the Board is held at the AGM and if one feels strongly enough, they should make the effort to obtain votes to oust the present Board. Even if one is not successful, it's an important point to make that will not be lost on the directors. 

[pastafagoli]

You are probably right but since we have hundreds of readers on this bullboard letting people know what to do here is a good start.  I am sure the institutions will be wanting to vote out the board also.

[ark88]

I have some experience, not with publically traded companies, but with some in lofty institutions. The first place you start is with the largest shakeholders, not the weakest. I'd approach one of the funds that has a large holding in CMK....RBC is a good place to start.

[The_Shadow]

Pastafagoli your statement is a tad misleading!   ""This policy of not releasing revenue until production is established is in accordance with accounting rules""   The accounting rules/general practices leaves the reporting of revenues and a lot of other things up to the company and CLINE have chosen not to report any data__but they could have if they wanted to.  

[pastafagoli]

You don't know what you are talking about !! Revenue recognition criteria and rules are well established - yes we moved from cdn gaap to ifrs but believe me its not upto the company - companies need to establish performance and ensure collection of the revenue - given cline is in trials companies may not pay full price for the coal or anything at all.      

[Eigen337]

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[ark88]

Eigen: good of you to have done that. Of course, they too are also accountable to someone, their fund holders. We could buy some of their fund and request a meeting.   Another way to approach these larger holders is to gather say 100 or so stockholders here and say you'd like meeting. That may peak their interest. Cline is held by too many large holders so anything we the retail holders

[The_Shadow]

Pastafagoli you seem to be missing what I was trying to point out with regard to revenue recognition.   The accounting rules merely establish when a company HAS to recognize and report revenues but there isn't any rule there to not allow revenue recognition at an earlier point during startup to commercial production if a company so wishes.   Thus CLINE management have deliberately

[mr1derful]

To Eigen337: Your post about calling the RBC Fund to give him a piece of your mind is one of the most idiotic things ever posted on this board. Along with Ark88's suggestion to gather a 100 stockholders. Here's how the conversation would go RBC Secretary:" Mr. RBC Fund Manager, you have Mr.Eigen337,Mr.Ark88, Mr.Shane117, and Mr. GEEE from the Stockhouse Board on Line 1." Mr.