Providence Gold Mines Inc V.PHD

PHD's Financial Statements were disclosed recently and WOW!!

[KozmoT]

They had Trade Payables of $294,967 but had Cash of only $4922 (not a typo) !!!!!  It gets worse ... during the year they claim they spent $82K in exploration costs but it turns out $72 of that was "geological costs of $72,000 capitalized as exploration costs paid to a director of the Company."   WHAT?!?!?!

And it gets worse, if I am reading this right here is what they PAID THEMSELVES!!! (Cut n pasted right from the financial statements)

"During the period ended September 30, 2023 and 2022, the Company incurred:

- accounting fees of $45,000 (2022 - $45,000) and corporate services of $190 (2022 - $11,400) to an accounting firm of which an officer of the Company is a partner.

- consulting fees of $63,000 (2022 - $63,000) to a director of the Company.

- management fees of $36,000 (2022 - $36,000) to a director of the Company. - rent of $9,000 (2022 - $nil) to a director of the Company.

- geological costs of $72,000 (2022 - $72,000) capitalized as exploration costs paid to a director of the Company.

[Strawboss1]

This post has been removed in accordance with Community Policy

[Strawboss1]

This post has been removed in accordance with Community Policy

[knowalittle]

Defamation legal action   stockhouse has been  given legal notice with regard to your continued  defamation  your  defamatory comments of nonsense are not taken lightly Stock house has allowed you to continue so one has to ask why ?  The company has the  legal right  to  request who you are. And take legal action  I'm sure the company looks

[KozmoT]

LOL.. LOL ... LOL  Now posting cut n pastes from the company's own Financial Statements is ... defamation?!?!  And even better ... you conjured up a conspiracy theory involving Stockhouse itself.  That's even better than the whole "naked shorting is keeping PHD down" conspiracy theory.

[KozmoT]

p.s.   for anything to be defamation it has to be false ... why don't you tell folks here what part I got wrong in my post?

[KozmoT]

. . . *crickets chirping* . . .

[knowalittle]

Your inability to read and understand the financial statements is obvious.  Such financial statements have been prepared by a CA  Most likely you are afraid to reveal your true identity as you are concerned this may lead you to possible significant damages for the hundred or so various and slanderous comments  which are obviously written  to  harm the Company  and

[KozmoT]

LOL, maybe you should go back and re-read the statements (keeping in mind they are flat broke) ...  "As at September 30, 2023, trade and other payables included $260,606 (December 31, 2022 - $21,607) owing to officers and directors and to a company controlled by a director and officer for management activities and operational expenses."