US Precious Metals (fka USPR)

[Pythia]

You should check out uspr's financials over 4 million dollars in uspr board member salaries, that is some real shiny cars, and big houses, fancy boats.

http://www.otcmarkets.com/stock/USPR/financials

Did you notice uspr paid Mike Berry to pump before business start. That financial and 10-Q uspr puts out after business close. I'll tell you why, that would have killed the dump.

uspr 10-Q http://biz.yahoo.com/e/140421/uspr10-q.html

All that talk and here is page-41

We owe another former attorney the sum of approximately $90,000 under an arbitration award. The attorney has initiated efforts to effect a judgment against the Company.

At the time of this report, we do not have the funding available to repay the convertible promissory notes, make the payment required under the amended agreement with our former attorneys or pay the arbitration award to the other former attorney.

These conditions raise substantial doubt about our ability to continue as a going concern.

In our audited financial statements for the fiscal years ended May 31, 2013 and 2012, contained in our Annual Report, the Report of the Independent Registered Public Accounting Firm included an explanatory paragraph that describes substantial doubt about our ability to continue as a going concern.

Since we do not anticipate generating any revenue for the foreseeable future, we will have to continue to seek additional funding from outside sources.

This is the loop hole.
As mentioned above, we must obtain additional funding to continue our operations. There can be no guarantee that we will be able to obtain additional funding on terms that are favorable to us or at all. As an exploration stage company, we have no current ability to generate revenue and no plans to do so in the foreseeable future. Our assets consist of cash, prepaid expenses, nominal equipment and certain mineral property interests. There can be no assurance that we will obtain sufficient funding to continue operations, or if, we do receive funding, to generate revenues in the future or to operate profitably in the future. We have incurred net losses in each fiscal year since Inception of our operations. These conditions raise substantial doubt about our ability to continue as a going concern.

It gets worse. Page 42
Because of the exploratory nature of our current business plan, we anticipate incurring operating losses for the foreseeable future. Our future financial results also are uncertain due to a number of factors, some of which are outside our control. These factors include, but are not limited to:

i.
Our ability to raise sufficient additional funding;
ii.
The results of our proposed exploration programs on the Solidaridad Property; and
iii.
Assuming significant mineral deposits, our ability to be successful in commercially producing mineral deposits, find joint venture partners for the development of our property interests or find a purchaser for the property interests.

$4 million dollars these guy's peeled off, for their pockets. Page 43

General and administrative expenses
During the nine months ended February 28 , 2014, we incurred general and administrative expenses of $3,349,891, compared to the $4,659,291 incurred in the nine months ending February 28 , 2013, a decrease of $1,309,400, or 38%. The decrease relates primarily to the fact that in the nine months ended February 29, 2013, we issued 14,104,485 warrants valued at $3,228,097 as an investment banking fee. By comparison, in the nine months ended February 28, 2014, we issued 9 million shares value at $1,530,000 as compensation for a consulting agreement. The difference in value between these two transactions was $1,698,097 and explains the majority of the $1,309,400 difference between the periods.