This company is in a WHOLE LOT of TROUBLE!
Their only real asset, the interest in their subsidiary, MBMI, is in trouble. Putting aside their legal troubles, they are in DEEP FINANCIAL DOO-DOO!
1. They are INSOLVENT! Their Current Liabilities outweigh their Current Assets by almost $1.5 million.
They owe Steinbock over $100,000 but they only have $13,000 in their Cash Account. The company has STILL not paid the farmer what they owe. Plus they have over $1 million in DEBT and Accrued Expenses Payable!
That's bad enought but EVEN WORSE, they have a $105,778 OVERDRAFT!!!!
If any of their creditors demands payment, the company and its stockholders are SCREWED!
2. The company STILL has NOT shipped ANY barite. They admit that they don't have a qualified geologist and can't afford one. This has led to problem 3....
3. The grade of barite that they have stockpiled is NOT acceptable to Steinbock. If it's unacceptable to their "master distributor", that means it's basically unsalable.
4. They have admitted that they have neither the capacity to further refine the barite NOR CAN THEY FIND ANOTHER BUYER!
PS.... Admitting they don't have the capacity to further refine the barite also means that NO EQUIPMENT IS COMING!
BWAAAAAAHAAAAAAAAHAAAAAAAAHAAAAAAAAHAAAAAAAAAAAA!!!!
Good DD IS NOT just reciting the PRs and company handouts and looking for the good. Those things are never hard to find.
Good DD IS finding out what the company and CEO do NOT want you to know.
