Gulf Alternative Energy Corp. (GAEC)

[zekel]

repost/updated from yahoo: 2008 financials out -
Most notably (and laughably!) is this statement about the Beneficial owners:

Firemark Capital, LLC
Joe Schmoe, Manager & Resident Agent 4,557,260 shares (9.0%)
Address: 1947 Sparrow Ridge Road (according to Harris County Tax Records, this is Jack and Rowanne Uselton's home address)

IBIS Energy, LLC
Joe Schmoe, Manager & Resident Agent 4,755,420 shares (9.4%)
Address: 615 Flaghoist Lane (according to Harris County Tax Records, this is Darrel and Lorena Uselton's home address)**

**According to Fort Bend County, TX Tax Records, Darrel just purchased a new home for $825,000 on March 14, 2008 at 10111 W HIDDEN LAKE LN, RICHMOND, TX. 77469. The property has an assessed value of $1,036,380 and was bought with "cash".

"Joe Schmoe" - LOL!!! Why not just call them Beavis and Butthead? Everyone knows that Darrel and Jack Uselton, are the owners of each of these companies!! GEEEZZZ - call a spade a spade will ya?

If you may recall, the Company made this 2007 statement:
"On July 17, 2007 the Board of Directors, after becoming aware of an investigation of Darrel and Jack Uselton for securities related matters, resolved that the Company and all officers and directors should sever all business relationships with Darrell Uselton, Jack Uselton and any entities controlled by the Uselton’s. In order to separate the company from the Useltons all of the shares held by the Uselton’s or their entities were subsequently purchased by Galleria Asset Management, Inc. The President of Galleria Asset Management, Inc. is John Thomas Cloud and is located at 160 Wimberly Ranch Drive, Wimberly, TX 78676. The registered agent is William A. Carmichael"

Yet, quite disturbing, the opposite appears to be true. Notwithstanding Darrel and Jack's other 8.457 million share holdings (pre-split) through Tejas Capital, Accelerator Partners, Brazos Capital and Valores Fund which may or may not have been absorbed through Galleria Asset Management, the net portolio appears to actually INCREASE for Ibis and Firemark!!

In 2007, Ibis Energy (Darrel Uselton) was issued 112,770 shares of GFET (2.255 million pre-split), yet his current holdings are now 4.755 million. Similarly, in 2007, Firemark (Jack Uselton) was issued 7500 shares (150k pre-split) while his holdings now have dramatically increased to 4.557 million shares!! Say it ain't so Kathleen!! WTF!

Other items of note:
Typo carry over from 3rd qtr financials - corporate phone number should be 713-461-9229, not 713-463-9229.

New website noted in financials as: http://www.gulfalternativeenergy.com/ . Typos on website still erroneously show the stock ticker as GEAC instead of GAEC.

Outstanding shares ballooned from 47,086,265 to 50,586,265 in the last quarter alone (7.4% increase for the quarter, 29% increase for the year). Personal ATM Shares issued for cash include 1.0 million shares at an average price of $0.025/share, and 2.5 million shares issued for debt conversion generaing $225k in proceeds.

"We do not have enough cash to satisfy our capital requirements for the next twelve months"

"We currently have few assets ($15k) and no income."

"Our general and administrative expenses decreased from $4,154,833 for the year ended December 31, 2007 to $606,071 for the same period ended December 31, 2008." - congratulations - guess William Carmichael and JT Cloud are officially retired! However, with Kathleen's salary now at $21k per year, what is the other $585k for??!?

GAEC has an accumulated deficit during the development stage of $6,619,931 as of December 31, 2008 and a working capital deficit of $319,215 at December 31, 2008.

Gulf Alternative Energy is still a development stage company

Left over business from the "old" management: On February 13, 2007 we granted options to two shareholders who were included in the original offering, to purchase up to an additional six million shares. These options had an exercise price equal to the par value of the common shares ($0.0001) and must be exercised within one year. As of December 31, 2007, all of the six million options had been exercised, resulting in a cash receipt of $600 (YUP! - that's right, $600 bucks for 6 million shares - now THERE is fiscal responsibility for ya!).

"We have one full-time employee and no part-time employees" - Kathleen still a one-woman show!