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Friday, February 14, 2014 10:12:36 AM
Here are the highlights for those with a basic financial accounting understanding:
Loss for 9 months, $400k
Cash $31k
Receivables $3.5 MILLION, mostly a note that is now in default.
Oil & Gas leases, $465k
"Restricted Securities" $3 MILLION
Not much of an asset base on which to borrow.
Then there's the partnership, "CAVU Resources Two, LP" that some debt holders have converted their debt to CAVU into shares of. Is the public company even an owner in this partnership?
And the convertible debt, "The company has entered into a series of notes with private investors to purchase existing vendor debt. These
notes have had various conversion terms that have all been converted into shares of the company retiring the assumed debt.
The company has two existing notes one with an outstanding balance of $381,969 with accrued interest. The second note has a currently outstanding balance of $66,100 and is secured by 53,662,000 of shares owned by Claymore Consulting, LLC and personally guaranteed by William C. Robinson. The company has started negotiations to settle both of these debts. "
And there's plenty of other debt.
Then the preferred, the shares that have 1,000 votes for every common share and are convertible into 100 common shares. But the best part (if you are a preferred holder, not so good for the common) is this: " In addition to the shares of Common Stock a Holder will receive in the event of a conversion of the Series A Preferred Stock, the Holders of Series A Preferred Stock shall be entitled to receive, out of the assets of the Corporation, cash in an amount equal to $10.00 for each one (1) share of Series A Preferred Stock (as adjusted for stock splits, combinations, reorganizations and the like) held by such Holder. "
It's not pretty. But don't take my word for it. Check it out - http://www.otcmarkets.com/financialReportViewer?symbol=CAVR&id=113807 -
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