Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
NMCX: inactive security. FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
That about sums it up.
Everyone please stay Positive NMCX as Shareholders... For the Next 100 Years!! Something will
Happen - Hopefully...
Michael Sheppard
God Willing
Progress.
Gold slipping. Hoping for support here.
If not $1700 next. Hit that $1950 magic number
and fell HARD.
Still a good price.
Bitcoin the reason?
Remember the higher the $ the better.
More inquires.
Thanks from me for shareholder $ assistance.
About sums up this laugher...
Nope. Not even a plug nickel...
Is this worth a damn? Thanks!!!
Haven't had to. The scam that was NMCX was obvious to anyone that knew mining.....Sadly, Sheppard had no clue. Not sure he gets it, even now.
I’m not even saying this has much of a chance
of some kind of a payoff.
But the claim that you have had any effect on this is ludicrous.
But then again , whatever floats your boat.
Yeah, you’ve really made a difference LMAO !!
Keep telling yourself that if it helps.
Umm, I've been on top of this scam for many years. There is no asset, just some mined over tailings that produced next to nothing the first time.
Have no idea where your other tripe comes from..which is what it is
rbtree, you still ripping off little old ladies for a living ?
I wasn’t aware that you did testing at skull valley to determine there are no assets.
You even know where skull valley is ?
Bullschite. There are no assets.
Gold Bullish!
I see it in the 3 month
chart via reversal this morning
but not ready to call it till $1950
We can only hope a mining solution
comes courting to NMCX.
We have earned it,10 fold!
News out... Can NMCX sell a couple ounces of gold to pay the balance$$ needed to survive?
Properties are small. I've heard
major mining co's have millions of tons in
reserve.
We are not an operational mine and no reserves.
Yet unique in that the Skull Valley
is dirt sitting in pits and no exploration
is required.
I don't know much about the CA properties.
I know they were core drilled for
samples and the samples were amazing or good.
Depending on who's telling the story.
Hope is free. Company is paying bills month by month
though.
True! Hope is free... I always wondered about the acreage NMCX has doesn’t seem like Very much!? Compared to the thousands of acres my other Company holdings have...
Hard not to agree with you!!!
Sending $20 this week.
Buying insurance and time. As much as I invested,
I'd be stupid not to. I want my money back that I invested.
So what other choice do I have? I'm not going to write this off.
.02 cent dividend offer or hopeful of a mining JV going
forward as mentioned in the shareholder letter. Metal prices in a bull market.
No Brainer.
My DD.
Looking at a .02 cent dividend. 6 billion outstanding (conservative).
Royalty fees, 6-8% as disclosed in MOP/
lease agreement from website in past years.
FED Taxes at 25% corporate rate.
So there is a buyer willing to pay 150 million dollars?
The only term we know is that MS has agreed
to work for the buyer after the sale.
IDK, what could be so hard in getting someone
to deposit 150 million dollars? For the life of me
most shareholders know how to invest money but
need to work on their understanding of their investments.
I would LOVE to walk away with a huge win
and never read another post again.
Yes ok I'll pray for that.
AND My relationship with my higher power is
personal. We have had words many times about
this company.
I feel like slapping somebody. Why it was just
2 days ago I sent an email of another
mining introduction. And no I never hear of any
progress to my many introductions.
Thank-you to the shareholder that kept the leases going
in CA.
You do your own DD. Freedom is not free. Somebody has to do the hard work.
I honestly have not followed close enough to offer an honest opinion. Although, if there is any truth to going to an asset backed dollar, they would be good investments:)
Thanks! I bought LRTNF in 2016 @ .20 Now @$ 2.00! Plus a lot of other solid companies. What’s your take on everything Gold & Silver going forward? If you care to reply. Thanks!
I hope so. It’s unbelievable how long this has gone on :(
Hey Monte - I know! 20 Years of this... Can they please just STOP the God Madness
New shareholder update out with some more promise. I just don’t understand why the deal, if there is one, cannot be completed.
What I am publically
noting is that this was called a
scam by many posters here for years.
When in fact there are
explanations that go beyond the
understanding of the extraction
process vs the assay process.
The previous management caused a lot
of problems.
We still have a chance here.
Some more recent regulations have
come into play. It's up to Mike Sheppard
to get this done.
Gold is resting below $2000 now. I
thought it would rise today with all
the uncertainty in the markets.
Seems like $2000 hold strong resistance.
Thanks for a bit of positive feedback !
If Everyone has stayed on board All this time there must be a reason for it. Maybe with higher $$ going forward Michael & Company can Set a Solid Plan going forward...
The variables of Skull Valley.
Commercial production:
The gravitation method on the remaining tailings of gold would appear simple. So how much gold is left for extraction in oz per ton?
The more complex processes of bench scale and production scale extractions.
What exact metals remain after those steps and processes in oz per ton?
https://www.alsglobal.com/en/services-and-products/metallurgy/feasibility-and-assessment/bench-scale-metallurgical-test-work
Tonnage:
Somewhere between 200,000-500,000 tons as indicated through PR's of long ago under HCCA and NMCX.
IMO the extraction variables added with past history is what's taken it so long for this to reward us shareholders
The good news? Donald Jordan fire assay methods just might have been valid. Sand711 with whatever experience he brought. He was or is in Mexico and left the moderator position here. So can you extract some reliable intel with bad actor behavior? IDK
More good news. Skull Valley appears to sit upon volcanic chutes or chambers from deep within the earth. Gold prices resting and consolidating. Very healthy sign in any charted investment.
For disclosure: I am not a miner and some of my terminology may not be correct. My understanding in the field always continues to improve. 17 years worth. I'd like to see resolve before I leave this earth.
Wish I had answers. My guess
I look at this like a real estate transaction.
When it sells the realtor gets a commission.
Exactly how IDK
The price of gold rising is advertising a bullish
signal to metal-commodities and that
IMO will bring more perspective buyers.
Board members not being paid- I believe Sheppard & Board r Banking big time from the $$ rises Gold! Why would they stay this long? All Old ?? & Dead .... They have solid experience !!??
Au$2450.. unfortunately we all know what the past is...
Btw- very well written post by you.
But what are your thoughts on why Mike Sheppard is still trying to
close on a contract with Skull Valley after all these years ?
especially when you factor in that he’s not being paid.
I was surprised to hear that every one of the original board members
Are still working with him. Also with no pay.
WoW ?? I recall All of theHistory Noted... Been a shareholder since 2000 - HCCA was symbol then... It’s been quite a lot of Nothing??
NMC's PAST
See post 2529. IMO this is the reason for the frustration of posters who link the fraud by a past CEO, by past legal counsel, WITH PRESENT DAY NMC. Those directors were found guilty. One jailed another died but prison was imminent. Many factual documents exist online.
https://www.cfo.com/banking-capital-markets/2007/08/ex-penny-stock-cfo-found-guilty/
A few years later the CEO Maurice Furlong added this problem for shareholders.
https://www.businesswire.com/news/home/20061227005132/en/NMC-Update
IMO-That history has impeded results. I've been a shareholder since 2002 or 2003. I bought millions of shares at .012-.015 cents. I can see many still hold. I live with the same frustration as those that post online. What past management did hurt me then and still is. I speak for myself and I don't represent the company.
NMC's PROGRESS
The lease with AZ was renewed. More custodial assays performed.
The Blackstone group was contracted and a PR happened Jan 17th 2008. They were hired as a broker/seller. Here is the exit PR 6 months later. I have the engagement PR as a PDF. I cant attach here.
https://www.businesswire.com/news/home/20080617005589/en/NMC-Issues-Update
As mentioned in the PR, the banking crisis caused private equity to evaporate. Blackstone was engaged to late in the growth cycle and at the VERY end of the real estate BUBBLE. The take away from that was: "Blackstone has granted NMC full access to the custodial assays commissioned pursuant to their engagement." IMO-CREDIBILITY REESTABLISHED
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=29828324
Here is an investor who did their own DD. I found this post when I was reading and searching all things NMC. His information is memorable to me because it was my initial email to Garrett Moran that sparked dialog. I had a pretty big investment in SIRI-Sat radio and Blackstone was critical to launching that product. I had all kinds of facts about what they were doing at SIRI. With a bit of credibility established, and a project manager assigned, another investor took that forward to the NMC board. That investor and the NMC board excluded me at that point from all future information. That was very frustrating for me. Later I understood why all negotiations must be kept quiet. Only credible companies do that.
https://www.blackstone.com/the-firm/
NMC Recent
3 Shareholder updates in 2020. The first update in years. Indicating a few deals that got close to closing, financial shortages, and whos been paying the bills all these years. While the struggle continues, the price of gold has hit an all time high.
http://nmcinc.com/web/
DISCLOSURE
I dont represent the company. I did this review without assistance. Its always expected of investors to do their own DD. The stress continues with my 6 figure investment showing zero value.
Au$2450, surprisingly there are 3 letters to shareholders on the nmcx website
Just in the last few months after years of not hearing anything.
I’m surprised that Mike Sheppard is still trying to get a contract.
And if you call him he actually answers the phone.
Post what you want
as long as the powers that
be allow it.
Until one has most or all the facts,
only then one can make informed statements
on any topic.
The problem with this company?
They dont update shareholders
with shareholder letters via
the website OFTEN enough.
samplescave, sorry to see you got booted.
Gone for a few years ? Bummer
IMO - Does Not make sense to sell shares Now! I did similar thing during Internet w- Technology stock... Went from .70 cents to 20.00$!Twice ??
Exit strategy
Called my brokerage and told them to take the loss
on NMCX. Shares will be wiped from my account.
BUT I'm sleeping again. My timing may be horrible
though as no time since 2012 has gold been this high.
And its not stopping here. US now 26 trillion in debt.
Oh well. Insanity over now.
Hard to argue that
ALERT ?? News Out... sad but true... Again “Nothing” !!
I Wish NMCX would file for bankruptcy... and GO AWAY ??
I have been invested around 17 years.
Over 6 figures.
Been to the lease twice.
Invested in a mineral survey.
Brought in a broker who did their own DD.
Bring me into court. I understand the anger about the lack of results. I also know the assets are REAL.
I WANT A .03 CENT DIVIDEND.
GETTING A POST DELETED.Wow WHAT AN ACCOMPLISHMENT
Maybe I’ll take it to court Lol
SEE CEO MIKE IN COURT ? LMAO !!!
If that was the case it would have happened years ago.
Personally see Mike in court. AGAIN. LMAO
DO YOUR OWN DD !!
I will personally shut this Scam down before it ever got started...
I will see Mike in U. S. Court over this Scam~
Been a shareholder with this company for 20 years!! In touch with Michael over the years... Not much else to do here but wait & see - ??
Followers
|
78
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
5657
|
Created
|
07/20/04
|
Type
|
Free
|
Moderators |
NMCX -- NMC Inc.
----------------------------------------------------------------
http://www.nmcinc.com/news040110.html
NMC, Inc.
Statement to Shareholders
April 1, 2010
NMC Inc. Shareholders:
As most all our patient shareholders are aware, maximizing the return on all of our investments has always been our mission and now has become a quest. To that end, we continue to do the right things, the right way and therefore, have achieved several milestones along the way:
And now, on 3-31-10, the lease for the adjacent 377 acres in the Copper Basin , Skull Valley Arizona site HAS BEEN RENEWED.
The renewed lease will allow us to re-direct our marketing efforts and to re-contact mining firms and/or joint venture partners who were not interested in only ore concentrates. We are pleased that the Arizona State Land Department has been so cooperative in granting this lease which will remove obstacles we have been facing in our sales efforts while providing additional options to a possible sale or joint venture.
While I am personally thrilled with this latest blessing, I remain cautiously optimistic as our greatest challenge continues to be assisting the potential buyers in obtaining financing when credit remains so tight as many mining companies have limited liquidity. That said, we would be open to receiving a substantial down payment which could then be distributed to our shareholders via a dividend plus a stock swap with a solid, publically held, mining firm - which is much more attractive to all parties.
Please know that this lease could not have been granted without the tremendous contributions of our Project Manager, Pete Rushbrook and our Webmaster, Jim Richardson who helped prepare the NMC Mine Operating Plan (MOP) and what you see on our website. I believe that this huge milestone would not have been achieved without the support of Senator of Arizona, Steve Pierce (introduced by Pete Rushbrook), the Arizona Governor’s Office (represented by Mike Anable), the Commissioner, Maria Baier and Joe Dixon, Minerals Manager of the Arizona State Land Department; and most of all, our LORD, as I believe that HE has a hand in our company. Your continued prayer and support is greatly appreciated.
In Your Service,
Michael Sheppard, President
/s/
----------------------------------------------------------------
Information from Pink Sheets:
http://pinksheets.com/pink/quote/quote.jsp?symbol=nmcx#getCompanyInfo
WARNING: RATED CAVEAT EMPTOR by Pink Sheets
2005 Info from Arizona State Land Commission
http://jimewescamp.250x.com/nmcxinfo.pdf
NMC, Inc.
2711 Cool Lilac Ave.
Henderson, NV 89052
http://www.nmcinc.com
* Phone: 702-837-1163 ***THIS NUMBER IS DISCONNECTED***
Disclosure Category
No Information
State Of Incorporation
NV
*
Jurisdiction Of Incorporation
USA
*
Company Officers
Michael D. Sheppard, CEO, Chairman
*
SEC Reporting Status
non-SEC Reporting Company
*
Fiscal Year End
12/31
*
----------------------------------------------------------------
NEVADA SECRETARY OF STATE INFORMATION
Business Entity Information
Status: Default on 5/1/2007 File Date: 4/3/1984
Type: Domestic Corporation Corp Number: C2341-1984
Qualifying State: NV List of Officers Due: 4/30/2007
Resident Agent Information
Name: NEVADA AGENCY & TRUST COMPANY Address 1: 50 WEST LIBERTY STREET
Address 2: SUITE 880 City: RENO
State: NV Zip Code: 89501
Financial Information
No Par Share Count: 0 Capital Amount: $ 7,600,000.00
Par Share Count: 6,500,000,000.00 Par Share Value: $ 0.001
Par Share Count: 1,100,000,000.00 Par Share Value: $ 0.001
Officers Include Inactive Officers
ACTIVE Director - GEORGE BROWN
Address 1: 190 BETHLEHEM PIKE #1 Address 2:
City: COLMAR State: PA
Zip Code: 18915 Country:
Status: Active Email:
ACTIVE President - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Active Email:
ACTIVE Treasurer - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Active Email:
ACTIVE Secretary - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Active Email:
ACTIVE Director - THOMAS J SMITH, JR
Address 1: 1816 OLD NACHEZ TRACE Address 2:
City: FRANKLIN State: TN
Zip Code: 37064 Country:
Status: Active Email:
HISTORICAL President - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Historical Email:
HISTORICAL Treasurer - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Historical Email:
HISTORICAL Secretary - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Historical Email:
HISTORICAL Director - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Historical Email:
Actions\Amendments
Action Type: Amended & Restated Articles
Document Number: 20070320762-59 # of Pages: 6
File Date: 05/07/2007 Effective Date:
Previous Stock Value: Par Value Shares: 4,500,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 4,500,000.00 New Stock Value: Par Value Shares: 6,500,000,000 Value: $ 0.001 Par Value Shares: 1,100,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 7,600,000.00
Action Type: Annual List
Document Number: 20060240097-70 # of Pages: 2
File Date: 04/17/2006 Effective Date:
(No notes for this action)
Action Type: Amended List
Document Number: 20050199459-44 # of Pages: 1
File Date: 05/27/2005 Effective Date:
(No notes for this action)
Action Type: Annual List
Document Number: 20050113632-53 # of Pages: 1
File Date: 03/29/2005 Effective Date:
(No notes for this action)
Action Type: Amendment
Document Number: C2341-1984-018 # of Pages: 6
File Date: 01/06/2005 Effective Date:
CAPITAL STOCK WAS 1,500,000,000 @ .001 = $1,500,000 DEG
CERTIFICATE OF AMENDMENT FILED AMENDING STOCK. (FILING FEE $1650)
(12) PGS. DEG
Action Type: Annual List
Document Number: C2341-1984-002 # of Pages: 1
File Date: 04/21/2004 Effective Date:
List of Officers for 2004 to 2005
Action Type: Merger
Document Number: C2341-1984-016 # of Pages: 12
File Date: 09/09/2003 Effective Date:
ARTICLES OF MERGER FILED MERGING PEEPLES MINING COMPANY, A (NV) CORPORATION,
#C2180-97, INTO THIS CORPORATION. NAME CHANGE AMENDING WITHIN MERGER.
(1) PG. DEG
----------------------------------------------------------------
SECRETARY OF STATE (ARKANSAS) INFO FOR NMC NEVADA
(Application for Authority to operate as a foreign corporation)
Jerry Haggard, Registered Agent (for Arkansas only) updated as of
October 6, 2007
----------------------------------------------------------------
SECRETARY OF STATE INFORMATION FOR CALIFORNIA PRECIOUS METALS
**COULD NOT FIND SUCH A COMPANY IN TENNESSEE**
http://www.tennesseeanytime.org/soscorp/
Thus, this company is not authorized to do business in Tennessee
The company was registered in Nevada on July 10, 2007, as an LLC.
FILE NUMBER: E0495972007-3
Manager: Michael Sheppard
1946 Selby Avenue, Suite 306
Los Angeles, CA 90025
Registered agent: Acorn Corporate Services, Inc.
3225 McLeod Drive #110
Las Vegas NV 89121
---------------------------------------------------------------
Public record information about Michael D. Sheppard, President
Michael D. Sheppard
Address on Nevada SOS appears to be his home address
Public deed shows that this property is jointly owned by him and Barbara Sheppard
Land size: 80,645 square feet Value: Approx. $498,000
Public deeds show other possible properties
Public records show three vehicles, all manufactured by Lexus
Public records show the following businesses possibly ran by Sheppard:
New Life Corporation of America Brentwood TN President 2001-2004
Lars Desert Oasis Suncare Products Nashville TN President 2001-2003
National Community Foundation Brentwood TN Contact 2002
Providential Properties Brentwood TN 1998
Nulife LLC Henderson TN 2001
Born: 1945
---------------------------------------------------------------
NEW LIFE CORP. INFORMATION
If it is the same Michael D. Sheppard that operated New Life Corp., the following information is relevant:
1. New Life Corp. sold an investment program that came under regulatory scrutiny and resulted in a class action lawsuit.
2. Maine sanctioned New Life Corp./National Community Foundation for not having its agents registered:
3. Pennsylvania's Attorney General filed suit calling it an elaborate sales scheme:
http://www.nashvillepost.com/news/2004/10/28/updated_519_pm___penn_ag_accuses_new_life_corp_of_engaging_in_x2018elaboratex2019_scheme_
4. 1999 Forbes article about National Community Foundation/New Life
http://findarticles.com/p/articles/mi_kmfor/is_199909/ai_n15370240
5. 1999 article with comments from Mr. Sheppard
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/19990308/SUB/903080722/-1/INIssueAlert04&template=printart
6. Class action lawsuit was filed against Sheppard and the company. It resulted in a settlement and an award of $232,000 in attorney fees to the plaintiff's counsel. The case was 2000cv6314 (Central District of California -- Los Angeles branch).
----------------------------------------------------------------
P/R I/RCONTACT INFORMATION FROM LAST BUSINESSWIRE PRESS RELEASE:
CONTACT: Jordan Richard Assoc. LLC
Madeleine Franco, 702-256-4905
ir@jordanrichard.net
----------------------------------------------------------------
LAWSUIT INFORMATION
The SEC filed suit in 2004 for stock fraud against the principles of this company. After several years of litigation, a jury determined that securities fraud violations occurred in connection with the marketing of the company's stock. Of course, the officers involved resigned from management of this company; however, the history of the suit provides reason to investigate the veracity of the company's claims and investor's should carefully analyze the lawsuit.
The suit is captioned S.E.C. v. Pietrzak & Furlong, Case 03C1507, United States District Court for the Northern District of Illinois
2007-Nov-11 Final Judgment by the Court
http://investorshub.advfn.com/boards/read_msg.asp?message_id=24621493
2007-Oct-11 S.E.C.'s Reply in Support of Motion for Permanent Injunction
http://investorshub.advfn.com/boards/read_msg.asp?Message_id=23660767
2007-Aug-03 S.E.C.'s press release announcing jury verdict finding fraud
http://investorshub.advfn.com/boards/read_msg.asp?Message_id=21846823
----------------------------------------------------------------
NEWS and PRs
January 18, 2008 NMC publishes disclosure document
http://www.predictwallstreet.com/news/default.aspx?storyID=66976014&symbol=NMCX
September 13, 2007
NMC Provides Update (new subsidiary formed, website updated, unaudited financial info)
http://today.reuters.com/news/articleinvesting.aspx?view=PR&symbol=NMCX.PK&storyID=55619+13-Sep-2007+BW&type=qcna
May 1, 2007
NMC Provides Update
http://today.reuters.com/news/articleinvesting.aspx?view=PR&symbol=NMCX.PK&storyID=61068+01-May-2007+BW&type=qcna
April 5, 2007
NMC Reports on Shareholder Meeting (appoints five directors)
http://findarticles.com/p/articles/mi_m0EIN/is_2007_April_5/ai_n20510769
March 26, 2007
NMC Shareholders We Need Your Vote
http://findarticles.com/p/articles/mi_m0EIN/is_2007_April_5/ai_n20510769
February 17, 2007
NMC Provides Update (stock and debt cancellation)
http://findarticles.com/p/articles/mi_m0EIN/is_2007_Feb_13/ai_n20510751
April 27, 2005
NCM Inc. Statement Concerning Status of Unaudited Financial Statement
http://findarticles.com/p/articles/mi_m0EIN/is_2005_April_27/ai_n13655570
Nevada Secretary of State information:
NMC, Inc. Provides Update
Over-issuance of Common Stock
NMC, Inc. (Pink Sheets:NMCX) announced today that during the audit of the company's financial statements for the years ended December 31, 2004 and 2005, by the Public Companies Accounting Oversight Board (PCAOB)-registered accounting firm, the Company discovered that the number of shares issued by its in-house transfer agent exceeded the company's authorized shares of common stock. This over-issuance was disclosed in the Company's financial statements. Subsequent to the completion of the audit, the Company discovered a more recent over-issuance by its in-house transfer agent. These over-issuances totaled approximately 1.7 billion shares. Additionally, at the time the Company's prior board of directors created the Class A Preferred Shares in July of 2004, there were not, nor are there currently, a sufficient number of authorized shares of common stock to accommodate conversion of the approximately 400 million outstanding shares of Class A Preferred Stock (each of which converts into 5 shares of common stock), now held in a revocable trust by family members of a former officer, director and current shareholder of the Company.
Prior to the discovery of the greater imbalance between authorized shares and issued and convertible shares, the Company had prepared a letter to all shareholders, then intending to make its audited financial statements for 2004 and 2005 available. However, the aforementioned imbalance may require restatement of the Company's financial statements for the years ended December 31, 2004 and 2005.
Management is conducting an internal investigation of the facts surrounding the over-issuance and related matters. Once the board of directors has evaluated the circumstances and impacts of these issues, it will recommend corrective action. In the meantime, the board is exploring possible alternatives specific to the over-issuance, including without limitation, increasing the number of authorized shares and/or a reverse split, any of which would require a majority vote of the shareholders. Pending final resolution of these issues and subject to limitations under Nevada law, the Company expects to treat outstanding shares held by non-affiliates of the Company as having been validly issued.
The Company expects to make audited financial statements available after the resolution of these matters and completion of its audits, including an audit of 2006, by means of the filing of a Form 10 with the Securities and Exchange Commission (SEC).
Having accepted the resignation of its in-house transfer agent as a result of the aforementioned events and other problems, the Company has engaged the services of an external, independent transfer agent. The new transfer agent is expected to begin transfer duties for the Company in January 2007.
Without giving effect to the over-issuance and related issues that may have an effect, NMC, Inc. had an accumulated deficit of approximately $65.4 million at December 31, 2005, principally attributable to the writing off of acquired assets and operating expenses.
During the audit, three independent geologists and two assayers conducted four geological reviews and full custodial assays on all its properties, although only the Skull Valley property was verified for the purpose of the audit.
Buyer Payment
On December 23, the Company received a payment in the amount of $350,000 pursuant to an agreement for the sale of first-stage precious metals ore concentrates for a total purchase price of $500 million to a privately held entity. Per the agreement, additional installments on the down payment of $11 million are payable over the next 23-month period. After the $11 million down payment has been paid, the customer may begin taking prorated possession of the first-stage concentrated ore, and the remaining $489 million balance of the contract is to be paid over 8 years. There can be no assurances that this contract will be fulfilled in its entirety, and there is no prepayment penalty or limitation on assignability.
Civil Litigation
In March 2003, the SEC filed a civil action against two former officers and original members of the Board of Directors. This action continues, with a court hearing scheduled for March 19, 2007. These former officers and original members of the board of directors have resigned, and the Company is not a party to the litigation but has incurred and may continue to incur some expenses attributable to the litigation.
Form 10 Registration Statement
At the present time, management anticipates that a Form 10 Registration Statement--which is expected to contain audited financial information for the most recent three years ended December 31, 2006--will be submitted to the SEC no earlier than the second quarter of 2007.
Communication with Shareholders
In the interim period and prior to the effectiveness of a Registration Statement, the Company has been advised by its legal counsel to limit its news releases significantly; however, the Company anticipates that it will continue to keep the market informed of critical developments.
About NMC
NMC, Inc. has interests in mining and ore processing. In addition to its Skull Valley claims, the company owns 7 mining claims of 20 acres each in Mesquite, Nev. and 17 mining claims on 340 acres in San Bernardino County, Calif., in all of which it owns 100% of the mineral rights.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |