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I am a believer >.< sorry but I got faith this will be good!! We still holding strong!!
prob get sued by the cardinal football team :P
UNCATEGORIZED
CAMEROON PROJECTS UPDATE – JUNE 21, 2016
JUNE 22, 2016 CARDINALRESOURCESCDNL LEAVE A COMMENT
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Updates can be hard to write when deep in the middle of the revenue generating projects and new contracts, as well as the administrative projects that we have at Cardinal Resources Inc. At the same time, stepping back we see that this is an exciting transition time for the Company. While many steps remain to reach our goals, we are working on a combination of exciting revenue generating projects and seeing significant progress on the opportunity front. The important work on catching up on the critical filings is moving ahead and with the addition of key staff we are striving to never be in the catch up mode of filings again.
This update focuses on a slice of the revenue generating work that we have been receiving the most questions about that is on-going at Cardinal Resources Inc. We will update our US services and systems projects, our China work and a new contract in Europe later in the month.
As discussed in past updates, Cardinal Resources Inc. (CDNL) has three projects in Cameroon. Two of these projects are related, while the Cameroon Pesticide project, presented in the June 10, 2016 update, is separate. This update covers the status of these three key projects including how revenue is recognized on the projects. Our financials are based on two revenue recognition models as we generate revenue through a combination of services and systems. For services our revenue is recognized as it is invoiced to the customer, while the revenue from system sales is recognized on a cost-to-cost percentage of completion (POC) basis. As a result invoicing on projects and recognized revenues may not match during the course of a contract or project that includes systems.
Cameroon Pesticide Project – Underway
This capacity building project is continuing to move forward with the analysis of the soil samples and the evaluation of the results. The objective is to use the data to determine sites that may require additional work or remedial action. It is too early in the process to tell which sites may require clean up and the size of any clean-up will vary. Revenue from this contract is recognized as the customer is invoiced.
For example, in our Midwest remediation project that we reported on previously, the soil investigation indicated a rather limited extent of contamination. However as the field work wraps up the size of the project is well over $1.0 million. As on the pesticide project, the revenue from the Midwest remediation project is recognized as it is invoiced.
Feasibility Studies and Environmental Assessments (FS/EA) – Underway
As previously reported this work is a new requirement tied to the original $28.8 million CAMWATER contract for providing our patented Red Bird System, tanks, piping, mobile laboratory and supporting engineering work. The purpose of the FS/EAs in this case is to document the economic sustainability and technical feasibility at each site while documenting that the systems can be installed and operated with minimum environmental impact. A similar analysis was also provided to the U.S. Export Import Bank (EXIM) as part of the application process for the funding. In their review EXIM concluded, that the project was environmentally sound and feasible. The reason that Cameroon is undertaking similar studies is that it is part of a new documentation procedure that covers externally financed projects.
Much of the field work associated with this project has been completed, and we are beginning to finalize the necessary reporting. We do have some new sites to review, but this will not hold up implementation of the original contract. This work which is directly funded and does not require Export Credit Agency (ECA) funding. As a consulting project revenue recognition is based on invoicing to the customer.
CAMWATER $28.8 million Contract – Finance pending
Anticipated to be completed by the end of June, the funding proposals are still being evaluated by the Ministry of Economy, Planning, and Regional Development (MINEPAT). While it has been a slow process, progress is being made and with recent changes at CAMWATER and Ministry of Water Resources and Energy (MINEE) the pace of work is increasing. The lack of clean water in the major cities as well as the countryside is in the news daily further increasing the pressure for the agencies to move forward.
We are continuing to meet in person and electronically with key people to provide any assistance we can to move this forward. From our perspective, whichever finance package meets Cameroon’s needs and can be implemented the fastest is the best.
This project combines the two methods of revenue recognition. Tasks that are invoiced monthly through the contract generate revenue that is recognized as invoiced. Revenue from Red Bird Systems and other goods like tanks is recognized using the percentage of completion method.
Forward-Looking Statements
Certain statements in this presentation constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged.
The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this presentation and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company¹s expectations.
Company Contact:
Kevin Jones, CEO
412-374-0989
I think its because cdnl finally got there first payments and are using that to pay off debts and buy new supplies.
Therefore any new income will make the pps go up.
All news coming out is just that news nothing like money and stuff we allrdy know happening. Like deals that are going on but they are receiving nothing yet, Or hiring new cfo person thingy.
It is good news don't get me wrong but its not bringing in money yet.
Once money get put in the banks we going to the moon imo!!
yah looks good volume is low i like it alot people holding 1 amazing news, not news we allrdy know I can see this jumping up big!!
Since volume finally slowed people stop selling price should go up no?
wait i dont get ur comment how does that anything to do with sec banning mistakes? Just looks like it took awhile to catch him but they eventually did?
ughhh wireless lag double post ignore this one
isn't low volume kinda good since means alot shares are leaving day traders and into hands of long term?
and its 24.15
i see vol !!
23.60
Still typing in all caps thats like yelling at us ( Attacking others) can I report him gees he pisses me off even when I have him on ignore
steady average day one great news and were good to go to break down .02 wall
yup i grabed 25k total 504k now avg .009 woot woot LETYS GO Boyz Show me the Greenz
This occurred in tge mourning if it was indeed a real buyout offer it should have been announced.
If I had a legit offer and got suspended I would have immediately post proof that day of the offer and show proof to my shareholders asap it looks like they fail at that so must be fake otherwise why else have they not said anything.
I got out because their explanation of patent was confusing, the website and twitter says they developed it, but the phone call said they bought it from someone that got it from a dead person lol. Then they showed lack of shareholder info during the call.
He's busy on a flight to russia :D.
Your call cannot be completed
I got curious and went on their twitter
ugh soo jelly wish I had spare money to buy more
might not happen twitter post his internet dead till mid day
hope u didn't really sell out
people see this ozze guy typing in caps and spamming on forum and say f this pump and dump im out. lol
Damn ozze is back to caps, back putting him on ignore till stops
OMG 8k out & ozze actually in non caps lock WTF
predicting a +20% day tomorrow after 8k release :D any other predictions who will get the closest #
good news is their sec filing seems to be getting posted on time instead of postpone for another month/week
Makes you wonder how much they really care about us investors.
I mean it would literally take him prob less than a minute to log on and check the info to give us, and make us feel better than he would actually take a few seconds to answer our question. Instead of sorry I don't have the information in front of me.
The guy sounded like he was doing something to walking somewhere or something since he couldn't hear some questions. You knew the call was today and you couldn't make time to sit somewhere quiet and have everything ready?
I did buy Nerg thinking Nerg allrdy had the thing patented and everything.
Although one thing sucks is they said guy who originally invented this died and whoever got it after he died sold it to emerald. So does that mean if any problem exist it will take awhile to fix, if it can be fixed by someone else?
didn't he say patent was currently under the name emerald or something
You guys still havn't put ozz on ignore yet? After like 5th post of all caps I put him on ignore
ughh double post cause of lag
although I don't get how the guy doesn't have all the info in front of him during the call since he knew people were gonna ask about shares exc... how he was prepared more beforehand. Kind of unprofessional not to have information at hand when Q&A investors is it not?
so they said the patent is pending does that mean they can get rejected at anytime?
aww thought wed jump to .02 at start with all the news and hype
2 am not sleeping till i see the opening bell on this bad boy !! Too exciting !!
woops wrong post lol
sadly not many people use landlines anymore
ugh these mm are starting to really get annoying nothing we can do eh =/