Anyone considering this company should read all their news, most of which is also posted on OTC M as "filings". They have repeatedly made wild claims about assets, but have provided little to back up the inflated numbers.They've made repeated claims of having approved financing but it never materializes. They were so broke about 1.5 years ago, that they lost the Hotel Marion after an alleged fire, and couldn't even come up with the ~$69000 in owed taxes, which is what it was acquired for in a tax auction. (The current owner has it listed for sale at $224,000, so it clearly is still not repaired) Yet, EFLN supposedly paid about $4m for it.
They do have a couple small retail establishments that bring in a small amount of revenue, but the property taxes on the raw land and the mortgage payments eat into what small profits they might have. Their plans to construct the mall are contingent on this so called financing they repeatedly claim to have sewed up. Where is this money? Who is the source of these funds?
And worst of all is the Liberty Mines claims, which they have leased for an appx $4000 month in lease fees. They have repeatedly tried to attribute a $500 million value to the claims and call it an asset. This is fraudulent, as legally, no inground value can be attributed to a mineral resource, let alone to proven reserves. But, these old claims have neither a resource or proven reserves, as no exploration, drilling, assaying, or feasibility studies have been done at any of the claims. In fact, only a few of the claims were actual producing mines which recovered more than 50,000 ounces. The largest mines that had bigger historical production are in the area, but not part of these claims. But none of that matters now, as each individual claim would need its own exploration to be done. Some are placer, some are lode, which requires different work to be done. If placer, only 20 acres can be worked at a time, and, due to a moratorium in Ca, no dredging can be done. So they would have to avoid the rivers. If lode, new drills would have to be sunk, after geo studies done as to where said drills might best be placed. And then much more work just to get to the position of being able to possibly make a production decision. Most old mines are not found to be profitable. Of note is the fact that there are only a handful of gold mines in operation in California today.
Bottom line, it is blatant fraud to attempt to call these old claims an asset. Claiming that $500m number is fraud, I repeat. (See the SEC Industry guide 7 guidelines.) Of course, no accountant worth his salt, or auditor would agree. But, being as they don't file audited financials with the SEC, they can try to get away with said fraud.
This talk of a float lock, and of the company buying back shares is also a hoot. The company has not shown themselves to have the means to have bought back 160,000,000 shares--plus maybe in the process of buying another 50m back--with what source of funds? Heck, they couldn't even come up with $69k to save the old decrepit fire damaged Hotel Marion.
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