The past plays a very large part in helping to build a profile of a business. In order to be able to justify a loan against a company's chronological performance. It helps to decide whether or not they have proved their worth to be a sufficiently stable business to qualify for substantial funding, AND their ability to pay such a large loan.
Unfortunately, FLPC cannot tick any of the boxes when it comes to Profit Figures, Reliability, Stability and a consistently good performance when relating to Mining or cash flow.
How do you know the BoD has put hundred's of thousands of Dollars into a business which has nil cash flow. All management have said is, "...they are funding the day-to-day running of the business". In respect of the sum you quoted without proof and evidence of such funding, they only SAID it and not necessarily DID it, especially when FLPC has at least $1.3M debt?
If you believe they've put that amount in over three years, why didn't they use the alleged "Hundreds of Thousands of Dollars" to make inroads toward Mining and pay off a few debts. The idea is utter rubbish!! So, where's it come from then, guess!?
The day-to-day running of the business is Tea, Coffee, road fuel and Sandwiches, very little else. Gullibility at it's best! All they've done is buy a few Licences which, unless used, are worthless, plus they expire in October this year!
