Telix QSAM Inc (QSAM)

[BuddyWhazhizname]

Hmm, no definitive news yet on July's definitive purchase agreement.

Back in July they announced an agreement to purchase the George B. Wittmer Associates, Inc. waste processing company of Florida. The sale was supposed to be completed by the end of Q3.

Of course, the stumbling block is the minor detail that they have to deliver $4 million in cash to complete the sale.

At June 30th they had $179,639 in cash, and were averaging $100K per month cash burn in Q2. In Subsequent Events of the Q2 report it said they did raise another $250K in July, then promptly raised the salaries of the CEO and the President. That cash should all be spent right about now on insider salaries and consulting fees.

In a couple weeks the Q3 report will give an idea of how much more dilution there's been.

Announce you're buying some great profitable company, sell stock, pay out the cash to the insiders, fail to raise the money for the purchase, say no more about it, then repeat. Fools and their money.