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EFLN still has leased land with minerals-lol

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DragonBear Member Level  Monday, 06/22/20 12:54:56 PM
Re: Sasha72 post# 60937
Post # of 60964 
EFLN still has leased land with minerals-lol

Which is precisely what landed the Stefanovics in the hot soup of the SEC.

[url][/url][tag]Litigation notice[/tag]

Quote:
The SEC's complaint, filed in U.S. District Court for the Middle District of Florida, alleges that, in its first quarter through third quarter reports for 2017 and in its 2017 annual report, Efuel stated that it owned $500 million in assets comprised of "land, minerals and gold deposit...

The SEC alleges that, in reality, the defendants had simply acquired the right to lease the land for six years, allowing the company to explore for and extract minerals, after which it had the option to purchase the land for the price of $750,000.



It was quite hilarious when announced. Lease some California land for a few $K/month. Then presto - they suddenly claim assets of $500M. Unproven, but who cares.

Apparently the SEC did care.

The Jewel of the Mind is Colored with the Hue of what it Imagines
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