UAMA has working capital CRISIS!
Read every word of the 2020 Annual Report to understand how UAMA is facing a very real working capital crisis.
Look closely at the financials.
Operating expenses are too low to be believable. While not unusual for CEO and/or other officers to defer compensation, the OPEX with UAMA is highly suspect. As if no paid employees at all unless they are working part-time and working very few hours. While that's admirable in a startup, UAMA supposedly past that stage. They've spent generously on funding patent and anti-trust litigation and even defamation suits. Predictably they've all gone nowhere. So they waste time and money on initiatives that are directly related to building a healthy and profitable enterprise.
At the core of UAMA's current "challenges" is a very serious lack of working capital. Maybe add to that the lack of a simple, and fully stated management plan to bring back this business. Benoit Laliberte has always been short of specifics. He expects that his ego will carry the game. Sadly, with each passing day and every new screwup we learn that he is unfit to be UAMA President, CEO and CFO.
Mr. Benoit Laliberte has been labeled a convicted criminal by The Canadian Press. The evidence has been posted many times on this Board and he was found guilty on 44 counts of stock fraud, market manipulation and deceiving investors. As such he can't raise institutional capital from banks or other traditional sources.
And that......the lack of access to working capital has now brought UAMA to near extinction. Save replacing the CEO there's no upside at all for UAMA.
