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Friday, April 16, 2021 2:30:46 PM
Likely near end-of-life.
Read 2020 Annual Report and note:
1) "going concern" comments and worries! UAMA would have lost money on mining where it not for the one-time credit for the gift of old and outdated processors from Woodland(?). It is likely the value of these old processors is far lower than that credited on the Income Statement. Remember they're UNAUDITED and likely to be changed following any future audit.
2) write off likely for TNW Wireless
3) write off for retained assets related to $47M bankruptcy of Teliphone-Navigata-Westel
4) Miners in deep trouble with Quebec Court shut-down order and comments that Company may face very costly move to relocate miners to non-agricultural land and restore existing land to pure agricultural use. In addition troubles with electrical service and Cetaq, UAMA et al sought creditor protection from power COOP likely to prevent shut-off off of service. Maybe they're delinquent or not paying for their electric bill!
5) BS comments on reason for stopping mining operations in early 2020. Though then we learn from Lawry Trevor-Deutsch, VP that they are now only acting as a "landlord" and renting Blockdomes to small miners who actually do the mining. All likely in an attempt to avoid operating Cetaq, UAMA et al miners in contempt of Court.
6) there's a working capital crisis at UAMA and that's also acknowledged in the 2020 Annual Report. They say that it is "unknown" if they can raise capital, when you know they've already tried and failed.
I've said it over and over, "at UAMA our most important product is the ILLUSION of progress". Illusion it is and a closer look reveals all the rot and failures by a remarkably incompetent management team. This is the same team that killed, Jitec, Inelco, Teliphone, Navigata, Westel, TNW Wireless, TNW Wireless and a host of other named and numbered companies that are long gone.
Now it should be nor surprise that it would be difficult to raise capital with this track record. However, having a convicted criminal as President, CEO and CFO makes it nearly impossible to raise capital.
Mr. Benoit Laliberte, President, CEO and CFO of UAMA et al has a long and checkered history of business failures. In fact, Mr. Laliberte has never built a business of lasting value.
All that said, EXPECT UAMA TO FAIL IN 2021.
CAVEAT EMPTOR
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