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Re: benzdealeror2 post# 42253

Tuesday, 04/24/2007 8:49:58 PM

Tuesday, April 24, 2007 8:49:58 PM

Post# of 115222
Financials are FAKE...I have just reviewed the financials and as a former KPMG auditor these do not even come close to US GAAP.

1. No Opinion by the "Auditors"
2. Depreciation is way understated at $100,000 vs. $22 million in Depreciable assets.
3. Accounting for future minerals with offsetting liabilities doesn't comply with US GAAP otherwise exxon would be worth Trillions
4. No adequate disclosure of notes with terms etc. I bet they are death spiral notes
5. Decrease in inventory not reflected in income statement with no other disclosure.
6. Disclosure 0) is not applicable in first paragraph unless this is a bank or mortgage company
7. Currency disclosure inadequate
8. 6,000?Cash for billion dollar enterprise?