I follow what is written in the Disclosure Statement. Which reads:
In connection therewith, Gwenco granted the investor a
royalty on fifty percent of Gwenco's gross profits generated from coal mining at Gwenco's leased mine.
Gwenco guaranteed payment on a note in the amount of $300,000 made to Scott
Whitson. This note was secured by 50% of the outstanding capital stock of Gwenco. The
debt required 4 annual payments of approximately $75,000 plus interest. As of December
31, 2005, Quest and Gwenco were in default.
As far as I'm concerned, the Disclosure Statement is correct.
It is you people that say the above is not material.
And, if so, there needs to be clarity before I decide to get back in.
