Kentucky Energy (fka QMIN)

[Anvil]

Roller:

Your on the right track in terms of valuation. However:

1. Logan & Kanawha pays QMNM for clean coal. Your cost estimates are based on "raw" coal. The element you are missing is how much the wash plant charging and the conversion rate between the raw coal and clean coal.

2. These small companies rarely trade on valuation.

3. The valuation should always be based on fully diluted shares not O/S. With the number of convertibles done, even when we get a new 10Q, it will be dated. How much of the recently issued shares were for conversions vs. new funding.