There is a big difference between “cannot mine enough” and “cannot sell at a profit” even if the money losing outcome is substantially the same. “Cannot mine enough” indicates that a lot more work and investment remains before profitability is possible, or possibly the coal reserves are not sufficient. “Cannot sell at a profit” indicates that a slight improvement in the coal markets can change the outcome completely. Barring any improvement in the coal markets Quest could still potentially reach profitability by streamlining the efficiency of its procedures. I’m not saying it can be done. It may all be pie in the sky hopefulness. But it appears to me that the mining capability is there currently. However, there is not much point in mining what cannot currently be sold at a profit. They have made some attempt to mine and sell coal. They wound up in the red for several months. It appeared that they were making progress initially during the last quarter of 08. But the last few months that were reported went deeper into the red again. Who knows why??? Weather, declining coal prices… whatever. They may surprise us yet. Based on its history I’m not holding my breath though.
Eugene has used shares to help pay some expenses. That is the sole purpose of issuing shares for any publicly traded company though. Some investments are obviously more of a sure thing than others. Eugene has not used shares to pay for "everything" as you said. Quest currently has a lot of outstanding debt. Obviously that debt was not covered by shares although some expenses have been. It is nothing out of the ordinary though. There may be no future for Quest. But the Wells notice does not stop Eugene from continuing the coal mining business. Only a forced liquidation will do that. The next BK hearing takes place in mid-June and may clarify that situation. This thing may have another pop left in it like it did last June. If you remember, that one was based on pending news and it followed previous reverse splits, dilution and failed mining attempts just like what is going on now. That didn’t stop it from popping then. What makes you think it cannot pop again? To be fair, I am under no illusions that it will pop again. I’m just saying it could.
About that dilution… It has been the name of the game so far and I agree that more dilution is on the way along with possibly another RS eventually. I predicted that the high volume days were likely dilution in progress when jr claimed it was MM mirror trading before the annual report clarified the situation for us. I’ve read the Qs. The annual report states that the AS is currently not high enough at the current pps to cover existing convertible debt obligations. None of that has stopped it from popping before. And it has nothing to do with Quest’s ability to eventually mine and sell coal or emerge from ch11 BK which could seriously make it pop. I’m not trying to pump it though. I’m under no delusions. I know the odds are stacked high against Quest now. I’m watching with interest just like everyone else here.
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