I smell BS and the ponly thig that will be running is more BS from that lying, spineless, POS scumbag cockroach SW. He has already ruined all the origional shareholders. At $0.001, I'm still down 90% from that lying scumbag.
From the 10Q/A:
Going Concern
The Company has experienced recurring losses, has a working capital deficiency of $12,351,615 and an accumulated deficit of $17,949,696 as of February 28, 2009. The Company’s current investments are limited to its investments in certain natural gas producing properties in Texas. Future realization of the Company’s investments will depend upon obtaining debt and/or equity financing to allow for the development of oil and gas properties, of which there can be no assurance. Over the next twelve months, management is confident that sufficient working capital will be obtained from a combination of revenue and external financing to meet the Company's liabilities and commitments as they become payable. The Company has in the past successfully relied on private
placements of common stock, loans from private investors, sale of assets and the exercise of common stock warrants, in order to sustain operations. The Company increased the total number of authorized shares to provide for the conversion of debentures for equity, use equity positions as incentive for attracting professionals, payment of professionals, sell additional shares for cash and potentially use equity as payment for mergers and acquisitions. There can be no assurance that management’s plans will be successful. Failure to obtain sufficient working capital from external financing will cause the Company to curtail its operations.
Accordingly, the consolidated financial statements are accounted for as if the Company is a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amount and classification of liabilities or other adjustments that might be necessary should the Company be unable to continue as a going concern.
The Company has a substantial amount of debt in the form of convertible debentures. Since our increase in our authorized shares in March of 2008, we have been able to execute conversions of debt for common shares in accord with the terms of our notes. Making these conversions has allowed us to avoid being defaulted on these notes, an action which would likely result in the note holders seeking relief by exercising their first priority interest in the Company’s assets, and, in all likelihood, resulting in the discontinuation of our operations. In making these conversions however, the volume of stock in our market has placed downward pressure on the market price of our stock. Since the reduction of our debt upon each conversion is based on a discount to the market price of the stock and the stock price has been low, the interest on the notes has been greater than the amount of debt relinquishment we have experience on the conversions. Since the Company does not have sufficient cash to pay these notes and the debt continues to grow, our ability to use equity to make acquisitions and raise capital has been restricted. The convertible debt also contains freestanding embedded derivatives which result in the recording of derivative liabilities on the Company’s balance sheet that significantly exceed our ability to pay with cash. Because these derivative liabilities are calculated on a quarterly basis and based on the market price of the Company’s stock, our financial condition and results of operations are subject to high volatility.
We are currently focused on identifying the options available to us that would allow us to continue to expand and grow operations and service our debt. By solving the issues surrounding our debt we believe that this will enhance our ability to use equity positions as incentive for attracting and paying professionals, as well as sell additional shares for cash to help us execute and finance our business plan. Though no plans exist at this time, we may in the future use equity as payment for mergers and acquisitions. Such issuances of additional Company stock will have a dilutive effect on common stock holders.
THE ONLY THING I SMELL IS A R/S!
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