Kej, thank you for your reply. I'm sure you know that any company not trading on a major exchange does not need to prove any assets, however, being that Petro America plans to enter the nasdaq in the near future, they obviously will have to prove the assets/liabilities, etc then and of course much more.
I agree with you on the fact that they have yet to prove any assets they claim to have, but this does not mean they do not have them. I understand your skepticism being with all the scandals and scams these days, it's perfectly understandable.
Let's face it, neither of us, nor any one here can for sure say they do or do not have any assets at all. But if they were a scam, this would have been over by now. There would not be any weekly updates, a respectable transfer agent, an underwriter, and all the other people/companies involved in this.
Keep in mind, private companies don't have to submit financials to the public either. This doesn't mean that they don't have any real assets. Think of Warren Buffett and Berkshire Hathaway. Back in the 60's, Berkshire was worth only $40/share with an intrinsic value of only $20/share. It actually hemorrhaged money. He didn't tell his investors what was going on most of the time, just sent a typical annual letter. But he quietly bought more and more companies, invested in many others, thus increasing it's value and assets. Look at it now, today 1 share of class A trades for $100,290. I'm not saying this is the next Berkshire Hathaway, I'm saying don't be too concerned with the means to the end, they will eventually show themselves.
Love conquers hate.
AI
