Wednesday, July 14, 2010 9:51:21 AM
Stockfire: Here is a list of questions I would like answered:
1. If QASP is funding the Croatian trials, is the money considered equity in Minseeker? I have not seen an exact number for the cost, but it would seem to me, it would be sufficient to pay for the 51% interest. Isn't funding the trials and making an equity investment the same thing?
2. Again I ask, why wouldn't the trust just fund the deal if they are comfortable issuing a SBLC?
3. What ever happened to the original funding, the one referenced in the first conference call? Why isn't that still available?
4. Don't understand the need for $1.8MM in more fees. The trust bank just needs to amend its SBLC to a new institution. Nominal expense. The guys lending the collateral must want more and they are pledging their assets for the additional time for the original close (6/20) to whatever the new date is.
5. The first bank wanted 100% cash collateral, not sure why another bank go for something different.
6. Does the lack of funding impact the release of the audited financial statements for 12/31/09 and interim (consolidating and consolidated) statements for 6/30/10.
7. QASP has diluted approx. 1 billion shares over the last year, what do we have to show for it? A flight school with a few students, about $550k in planes, $1MM tied up in Minseeker, and a jv with tiger.
BLTN: Fair enough, forget about the loan. Dean should give a mid-year state of affairs. Address the following:
1. Status of flight school, how many student, revenue YTD, and timing on receiving the certification to allow foreign students.
2. Pacific Air Repair: Average monthly revenue, how this fits into the bigger picture, and what type of work do they do.
3. New Hangar: Status, costs, completion time.
4. Helo parts: Has it closed? How was it paid for. Strategy.
5. Mineseeker: Equity contribution to date. Final purchase price for 51% interest.
6. Tigerfish: Funding needs, has the $5MM been contributed?
7. Acquisitions 1 & 2: Closed? What is the definition of closed? Are they QASP's 100%? If so, what is there revenues and cash flow.
These 7 questions would give shareholders a much better understanding of where QASP really is.
1. If QASP is funding the Croatian trials, is the money considered equity in Minseeker? I have not seen an exact number for the cost, but it would seem to me, it would be sufficient to pay for the 51% interest. Isn't funding the trials and making an equity investment the same thing?
2. Again I ask, why wouldn't the trust just fund the deal if they are comfortable issuing a SBLC?
3. What ever happened to the original funding, the one referenced in the first conference call? Why isn't that still available?
4. Don't understand the need for $1.8MM in more fees. The trust bank just needs to amend its SBLC to a new institution. Nominal expense. The guys lending the collateral must want more and they are pledging their assets for the additional time for the original close (6/20) to whatever the new date is.
5. The first bank wanted 100% cash collateral, not sure why another bank go for something different.
6. Does the lack of funding impact the release of the audited financial statements for 12/31/09 and interim (consolidating and consolidated) statements for 6/30/10.
7. QASP has diluted approx. 1 billion shares over the last year, what do we have to show for it? A flight school with a few students, about $550k in planes, $1MM tied up in Minseeker, and a jv with tiger.
BLTN: Fair enough, forget about the loan. Dean should give a mid-year state of affairs. Address the following:
1. Status of flight school, how many student, revenue YTD, and timing on receiving the certification to allow foreign students.
2. Pacific Air Repair: Average monthly revenue, how this fits into the bigger picture, and what type of work do they do.
3. New Hangar: Status, costs, completion time.
4. Helo parts: Has it closed? How was it paid for. Strategy.
5. Mineseeker: Equity contribution to date. Final purchase price for 51% interest.
6. Tigerfish: Funding needs, has the $5MM been contributed?
7. Acquisitions 1 & 2: Closed? What is the definition of closed? Are they QASP's 100%? If so, what is there revenues and cash flow.
These 7 questions would give shareholders a much better understanding of where QASP really is.
