Silver Penny Plays

[downsideup]

LOL !!!!!

http://www.sec.gov/Archives/edgar/data/1464830/000109181810000359/sfmi08161010q.htm

The only $$$ coming in that they show in the latest filing is from BORROWING another $1.4 million under MORE convertible notes... and then, they paid themselves $1.2 million just for the "consulting" work done figuring out how to borrow the $1.4 million ???

Magically, the consulting figures seem to be paid to categories that are likely $$$ going to Pierre's family... all went up a lot... while the numbers in other "consulting" manage to ensure any money that does comes in... gets paid out to "consultants".

LOL!!!! And, they're not DONE yet....

"We will need substantial capital over the next year. We believe that we have sufficient capital at this time to process tailings at our mine site, but will need about $6,500,000 to complete a confirmation process and commence processing raw ore. In addition, we financed a lot of prior activities by the issuance of convertible notes that mature two years after their issuance. In particular, as of June 30, 2010, we had outstanding $3,439,720 in notes payable..."

It appears to me that either they've misreported a WHOLE lot of stuff as "consulting"... or they've pirated and pocketed almost every bit of money that came in from their borrowings (ie, share sales)...

Spent 1/3 of a million on "accounting"... but didn't bother to audit the financials ?