Hello everyone, I calculated to 30/09/2010 inventory with the gold price: $ 1280 per ounce, 1 ounce = 28.35 grams, 1 kg = 1000 grams.
Gold Inventory
$ 15,315,872 (as of 09/30/2010)
15 315 872 / 1280 = 11965.525 oz
11965.525 28.35 * 222.63 = 339 grams
So we avaons to 30/09/2010 339 222.63 / 1000 = 339.23 kg of pure gold.
If I'm wrong please correct me thank you.
The only thing I derrange in the 2010 report is the part where he talks about uncertainty dilution to finance the activity when they make money? :
RISKS AND UNCERTAINTIES
During the year ended June 30,2010 and June 30,2009 we had a net profits of $ 2,309,9388 and $ 489,631 respectively. We expect to continue to generate Profits and expect our revenues to continually increase. For these same periods, we had total revenues of $ 6,172,876 and $3,027,000, and operating expenses of 3,862,938 and $ 2,537,369 respectively. Management continues to look for other operations for Prom and/or its subsidiaries. filiales. There is no assurance we can increase our revenue sources and it is unlikely that we can lower our expenses in our present mode of operations There is no guarantee that all of the above will happen. For the ended June 30, 2010 we financed portions of our operations from $ 6,172,876 in revenue and $ 2,803,987 from our Chief Executive Officer and other major shareholders, and $3,000,000 in the form of a purchase of 300,000 Preferred stock. As June 30, 2010, we have only $678,623 of cash, which is insufficient to meet our operational goals and business plan. We have required, and will continue to require, substantial capital to fund our business operations. We have no commitments, agreements or understandings regarding additional financing and we may be unable to obtain additional financing either on satisfactory terms or at all. We expect to pursue additional financing through debt or equity financing. If additional funds are raised or acquisitions are made by issuing our equity securities there may be dilution to the equity securities of our existing shareholders. We may also incur debt or assume substantial indebtedness. Accordingly, the inability to obtain such financing could have a material adverse effect on our business, financial condition and results of operations. However, as noted above our management has agreed to provide us with the necessary funding for the next two years of operations.
