Again Bankshot is wrong. The fee was for $9K per month, period. The amount that $88,620 was the amount that accrued for the period 12-2007 through 12-2008. Arithmetic is not hard if you read the word problem closely. Clearly seeing as how the cash flows DO NOT include the $2M that he asserts, perhaps he should go back to Accounting 101. Just more seemingly intentionally posted erroneous missinformation from our friend. Just a little common sense would go so far with him and a few others.
How do your mistake "$9K" {your figure} for "$9,500" {the filing}?
How do you mistake "for the period 12-2007 through 12-2008" {your period, "12-2007 through 12-2008"} for "effective November 30, 2007" and "The Company had a payable balance accrued of $86,820 at December 31, 2007" {the filing, "at December 31, 2007"}? You moved up the starting month, from November to December, and added a year to the period? Too freakin' strange.
Is the $9,500 figure a typo, too? lmaooooo... Is the November 30 date a typo, too? lmaooooo... Is the 2007 date a typo, too? lmaooooo...
Your deliberate and weak attempt at misinformation once again proves that I am right, the ruling on the field stands, and casts substantial doubt regarding your honesty and integrity during your year long agenda here on this message board.
The Company had an agreement with HPUs, LLC, whose Managing Member, Patrick Engel, is related to the Company’s Chairman, effective November 30, 2007 to provide management services. The contract was for one year, automatically renewable unless terminated for a monthly amount of $9,500. The Company had a payable balance accrued of $86,820at December 31, 2007.
Oh, yeah, explain the following two entries. 3 months {from June 30, 2008 to September 30, 2008} @ $9,500 per month = $28,500 total. $28,500 + $70,244 = $98,244. Explain how the accrued amount got to $221,838 at $9,500 per month over 3 months...from $70,244? You can't. I rest my "forensic" case, lol...
Entry (1): The Company had an agreement with HPUs, LLC, whose Managing Member Patrick Engel, is related to the Company’s Chairman, effective November 30, 2007 to provide management services. The contract was for one year, automatically renewable unless terminated for a monthly amount of $9,500. The Company had a payable balance accrued of $221,838 at September 30, 2008.
Entry (2): The Company had an agreement with HPUs, LLC, whose Managing Member Patrick Engel, is related to the Company’s Chairman, effective November 30, 2007 to provide management services. The contract was for one year, automatically renewable unless terminated for a monthly amount of $9,500. The Company had a payable balance accrued of $70,244 at June 30, 2008.
By the way, why do you think they, deliberately, in my opinion, left the "may be converted into shares" phrase off this disclosure of the $1.2M {$1,214,916 updated "version", guess they assumed the same note in two different amounts, lol, or maybe it's another typo or, what the hell, it's only 14,916 dollars...it's not like anyone will do a "forensic accounting" of it, lmaooooo} note?
Latest filing:
The Company assumed a note issued by Dutch Mining, LLC in the amount of $1,214,916 to Embassy International, LLC, and Florida limited liability company controlled by the family of the former Chairman of the Board, Ewald Dienhart. This is a demand note with $900,000 secured by the mill equipment at an interest rate of 6% and the balance unsecured with a 0% interest rate. The parties have agreed not to demand the loans through December 31, 2012 therefore the loans are recorded as long-term liabilities
On January 16, 2007, the Company assumed a note issued by Dutch Mining, LLC in the amount of $1.2M to Embassy International, LLC, a Florida limited liability company controlled by the family of the Chairman of the Board, Ewald Dienhart. The note, which is payable on demand, is dated December 31, 2006 and carries an interest rate of 10.0%. The note is unsecured and may be converted into shares of the Company.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
