Replies to post #30740 on Xun Energy, Inc. (fka XNRG)

[daddyvlo]

BOOM. Agreed

[Cassandra]

XNRG: MAJOR understatement of operating expenses in the quarterly report for QE 2/28/14!

XUN reported only $81,803 in operating expenses for the entire 9-month period ended 2/28/14 ($9,089/mo). Salary expenses alone would have totaled $315,000 ($35k/mo). The operating expenses shown for the 9 months ended 2/28/14 are LESS than the 3-month period ended 2/28/14 of $133,489. The booked expenses are also a reduction of nearly $1.1 MM from the same period in 2013. The operating expenses for 6-month period ending 11/30/13 are also drastically understated and actually show a net credit of $51,686 (see next post for details).

Operating expenses for the nine months ended February 28, 2014 and February 28, 2013 totalled $81,803 and $1,166,156.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9919827



XUN needs to promptly issue a Form 8-K stating that the 10-Qs issued for QE 2/28/14 and QE 11/30/14 can not be relied upon. It also needs to issue 10-Q/As for these quarters with amended financial statements and notes.

The auditors doing the year-end audit should have caught this by now and the company should already have issued the 8-K of non-reliance.

This is a HUGE mistake for someone who brags about being a former CFO of the year.