After this next toxic note is converted and sold, there are no new toxic notes! The last note is eligible for conversions by the beginning of next week.
So....what do you suppose that means? With no revenue from gold, and no funds from toxic notes, and any equipment sold that can be sold, it appears to me that PT has completely given up and dismantled the business. Of course, with his attention focused on the barge for the last year and the gold mining efforts in Nome over the summer....it was already obvious that Mexus and Santa Elena were in the rearview mirror.
What's funny is that the 10Q talks about mining and gold recovery in the present tense, as if these things are on-going. And they're not shy about listing tonnages and depths and freely using the word "ore", despite there not being a feasibility study. Those are the kinds of things that would normally prompt a comment letter by the SEC but at this point, what does it matter? "Ore" has a specific meaning and implies a material that can be mined at a profit. That has never been proven by Mexus, and they should not be using that term.
And yes, the Consulting and Admin categories of costs can hide a lot of things. With no BOD or any other management besides PT, there is no accountability whatsoever. It would probably take a class action suit, or investigation by law enforcement to force disclosure of where all that money went.