but is SGLS a scam? In addition to the value issue, I see these as potential issues:
1. Claims won't dilute, but nothing about Carnes not selling his shares. How will they pay for acquisitions?
2. Going pink - as a claim not to dilute. If going pink, they should at least continue to fully file.
3. Dilution over last 12 month filing was 68%.
4. Related Party Transactions - need explanation. This one alone seems to dwarf the issues discussed on this board re LBWR.
During the nine months ended September 30, 2008, the Company executed promissory notes to its president totaling $332,498 as reimbursement for payment of expenses. The note carries a 12% interest rate.
5. Auto allowance for CEO $27,000+, with virtually no revenues to support this, either for financial or business generation reasons.
6. $150,000 bonus for 2007 despite what appears to be almost no profitable business.
7. Other issues relating to promissory notes - valuation, source, arm's length?, etc.
8. Stand-by equity agreement potential for dilution, needs clarification, particularly given price of shares.
For other issues, see prior post. All just my opinion based on cursory review of latest filing only.
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