Replies to post #25295 on Universal Energy Corp (UVSE)

[mikeyk]

I'm still trying to justify the math, something is way out of the ballpark here. According to the 3rd quarter 2008 10Q, the total liabilities were $3,951,768, then in the sub notes there were October and November conversions of another $480,000, so $3,951,768 - $480,000 would be $3,471,768, then minus another $350,000 that is owed to Raley and Watford on the promissory notes that are still unpaid would be $3,121,768. We also know that conversions happened in December and January, as obviously noted by the O/S increase, so lets just stay with the $240 K a month figure that seems to fit, that would take it down to $2,681,000. I can't tell you if any cash was used for debt payment for February, March, and now April. So how the hell do we see this April 1st figure $4,469,600 if conversion have already been happening for the last 7 months? It just doesn't compute.

[Ranb2khz]

That is the same statement that was included in the proxy that we received last time. IMO, it is a poor attempt at a "feel good about this" statement. Keep smiling...