The net loss I can't explain now. Their (usog) motto was to find companies with strong balance sheets. A net loss does'nt fit. Need a CPA to explain. My background is engineering.
The float can be explained. Preferred shares and notes were converted to commom shares and liquidated.
Restricted shares I don't know. This was done to finance their aquisitions of Turnbull and United Oil and Gas.
Turnbull didn't happen till May '09. So a half year of revenue loss can be accounted for.
United Oil and Gas didn't finalize until 1/2010. So none of their revenue, in 2009 counts.
From the annual report United States Oil and Gas owns zero oil and gas wells. They only service and distribute ( plus develope exploration techniques) energy products.
The annual report was well thought of and polished. It will be a big asset to launching USOG to the otcbb. According to Investor Relations (M. Levy) this should happen 2Q10. That will help the stock alot in price and recognition.
As far as USOG being a scam-no! The stock research firms Grass Roots and Valencia Research would have never covered them.
Currently I own 137,000 shares.
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