The following is a cut and paste from the September 10Q of EMLL::
My reasoning that David Price claims that EMLL does not own the stamps is that it is completely impossible to admit that you paid 10 thousand dollars for a 4 million dollar stamp collection, then state it publicly in news releases, then have your own auditor state it is worth ( all of it-not just 70% of it) at most 25 thousand dollars without having the venture partner go bananas. EMLL obviously screwed that partner and used on one hand a 10 thousand dollar investment for a 4 million dollar news release( then dumped maybe at that time 300 to 400 thousand dollars worth of free trading paper-great deal for Khoo). How Khoo protected himself was that his own auditor states that asset is worth 25 thousand dollars so the news releases and OUR BOARD( see the top of this home page) is completely misleading. If this is not true then why have we not had any information on anything sold as to stamps? if Khoo knows this already then he needs to redirect and divert this issue now. Drop it. We are a gold company. Do not relate emails regarding this issue again as this will get us into areas we do not need to be in.
The same goes for the oil terminal. There is no way EMLL has 1 million dollars to give them. Khoo will not give them anything as after all he sold 1.5 mil net. It is not like he sold 15 million dollars in a pump and dump. To be fair , he needs the money to pay for news letters( I agree here with S...R...) and for gold mining. I would just stop talking about these 'deals' before they cause us problems. All we need to do is be that junior gold miner we claim to be and just stop asking Khoo about other matters.
NOTE 2 FOREIGN STAMP COLLECTION HELD FOR SALE
The foreign stamp collection was acquired pursuant to a Joint Venture Agreement dated April 30, 2010 with Funds Hunters LLC (“FH”). Among other things, the Joint Venture Agreement provided that FH assign its foreign stamp collection (all stamps were issued by states of Aden) to a new corporation (EMLL Dynamic Ltd. was formed May 19, 2010 for this purpose) in exchange for the Company’s cash payment to FH of $10,000 (paid by June 30, 2010), the Company’s issuance of 1,000,000 restricted shares of common stock to FH in pari passu (issued June 10, 2010), and 30% ownership of the new corporation ( EMLL Dynamics Ltd.) by FH. At June 30, 2010, the carrying value of the foreign stamp collection held for sale was calculated as follows:
Cash payment to FH $ 10,000
Fair value of 1,000,000 restricted shares of
Company common stock issued to FH 5,000
Total consideration for 70% of foreign stamp
collection held for sale 15,000
Fair value attributable to 100% of foreign
stamp collection held for sale $ 21,429
10
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NOTE 3 DEPOSIT RELATING TO ACQUISITION OF PROPERTY AND EQUIPMENT OF IDLE OIL TERMINAL FACILITY
On July 1, 2010, EMLL Energy Ltd. closed on the acquisition of property and equipment of an idle oil terminal facility located in Luzerne County, Pennsylvania pursuant to a Sales Agreement dated May 26, 2010 with JFK Petroleum Inc. (“JFK”). Among other things, the Sales Agreement provided that JFK assign its deed to the property (EMLL Energy Ltd. was formed June 1, 2010 to receive the deed) in exchange for the Company’s cash payments to the owner of JFK totaling $50,000 ($15,225 paid through June 30, 2010, $34,775 paid thereafter) and the Company’s issuance of 1,000,000 restricted shares of common stock to the owner of JFK (not issued to date) with a committed buyback of $1.00 per share (or $1,000,000 total), at the owner of JFK’s option, one year after issue date.
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