With this management team anything is possible.
Didn't they only have $ 46.04 in their chequing account on the last Balance Sheet ending Sept 30, 2010?
We know they were dredging in the last rainy season but have received absolutely no disclosure or announcement of Revenues for that period.
There is therefore no reasonable expectation of Income since the Sept 30/2010 Balance Sheet.
How does someone prepare a Balance Sheet and not an Income Statement in the first place?
They are kinda like Jack and Jill or peanut butter and jam.
I understand accounting clearly and it just doesn't compute.
The only reason to not put them out together is to try to hide info such as poor results and or dilution.
This company has hidden key info for years so the same substandard management practices are really nothing new.
Any general accounting program will print out a Balance Sheet, Income Sheet and a whole number of other Financial Statements at the click of a button.
Any Accounting Program able to print a Balance Sheet can print an Income Statement as well.
Any Accounting Firm would print a Balance Sheet and Income Statement as a bare minimum for this type of business.
Chances are they would do the whole set.
I expect the Income Statement of Sept 30 might show at least some Income from the summer dredging activities but would also show additional capital raised through the sale of stock.
They have on the prior Quarterly Reports.
Those prior reports show our take of the proceeds which is no where near the total value of the gold and diamonds extracted.
We don't get to keep it all.
I hope the chatter of the 2000.00 fees is moot but reality is the company could have easily overlooked or put off these fees because they simply didn't have the funds to deal with them.
Chances are they are either already paid or more dilution will be required to meet mandatory Operating costs.
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