Hey A1,
1.) 10k 2008: total revenue = $5.1 mil
2.) 10k 2009: total revenue = $5.5 mil
3.) 10k 2010: total revenue = $5.9 mil
Do these totals look like we ever did business with SLB? Cubley said 100 mil when the contract was signed. A little ambitious? Probably. Ok, let's be extremely conservative...cut that figure to 5% (Five million over three years) and then spread it over three years...it would still be more than $6mil/year in revs.
Add to that no 8-K for any material changes to the deal or anything of that nature. No dice on doing biz.
In addition, a penny stock picker newsletter came out in February claiming that there was settlement in the works with ERF and SLB. Now, I know, a pennystock company...but why would they use "settlement" and a dollar amount. Perhaps because ERF is owed money either guaranteed, or from services rendered, from SLB?
Moving along, why in the 10-K did it say that SLB and ERF are in arbitration? For what? Perhaps a settlement amount for SLB breaching their end of the deal?
Why did Cubley say, "The Schlumberger contract is still in effect until next January. I cannot discuss this further except to say that ERF Wireless is currently owed a large amount under the contract that we intend to ultimately collect."
...that's why, A1, I believe (dollar wise) no business was ever done with regards to that deal. Is it proof? No. But that's the puzzle I put together
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