Trader34,
EGOH does not have any significant cash. It does however have, or had, a $1,000,000 line of credit with a Cayman Island source since about Dec 2011 (which was what cuased the stock price to drop 95%), that is likely where the last batch of new shares being spoon fed to us is coming from, to pay off the $35,000 they are owed (money the CEO borrowed to pay his food bills, LOL).
Also there is still some $50,000 left in convertible debt that Ashton may still be spoon feeding us now (see the EGOH annual report filed about 14 days ago). It indicates that Ashton is where the last 150 million shares just came from last month, the same outfit that tripled the share count in early 2011, from about 40 million to about 144 million... The oil is real, the ownership is real, the tax leans and TRRC fines (nearly $1,000,000) is real (see Crowin's DD sticky), and the CEO history of failed public companies, burned investors, and endless stock dilution is also real and a public record, all which has been posted to death here the last 18 months.
The gamble here is that the CEO is very old, and some of us hope he will give up control and JV or sell out to a real operator, with the cash and know how to get the oil.
The trick is to avoid the nasty dilution price drops, and any R/S that may be coming, while trying to stay long, or get long before any real news of a real JV or sellout hits where the current incompetent CEO, Wilmont, sells out, or gives up control.
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