Global GOld is in the whole for $+10MM and owe their former partners $5MM for cancelling the deal.
What did they do with the $5MM?
Their financial statements for Dec 2011 (10-K) show:
General and administrative $ 3,302,010 Mining and exploration costs $ 1,925,781 -------------------------------------- $ 5,227,791
General and Administrative of $3.3MM? This is ridiculous.
Total Liabilities $10,866,044 which includes Proceeds from the sale of minority interest in joint venture pending of $5,000,000. I guess they have to return.
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