Replies to post #65792 on Colorado Goldfields Inc. (fka CGFI)

[ficose]

You know how to read a 10Q/Form 4.

[maxgun]

fountain of misinformation on ignore

[1manband]

There is absolutely no conditions in the employment agreements which make those salaries conditional in any way. They have to be either paid or accounted for as a liability per US GAAP. It is very likely the very large accrued liabilities on the balance sheet are unpaid salaries owed to management. This is pretty typical in penny stock pumps - management and insiders accrue a large debt which stays with the Company. When the Company inevitably fails and changes into something new, that massive debt is settled with brand-new shares and/or convertible debt which converts at a discount, which is used to not only control the Company, but profit from it.

Since these are binding employment contracts, those salaries must be paid or accrued. They have to be in the Financial Statements somewhere - they just can't disappear. Unless the Company and their grossly overpriced CFO are violating GAAP, of course. But, according to the last 10-K, management received their full salaries (Plus Bonus! In what universe was Guyer worth $350,000 last year, including a $50,000 "bonus"? Certainly not this one).