Where is the money going? FLPC - The Dilution Proceeds - I don't think it's necessary we understand every details of the whole mess associated with the deals done with toxic financers ...
The biggest part of the money raised through financing for the last quarter has gone to Group8 .
See 10q for the quarter ended 31 october 2013 .
B) Fencemaker Agreement:
On August 22, 2012, the Company entered into an agreement with Group8 Minerals, a Nevada Corporation ("Group8”), and Group8 Mining Innovations, a Nevada Corporation (“G8MI”), the sole Shareholder of Group8, whereby the Company acquired 81% of the total issued and outstanding shares of Group8. Group8 holds a 50% interest in Central Nevada Processing Co. LLC (CNPC) and a 50% interest in Stockpile Reserves LLC (SRL). As a result of the acquisition, the Company has an effective 40.5% interest in each of CNPC and SRL. SRL is an Antimony mining company having a mineral property known as the Fencemaker mine, located in the Stillwater Range of west central Nevada, approximately 194 kilometers northeast of the city of Reno, Nevada .
Under the Fencemaker Agreement, the Company is required to issue to G8MI a total of 83,000,000 shares of its Common Stock, which stock has been issued; deliver to G8MI cash payments of $100,000, which payments have been completed, and; the Company is required to undertake certain payments to G8 Minerals aggregating a total of $2,000,000 for associated property payments and exploration costs. The payments are presently in arrears, however G8MI has not undertaken to issue any default notice, and the Company does not expect it will do so.
Now see the last 10q for the quarter ended 31 january 2014
B) Fencemaker Agreement:
On August 22, 2012, the Company entered into an agreement with Group8 Minerals, a Nevada Corporation ("Group8”), and Group8 Mining Innovations, a Nevada Corporation (“G8MI”), the sole Shareholder of Group8, whereby the Company acquired 81% of the total issued and outstanding shares of Group8. Group8 holds a 50% interest in Central Nevada Processing Co. LLC (CNPC) and a 50% interest in Stockpile Reserves LLC (SRL). As a result of the acquisition, the Company has an effective 40.5% interest in each of CNPC and SRL. SRL is an Antimony mining company having a mineral property known as the Fencemaker mine, located in the Stillwater Range of west central Nevada, approximately 194 kilometers northeast of the city of Reno, Nevada .
Under the Fencemaker Agreement, the Company is required to issue to G8MI a total of 83,000,000 shares of its Common Stock, which stock has been issued; deliver to G8MI cash payments of $100,000, which payments have been completed, and; the Company is required to undertake certain payments to G8 Minerals aggregating a total of $2,000,000 for associated property payments and exploration costs. As of January 31, 2014, the Company has paid $855,608 to G8 Minerals.
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Then now you have many other shares recently issued for different things , most are restricted , but you can believe that some others contracted in the past are becoming free to trade and are maybe hitting the float now . There are also shares issued , due to toxic debt conversion " under notice of warrant cashless exercise" , (which i'm not able to explain to you clearly though ) ;0) :
Note 6 – Common stock
The Company is authorized to issue 540,000,000 shares of $.001 par value common stock. On August 20, 2013, the Company’s authorized common stock increased from 540,000,000 shares of common stock with a par value of $0.001 to 1,080,000,000 shares of common stock with a par value of $0.001. As of January 31, 2014 and July 31, 2013, 568,238,598 and 466,752,425 shares were issued and outstanding, respectively.
On September 16, 2013 the Company issued 7,386,221 shares of restricted common stock associated with the August 31, 2013 Security Purchase Agreement to purchase $2,000,000 of the Company’s common stock as a commitment fee. Under the agreement, amongst other terms, the Company is obligated to pay the remaining 50% commitment fee equivalent to $50,000. The shares were valued as of the date of grant resulting in a value of $153,049. The amount was recorded as operation expense.
On September 20, 2013, the Company issued 750,000 shares of restricted common stock to Carter Terry & Co. as compensation for services. The shares were valued at $2,625 based on the closing price on the grant date.
On October 1, 2013, the Company issued 10,000,000 shares of restricted common stock, valued at $128,000, to Dan Crofoot and Chaowalit Pullapat as compensatory payment in lieu of default of the agreement to purchase Fencemaker Millsite property at the subsidiary level of Central Nevada Processing Co. LLC.
On December 03, 2013, the Company issued 625,000 shares of restricted common stock to Integrative Business Alliance as compensation for services. The shares were valued at $32,500 based on the closing price on the grant date.
On December 10, 2013, the Company issued 150,000 shares of restricted common stock to Carter Terry & Co. as compensation for services. The shares were valued at $5,100 based on the closing price on the grant date.
On December 10, 2013, the Company issued 850,000 shares of restricted common stock to Icon Asset Management. as compensation for services. The shares were valued at $28,900 based on the closing price on the grant date.
On December 21, 2013, January 21, 2014, and January 31, 2014, the Company issued 416,667 on each of the three dates for a total of 1,250,000 shares of restricted common stock to Murdock Capital Partners as compensation for services. The shares were valued at $41,333 based on the closing price on the grant date.
On January 9, 2014, the Company issued 5,430,233 shares of common stock directly under notice of warrant cashless exercise, which were valued at $421,729.
On January 24, 2014, the Company issued 500,000 shares of restricted common stock to Chienn Consulting as compensation for services. The shares were valued at $15,000 based on the closing price on the grant date.
During the six months ended January 31, 2014 the Company issued a total of 74,544,716 shares directly related to debt conversions of principal amount totaling to $477,861, which were valued at $1,754,532.
Note 19 –Subsequent note
On February 06, 2014 and March 5, 2014, the company issued 4,000,000 shares on each date for a total of 8,000,000 shares to an accredited investor under notice of a cashless warrant exercise.
On February 10, 2014, the Company issued 650,000 shares of restricted common stock to Carter Terry & Company as compensation for services. The shares were valued at $18,850 based on the closing price on the grant date.
Subsequent to the quarter ended January 31, 2014 and as of the date of this report the Company issued a total of 8,794,965 shares directly related to debt conversions of increments totaling $97,616.
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Now , that being said , without revenues , almost all the money needed for operations is raised through the sale of equity , which is the case for 95% of OTCBB .
Murdock has been hired, between other things , to help the company to obtain better financing terms than those awful convertibles and ... let's see ...
FLPC LONG ! ;0)
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