Goldy,
As I've repeatedly stated, any facts I've mentioned in my posts have been extracted from VNE's filings on SEDAR ( sedar.com )or from the Vancouver newspapers.
The $100K stuff came from the most recent financial statement, note 9. Clearly, a much more lucid explanation is owed the shareholders. It's not as if VNE was like MSFT where $200K wouldn't even count as a rounding error.
In full, it reads,
9. RELATED PARTY TRANSACTIONS
During the year, the Company and its subsidiaries bought merchandise from a company owned by the wife of a principal shareholder totalling $100,014 and additional products from another corporation owned by a director in the amount of $104,117. At the end of the year, $96,911 was owing to such companies and is recorded as part of accounts payable.
I've further questioned whether or not VNE may be forced into bankruptcy. That concern comes from note number 11 of the same filing.
11. CONTINGENCIES
The Company and its subsidiaries are contingently liable under contested lawsuits amounting to approximately $2,750,000. Management will vigorously contest the lawsuits as they feel there is no merit to these claims and will file a counter claim for an amount not yet finalized for damages resulting from breach of contract. Included in the counter claim will be an amount for approximately $2,000,000 representing sales transactions to the company for which a full provision for doubtful account has been taken.
If you don't have MS WORD on your PC, you can download a free WORD viewer from the MSFT website and view the complete filing yourself.
May I assure you, I've been quite kind to VNE so far. There's far worse sitting in that financial statement.
Ian. |
