Merfield,
Typical of the type of companies you and your "elk" invest in here is arete industries.
They file a 10Q with financial statements that don't add up both literally and figuratively.
Here is the 10Q from Q1 99 The numbers neither add up or balance. Real professional work there.
Current Assets
Cash 41,823
Accounts receivable, net of allowance for
doubtful accounts of $25,000 $ 20,131
Total Current Assets 61,954
Furniture and equipment, net of accumulated
depreciation (Note 2) -
Prepaid Expenses 19,416
Other Investments 15,000
Total Assets $ 96,370
Current Liabilities
Accounts payable 161,529
Customer deposits (Note 1e) 7,274
Other accrued expenses 210,006
Total Current Liabilities 386,809
Total Liabilities 386,809
Stockholders' (Deficit) Equity:
Redeemable convertible preferred stock - no par
-Series A, 3,000 shares issued and outstanding,
$30,000 face value 30,000
Common stock - No par value, 500,000,000 shares authorized;
279,865,516 shares issued and
outstanding as of 3/31/99 (Note 3) 7,090,213
Accumulated deficit (7,320,345)
Current Period Deficit (82,307)
Total Stockholders' Equity (Deficit) (352,789)
Total Liabilities and Stockholders' (Deficit) $ 96,370 |
