Some comments from their filings:
The Life Extension Program will prevent people from getting sick, and therefore will reduce the cost of medical treatments by preventing diseases.
PREVENT...WOW. What a great mining company.
CONSOLIDATED BALANCE SHEETS
December 31, 1998 and December 31, 1997
December 31, December 31,
1997 1998
ASSETS
Cash on Hand (Note 16) 3,358 1,649
Cash in Bank (Note 16) 3,045,351 4,447,136
Marketable Securities (Note 2) 27,317,000 1,122,300,816 (NICE JUMP HERE)
Accounts Receivable (Note 16) 156,165 161,381
Total Current Assets (Note 16) 30,519,874 1,126,910,982
Proven Reserves (Note 6)
Gold 2,032,380,000 2,051,000,000
Less cost of mining (note 17) - 616,000,000 - 616,000,000
Net Gold Reserves 1,416,380,000 1,435,000,000
Silver 112,955,000 91,580,000
Less cost of mining (Note 17) - 1,672,000 - 1,672,000
Net Silver Reserves 111,283,000 89,908,000
Provision for bad debts (Note 16) 260,761 162,618
Rental Receivables past due (Note 16) 24,843,000 20,327,000
Total long time investments and 17,084,000 20,214,000
receivables (Note 16)
FIXED ASSETS
Fixed Assets - Cost (Note 16) 100,894 115,311
Less acumulated depreciation - 95,612 - 98,099
Fixed Assets net value 5,282 17,212
OTHER ASSETS
Deferred Taxes Debit (Note 16) 93,253 93,253
Unamortized Exchange Loss (Note 16) 445,578 503,833
Total Other Assets (Note 16) 488,819 547,086
TOTAL ASSETS 1,555,541,925 2,672,379,898
2.
LIABILITIES AND STOCKHOLDERS' EQUITY
OTHER LIABILITIES
Total Liabilities (Note 16) 28,284,000 34,214,00
STOCKHOLDERS' EQUITY
Common stock, Class "A" $0.003 par 271,000 271,000
value Authorized shares-500,000,000
Issued and outstanding-90,250,877
in 1997; 90,250,877 in 1998
Common stock, Class "B" no par value, 5,266,960 5,266,960
with a stated value of $1.00 per share.
Authorized shares-50,000,000 in 1997
and 1998; Issued and outstanding
5,266,960 in 1997 and 1998
Capital Surplus (Note 16) 16,432,066 16,432,066
Reserve Fund (Note 16) 1,965,190 2,089,929
Enterprise Expansion Fund (Note 16) 202,196 202,196
Retained Earnings (Loss) (Note 16) (9,879,971) (1,439,715)
Total Stockholders' Equity 1,493,240,592 2,612,464,060
(Note 14)
Total Liabilities and Stockholders 1,555,541,975 2,672,379,898
equity
See accompanying notes to Financial Statements.
3.
INCOME STATEMENT
For the years 1998 and 1997
1997 1998
Operating Revenue (Note 16) $ .00 $ .00
Operating Expenses (Note 16) 2,014,785 1,710,829
Included interest expenses .00 .00
Gross Operating Profits .00 .00
Less General and Administrative 5,830,510 2,633,262
Services (Note 16)
Operating Profit (loss) (Note 16) - 7,845,295 - 4,344,091
TOTAL PROFIT (loss) (Note 16) - 7,845,295 - 4,344,091
NET INCOME (loss) (Note 16) - 7,845,295 - 4,344,091
PER SHARE INCOME (loss) (Note 16) -$ .087 -$ .048
See accompanying notes to Financial Statements
4.
COUNTRYLAND WELLNESS INTERNET NETWORK TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICES:
Description of Business - The Company was engaged in the mining
development industry. Since October 22, 1974. the Company has owned and
operated thirty-nine (39) mines and one (1) mill site at Quincy, Plumas County,
California, and was engaged in the exploration of said mines for the production
of precious metal like gold and silver. The Company is not now conducting any
mining operations, and has no plan to re-open mining operations. The Company
has applied for a license in Las Vegas, Nevada to operate a hotel and casino
and conduct Life Extension programs.
(SO THE COMPANY HAS $2,000,000,000 worth of equity in reserves and no plans to mine them. Instead their plan is to conduct Life Extension Programs...)
Currency Transactions - There are no assets and liabilities of
operations outside the United States which need to be translated into U. S.
dollars using exchange rates.
Development Costs - The Company will not capitalize property taxes
on its mining properties until the mines are ready for operation and
development.
2. MARKETABLE SECURITIES
Negotiable Warehouse Receipt No. 929 issued by Grand American Bank Trust dated
December 9, 1998, with a value of $22,300,816; and eleven Bank Guarantees No.
BG 1730/KB/98, BG 1734/KB/98, BG 1736/KB/98, BG 1777/KB/98, BG 1732/KB/98,
BG 1735/KB/98, BG 1737/KB/98, BG 1739/KB/98, BG 1775/KB/98, BG 1779/KB/98, and
BG 1778/KB/98, each in the amount of US $100,000,000.00, issued by PT Bank
Negara Indonesia (Persero) Tbk. Head Office, Treasury Division, Jakarta,
Indonesia.
3. DEFERRED CHARGES AND OTHER ASSETS
This consists of: In Thousand Dollars
Deferred Mining Exploration Costs $ 3,253
Deferred mining exploration costs were incurred in prior
years with the amounts being estimated based on the
prevailing costs of mining exploration at that time due
to the absence of supporting documentation.
On April 13, 1996, the Company issued shares of stock
valued at $3,252,669 to pay for its obligation arising
therefrom.
5.
Deferred Operating Expenses 1,479
related to additional sale of Common Class A shares
Prior years expenses 81
Total Operating Expenses 1,560
Total Deferred Charges and Other Assets $ 4,813
4. DEFERRED MINING EXPLORATION COSTS
Deferred mining exploration costs were incurred in prior years with
the amounts being estimated based on the prevailing costs of mining exploration
at that time due to the absence of supporting documentation. In On April 13,
1996, the Company issued shares of stocks valued at $3,252,669 to pay for its
obligation arising therefrom.
5. RELATED PARTY TRANSACTIONS
Grand American Bank Trust (GABT) owns approximately 60% of the
Company's Class "A" common stock as of December 31, 1998.
6. PROVEN GOLD AND SILVER RESERVES
The process of estimating mineral reserves is very complex, requiring
significant subjective decision in the evaluation of available geological,
engineering, and economic data for each reserve. The data for a given reserve
may change substantially over time as a result of additional development
activity, production under varying economic conditions, etc.
Consequently, material revision to the existing reserve estimates
may occur in the future. Although, every reasonable effort was made to ensure
that the reserve estimates reported represent the most accurate assessment
possible, the significance of the subjective decision required, the variances in
the available data for various reserves, make these estimates generally less
precise than other estimates in connection with financial disclosure. Proven
reserves are estimated quantities of gold and silver which geological and
engineering data demonstrate, with reasonable certainty, to be recoverable in
future years from known reserves under existing economic and operating
conditions.
Stickel and Associates, independent consultants in applied geology,
geophysics and engineering, has estimated 7,000,000 troy ounces of gold and
19,000,000 troy ounces of silver. The values of these reserves based on average
market prices as of December 31, 1998 and December 31, 1997 are as follows:
6.
12-31 -98 12-31-97
(Dollars in Thousands)
Gold (7,000,000 troy ounces)
@$290.34/troy ounce $2,032,380
@$293/troy ounce $2,051,000
Silver (19,000,000 troy ounces)
@$5.945/troy ounce 112,955
@$4.82/troy ounce 91,580
TOTAL $2,142,580 $2,145,335
7. STOCKHOLDERS' EQUITY:
The Company is authorized to issue 50,000,000 shares of no par value
Class "B" shares. The Company gave authority to its Board of Directors to issue
such Class ;'B" stock in one or more series, and to fix the number of shares in
each series, and all designations, relative rights, preferences and limitations
of the stock issued in each series. As of April 13, 1994, the Board of
Directors had exercised the authority granted.
8. CONTINGENCIES:
The Company is not involved in any legal proceeding which is
considered to be ordinary routine litigation incident to its business.
9. TAXES:
The Company has not filed a federal income tax return because there
are no earnings to report.
10. The Secretary of the State of Colorado Corporation Office approved
the following on June 6, 1996:
a) The name Grand American Intentional Corporation be changed to
Continental Wellness Casinos, Inc.
b) The authorized capital stock, common shares Class "A" of the
Company be increased from 100,000,000 shares to 500,000,000 shares
with a $0.003 par value per share.
11. ACQUISITION OF A HOTEL AND CASINO IN LAS VEGAS, NEVADA.
The Company is in the process of concluding the purchase of the
El Rancho Hotel and Casino in Las Vegas, Nevada, an 1008 room hotel and casino. <s>
7.
12. THE INCREASE OF THE ISSUED AND OUTSTANDING CLASS "A" COMMON SHARES
The Company on December 6, 1995 by Company Resolution approved the
issuance of 47,958,512 common "A" shares to pay the mining exploration cost of
$3,252,669 that was paid by the Grand American Bank Trust.
The Grand American Bank Trust could not accept the shares until a
legal opinion was given by the Regulators.
The Legal opinion was given on February 15, 1996 and the 47,958,512
class "A" shares were issued to Grand American Bank Trust in April 1996 by
American Securities Transfer, Inc., transfer agent. The Company by Certificate
of Resolution that was approved on March 22, 1996 issued 3,266,960 Class A
restricted common shares to Joseph Witzman in payment of the Company's
obligation to him of $180,953.75.
The outstanding shares consist of:
Balance 1/31/94 21,803,405
Issued to Grand American Bank Trust 17,000,000
Balance 10/31/95 38,803,405
Issued to Grand American Bank Trust 47,958,512
Issued to Joseph Witzman 3,266,960
Balance 10/31/96 90,028,877
Issued under SEC Regulation "S" 222,000
Balance 10/31/97 90,250 877
13. LOANS PAYABLE
Unsecured and unrecorded personal loans for prior years were paid for the
year ending December 31, 1997. These accounts were charged to Deferred Charges
and Other Assets.
14. CAPITAL IN EXCESS OF PAR
It is the excess of Total Assets over Liabilities and Common Stock
"A" and "B".
15. CHANGE OF NAME OF END OF ACCOUNTING YEAR
The Board of Directors adopted on December 22, 1997 the following
resolutions:
8.
a) The name of the Company was changed to Continental Wellness
Casinos Trust, a Real Estate Investment Trust.
b) The accounting year was changed from October 31 to December 31.
The Board of Trustees adopted, on December 16, 1998, the following
resolutions:
a) The name of the Company was changed to Countryland Wellness Internet Network
Trust.
b) The Company adopted a revised Trust Indenture discontinuing its Real Estate
Investment Trust Status.
16. MERGERS
On February 6, 1999, the Company merged with China International Packaging
Leasing Co., Ltd., an equipment leasing company located in Beijing, China.
17. COST OF MINING RESERVES
The cost of mining reserves is estimated to be $88.00 per metric ton as per
a recent report of William H. Bird, Ph.D., Geologist and Mineralogist.
9.
Page 10 is intentionaly left blank for insertion of Auditor's letter of
consent.
10.
Stickel & Associates
Tustin, California
May 14, 1985
Minerals Mining and Energy Corp.
7750 E1 Camino Real, Suit K
Rancho La Costa, Ca. 92008
Attention: Stewart Douglas, President
Subject: Review of Literature and Inspection of Gold Claims in Plumas County,
California, Blackhawk, Alan, MMC and Dean Lode Claims Consisting of 750 Acres.
References:
1) Geology of the Pulga and Bucks Lake Quadrangles, Butte and Plumas
Counties California, USGS Prof. Paper 731, date 1973.
2) Examination and Sampling of the Blackhawk and Sections 13 Claims,
Plumas County, California, by Mm. H.Bird, dated June 1, 1976.
3) Bucks Lake Quadrangle, Map, USGS, 1:62,500, date 1950.
Gentlemen:
This letter presents our present geological engineering evaluation of the
subject gold and silver claims that are located in Plumas County, California.
We visited and inspected the property on April 19, and 20, 1985. The property
consists of approximately 750 acres of lode claims with a reported overlying of
a few placer claims. The properties lie about 5 and 11 miles directly west of
Quincy on the Bucks Lake Road.
The claims are named Blackhawk, Alan, MMC, and Dean. The Blackhawk, Alan and
MMC claims lie in Sections 21, 22, and 27 of T24N, R8E. The Dean claims lie in
the northwest corner of Section 13, T24N, R8E.
GEOLOGY
These claims lie along the southwest and northwest borders of a northwest
trending zone or band of highly fractured peridotite altered to serpentine.
Broad fault zones bound the peridotite bodies or bands and there are no
indications of heat alterations. There has been no production from hard rock
mining, however, significant placer hydraulicking and sluicing has occurred.
The placer deposits occur in two periods of erosion, the Present and the
Tertiary. Although, concentrations of gold have only been found in the
Blackhawk and Dean claims, it does occur scattered throughout the peridotite.
PRESENCE OF GOLD AND SILVER
Reference 2 indicates that there is a conservative 10,000,000 tons of hard
rock ore reserves. Rock chip and channel samples were obtained from 10 to 50
foot sections of road cuts and outcrops on these claims and it is reported
"consistently assayed high in gold (AU)". The highest gold value was 2.80
oz/ton, however, the overall average was .7 oz/ton. Silver (AG) ranged from a
trace to 2.62 oz/ton. These values varied greatly, depending upon the freshness
of the outcrop. assays also indicated the presence of platinoid metals.
Total amount of gold and silver in these claims is 7,000,000 oz. of gold and
19,000,000 oz. of silver. These figures were compiled from data presented in
Reference 2.
It is reported that during the summer of 1983, approximately $30,000 worth of
placer gold was dredged from one of the creeks flowing through the Blackhawk
claims. This gold was dredged from an area of the creek about 100 yards long.
Stickel & Associates warrant that our services are performed, within the limits
prescribed by our clients, with the usual thoroughness and competence of the
geological engineering profession. No other warranty or representation, either
expressed or implied, is included or intended in our proposals or reports or
contracts.
We appreciate the opportunity of presenting this report. If you have any
questions, please contact this office.
Very truly yours,
STICKEL & ASSOCIATES
/S/ J. F. STICKEL
J. F. Stickel, rg 2999
JFS/hr
April 25, 1986
It is our opinion that the described and proven "indicated" ore reserves are
based on data as described above.
STICKEL & ASSOCIATES
/S/ J. F. STICKEL
J. F. STICKEL, RG 2999
STICKEL & ASSOCIATES P.O. Box 91, Tustin, Ca. 92618
(714) 751-4742
May 14, 1985
Mineral Mining and Energy Corp.
7750 El Camino Real, Suite K
Ranch La Costa, Ca. 92008
Attention; Stewart Douglas, President
LETTER OF CONSENT
We, Stickel & Associates, Consultants in Applied Geology, Geophysics and
Engineering, hereby give consent to Mineral, Mining and Energy Corporation to
use our Geologist and Mining Report dated May 14, 1985 on the mining properties
known as Blackhawk, Alan, MMC and Eean Lode Claims consisting of 750 acres, in
the Company's reports to the Securities and Exchange Commission.
STICKEL & ASSOCIATES
AND THE AUDITORS STATE...? |
