"Now let's go to ZSUN. Get a piece of paper, a pencil and a calculator."
By: AlpineSleuth $$$
Reply To: 23608 by meatloaf2 $$ Saturday, 8 Jul 2000 at 3:31 PM EDT
Post # of 23618
Hey meatloaf2, this Great White Marine thing got me thinking. The SEC has initiated Administrative Proceedings and is seeking to revoke registration of Great White Marine's stock. In release no 41667 the SEC states sec.gov
It is further alleged that, in connection with its unregistered distribution, Great White, in a Form 10 filed with the Commission, and in press releases, promotional brochures and postings to the company's Internet website, has made false and misleading statements concerning its financial condition and business prospects, purported audits of the company's financial statements, the number of Great White shares issued and outstanding and sales of the company's stock and the background of its officers, directors and principal management.
Now let's go to ZSUN. Get a piece of paper, a pencil and a calculator. Open version 8 (amendment 7) of ZSUN's registration statement filed on Form 10SB on May 11, 2000. Go to the Business Development narrative (Part 1, Item 1(a), pages 1-3), and record the number of the shares issued and proceeds raised through December 31, 1997. By extension and addition you will find that ZSUN claims to have issued 15,929,994 shares and raised $1,904,985 cumulatively through 12/31/1997.
Having confirmed this figure, go to the Statement of Stockholders' Equity (page 62). You will find that the company shows that through December 31, 1997 a total of 15,800,000 shares were issued and that the total proceeds amounted to $3,591,929 (Common Stock of $15,800 plus Additional Paid-in Capital of $3,576,129).
It appears that the July 1997 offering of 129,994 shares and the related proceeds have not been included in the company's equity. If these shares were indeed issued, where are the proceeds? But in addition to the discrepancy in the share count, there is also an irreconcilable difference in the proceeds, where it appears that shareholders' equity (and by extension assets) has been overstated by an amount of $1,686,944 ($3,591,929 - $1,904,985).
What do you make of this? Do you think that the SEC could revoke ZSUN's registration statement? There are numerous other areas that I would also like to discuss with you, but let's take this a step at a time.
Will you pick up the gauntlet Mr. Analyst? Any other takers?
AlpineSleuth
ragingbull.altavista.com |
