Keith, a bunch more BS from your brother, in the past:
By: caveatruinam $$$
Reply To: 14735 by Digrdoug $$$
Monday, 2 Oct 2000 at 11:17 PM EDT
Post #14735 of 21556
Nose, why don't you list the "enormous debt" of GEII?
By: Digrdoug $$$
Reply To: 14737 by caveatruinam $$$
Tuesday, 3 Oct 2000 at 12:44 AM EDT
Post # 14739of 21556
The “enormous debt”, from the 10QSB
sec.gov
Total current liabilities 4,727,208
seems like a lot for some Mickey Mouse POS grass roots exploration play, but, what do I know,
nobody would let us run up hardly any debt!!
By: caveatruinam $$$
Reply To: 14739 by Digrdoug $$$
Tuesday, 3 Oct 2000 at 11:04 PM EDT
Post #14774 of 21556
Nose, GE has $1MM in short term debt and no long term debt. Current liabilities consist of
salaries due but unpaid to TT and others, normal payables, and a small affiliate loan guaranteed
by TT. So, let me ask again, if you can scrape together the guts and integrity to give an honest
answer, the question "what enormous debt."
By: Digrdoug $$$
Reply To: 14774 by caveatruinam $$$
Wednesday, 4 Oct 2000 at 8:06 AM EDT
Post #14778 of 21557
I consider "enormous debt" to be liabilities that exceed the assets by a large factor, in this case
by over 4 times, and no obvious way to repay this money. This opinion and my numbers and
came directly from the SEC 10QSB. It would be better, IMO, if the debt was long term and not
hanging over the heads of the shareholders. You can understand enough about finance to know
that a current ratio like this is considered unacceptable to most lenders?? Many lenders balk at
funding long term to just pay short term debt (liabilities). Over $4MM seems to be outside of the
financing capabilities of this company to date.
Here are the numbers from the latest 10QSB!!
ASSETS
CURRENT ASSETS
Cash $21,301 $1,490
Prepaid expense and other costs 107,365 64,171
------------- -------------
Total current assets 128,666 65,661
PROPERTY AND EQUIPMENT
Mining equipment 803,796 800,029
Acquisition cost of mining prospect 100,000 100,000
Office equipment 69,445 59,796
Vehicles 59,796 61,123
------------- -------------
1,033,037 1,020,948
Less accumulated depreciation (264,336)(222,706)
------------- -------------
768,701 798,242
------------- -------------
OTHER ASSETS
Advance royalties 94,138 90,568
Deposits 7,620 5,868
------------- -------------
101,758 96,436
------------- -------------
$ 999,125 $ 960,339
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Loans from related parties $ 1,294,821 $ 1,258,688
Bank loan payable 1,000,000 1,000,000
Other notes payable 446,874 462,250
Accounts payable 318,457 384,751
Accrued compensation and taxes 1,289,575 1,243,738
Accrued interest payable 377,481 314,949
------------- -------------
Total current liabilities 4,727,208 4,664,376
------------- -------------
I posted the debt load and after a few more posts, plus a trip to Bolivia, he disappeared permanently, along with the promised 3.5 MILLION DOLLARS!!
Some SAVIOUR!!! |
