FEEC,3.38x3.41.Zero revenues.Huge losses.Today Promos.I got an E-mail.
These promos got some big $$.Unreal.
IMO.CFO just hired=Mark Schaftlein, as Chief Financial Officer of Far East Energy Corporation.This guy was EX CEO WGHI.Read WGHI board on RB.And run it to the ground.
Also SEC Subpoena on this company FEEC.
The number of shares outstanding of Registrant's common stock, par value $0.001 ("Common Stock") as of November 17, 2003 was 56,038,769.
Common Stock Directors and Executive
($0.001 par Officers as a Group 10,630,000 22.4%
value) (6 individuals)
RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-KSB for the fiscal year ended December 31, 2002; and should further be read in conjunction with the financial statements included in this report. Comparisons made between reporting periods herein are for the three and nine months ended September 30, 2003, as compared to the three and nine months ended September 30, 2002.
We had no revenue or income for the quarter ended September 30, 2003 or 2002. For the nine months ended September 30, 2003 we had interest income of $1000 as compared to $0 for the nine months ended September 30, 2002.
Our operating loss increased to $996,000 for the quarter ended September 30, 2003, as compared to $653,000 for the quarter ended September 30, 2002, while the operating loss for nine months ended September 30, 2003 was $2,342,000 as compared to $1,312,000 for the nine months ended September 30, 2002. The increase in our operating loss is due primarily to the Company's expanded operations in preparation for drilling which commenced in late October 2003 in the Yunnan Province, China.
For the three months ended September 30, 2003 relative to the same period in 2002, consulting and professional services increased by $433,000, while consulting and professional services increased by $441,000 for the nine months ended September 30, 2003 relative to the same period in 2002. The increases in consulting and professional services resulted from our expanded operations focusing on development activities and our financing activities.
General and administrative expenses increased by $89,000 for the three months ended September 30, 2003 when compared to the same period in 2002. General and administrative expenses increased by $106,000 for the nine months ended September 30, 2003 relative to the same period in 2002. The increases in general and administrative expenses resulted from our expanded operations.
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Our compensation expense for the three months ended September 30, 2003, decreased slightly by $18,000, as compared to the same period in 2002, while the compensation expense for the nine months ended September 30, 2003 relative to the same period in 2002 increased by $314,000. The increased nine month expense resulted from relative additions to staff and our expanded operations, although our streamlined personnel structure in the quarter ended September 30, 2003, resulted in the slight decrease.
Travel expenses decreased $70,000 for the nine months ended September 30, 2003 relative to the same period in 2002, although it decreased by $110,000 for the three months ended September 30, 2003 relative to the same period in 2002. Decreased travel expenses reflect our 2002 efforts to secure assets in China and Montana, as compared to our 2003 efforts to begin exploring and developing the assets.
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