International Precious Metals (IPMCF) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : International Precious Metals (IPMCF)

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Larry Brubaker who wrote (31398)	4/3/1998 4:53:00 AM
From: BillyZoom	Read Replies (2) of 35569

The $260,000 for salary and compensation tabled to Furlong for 1997 appears to include his compensation from MGAU and NCMI. In fact, part of the compensation to some of the executives and employees of IPM was paid by MGAU and NCMI. The majority of IPM's 1997 advances to MGAU and NCMI of $668,000 (really $1,104,000 written down $436,000 to current market value) "result from an allocation of overhead expenses and the use of (IPM) personnel."(Note3). "(IPM) in 1997 made non-interest bearing loans to (NCMI & MGAU) to cover the operating office expenses...including the partial salaries of IPM employees.""(NCMI & MGAU) utilized employees of (IPM) to carry out normal technical and financial duties, with allocation of expenses associated with each function accrued over time" (pg 26) Quite simply, the shares were issued to IPM from NCMI&MGAU in lieu of cash for loans and services rendered. They were then partially sold by IPM to help balance the administrative costs incurred in contracting out their staff and facility, senior officers included.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next