Sheesh---we knew the company is cash-poor, this just confirms it:
>>Coconino's interest in the well of $45,000 was paid for with a cash down payment, a bank loan arranged through First National Bank [OTC BB:FIPG - news] of Chaves County in Roswell, NM, and a small quantity of Rule 144-restricted common stock in CO&G's parent company.
So, for a payoff down the road one year from now (and how much is the payout? Not stated anywhere.), we the stockholders see the company acquiring more debt, spending money that could be used to file the Form 10 (Whine with me: "We can't afford $25,000 filing costs!"), and diluting the stock by issuing a "small" (what's small? Less than 10,000,000?) amount of stock.
AdHatters might be staving off some bills, but this company looks anything but investment-worthy.
Lurking 'til the real news hits.
Rick |
