After reading the filings here is what I found interesting.
"After the Offering................................ Up to 45,592,691 shares of Common Stock, assuming the full conversion of the Notes and exercise of the warrants issued to the Selling Shareholders."
"In the first six months of fiscal 1998 a total of $1,529,532 was accrued, butnot paid in cash, as compensation to three officers of the Company."
Compensation? For what? All they do is make deals they don't have the money to fullfil. By the way what ever happened to that Indonesia deal? Or the tire recycling scam?
"To assist in the Company's penetration of the environmental remediationservices market in Louisiana, in February 1998, the Company executed anagreement to acquire a 70% equity interest in Ven Virotek, Inc., a Louisianacorporation ("Virotek"), from its only other shareholder, Recycling Remedis,Inc. Virotek owns and operates a NORM solid waste disposal site in Houma,Louisiana and holds permits from Louisiana environmental authorities to disposeof salt water brine and naturally occurring waste products. Under the Company'sagreement to acquire its interest in Virotek, the Company paid an initialinstallment payment of $15,000 in cash and signed a promissory note in theamount of $300,000. The Company's payment of the promissory note is pending itsreceipt from the seller of audited financial statements for Virotek. The Company currently believes that such financial statements will not be provided and that this transaction is not likely to be completed."
Virotek deal dead?
"The Company is contingently liable to issue up to three million shares of restricted stock in total to three officers and directors of the Company for their efforts in closing the Sao Tome & Principe contract. These shares will be issued upon the joint venture oil production level of 20,000 barrels a day being attained. The Company is contingently liable to issue up to two million shares of restricted stock to two officers and directors of the Company for their efforts in closing the M III contract in Utah upon the joint venture oil production level of 4,000 barrels a day being attained. This two million shares includes the 500,000 shares the Company is to issue to MIII. The Company is also contingently liable to issue an additional two million shares upon the joint venture attaining production of a total of 6,000 barrels a day."
Like it's not bad enough that they are over compensated, they are able to issue insane amounts of shares to themselves.
"15) Letter of intent In December 1997, the Company received a letter of intent from a registered brokerage house which contemplates a firm commitment public offering of approximately $50,000,000 of convertible debt securities. This offering, if it proceeds, is contemplated for early 1998. There is no assurance that such offering will be consummated. (16) Subsequent events a) Letter of intent In May 1998, the Company received a letter of intent from another registered brokerage firm as a replacement of the December 1997 letter of intent. This new letter of intent is for the same terms and conditions as the one it replaces."
$50 million of CONVERTIBLE debt. How much dilution is that going to cause. To much for my liking!
It's a shame a company with such great prospects will no doubt fail.
It will probably be trading at a dime soon!
I do own shares but it's not looking good. |
