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Microcap & Penny Stocks : AREE - Formerly TVSI -- Ignore unavailable to you. Want to Upgrade?

To: Dan Merfeld who wrote (5416)	8/30/1999 9:42:00 PM
From: Joe Master	Read Replies (2) \| Respond to of 6528

Merfield, Typical of the type of companies you and your "elk" invest in here is arete industries. They file a 10Q with financial statements that don't add up both literally and figuratively. Here is the 10Q from Q1 99 The numbers neither add up or balance. Real professional work there. Current Assets Cash 41,823 Accounts receivable, net of allowance for doubtful accounts of $25,000 $ 20,131 Total Current Assets 61,954 Furniture and equipment, net of accumulated depreciation (Note 2) - Prepaid Expenses 19,416 Other Investments 15,000 Total Assets $ 96,370 Current Liabilities Accounts payable 161,529 Customer deposits (Note 1e) 7,274 Other accrued expenses 210,006 Total Current Liabilities 386,809 Total Liabilities 386,809 Stockholders' (Deficit) Equity: Redeemable convertible preferred stock - no par -Series A, 3,000 shares issued and outstanding, $30,000 face value 30,000 Common stock - No par value, 500,000,000 shares authorized; 279,865,516 shares issued and outstanding as of 3/31/99 (Note 3) 7,090,213 Accumulated deficit (7,320,345) Current Period Deficit (82,307) Total Stockholders' Equity (Deficit) (352,789) Total Liabilities and Stockholders' (Deficit) $ 96,370