I don't hear accumulation but smell promotion. There's a nice amount of overhead at .20, so chances are someone's looking to unload them...
From its latest 10QSB:
During the three months ended September 30, 2004, the Company financed its operations primarily through the issuance of Company securities. During the quarter, the Company issued 10,929,285 shares of its common stock in satisfaction of debts, expenses, services and for cash. The shares were primarily valued at $0.2 per share, with total value for the shares received equaling $214,586. On September 30, 2004, the Company had cash on hand of $14,733. The Company will need additional working capital for its future planned activities and to service its debt. The Company currently does not have sufficient cash reserves or cash flow from operations to meet its cash requirements. This raises substantial doubt about the Company's ability to continue as a going concern.
From its annual report:
During the fiscal year ended June 30, 2004, the Company funded its operations primarily primarily from the sale of Company securities. During the year, the Company sold 5,001,820 shares of its common stock for $102,159. As of June 30, 2004, the Company had cash on hand of $ 14,741. The Company will need additional working capital for its future planned activities and to service its debt. The Company currently does not have sufficient cash reserves or cash flow from operations to meet its cash requirements.
I love how busy it is issuing press releases though.
* Apex Resources Commences Aggressive Investor and Public Relations Program
I guess that's the extent of its PR program.
September 30, 2004 September 30, 2003
------------------ ------------------
Travel $ 3,467 $ 17,665
Office Expenses 26,427 18,921
Professional 760 12,587
Consultants 77,147 13,881
Promotional 4,010 --
Rent 13,100 --
Exploration and Development -
Oil and Gas 38,100 --
Other 7,499 1,158
-------- --------
$170,510 $ 64,212
-------- --------
Meanwhile it has no operational revenue, and doesn't have enough cash in the bank to pay its rather large office expenses (given that it has no employees) let alone the "consultants" (probably some "management" in there too) fees.
Apex also owns 7% of another money losing BB company, OMGV.
Latest report:
During the period from inception, September 19, 2000, to September 30, 2004, the Company has generated no revenue. The Company does not expect to generate any material revenues through the third quarter of 2004. The Company has financed its operations mainly through the sale of its common stock and through loans from related parties. Since inception, the Company has been entirely dependent upon outside sources of financing for continuation of operations. As stated previously, there is no assurance that the Company will be successful in obtaining additional funding on acceptable terms or at all. As of September 30, 2004, the Company had no cash on hand. During the quarter, the Company issued 1,122,865 restricted common shares in satisfaction of expenses totaling $22,457. It is unclear at this time whether the Company will have sufficient funds to maintain operations through the fourth quarter of 2004.
To qualify as an oil company, in business supposedly for a number of years, during an oil boom no less, such an entity should be able to actually earn a buck... LOL
Why bother with unproven, money losing oil companies such as Apex, when instead you could have bought ECA or TLM just last week and be up 6.33% or 7.28% respectively and enjoy relative safety. |
