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Posted On: 03/06/2018 8:29:44 AM
Post# of 1521
$PSGR Well, I finally got my question about the California purchase answered in the audit pages (look at the last major entry in the 2016 audit statement).
The most important statement that I took away from the 2016 Audit is
(from the audit pages):
'The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered recurring losses from operations including a $253,363 loss for the year ended December 31, 2016, and cumulative losses of $5,690,624 as of December 31, 2016. As discussed in Note 1 to the consolidated financial statements the Company has been dependent upon equity investments and convertible debt financing to maintain its operations. These circumstances create doubt about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.'
(end)
'THESE CIRCUMSTANCES CREATE DOUBT ABOUT THE COMPANY'S ABILITY TO CONTINUE AS A GOING CNCERN.'
WOW!!!! And the '.....financial statements do not include any adjustments that might be necessary if the Company is unable to continue....'
An OBSERVATION and NOT an accusation: Pershing Resources issued common shares to its Board/Consultants/etc. instead of a direct CASH payment. The SHARE VALUE was set AT $X.XX for each issuance. The appearance is that the share price was at or about $0.014/share. Are the days when the share price dramatically shot up to $0.07 or $0.08/share in any way related to the selling of shares by the Board/Consultant/etc. members AND related to the ISSUANCE of the 2016 Press Releases????
The most important statement that I took away from the 2016 Audit is
(from the audit pages):
'The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered recurring losses from operations including a $253,363 loss for the year ended December 31, 2016, and cumulative losses of $5,690,624 as of December 31, 2016. As discussed in Note 1 to the consolidated financial statements the Company has been dependent upon equity investments and convertible debt financing to maintain its operations. These circumstances create doubt about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.'
(end)
'THESE CIRCUMSTANCES CREATE DOUBT ABOUT THE COMPANY'S ABILITY TO CONTINUE AS A GOING CNCERN.'
WOW!!!! And the '.....financial statements do not include any adjustments that might be necessary if the Company is unable to continue....'
An OBSERVATION and NOT an accusation: Pershing Resources issued common shares to its Board/Consultants/etc. instead of a direct CASH payment. The SHARE VALUE was set AT $X.XX for each issuance. The appearance is that the share price was at or about $0.014/share. Are the days when the share price dramatically shot up to $0.07 or $0.08/share in any way related to the selling of shares by the Board/Consultant/etc. members AND related to the ISSUANCE of the 2016 Press Releases????
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