$PSGR FROM THE MOST CURRENT PRESS RELEASE OF MARCH
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Posted On: 03/06/2018 8:07:04 AM
$PSGR FROM THE MOST CURRENT PRESS RELEASE OF MARCH 5, 2018: (Year 2016 Audit)
VERY interesting reading:
NOTE 3 — MINERAL PROPERTIES The Company's mineral properties consists of a 40% interest in 107 mining leases and mining claims located in Pershing County, Nevada. The 40% interest in the properties was acquired in March 2004 for consideration of 35 million shares of the Company's common stock for a total value of $5,250,000.
In 2004 Simple Recovery acquired 8 Bureau of Land Management claims located in Mohave County at a cost of $4,800. In 2010 it acquired another 2 Bureau of Land Management claims in Mohave County at a cost of $1,200.
In 2013 Simple Recovery assigned 8 claims known as “New Enterprise” to Bridge Metal Processing, LLC for which the Company will be paid a 10% royalty on all revenue attained from the claims. To date no revenue has been generated. For the year ended December 30, 2016 the Company received $1,500 to extend the agreement beyond the original term dates. As of December 31, 2016, based on management’s review of the carrying value of mineral rights, management determined that there is no evidence that the cost of these acquired mineral rights will not be fully recovered and accordingly, the Company has determined that no adjustment to the carrying value of mineral rights was required. As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition and exploration costs.
The Company posted a statewide surface management surety bond with the United States Department of the Interior Bureau of Land Management (“BLM”) as required by the State of Nevada in the amount of $12,885 as of April 30, 2010, to reclaim land disturbed in its exploration and mining operations. The surface management surety bond was provided by then CEO Daniel Wright in exchange for a convertible note issued to him. 920,357 shares of common stock were issued to him in lieu of cash. The conversion price was $.014. In September of 2015 the Company requested a refund of the collateral deposit from BLM. The surety bond was refunded to the Company on December 31, 2015. The funds deposited in the collateral account were classified as restricted cash on the Company’s balance sheet prior to being refunded
NOTE 7 — STOCKHOLDERS’ EQUITY
The Company was originally authorized to issue 250,000,000 shares of $0.0001 par value common stock. During 2017 the Company increased its authorized shares to 500,000,000.
As of December 31, 2016, the Company issued 1,095,000 shares of common stock in consideration of professional services valued at $12,850.
The Company purchased land and a building with the direct issuance of 2 million shares of common stock by the Company to the seller and the transfer of an additional 2 million shares of the Company’s common stock from a Company shareholder to the seller. The total value of the shares transferred to the seller in this transaction was $80,000.
$121,146 of convertible notes plus accrued interest of $1,591 were converted into 6,057,255 shares of common stock
VERY interesting reading:
NOTE 3 — MINERAL PROPERTIES The Company's mineral properties consists of a 40% interest in 107 mining leases and mining claims located in Pershing County, Nevada. The 40% interest in the properties was acquired in March 2004 for consideration of 35 million shares of the Company's common stock for a total value of $5,250,000.
In 2004 Simple Recovery acquired 8 Bureau of Land Management claims located in Mohave County at a cost of $4,800. In 2010 it acquired another 2 Bureau of Land Management claims in Mohave County at a cost of $1,200.
In 2013 Simple Recovery assigned 8 claims known as “New Enterprise” to Bridge Metal Processing, LLC for which the Company will be paid a 10% royalty on all revenue attained from the claims. To date no revenue has been generated. For the year ended December 30, 2016 the Company received $1,500 to extend the agreement beyond the original term dates. As of December 31, 2016, based on management’s review of the carrying value of mineral rights, management determined that there is no evidence that the cost of these acquired mineral rights will not be fully recovered and accordingly, the Company has determined that no adjustment to the carrying value of mineral rights was required. As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition and exploration costs.
The Company posted a statewide surface management surety bond with the United States Department of the Interior Bureau of Land Management (“BLM”) as required by the State of Nevada in the amount of $12,885 as of April 30, 2010, to reclaim land disturbed in its exploration and mining operations. The surface management surety bond was provided by then CEO Daniel Wright in exchange for a convertible note issued to him. 920,357 shares of common stock were issued to him in lieu of cash. The conversion price was $.014. In September of 2015 the Company requested a refund of the collateral deposit from BLM. The surety bond was refunded to the Company on December 31, 2015. The funds deposited in the collateral account were classified as restricted cash on the Company’s balance sheet prior to being refunded
NOTE 7 — STOCKHOLDERS’ EQUITY
The Company was originally authorized to issue 250,000,000 shares of $0.0001 par value common stock. During 2017 the Company increased its authorized shares to 500,000,000.
As of December 31, 2016, the Company issued 1,095,000 shares of common stock in consideration of professional services valued at $12,850.
The Company purchased land and a building with the direct issuance of 2 million shares of common stock by the Company to the seller and the transfer of an additional 2 million shares of the Company’s common stock from a Company shareholder to the seller. The total value of the shares transferred to the seller in this transaction was $80,000.
$121,146 of convertible notes plus accrued interest of $1,591 were converted into 6,057,255 shares of common stock
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