MMTE Annual Report Out:
https://www.otciq.com/otciq/ajax/showFinancia...f?id=98673
Total shares outstanding: Class A 13,020,136,724 as of 31-Dec-12
Revenue Recognition
The company recognizes revenues when it is received. During the three (3) months ended December 31, 2012 the Company had net losses of $ (6,231.00), and for the twelve months ended December 31, 2012 net losses of $(224,496.00) bringing the accumulated deficit to $ (1,284,412)as compared to a net loss of $ (273,801) and an accumulated deficit of $ (1,059,916) for the year ending December 31, 2011.
The financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. However, the Company has a net deficit in retained earnings of $ (1,284,412) and a negative cash flow of $(84) for year ending December 31, 2012 and for year ending December 31, 2011, a deficit in retained earnings of $(1,059,916) and cash flow $ 84.00. The company is able to pay its obligations to vendors from funds provided by loans. The Company intends on financing its future development activities from the same sources, until such time that funds provided by operations are sufficient to fund working capital requirements.
The Company is in the exploration stage and has not produced or marketed any lithium or other commercial minerals. It has had difficulty raising sufficient working capital to sustain its exploration of the Salar de Maricunga property in Chile. Initially survey of the property purports the presence of lithium as well as other commercially viable minerals and salts. The Company continues its efforts to raise sufficient capital to extract these minerals.
William Lieberman- President/CEO/Chairman of the Board
Beneficial Ownership- 4,475,000,000 common restricted shares
Samir Ahshrup Secretary, Chief Operating Officer, Director
Beneficial Ownership- 450,000,000 common restricted shares
The above represents approximately 11% of the O/S combined.
What if William intended to take MMTE private after taking as much money as possible from investors? William told me he needed to take the money he invested in MMTE concessions out, so what if he intended to use that money to buy as many MMTE shares as possible for next to nothing? How would one do this?
Well, a CEO could run the company down to nothing, annouce a R/S, not tell investors anything at all, and then go in hiding without answering questions from interested investors. Does this sound familiar? Oh yea, that is what happened with MMTE. William knew MMTE investors needed to sell their shares (if that was possible) before the end of 2012. If you didn't, you cannot claim the tax loss.
So William works the con this way --- he gets investors to hang on in the hope of getting something or anything at all. However, as the days tick by and the year end draws near, your worry begins to eat away at you. Now you start to call your broker and ask to sell for whatever money you can get --- even .000001 if that is possible with your broker. In other words, you give your shares away after paying for them with your hard earned money.
So, maybe William was as smart as some people posted. He was smart enough to have other people do the speaking for him, and that way no one could come back and litigate against him. Yes indeed, William may be as smart as some said. In this case, he merely had to dupe others who then kept telling people that MMTE would make them all millionaires.
