$PSGR A look at financial statements from 2 differ
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Posted On: 12/08/2019 12:50:12 PM
$PSGR A look at financial statements from 2 different periods of the company. Of major interest AND concern is the statement:
'None of the Company’s properties contain proven and probable reserves, and all of the Company’s activities on all of its properties are exploratory in nature.'
After all of the Assay Reports and the suggestions that 'something; MAY be in the ground, one can only speculate that
all of the alleged Assays and Studies...and the studies of studies, has not changed the perception that the mine sites will remain status quo for quite a while longer. Nothing will occur until ACTUAL, RELIABLE, CERTIFIABLE Precious Metal assays AND the significant occurrence of precious metals on site is verified by a company or companies that are fully certified/registered as Professional Organizations. Or NOTHING will ever occur if there is NOTHING of value found on any of the sites. AFTER TWENTY PLUS YEARS one can draw one's own conclusions about what and if anything will happen.
PERSHING RESOURCES COMPANY, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Organization Pershing Resources, formerly named Xenolix, Technologies, Inc. (the “Company”), was incorporated under the laws of the State of Nevada on August 26, 1996. The Company is a gold and precious metals exploration company pursuing exploration and development opportunities primarily in Nevada. None of the Company’s properties contain proven and probable reserves, and all of the Company’s activities on all of its properties are exploratory in nature. On May 14, 2015, the Company acquired its wholly owned subsidiary, Simple Recovery, Inc. (“Simple Recovery”), through the issuance of 2 million shares of the Company’s common stock
PERSHING RESOURCES COMPANY, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
No assurance is provided with these financial statements.
7
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Organization Pershing Resources, formerly named Xenolix, Technologies, Inc. (the “Company”), was incorporated under the laws of the State of Nevada on August 26, 1996. The Company is a gold and precious metals exploration company pursuing exploration and development opportunities primarily in Nevada. None of the Company’s properties contain proven and probable reserves, and all of the Company’s activities on all of its properties are exploratory in nature. On May 14, 2015, the Company acquired its wholly owned subsidiary, Simple Recovery, Inc. (“Simple Recovery”), through the issuance of 2 million shares of the Company’s Common Stock.
Going Concern
These consolidated financial statements of the Company have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable period of time. The Company had incurred a net loss of $485,609 and $885,540 for the nine months ended September 30, 2019 and 2018, respectively, had incurred a total accumulated deficit of $12,921,223 as of September 30, 2019 and requires additional capital for its contemplated business and exploration activities to take place. The Company plans to raise additional capital to carry out its business plan. The Company's ability to raise additional capital through future equity and debt securities issuances is unknown. Obtaining additional financing, the successful development of the Company's contemplated plan of operations, and its transition, ultimately, to profitable operations are necessary for the Company to continue business. The ability to successfully resolve these factors raises substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements of the Company do not include any adjustments that may result from the outcome of the uncertainties.
'None of the Company’s properties contain proven and probable reserves, and all of the Company’s activities on all of its properties are exploratory in nature.'
After all of the Assay Reports and the suggestions that 'something; MAY be in the ground, one can only speculate that
all of the alleged Assays and Studies...and the studies of studies, has not changed the perception that the mine sites will remain status quo for quite a while longer. Nothing will occur until ACTUAL, RELIABLE, CERTIFIABLE Precious Metal assays AND the significant occurrence of precious metals on site is verified by a company or companies that are fully certified/registered as Professional Organizations. Or NOTHING will ever occur if there is NOTHING of value found on any of the sites. AFTER TWENTY PLUS YEARS one can draw one's own conclusions about what and if anything will happen.
PERSHING RESOURCES COMPANY, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Organization Pershing Resources, formerly named Xenolix, Technologies, Inc. (the “Company”), was incorporated under the laws of the State of Nevada on August 26, 1996. The Company is a gold and precious metals exploration company pursuing exploration and development opportunities primarily in Nevada. None of the Company’s properties contain proven and probable reserves, and all of the Company’s activities on all of its properties are exploratory in nature. On May 14, 2015, the Company acquired its wholly owned subsidiary, Simple Recovery, Inc. (“Simple Recovery”), through the issuance of 2 million shares of the Company’s common stock
PERSHING RESOURCES COMPANY, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
No assurance is provided with these financial statements.
7
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Organization Pershing Resources, formerly named Xenolix, Technologies, Inc. (the “Company”), was incorporated under the laws of the State of Nevada on August 26, 1996. The Company is a gold and precious metals exploration company pursuing exploration and development opportunities primarily in Nevada. None of the Company’s properties contain proven and probable reserves, and all of the Company’s activities on all of its properties are exploratory in nature. On May 14, 2015, the Company acquired its wholly owned subsidiary, Simple Recovery, Inc. (“Simple Recovery”), through the issuance of 2 million shares of the Company’s Common Stock.
Going Concern
These consolidated financial statements of the Company have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable period of time. The Company had incurred a net loss of $485,609 and $885,540 for the nine months ended September 30, 2019 and 2018, respectively, had incurred a total accumulated deficit of $12,921,223 as of September 30, 2019 and requires additional capital for its contemplated business and exploration activities to take place. The Company plans to raise additional capital to carry out its business plan. The Company's ability to raise additional capital through future equity and debt securities issuances is unknown. Obtaining additional financing, the successful development of the Company's contemplated plan of operations, and its transition, ultimately, to profitable operations are necessary for the Company to continue business. The ability to successfully resolve these factors raises substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements of the Company do not include any adjustments that may result from the outcome of the uncertainties.
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