I hope the CPA can figure this out!
In December 2011, The Company began work with its mining partner to select and cometo terms on one of the mining properties that will have the funding commitment and structure in place that is beneficial to its shareholders.
In the last quarter, a total of 135mm new shares were issued to eliminate debt and shareissuance obligations, as well as to secure capital for legal, accounting, Pink Sheetsubscription fees and other necessary expenses to bring the Company’s filings current.
That transaction eliminated $25k in debt, paid $14k in expenses for legal, accounting, Pink Sheets and state filing fees as well as eliminated what would have been a total of 18,250mm in share issuance obligations (the $25k note that was satisfied could have been converted into 250mm shares.)
Gold Coast Mining Corp
(formerly Hot Web, Inc.)
NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31,2011(Unaudited) PAGE 17
SO MARC SOLD 135,000,000 SHARES TO ELIMINATE DEBT AND OTHER OBLIGATIONS (UNKNOWN)!
TOXIC FINANCING!
BUT IT GETS WORSE!
Marc can't count or he can't remember.
In the financial reports for the last quarter, it states that 125,000,000 shares were issued! That is a discrepancy of 10MILLION shares!
In the JV agreement, Marc states that 40M shares were issued to WSRA for the JV and that WSRA was to sell those shares to raise $400K. Then in the last quarterly report, Marc claims a JV asset of $650,000,000. How can he claim those shares as an asset when they were issued to WSRA??
SO MARC SOLD 135,000,000 SHARES TO ELIMINATE DEBT AND OTHER OBLIGATIONS (UNKNOWN)!
TOXIC FINANCING!
BUT IT GETS WORSE!
Marc can't count or he can't remember.
In the financial reports for the last quarter, it states that 125,000,000 shares were issued! That is a discrepancy of 10MILLION shares!
In the JV agreement, Marc states that 40M shares were issued to WSRA for the JV and that WSRA was to sell those shares to raise $400K. Then in the last quarterly report, Marc claims a JV asset of $650,000,000. How can he claim those shares as an asset when they were issued to WSRA??
