The latest Qrtr earnings states that Coal washing revenue decreased 26%. If this is part of the earnings report, then what is the fuzz ? Is the assertions by GEO just a "short tactic" ?
== From the latest earnings report:
Coal Washing revenue was $13.2 million in the first quarter, a decrease of 26% from $17.8 million in the
same quarter last year. The decrease in coal washing revenue was due principally to the idling of the
Hong Xing washing plant late in the quarter. Management is currently evaluating the Hong Xing facility.
Credit to McMiller for flushing out this piece of the puzzle; L&L maintained the use of the PY wash plant through its sale contract with the prior owner when they sold back. I didn't remember until McM sent (gleaned through one of his contacts) word that that is where the c/w funds are coming from. It rang a bell and do remember now that that was revealed to shareholders at that time-about 1-1/2 years ago perhaps. Sharpei
the allegations concern the 2013 year end statement about 39% or $70 million plus revenue coming from coal washing. geo claims the washing facility was idled since 2012 which llen never mentioned. and if the facility was indeed idled, did that revenue totally exist and where did it come from? that is the big question. llen says plant idled late in quarter as compared to since 2012. and they then need to prove the 39% of revenue source from washing in the 2013 year.