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Tanzanian Royalty Exploration Corp. Message Board

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  • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 10, 2011 9:12 PM Flag

    Now they're restating financial statements!

    Looks to me like Sinclare and company were caught playing loosey-goosey with company funds, and I suspect some investor called him out on it. Some of the numbers were changed, but conveniently, it looks like they were just shuffled between accounts.

    To imply that it is no big deal, like the US Government and complicit news that tries to put a smiley face on a terrible situation, you and your star-minion are part of the problem.

    It is high time for answers to a laundry list of questions, and some meaningful transparency.

    Would you happen to know if Tanzanians are members of the Muslim Brotherhood?

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    • Sorry fellow, just because you want it to be awful news doesn't make it so....Read it, it is nothing of consequence and your imaginations and what if's are merely hot air and completely irrelevant..,You are making things up in your own mind and choosing use any opportunity to twist things and as such you've now qualified yourself for use of my ignore feature.

      • 3 Replies to whitesands_8
      • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 11, 2011 1:23 PM Flag

        There are 2 issues in the Amended and Restated MD&A For Period Ended May 31, 2011 which should cause investors to raise their eyebrows.

        But, just like the US Government, the company and the flock would rather keep the smudge pots filled and hope the issues goes away.

        I would like to see these 2 gernades being openly discussed at this time, rather than someone bringing them to the annual meeting, pulling the pins, and tossing them into the crowd.

        bullionairo had your group pegged from the get-go.

      • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 18, 2011 8:07 PM Flag

        So ... are shareholders to consider that this is "nothing of consequence and ... completely irrelevant"?

        "$6,291 was paid for administrative services including technical support and services for the President and CEO' website which is recorded as a receivable and the President and CEO reimburses the Company at fiscal year end."

        and ...

        "As at May 31, 2011, the Company has a receivable of $35,420 from James E. Sinclair. The
        receivable is a result of administrative services including technical support and services for Mr.
        Sinclair' website. Mr. Sinclair reimburses the Company at fiscal year end. During the three
        month period ended May 31 2011, $6,291 was paid for administrative and technical support and
        services for Mr. Sinclair' website which is recorded as a receivable."

      • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 18, 2011 8:10 PM Flag

        So ... are shareholders to consider that this is "nothing of consequence and ... completely irrelevant"?

        "On February 1, 2011 the Audit Committee approved a waiver of the Company' Code of Ethics
        and Business Conduct (the "" with respect to entering into a loan agreement (the "
        Agreement" with Joseph Kahama ("" the Chairman and COO (Tanzania) of the
        Company, providing for a six month loan from the Company to Kahama in the principal amount of
        US$100,000 on arm' length commercial terms, bearing interest at the prime rate charged by the
        Company' bankers, determined monthly (the "" The Board approved the waiver of the
        Code in connection with the Loan and entering into the Loan Agreement with Kahama on
        February 1, 2011. Kahama has confirmed the repayment of the loan principal plus interest on or
        before August 1, 2011. There were no loans made to Kahama during the three month period
        ended May 31, 2011.

        During the nine month period ended May 31, 2011, US$7,200 was paid to a company associated
        with Kahama for office rent. During the three month period ended May 31, 2011, Tanzania office
        rent in the amount of US$2,400 was paid to a company related to Kahama. The rental rate
        charged to the Company is at the prevailing market rate."

 
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