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Tanzanian Royalty Exploration Corp. Message Board

  • worldslargestbrain worldslargestbrain Aug 9, 2011 7:31 PM Flag

    Now they're restating financial statements!

    What next? How come the only news out of this company is never good? Unless you consider "Sometime maybe we could if if if " as good news.

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    • Double digit dungbreath with a single digit IQ chimes in from the back row. 5.85 in mid-August 2011....douchebag...double or nothing for the end of this year??? BWAAHAHAHAHAHAAAAA!!!!!

    • JS previously said that he is in favor of company audits. I wouldn't be surprised if they found the discrepancy in an internal audit.

      ".... President and CEO reimburses the Company at fiscal year end."

      Sounds like your trying to make something out of nothing.

    • Are we getting desperate and a little scared?

      All the good stuff building up to sweep you poor shorters back into the sewer.

    • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 19, 2011 5:12 PM Flag

      Glad to see that you are such a loyal follower, but I know of at least one investor that does not see the situation from your perspective.

      If we take the statement at face value, then management knew that what they were doing would be viewed as questionable, and perhaps a violation of the "Code of Ethics and Business Conduct".

      Why would any in management conduct business in such a manner as to subject themselves to this kind of scrutiny?

      Again, spin it any way you like, no matter what the conclusion, it is not a good situation.

      Information from the Amended and Restated MD&A:

      "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."

      Corresponding information from the original MD&A:

      "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 the Chairman and COO (Tanzania) of the Company, providing for a six month loan from the Company to the Chairman and COO (Tanzania) 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 the Chairman and COO (Tanzania) on February 1, 2011.

      Also, during the nine months ended May 31, 2011, USD$7,200 was paid to a company associated with the Chairman and COO (Tanzania) for office rent."

    • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 19, 2011 5:04 PM Flag

      The majority will likely never know the details of the transactions, but the fact that a mis-allocation of funds can even be construed, when such could have easily been avoidable, does not reflect well on management's judgment/integrity/professionalism, nor is it beneficial to shareholders who are looking for price appreciation.

      When I compare the Amended and Restated MD&A against the original version, a cluster of questions come to mind. Is this just a case of careless oversight, or a cover-up? Did management voluntarily amend and restate the details, or did an individuals inquiry prompt the British Columbia Securities Commission to request a review? Why would management subject themselves to this kind of scrutiny?

      Spin it any way you like, no matter what the conclusion, it is not a good situation.



      Information from the Amended and Restated MD&A:

      "$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."

      Corresponding information from the original MD&A:

      "At May 31, 2011, the Company has a receivable of $35,420 from the Company' President and CEO."

    • I doubt that. Considering the remoteness of the property and the need to gain sufficient data, I would think they could sample away until adequate data is produced. maybe that was the case. Still doesn't explain the absence of any further equipment at Kigosi or the statement that production was anticipated there this year. Date check:.....August 11, 2011

    • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 11, 2011 2:05 PM Flag

      As I recall, there may be a restriction on the amount of sample material they are able to process without the permit, and this could logically explain the situation. But, at this point there seems to be a management credibility problem.

    • All it is is additional information and a "revised cautionary note on forward-looking statements"...They are not restating financials.


      "The amended MD&A (available at www.sedar.com) now includes a discussion of the Company’s analysis of current quarter and year-to-date results including a comparison of results of operations and cash flows to the corresponding periods in the previous year, additional related party disclosure, discussion of significant quarterly fluctuations, additional information relating to a subsequent event note and relating to prior financings, additional information regarding internal control over financial reporting and disclosure controls and procedures, an exploration summary for the Luhala property, information concerning the Company’s changeover plan for IFRS and a related risk factor, and a revised cautionary note regarding forward-looking statements."

      • 2 Replies to whitesands_8
      • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 10, 2011 9:12 PM Flag

        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?

      • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 10, 2011 4:21 PM Flag

        whitesands_8, do you know the status of the "two demonstration plants from the manufacturer that will be placed on the Company's Lunguya property" which were to "be used as exploratory tools to evaluate surface gravels and the plants' effectiveness for potential clients of the manufacturer"?

        Are these the same two that the $4.8 Million Private Placement with Two European Investment Funds last Nov 5, 2010 was earmarked to purchase?

        Or perhaps the two that the $15 Million Private Placement was earmarked to purchase?

        Will the Amended and Restated MD&A For Period Ended May 31, 2011 clarify this issue?

    • Was anything material re-stated? I'm too lazy to look.

    • "The additional disclosure does not impact the unaudited interim consolidated financial statements of the Company for the nine months ended May 31, 2011 and 2010 previously filed."

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