Friday, May 13, 2011

Goldsands Development Corp (GSDCE.ob), ex-Constitution Mining (CMIN.ob), and its annual report

If you ever wanted a lesson in DYODD DUDETTES AND DUDES...

If you ever wanted reasons why you should NEVER listen to a junior miner's spiel and then immediately buy the stock on some flash sounding story...

If you ever needed to know why reading the company's obligatory and regulatory filings is so darned important...

...then today is your day, kind madam or sir. Please click through here and download you own copy of the Goldsands Development Corp (GSDCE.ob) annual report, settle back with a warm cuppa something, and then read it, because just the headlines of the Risk Factors section in this utter scam run by the scumball Michael Stocker will be enough to give you the creepy shivers, even if you aren't so au fait with the ways of the numberworld. Here are some examples of those headlines.

Our accountants have raised substantial doubt with respect to our ability to continue as a going concern.

A pending SEC investigation may subject us to significant costs and could divert management’s attention.

In preparing our consolidated financial statements for fiscal 2010, our management identified material weaknesses in our internal control over financial reporting, and our failure to remedy these or other material weaknesses could result in material misstatements in our consolidated financial statements and the loss of investor confidence in our reported financial information.

Because our common stock is quoted and traded on the OTCBB, short selling could increase the volatility of our stock price.
And make sure you digest the section about the ongoing SEC investigation into the company that started in March...all very cool, becuase apparently it may "divert management's attention". I say it might just divert its officers to the freakin' stockade too, but that's just me. Go read yourself.