Oh boy, here's another great story from my newsletter mailbag. Please note that I mean "great" in a sarcastic sense. First Liberty Power (FLPC) explores for lithium and other minerals. Eric Dickson of Breakaway Stocks and Trinity Investment Research once sent out a twelve-page mailer (probably some time in 2010) saying this stock was a bargain at $0.80/share because it was poised for explosive growth. Folks, the stock hasn't seen that price since June 2010 and it has been on a steady slide down ever since. It now trades in the single digit pennies.
Read Item 7, MD&A, from their 10-K dated November 2011. The company has had zero revenue since inception in 2007. Their accountants raised substantial doubt about the company's ability to continue as a going concern. The company's management team admits that it has no arrangements in place to raise financing in the future.
I find it amazing that the company's website contains no mention whatsoever of the management team at this time. That just blows my mind. I have no idea why a mining company has a name like "Power," which makes it sound like an energy company to me. I don't think I need to go any farther. I really hope the boys at Trinity Investment Research have a nice day. They will need it after throwing their corporate name behind this stock.
Full disclosure: No position in FLPC, ever.
Read Item 7, MD&A, from their 10-K dated November 2011. The company has had zero revenue since inception in 2007. Their accountants raised substantial doubt about the company's ability to continue as a going concern. The company's management team admits that it has no arrangements in place to raise financing in the future.
I find it amazing that the company's website contains no mention whatsoever of the management team at this time. That just blows my mind. I have no idea why a mining company has a name like "Power," which makes it sound like an energy company to me. I don't think I need to go any farther. I really hope the boys at Trinity Investment Research have a nice day. They will need it after throwing their corporate name behind this stock.
Full disclosure: No position in FLPC, ever.
