Friday, November 25, 2011

Constitution Mining (CMIN) Is Now Goldsands Development (GSDC)

Oh boy, here's another one.  I've been sitting on a teaser brochure from Scott Smith's Swiss Confidential (where's his website?) urging me to go long Constitution Mining (CMIN).  That company is now known as Goldsands Development Company (GSDC).  Prepare yourselves.  Here it comes. 

Yahoo Finance only gives us three years of financial statements.  Readers are welcome to read the company's SEC filings if they wish to go back farther.  Three years of data is all I need to see for this one.  Three years of progressively worse net losses.  Three years of progressively declining retained earnings.  Three years of negative free cash flow.  The CEO, Dr. Michael Stocker, is not a geologist and has never worked in mining.  The stock is at $0.04 today.

It's funny how companies with no financial success can change names.  It's also funny how newsletter touters can disappear. 

Full disclosure:  No position in CMIN or GSDC, ever.