children of an idle brain

ECU Silver (ECU.to) ScamWatch

Oftentimes, it’s not what a company does that marks it out as a scamjob but what it doesn’t do. Take for example ECU Silver (ECU.to), the longtime scam that’s pumped by the GATA mob and Mexico “honestly we’ll all be rich soon” Mike to dumb sheep that are regularly shorn by their meisters.

On Friday evening ECU.to released its quarterly results that, as we saw Saturday, were the usual financial trainwreck we’ve learned to giggle and snort at. But instead of doing the common decent thing and announcing to the world that the 1q10 financials were published (what any normal, unashamed company would do) it ran a bullshit news release about some cherrypicked assay result on one of its awfully skinny underground veins. Jeesh, what bare-faced cheek this company has! It treats its shareholders like crap, refuses to be open and honest with them, skins them blind with high costs, salaries, stock options and management fees but never manages to return a profit. Here’s the Saturday post pasted out again for fun:

ECU Silver (ECU.to): Another classic quarter from the GATA-pumped scamsters

Let’s just do the charts and be done.

Here’s the assets breakdown.

Debt next, and look at the current column moving up as those payment deadlines start coming closer.

Working capital a cool negative $9.2m!!!

Shares outstanding balloon again, now at 307.3m (this doesn’t even count the near 51m warrants priced avg 92c and then the 15m or so options)

And yes….of course…for all the fanfare and lah lah about better production numbers we have to suffer from these jokers non-stop, it’s yet another net loss, this time $1.852m

And let’s note that it would have been worse but for the $802k forex gain booked by the company. But the thing is with net losses at ECU.to is that it never stops the scumbags running the show from doling out more stock based compensations to themselves. This quarter saw another $266,000 sent to the ECU great and good via that channel. Oh, and then there are the forward sales on as-yet undelivered metal. These guys are so hand-to-mouth it’s cringeworthy and the countdown to next dilutive financing is now reaching its climax.

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