We thought that you might still be interested in HYII's financials, even though, they are almost 11 months old, so we have included a shortened version of their latest statement:
- no cash
- no current assets
- current liabilities: $915 thousand
- total liabilities: $1.1 million
- no revenue
- net loss since inception: 1.2 million
As far as we are concerned, the company might not exist at the moment. Their website, though active, gives us no up-to-date information, either. The latest press-release, for example is dated July 2012. But let's assume the unlikely scenario that they are actually performing some sort of operations. The question that springs to mind is "How are they going to dig anything out of the elusive mines?". Well, according to their financial report from March 2012, they have a total of $328 worth of equipment. We can assume that this will be enough for some shovels and buckets, but we're not sure about digging tonnes of iron from the earth's crust. As for leasing machinery, we doubt that equipment leasing companies are too enthusiastic about the idea, since HYII had nearly $5 thousand in cash overdraft, the last time they reported.
That doesn't stop Stock Mister from giving us a detailed profile of the company management team and telling us that they are extremely competent. Back in 2009 the same management team hired a person called Brett Hamburger who, the reports say, is going to help them immensely with their relations with investors and shareholders. A few minutes' research on Mr. Hamburger reveals that he is not new to the world of securities and back in 2003 he was sentenced to a term of probation and was forced to pay $290 thousand in compensation for fraud. Apparently, this didn't teach Mr. Hamburger and in September, he was charged again with assisting in another securities fraud by the SEC. Is HYII Mr. Hamburger's next hit?
Stock Mister do not include him in the management team review, of course, and they are also not too keen to tell us what happens to companies that they promote. PSYCHIC FRIENDS NET (OTC:PFNI) is a classic example. Stock Mister did create quite a bit of buzz around them back in December, and after a short peak, they fell down like a rock.