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elmoscuba · Guest

Gulf Ethanol (GFET)
1240 Blalock Road, Ste. 200 - Houston, Texas 77055
www.gulethanolcorp.com
http://www.gulfethanolinc.com (former web site)

Updated 1st Quarter results:
Cash in bank decreased to $6,036
Revenue = $0
Gulf Ethanol is a development stage company and had no operating revenues from re-entry to the development stage (February 13, 2007) to March 31, 2008.

Going Concern:The accompanying financial statements have been prepared assuming that Gulf will continue as a going concern. As shown in the accompanying financial statements, Gulf suffered losses of $4,221,570 in 2007, and has a net loss for the first quarter of 2007. Moreover, we have a net working capital deficit of $321,502 at March 31, 2008. These conditions raise substantial doubt as to Gulf’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if Gulf is unable to continue as a going concern. Management intends to finance these deficits by selling its common stock.
John Thomas Cloud, CEO, President, Director (recently resigning)
No compensation has yet been determined by the Board
William Carmichael, Corporate Secretary, Director
Mr. Carmichael receives no direct compensation from the Company. The
company contracts with (Carmichael owned) Corporate Secretary Services, Inc. for his services. Compensation is $2,667.00 per month.
Robert Starkey - Refinery and Plant Development [note: unknown and likely not be with company anymore]

Former employees:
Carly Long Exec. VP of Admin.
David Mordekhay Chief Exec. Officer, Pres
Jack Uselton Operations Mang.
Mark Schiller CPA Chief Financial Officer
Oren Mizrahi Exec. Marketing Consultant
Darrel Uselton Former President and founder of the Company
(i) Period and end date; 03/31/2008
(ii) Number of shares authorized; 100,000,000
(iii) Number of shares outstanding; 41,182,932
(iv) Freely tradable shares (public float); 12,967,403
(v) Total number of beneficial shareholders; 3
(vi) Total number of shareholders of record. 32 shareholders of record and an undetermined number of shares held by shareholders in street-name.
Beneficial Owners (as of Dec. 31, 2007)
Firemark Capital, LLC
1947 Sparrow Ridge Road (according to Harris County Tax Records, this is Jack and Rowanne Uselton's home address)
Katy, TX 77450
Control Person – unknown*
Resident Agent - unknown
4,407,400 common shares

IBIS Energy
615 Flaghoist Lane (according to Harris County Tax Records, this is Darrel and Lorena Uselton's home address)**
Houston, TX 77351
Control Person – unknown*
Resident Agent - unknown
4,755,403 common shares

Galleria Asset Management
160 Wimberley Ranch Drive (www.jtcloud.com)
Wimberley, Texas 78676
Control Person – John Thomas Cloud
Resident agent - unknown
6,000,000 Common Shares

*Note: These companies are previously known to be Darrel Uselton's.

**According to Fort Bend County, TX Tax Records, Darrel just purchased a new home (after his indictment in July 2007) for $825,000 on March 14, 2008 at 10111 W HIDDEN LAKE LN, RICHMOND, TX. 77469. The property has an assessed value of $1,036,380. Here is the original MLS listing: http://www.har.com/HomeValue/dispSoldDetail.cfm?MLNUM=2170804