Earlier this morning AwesomePennyStocks (APS) released GOFF as their latest pick. APS describes Goff Corp. as a mining exploration company with interests in the Aguadas, Department of Caldas, Colombia area. The goal of this promotion seems to be to convince naive investors of the great potential in gold, diamond and silver discovery within this area.
The reality of course is that Goff Corp. is a terrible company that doesn't deserve to be trading at anything more than a penny per share. And that's being generous.
Goff Corp. wasn't always a mining company. It was originally incorporated on July 12, 2010 and aimed to "provide web-based networking and job-placement services for employers and individuals seeking employment in the UK and Ireland" (Form 8-K). The company failed to meet this goal due to inadequate funding.
Goff Corp. has only been a mining company for a grand total of 11 days including today. The recent change in company focus coincides with a change in management as well. The shell had previously been run by Gary O'Flynn and Patrick Corkery, both of whom resigned on February 26th of this year. The sole director of the company is now Warwick Calasse who bought his controlling position in the company (108,750,000 shares) for a mere 25 grand. That amounts to just 0.0003 dollars per share and provides a good indication of what the previous directors considered the worth of the company to be. Previous financial reports confirm this by showing zero income and substantial expenses resulting in a net loss of $29,000 this past year alone.
If you tend to be an overly trusting person who falls victim to the fluffy bullshit of promotional emails, write down this quote from the companies own 8-K filing and stick it to your monitor:
Since we are an exploration stage company, there is no assurance that a commercially viable mineral reserve exists on any of our current or future properties. To date, we do not know if an economically viable mineral reserve exists on our property and there is no assurance that we will discover one. Even if we do eventually discover a mineral reserve on our property, there can be no assurance that we will be able to develop our property into a producing mine and extract those resources. Both mineral exploration and development involve a high degree of risk and few properties which are explored are ultimately developed into producing mines.The task of discovering said minerals seems further complicated by the fact that the company doesn't have any employees.
Day 1:
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