MESAQ Financials - Cash Flow, Balance Sheet, and Income Statement

Click the above link to review MESAQ's Financials.

CJHBQ BOOK VALUE ANALYSIS - DECEMBER 09 MOR AND AUG 09 QUARTERLY REPORT

Quick Calculation of BV based on the August 09 10Q and then the MOR Nov 5 - Dec 15.

On the last 10Q, which I have of August 09 only, none after that, I get the following Book Value Calculation:

CJHBQ Book Value Analysis based on Aug 09 10Q:

BV = Total Assets - Intangible Asset & Goodwill - Liabilities divided by OS.

BV = 208,453 - 320,154 - 532,762 / 77,773

BV Without Goodwill = -644,463 / 77,773 = - $8.28 pps

(now this is without any goodwill or intangible assets...this is taking goodwill completely off the books...and how it should be done, but goodwill impairments and writedowns were the way cemjq shows + bv as well - meaning goodwill is not completely taken off the books)

Now putting goodwill & intangibles back on the calculation:

BV = Total Assets - Liabilities / OS

BV = 596,427 - 532,762 / 77,773

BV With Good will = 63,665 / 77,773 = .8186 pps

(this is the exact # that is posted on yahoo finance...I am assuming they are including goodwill and intangible assets as part of their book value caluclation, though they should not...but based on that model, that is the basis for calculating cemjq's book value as well, I am assuming from yahoo finance perspective, and I believe it is the same way MC and others calculated Book Value - by...goodwill writedowns were part of cemjq's valuation and it will be no different here...cemjq had massive goodwill writedowns early on and these were significant in accounting procedures...)

Now Looking at CJHBQ's First MOR, the Goodwill looks to have taken a hit if I am reading it's balance sheet correctly...All #'s taken off the balance sheet:

Goodwill + Intangible Assets = 185,082

BV = Total Assets - Intangible Assets & Goodwill - Liabilities / OS.

BV = 1,083,685 - 185,082 - 735,953 / 77,773

BV Without Goodwill = 162,650 / 77,773 = $2.09

Leaving Goodwill in the calculation:

BV = Total Assets - Liabilities / OS.

BV = 1,083,685 - 735,953 / 77,773

BV = 347,732 / 77,773

BV With Goodwill = $4.47 pps

My own personal opinion is that BV is closer to $2 pps based on the MOR from these calculations, but I could still be missing something here...

On the MOR Balance sheet, What is the "Debtor Eliminations" column? What is it and what does it represent?

I am getting MOR calc's fromt he Debtors Consolidated Totals Column from the MOR.

I think further analysis of the MOR is good because a substantial part of the asset column according to the MOR is "amounts due from insiders" and this # is 350,564...what does this mean?

CEMJQ and CJHBQ Weekly Chart Comparison/Analysis

Comparing CEMJQ's Weekly to CJHBQ's... CEMJQ early on, although she had some explosions, she did not have one quite this big until that move from around .13 to .48 on the weekly...it had a nice run from above three to low teens in a two week trading period before a little consolidation prior to the monster run to .48...

For those holding CEMJQ, she is churning nicely here in the 1.20 range. More churn than we have seen before above $1 pps post bk. I think this is a very good sign...Now Chemtura idled in this $1 to $2 pps range for about 14 to 16 weeks according to the weekly chart prior to it's massive drop. Since hitting the 1.48 mark late in 2009, she is starting week 13 of her current rebound from that high next week...Hmmmm....makes one wonder...

Look at the 60 minute chart...that chart is getting ready to pop... CJHBQ basically moved from the .03's to almost .12 in a week...not too shabby...and showing power just like CEMJQ in the early days...The daily chart shows some resistance in the .20's but it's the daily chart (also reflected on the weekly as well), - expect some profit taking and consolidation when we get there...beyond that, the weekly chart shows resistance in that .50 to .75 pps range. After what happened this week, I'd say it's not a crazy idea that we can't get to .50 pps much like CEMJQ did. That being said, if you had told me we would've almost hit .12 pps this week, I woulda been laughing...But it goes to show you that we could be sitting on much bigger upticks here even with consolidation along the way...

Now, what I like that you have stated before is that we have a low float w/ an os of 77 mil... This week proves that CJHBQ - once she get's some buying pressure under her belt, game on just like CEMJQ... We could be on the start of something big here. Time will tell. (FWIW...I am still holding all CEMJQ shares and have been adding since the Spring.)