GEMCO MINERALS, INC. Financials

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GEMCO MINERALS, INC. Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis or Plan of Operation. Overview The following discussion and analysis of the operations, results, and financial position of Gemco Minerals Inc. ("Gemco","We" or the "Company"), for the three months ended August 31, 2009 should be read in conjunction with the August 31, 2009 Consolidated Financial Statements and the related Notes. These documents are available at www.sedar.com. The Company is traded on the Nasdaq OTC Exchange under the symbol GMML. The effective date of this report is October 14, 2009. Corporate Organization The Company was incorporated in the State of Florida on August 21, 1997 under the name of Project I Corp. On October 18, 2001 the Company changed its name to Firstline Environmental Solutions Inc. and traded under the symbol FEMS. On July 18, 2002 Firstline Environmental Solutions Inc., conducted a reverse takeover with Firstline Recovery Systems Inc., which is now a wholly owned subsidiary of the Company. On March 24, 2006, the Company changed its name to Gemco Minerals, Inc. and in accordance with the name change, the Company's common stock has assigned 368634 10 1 as its new Cusip Number and effective April 10, 2006, the Company's trading symbol was changed to GMML. Our statutory registered agent's office is located at #210 - 7695 SW - 104 Street, Miami, FL 33156 and our business office is located at #203 - 20189 56th Ave, Langley, BC, V3A 3Y6. Our telephone number is 866-848-2940. Our Current Business Mining - Precious Metals We are engaged in the acquisition and exploration of mineral properties in the Province of British Columbia. Our primary focus is the exploration of our Burns Group Property, located 45 miles east of Quesnel, British Columbia. Our plan of operations is to carry out mineral exploration activities at the Burns Group property as advised by a combination of professional recommendations located in historical docume...
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Gemco extends industrial mineral agreements and procures loan financing

Gemco Minerals Inc. (GMML: OTCBB) VANCOUVER, Aug. 28 /PRNewswire-FirstCall/ -Mr. Thomas Hatton reports;The Company is pleased to advise that it has recently extended its agreements regarding both the supply and sale of industrial minerals as previously announced.The exclusive supply agreement with Teichert and Son Inc., a California corporation doing business as Teichert Aggregates, as was originally announced May 27, 2008, pertains to the exclusive distribution rights of certain minerals known as ilmenite and magnetite. Teichert produces ilmenite and magnetite as a by-product from its aggregate mining operations, and currently has an estimated 25,000 tons stored on-site in Central California.These rights allow the Company to distribute and sell this product as a blast medium in the industrial abrasive industry in both Western U.S. and Canada. The term of the agreement is for a period of 5 years with an option for an additional 5 years, if agreeable by both parties. As part of the agreement, the Company is required to purchase a minimum tonnage per contract year in order to maintain fixed pricing terms.The effective commencement date of production is dependent on the Company first obtaining California Air Regulation Board (CARB) approval for the use of these products as a blast medium and then establishing a drying, screening and bagging plant at a nearby location. In conjunction with Teichert, the Company has initiated the CARB test and the Company's management is negotiating with a U.S. company for a site on which to locate the drying and bagging facility.The agreement for sale with R.A. Temple Inc., a California corporation, as was originally announced December 2, 2008, pertains to the sale of ilmenite and magnetite industrial minerals (the Product). The Product is to be sourced from the Company's location i...
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GEMCO MINERALS, INC. Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis or Plan of Operation The following analysis of the results of operations and financial condition of the company for the period ending May 31, 2009 should be read in conjunction with the company's financial statements, including the notes thereto contained elsewhere in this form 10-KSB. Our consolidated financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. Discussion of Operations & Financial Condition During the twelve months ended May 31, 2009 the Company recorded an operating loss of $225,516 as compared to an operating loss of $331,125 for the twelve months ended May 31, 2008, and recorded a net loss after other items of $460,463 as compared to a net loss of $373,011 for the twelve months ended May 31, 2008. This is a decrease in operating loss of $105,609 and an increase in the net loss of $87,452. The net loss represents $0.02 per common share. The Company incurred $225,516 in operating expenses which consist mainly of: management and consulting fees of $102,865 (2008 - $72,000), mineral property costs of $62,874 (2008 - $153,800), professional fees of $24,339 (2008 - $31,332) and investor relations of $9,750 (2008 - $21,918). The Company also recorded other items totaling $234,947 for the year ending May 31, 2009 (2008 - $45,183), which is comprised of the following: • Interest and bank charges of $80,102 which increased by $32,447 due to the increased liabilities. • Writedown of assets of $240,977, which includes a $200,000 impairment charge on the mortgage investment due to management's evaluation of the realizable value of the asset with consideration of the current market and other conditions. This also includes a charge of $40,977, which is a writedown of the corresponding accrued interest recorded on the mortgage that management has impaired until the investment is liquidated. • Writedow...
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GEMCO MINERALS, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhibit

Show all filings for GEMCO MINERALS, INC. | Request a Trial to NEW EDGAR Online Pro Form 8-K for GEMCO MINERALS, INC. 19-Aug-2009Entry into a Material Definitive Agreement, Financial Statements and Exhibit Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information pro...
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GEMCO MINERALS, INC. Files SEC form 10-K/A, Annual Report

Item 6. Management's Discussion and Analysis or Plan of Operation The following analysis of the results of operations and financial condition of the company for the period ending May 31, 2008 should be read in conjunction with the company's financial statements, including the notes thereto contained elsewhere in this form 10-KSB. Our consolidated financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. Discussion of Operations & Financial Condition During the twelve months ended May 31, 2008 the Company recorded an operating loss of $327,828 as compared to an operating loss of $404,058 for the twelve months ended May 31, 2007, and recorded a net loss after other items of $376,307 as compared to a net loss of $97,937 for the twelve months ended May 31, 2007. This is a decrease in operating loss of $76,230 and an increase in the net loss of $278,370. The net loss represents $0.0182 per common share. The Company incurred $327,828 in operating expenses which consist mainly of: mineral property costs of $150,504 (2007 - $109,020), management and consulting fees of $72,000 (2007 - $113,746), investor relations of $21,918 (2007 - $68,137), commissions of $15,000 (2007 - $18,057) and professional fees of $31,332 (2007 - $41,482). The Company also recorded other items totaling $45,183 for the year ending May 31, 2008, which includes $47,655 in interest and bank charges and a gain on disposal of assets of $2,472. Conversely, the Company recorded other items in the year ending May 31, 2007 which reduced the net loss by $306,121. This included $82,161 in interest and bank charges less $388,282 for the writedown of old and invalid liabilities. The Company has not yet generated any revenues from its Mineral Exploration Program. Our ability to emerge from the exploration stage and conduct mining operations is dependent, in large part, upon our raising additional equity financing Selected an...
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GEMCO MINERALS, INC. Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis or Plan of Operation. Overview The following discussion and analysis of the operations, results, and financial position of Gemco Minerals Inc. ("Gemco","We" or the "Company"), for the nine months ended February 28, 2009 should be read in conjunction with the February 28, 2009 Consolidated Financial Statements and the related Notes. These documents are available at www.sedar.com. The Company is traded on the Nasdaq OTC Exchange under the symbol GMML. The effective date of this report is December 15, 2008. Corporate Organization The Company was incorporated in the State of Florida on August 21, 1997 under the name of Project I Corp. On October 18, 2001 the Company changed its name to Firstline Environmental Solutions Inc. and traded under the symbol FEMS. On July 18, 2002 Firstline Environmental Solutions Inc., conducted a reverse takeover with Firstline Recovery Systems Inc., which is now a wholly owned subsidiary of the Company. On March 24, 2006, the Company changed its name to Gemco Minerals, Inc. and in accordance with the name change, the Company's common stock has assigned 368634 10 1 as its new Cusip Number and effective April 10, 2006, the Company's trading symbol was changed to GMML. Our statutory registered agent's office is located at #210 - 7695 SW - 104 Street, Miami, FL 33156 and our business office is located at #203 - 20189 56th Ave, Langley, BC, V3A 3Y6. Our telephone number is 866-848-2940. Our Current Business Mining - Precious Metals We are engaged in the acquisition and exploration of mineral properties in the Province of British Columbia. Our primary focus is the exploration of our Burns Group Property, located 45 miles east of Quesnel, British Columbia. Our plan of operations is to carry out mineral exploration activities at the Burns Group property as advised by a combination of professional recommendations located in historical d...
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GEMCO MINERALS, INC. Files SEC form 10KSB/A, Annual Report

Item 6. Management's Discussion and Analysis or Plan of Operation The following analysis of the results of operations and financial condition of the company for the period ending May 31, 2008 should be read in conjunction with the company's financial statements, including the notes thereto contained elsewhere in this form 10-KSB. Our consolidated financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. Discussion of Operations & Financial Condition During the twelve months ended May 31, 2008 the Company recorded an operating loss of $327,828 as compared to an operating loss of $404,058 for the twelve months ended May 31, 2007, and recorded a net loss after other items of $376,307 as compared to a net loss of $97,937 for the twelve months ended May 31, 2007. This is a decrease in operating loss of $76,230 and an increase in the net loss of $278,370. The net loss represents $0.0182 per common share. The Company incurred $327,828 in operating expenses which consist mainly of: mineral property costs of $150,504 (2007 - $109,020), management and consulting fees of $72,000 (2007 - $113,746), investor relations of $21,918 (2007 - $68,137), commissions of $15,000 (2007 - $18,057) and professional fees of $31,332 (2007 - $41,482). The Company also recorded other items totaling $45,183 for the year ending May 31, 2008, which includes $47,655 in interest and bank charges and a gain on disposal of assets of $2,472. Conversely, the Company recorded other items in the year ending May 31, 2007 which reduced the net loss by $306,121. This included $82,161 in interest and bank charges less $388,282 for the writedown of old and invalid liabilities. The Company has not yet generated any revenues from its Mineral Exploration Program. Our ability to emerge from the exploration stage and conduct mining operations is dependent, in large part, upon our raising additional equity financing Selected an...
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