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| | Business Summary: Wits Basin Precious Minerals, Inc., together with its subsidiaries, engages in the exploration and development of mineral properties in South Africa, Mexico, and Colorado. | | | Address
900 IDS Center
80 South 8th Street
Minneapolis
, MN 55402-8773
Phone: 612-349-5277
Website: http://www.witsbasin.com
| | Auditor |
|---|
Carver Moquist & O'Connor
| | Transfer Agent |
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Computershare Trust Co., Inc.
| Employees: 15
ShareHolders: 4400 | Founded: 1992
Domicile: Minnesota | | | |
| | Wits Basin Precious Minerals, Inc., together with its subsidiaries, engages in the exploration and development of mineral properties in South Africa, Mexico, and Colorado. The company holds interest in the FSC project, a gold exploration project located adjacent to the Witwatersrand basin in South Africa; the Bates-Hunter mine located in Central City, Colorado; and a 50% interest in the Vianey Mine Concession located in the state of Guerrero, Mexico. It also holds an option to acquire interests in a nickel mining property and three iron ore mining properties located in the People's Republic of China. The company, formerly known as Active IQ Technologies, Inc., was founded in 1992 and is based in Minneapolis, Minnesota. | | History: INCORPORATED in Minnesota Jan. 31, 2001, as AIQ Acquisition Corp., a wholly owned subsidiary of Meteor Industries, Inc. (former parent). On Apr. 30, 2001, merged former parent on a share-for-share basis. Name was changed from AIQ Acquisition Corp. to Active IQ Technologies, Inc. Apr. 30, 2001; and to Wits Basin Precious Minerals Inc. July 9, 2003.
Former parent was incorporated in Colorado Dec. 22, 1992. Effective Dec. 31, 2000, former parent contributed substantially all of its assets, liabilities relating to its petroleum distribution business to Meteor Enterprises, Inc., its wholly-owned subsidiary. On Apr. 30, 2001, the company sold all of its interest in Meteor Enterprises, Inc. for $5,500,000.
April 30, 2001, acquired activeIQ Technologies, Inc. (incorporated in Minnesota Apr. 11, 1996) by merging it with and into MI Merger, Inc., a wholly owned subsidiary, on a share-for-share basis (for an aggregate 4,385,911 Common shares). activeIQ Technologies, Inc. subsequently changed its name to AIQ, Inc.
June 6, 2001, acquired Red Wing Business Systems, Inc. for 400,000 Common shares and $1,600,000 cash. | | | | Subsidiaries: |
|---|
Active Hawk Minerals LLC
AIQ, Inc.
Champion Business Systems, Inc.
Gregory Gold Producers, Inc.
Red Wing Business Systems, Inc.
Wits-China Acquisition Corp.
| | | | | | Capital Expenditures, thousand. US Dollars |
|---|
| Year | Amount | | 2007 | 9 |
| | | | | | Research and Development Expenditures, thousand. US Dollars |
|---|
| Year | Amount | | 2003 | 0 |
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Management
|
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| Officers | Position |
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| H. Vance White | Chairman | | Clyde L. Smith | President | | Stephen D. King | Chief Executive Officer & Investor Relations Contact | | Mark D. Dacko | Secretary, Chief Financial Officer & Chief Accounting Officer |
| | Directors |
|---|
| Stephen D. King | | Norman Lowenthal | | Joseph Mancuso | | Donald S. Stoica | | H. Vance White | | | |
| | | | Capitalization as of 03/31/2008: | | | | | Authorized Shares | Outstanding Shares |
|---|
| Common $0.01 par | 300,000,000 | 120,460,866 |
| | | | LONG TERM DEBT: None. | | | | Common $0.01 par | | | |
Stockholders:
03/24/2008,
4400.
| |
Transfer Agent: Computershare Trust Co., Inc.
Golden
, CO | | | | OTC Bulletin Board( Primary): WITM | | | | Exchange | Year | High | Low |
|---|
| OTC Bulletin Board | 2007 | 1.2900 | 0.1500 | | OTC Bulletin Board | 2006 | 0.5700 | 0.1350 | | OTC Bulletin Board | 2005 | 0.5000 | 0.0700 | | OTC Bulletin Board | 2004 | 1.3400 | 0.1700 | | OTC Bulletin Board | 2003 | 1.7100 | 0.0700 | | NASDAQ Small Cap | 2002 | 4.9500 | 0.1900 | | NASDAQ Small Cap | 2001 | 6.0000 | 1.7500 | | NASDAQ | 2000 | 7.6250 | 2.2500 | | NASDAQ | 1999 | 4.2500 | 2.3750 | | NASDAQ | 1998 | 4.5000 | 2.4375 |
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| | | | RECENT DIVIDENDS: Common $0.01 par: No cash. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
|---|
| Operating expenses: |
|
| | General and administrative | 6,953,591 | 4,963,481 | | Exploration expenses | 2,755,491 | 1,958,229 | | Depreciation and amortization | 16,050 | 21,214 | | Merger transaction costs | 1,238,619 | -- | | Loss on impairment of Kwagga Gold | -- | 120,803 | | Loss (gain) on sale of mining properties | (95,820) | -- | | Total operating expenses | 10,867,931 | 7,063,727 | | Loss from operations | (10,867,931) | (7,063,727) | | Other income (expense), net | 70,117 | 31,122 | | Interest expense | (1,061,383) | (1,858,082) | | Net loss | $(11,859,197) | $(8,890,687) | | Basic and diluted net loss per common share | $(0.11) | $(0.11) | | Basic and diluted weighted average common shares outstanding | 105,146,864 | 82,503,278 |
| | | | Balance Sheet | |
| 2007 | 2006 |
|---|
| Assets |
|
| | Current assets: |
|
| | Cash | $130,481 | $85,910 | | Receivables | -- | 10,323 | | Investment | -- | 21,241 | | Prepaid expenses | 91,030 | 53,815 | | Total current assets | 221,511 | 171,289 | | Property and equipment, net | 73,206 | 80,087 | | Advance payments on equity investments | 7,000,000 | -- | | Debt issuance costs, net | 16,415 | -- | | Total Assets | $7,311,132 | $251,376 | | Liabilities and Shareholders' Equity (Deficit) |
|
| | Current liabilities: |
|
| | Convertible notes payable, net of original issue discount | $9,843,283 | -- | | Short-term notes payable, net of original issue discount | 234,220 | -- | | Accounts payable | 229,292 | 68,622 | | Accrued interest | 514,286 | -- | | Other accrued expenses | 793,782 | 143,000 | | Total current liabilities | 11,614,863 | 211,622 | | Common stock, $.01 par value | 1,139,825 | 947,477 | | Additional paid-in capital | 51,147,313 | 42,954,263 | | Stock subscriptions receivable | -- | (932,600) | | Warrants outstanding | 5,710,383 | 7,515,487 | | Accumulated deficit | (22,932,460) | (22,932,460) | | Deficit accumulated during the exploration stage, subsequent to April 30, 2003 | (39,368,792) | (27,509,595) | | Accumulated other comprehensive loss | -- | (2,818) | | Total shareholders' equity (deficit) | (4,303,731) | 39,754 | | Total Liabilities and Shareholders' Equity (Deficit) | $7,311,132 | $251,376 | | Common Shares | 113,982,533 | 94,747,739 |
| | | |
| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2007 |
1 | Nil | | 2007 |
2 | Nil | | 2007 |
3 | Nil | | 2007 |
4 | Nil | | 2007 |
Full Year
| Nil | | 2006 |
1 | Nil | | 2006 |
2 | Nil | | 2006 |
3 | Nil | | 2006 |
Full Year
| Nil | | 2005 |
1 | Nil | | 2005 |
2 | Nil | | 2005 |
3 | Nil | | 2005 |
Full Year
| Nil | | 2004 |
1 | Nil | | 2004 |
2 | Nil | | 2004 |
3 | Nil | | 2004 |
4 | Nil | | 2004 |
Full Year
| Nil | | 2003 |
1 | 130,000 | | 2003 |
2 | Nil | | 2003 |
3 | Nil | | 2003 |
Full Year
| 130,000 |
| | | | | | Quarterly Net Income, US$ |
|---|
| Year | Quarter | Revenue | | 2008 |
1 | (2,670,000) | | 2008 |
2 | (3,800,000) | | 2007 |
1 | (2,240,000) | | 2007 |
2 | (3,130,000) | | 2007 |
3 | (2,200,000) | | 2007 |
4 | (4,290,000) | | 2007 |
Full Year
| (11,860,000) | | 2006 |
1 | (1,950,000) | | 2006 |
2 | (2,270,000) | | 2006 |
3 | (2,530,000) | | 2006 |
Full Year
| (8,890,700) | | 2005 |
1 | (1,690,000) | | 2005 |
2 | (1,880,000) | | 2005 |
3 | (1,310,000) | | 2005 |
Full Year
| (5,730,700) | | 2004 |
1 | (1,510,000) | | 2004 |
2 | (1,540,000) | | 2004 |
3 | (610,000) | | 2004 |
4 | (2,700,000) | | 2004 |
Full Year
| (6,357,200) | | 2003 |
1 | (500,000) | | 2003 |
2 | 60,000 | | 2003 |
3 | (290,000) | | 2003 |
4 | 0 | | 2003 |
Full Year
| (2,505,100) |
| | | | | | Quarterly EPS, US$ |
|---|
| Year | Quarter | Revenue | | 2008 |
1 | (.02) | | 2008 |
2 | (.03) | | 2007 |
1 | (.02) | | 2007 |
2 | (.03) | | 2007 |
3 | (.02) | | 2007 |
4 | (.04) | | 2007 |
Full Year
| (.11) | | 2006 |
1 | (.03) | | 2006 |
2 | (.03) | | 2006 |
3 | (.03) | | 2006 |
Full Year
| (.11) | | 2005 |
1 | (.03) | | 2005 |
2 | (.03) | | 2005 |
3 | (.02) | | 2005 |
Full Year
| (.09) | | 2004 |
1 | (.05) | | 2004 |
2 | (.05) | | 2004 |
3 | (.02) | | 2004 |
4 | (.07) | | 2004 |
Full Year
| (.19) | | 2003 |
1 | (.04) | | 2003 |
2 | Nil | | 2003 |
3 | (.02) | | 2003 |
4 | .00 | | 2003 |
Full Year
| (.16) |
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