Toxic Finance

On December 19th, 2008 the company Stealth Resources Inc. was approved for trading on the OTC-BB exchange.

http://finance.yahoo.com/q?s=sers.ob
http://finance.google.com/finance?q=OTC%3ASERS

SERS most recent filing with the SEC is the company’s 10Q for the period ending August 31st, 2008.

The company lists current assets of $3,457
Other assets (Mineral Claim) of $11,227
Total liabilities of $12,903

Other interesting parts from Stealth Resources Inc. Form 10-Q

Mineral property costs

The Company has been in the exploration stage since its formation on January 10, 2007 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. In accordance with EITF 04-2, “Whether Mineral Rights Are Tangible or Intangible Assets” and SFAS 19, “Financial Accounting and Reporting by Oil and Gas Producing Companies”, costs incurred to purchase or acquire a property (whether proved or unproved reserves) shall be capitalized when incurred. This includes acquisitions costs associated with mineral claims. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve.

Although the Company has taken steps to verify title to mineral properties in which it has an interest, according to the usual industry standards for the stage of exploration of such properties, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

Mineral Property

Pursuant to a mineral property purchase agreement dated February 26, 2007, the Company acquired a 100% undivided right, title and interest in a mineral claim, located in the Alberni Mining Division of British Columbia, Canada for a cash payment of $5,129 and delivery of a geological report. The Company has paid an additional $6,098 for a geological report. Mineral property acquisition costs are capitalized when incurred. Capitalized acquisition costs of proved properties are amortized (depleted) by the unit-of-production method. Capitalized acquisition costs of unproved properties are assessed annually to determine whether they have been impaired.

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are non-interest bearing, unsecured and have settlement dates within one year.

Common Stock

Authorized – The total authorized capital is 75,000,000 common shares with a par value of $0.001.
Issued and outstanding – The total issued and outstanding capital stock is 6,625,000.

On February 8, 2007, 4,500,000 common shares of the Company were subscribed for cash proceeds of $4,500.
On February 21, 2007, 1,250,000 common shares of the Company were subscribed for cash proceeds of $5,000.
On March 19, 2007, 875,000 common shares of the Company were subscribed for cash proceeds of $17,500.
As of March 19, 2007, the Company received $27,000 for 6,625,000 shares of common stock.
At August 31, 2008, there were no outstanding stock options or warrants.

Related Party Transactions

During the three month period ended August 31, 2008, a director of the Company advanced $8,900 to the Company. The amount is unsecured, non interest bearing and is due on demand.

Tyrone McClay
President, Chief Executive Officer, Secretary, Treasurer,
Principal Accounting Officer, Principal Financial Officer and Director