Friday, May 22, 2015 4:37:59 PM
The quarter before this one, they had cash of $1,448,771
Subtract out the expenses for the quarter...
You had G&A = $520,695
You had Exploration Expenses = $1,926
You had interest expenses = $931,037, but of that $56,247 is accrued. So Actual cash outflow due to interest expense for the quarter must be about $874,790
The losses on mark to market derivative liabilities and embedded derivatives are paper losses and probably not cash outflows. Depreciation is not a cash expense.
So, at the end of the quarter they would have had $51,360 in cash. But now we need to add in the CA settlement of $291,280.
So cash should sit at $342,640.
But, we know from the 10Q that they had cash of $1,496,658
So the difference must be from the CD's...that difference is $1,154,018.
From the new CD's listed and not converted, they got approx. $242,500 in face value. What that nets out to after all the fees I don't care to calculate, but we have a ballpark figure. Throw in SEO's $250k in face, and you have about $500k roughly.
So where does the other $500k come from to complete the difference? Well maybe there were other CD's issued but converted before the end of the quarter, and so they don't show up directly in the 10Q.
What we do know is though that there were some hefty legal expenses for the entities lumped under "Various" and those entities are not to be found elsewhere in the 10Q.
We also know from DK that there were no legal fees with Offor. Hence, Various must have supplied the missing $500k or so, converted immediately and didn't show up in the 10Q. Could various be Offor, Chrome or someone else, like CEPSA? Maybe.
But if true, then Offor paid much more than $.0005 and so did the rest of them, since much of the new shares would have also have been printed by the other CD holders other than Offor.
Krombacher
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