Friday, July 31, 2015 10:48:27 PM
https://cases.primeclerk.com/alliednevadagold/Home-DownloadPDF?id1=MTY0NDc0&id2=0
The company has the $25 million they need for the reorganization plan with 8 million left from operations plus $17.5 million from the sale.
This report is the most important report, in my opinion. Stockholders equity is now negative $86 million. This is the end for the common shares, unfortunately. I even wonder if the bonds will ever be able to be made whole.
Page 10 from June 2015 operating report
Part of the loss was from loss on assets classified as held for sale of $191 million. It is not exactly clear, but I think this was the loss on the sale of the $17.5 million in assets. They must have been being carried on the books for about $208 million, but only sold for $17.5 million, so the loss goes through the income statement as a asset impairment. Another big loss was $50 million on write down of production inventories.Add on $3.5 million in legal fees and some interest, and the total loss for the month was $246 million.
Page 11 shows equity at a negative $86 million.
While I was expecting a loss on the sale of assets, I was not expecting the loss to be of such a large magnitude.
Louis J. Desy Jr.
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