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KFG Resources Ltd. October 2017 Company Presentation:
http://kfgresources.com/wp-content/uploads/2017/10/KFG-Resources-Ltd.-October-2017-Company-Presentation.pdf
http://www.producer.com/2017/09/ag-note-sept-28-2017/
AG Note: Sept. 28, 2017
Posted Sep. 28th, 2017
Alberta showcased ?at Taste of Canada
Six Alberta companies participated in the recent Taste of Canada held in Boston, Massachusetts: Left Field Foods, Canyon Creek Soup, Gabriella’s Kitchen, Oh! Naturals Flavoured Snacks, Stellas and Sunora Foods Ltd.
The event attracted a record 56 Canadian food and beverage exporters from eight Canadian provinces.
With an eye for distinctive Canadian flair, the companies promoted their products in various grocery categories such as bakery and deserts, dips, spreads and seasonings, edible oils, entrees and ready meals, non-alcoholic beverages, specialty foods and snacks.
Thirty-four American buyers from several states met with the companies in a series of one-on-one meetings to sample products and discuss potential business opportunities.
For more information about the event, contact Shelly Nguyen at 780-422-7103 or Dusan Rnjak at 780-638-3851.
$4.4 million ?for ag innovation
The Canadian government recently announced $4.4 million in funding for projects it says will help expand markets and ensure farmers stay innovative.
Of that, $2.2 million will go to projects that support the cattle industry in Alberta and across Canada.
The cattle projects include:
$839,485 for the Canadian Cattlemen’s Association to explore the use of remote sensing as a tool for forage crop insurance
$901,240 to help the Alberta Beef Producers develop satellite data to improve forage insurance
$225,000 to help the Canadian Angus Association develop tools to enhance breeding cattle
$205,500 for the National Cattle Feeders Association to develop and implement a national feedlot animal care assessment ?program
The remaining funds, which make up slightly more than $2.2 million, will support projects the government says will support innovation, market development, emergency planning, competitive pricing, animal-care assessment and farm software development.
Vet receives bovine ?welfare award
Dr. Joyce Van Donkersgoed of Coaldale, Alta., was recently named recipient of the 2017 Metacam 20 Bovine Welfare Award for her leadership in the Canadian beef industry to improve the welfare of feedlot animals.
The award is presented annually by the Canadian Association of Bovine Veterinarians in partnership with Boehringer Ingelheim (Canada) Ltd.
Van Donkersgoed operates a private feedlot practice in southern Alberta, where she provides emergency, herd health and production services, as well as research and regulatory services to her clients.
She is currently leading the development of a certified feedlot animal auditor program and is a trainer for feedlot auditors.
She emphasizes continued education and provides regular training on a range of topics including how to conduct animal welfare assessments.
KFG Q1 2017 Results (Ending July 31st 2017)
All Information Below Can Be Found At www.Sedar.com
Balance Sheet End Of Quarter (All Funds in US Dollars)
ASSETS – In US Dollars
Cash: $615,926
Accounts Receivable: $216,881
Prepaid Expenses: $10,700
Exploration & Evaluation Assets: $129,941
Property & Equipment: $499,002
Total Assets: $1,472,450
LIABILITIES – In US Dollars
Accounts Payable: $473,577
Decommissioning Liability: $195,125
Total Liabilities: $668,702
Revenue For Q1
Oil & Gas: $241,204
Management Fees: $82,096
Total Revenue: $323,300
Total Expenses: $305,499
Net Income: $17,801
Average Daily Production For Q1: 65.47bopd
Number Of Producing Wells: 19
Average Oil Price: $46.86
**Notes**
- Cost reductions did not commence until June ( As per May 10th News)
- Production purchase reduced cash by $40,000 for Q1 and $20,000 for Q2
MD&A Highlights
Overall Performance
For the three months ended July 31, 2017, the Company had cash flow from oil and gas production of $159,687, compared to $101,647 for the three months ended July 31, 2016. Oil production increased from 60.88 BOPD to 65.47 BOPD, and gas production increased 1.28 MCF per day. The average price of gas increased $0.27 per MCF and the average price of crude oil increased $4.27 per bbl when comparing the three months ended July 31, 2017 and July 31, 2016.
As of July 31, 2017, two instalments of the production purchase in Jefferson County, MS have been paid with the remaining instalment to be paid by the end of September. As of now, the Company is optimistic that one of its new projects will be drilled in October 2017 weather permitting.
As of July 31, 2017, the Company generated $93,291 of cash provided by operations versus a loss of $113,517 in cash in the comparable quarter of 2016, and was able to show an actual increase in cash after all expenditures. The Company’s current rate of assets to liabilities is 1.78 and its quick ratio is 1.3.
Outlook
The Company production has been stable in the past year showing minimal decline. Oil prices appear to be slowly increasing into the low $50/bbl range. In June and July 2016, the Company took initial steps to reduce its overhead. Management salaries were cut and a field hand was let go resulting in a savings of about $9,000 per month going forward. Reduced insurance amounted to a savings of $1,100/month. Office reductions, rent and parking were reduced affecting a savings going forward of $10,800/month in salaries and overhead. Additional reductions were made in June 2017, amounting to another $8,500 per month. The Company is now generating free cash flow amounting to $93,291 in the quarter ending July 31, 2017 and is starting to move forwarding raising money for its drilling program.
Share Capital
The total number of shares outstanding as at July 31, 2017 and September 28, 2017, is 50,584,144. As of July 31, 2017 and September 28, 2017, there were no stock options or warrants outstanding.
Additional information pertaining to the Company is available on the SEDAR website at www.sedar.com
CAF Q3 Results. Another Profitable Quarter
Price: $0.065
Common Shares: 47,426,195
Options/Warrants: Nil
Insider Holdings: 15,391,328 or 32.5% as per www.Sedi.ca
Website: www.canafgroup.com
Financials (All in US Dollars – Should Be Converted into CDN Dollars for accurate value)
ASSETS (USD)
Cash: $671,367
Trade Receivables: $907,084
Income Tax Receivable: $27.960
Sales Tax Receivable: $1,575
Inventories: $504,600
Prepaid Expenses: $39,166
Property & Equipment: $1,202,245
Intangible: $1
Total Assets: $3,353,998 (USD)
LIABILITIES
Trade Payables: $732,024
Sales Tax Receivable: $39,234
Income Tax Payable: $958
Current Bank Loan: $78,590
Total Bank Loan: $411,488
Total Liabilities: $1,262,294
Q1 2017 Results
Sales: $2,991,706
Net Income: $198,221 USD
Q2 2017 Results
Sales: $3,490,753
Net Income: $236,961 USD
Q3 2017 Results
Sales: 1,961,208
Net Income: $187,796 USD
Nine Month Results (2017)
Sales: $8,443,667
Net Income: $622,730 USD
Earnings Per Share:
$622,730 USD X 1.235(rate today) = $767,490 CAD
$767,490 CAD / 47,426,195 (shares) = $0.016 CAD earnings per share
MD&A Highlights
After an extremely positive and profitable first two quarters to the financial year, Q3 reflects an expected short-term period of depressed Sales, and subsequent reduction in earnings. Despite Sales reducing significantly for the period, the Corporation remained profitable, again demonstrating its resilience in difficult trading conditions. Sales are expected to increase slightly for Q4 and Q1, 2018.
Revenue for the 9-month period increased to $8,443,667 in comparison to $2,907,198 for the same period last fiscal year. The Corporation recorded a net income of $595,716 (C$741,080), in comparison to a net loss of $335,864 for the same period the previous year. Adjusted EBITDA rose to $881,885 (C$1,097,080) for the period.
The Corporation continues to understand that for Southern Coal to reach its full potential, its customer bases needs to increase so to reduce its reliability on key suppliers. Southern Coal is continuing to work with a new potential major customer to supply product in South Africa and remains hopeful for trial loads to be dispatched in Q1 or Q2 2018.
The board believes that it is in the interest of the Corporation, and its shareholders, that Southern Coal (Pty) Ltd., achieves a Broad-Based Black Economic Empowerment, (“B-BBEE), Level 4 rating during the fiscal year 2018. During the quarter the Corporation can confirm that it has had discussions with its customers over the need for Southern Coal to improve its current B-BBEE rating so to remain compliant with its customers own supplier requirements. During the coming three months, the Corporation expects to announce the details of a deal that is currently being negotiated and finalized by specialists. All in all, the board is of the belief that the final deal that will be agreed will be one that will ensure sustainability and offer growth opportunity for the South African business.
The Corporation intends to continue to generate positive free cash flow during the fiscal year-end 2017 and will focus on increasing shareholders’ value, as well as investment to improve the efficiency of its older facilities, or investment into related business opportunities in South Africa
The Corporation has an agreement to lease premises for its coal processing plant in South Africa for a term of ten years, expiring on December 31, 2020. The agreement offers the Corporation, in lieu of rent, feedstock coal to be delivered to its adjacent premises, which it purchases at market price. Should the Corporation decide to purchase feedstock coal from an alternative supplier which the lessor is otherwise able to provide, then a monthly rent of Rand 200,000 ($14,846) is payable. To date, the Corporation has not been required to pay any rent for the premises as it has continued to purchase feedstock coal from the landlord.
The bank loan bears interest at 9.25% per annum, matures on January 7, 2019, and is secured by the Corporation’s furnace acquired with the proceeds from the loan. The bank loan is repayable over 42 months in blended monthly payments of Rand 393,779 ($29,230 translated at October 31, 2016 exchange rate). During the period ended July 31, 2017, the Corporation incurred interest expense totaling $42,420 (October 31, 2017 – $71,721).
In August 2006, Canaf, then known as Uganda Gold Mining, announced the termination of any further investment into its Kilembe Copper-Cobalt Project in Uganda. Since 2007, the Corporation has been involved in a legal dispute with Kilembe Mines Limited, (“KML”). In January 2013, the High Court of Uganda referred the case back to arbitration for settlement. On May 29, 2013, a preliminary meeting was held between the Corporation, KML and the arbitrator. The Corporation can confirm that further meetings were scheduled for August 2013, after filings of amended statements of defence and claims had been submitted. Since the initial meeting however the Government has awarded a deal to a Chinese Consortium to manage and operate KML. The Corporation’s appointed Ugandan Advocates have notified the board that the Arbitrator has stepped down for personal reasons. The Corporation’s Uganda Advocates and the Government’s Solicitor General have agreed to a new Arbitrator, Retired Justice James Ogoola. The parties held a preliminary meeting with the Arbitrator who requested them to provide him with their fee estimate for the conduct of the Arbitration. The estimate has since been provided to the Arbitrator who is yet to confirm whether or not he is agreeable to it. In the meantime the Corporation appointed SRK Consultants to prepare a brief document to quantify the ‘lost opportunity’ value of the termination of the Kilembe Project. During the current financial year the Corporation will utilize this document to assist in the submission of a revised claim against KML. The Corporation has received no new information since 2014, and the Corporation remains unable to give an indication of either the quantum or any likely date by which a settlement will or will not be reached. The original claim, before costs, is for a money sum of US$10,370,368 as at January 24, 2007.
SMS.V – Sustainco Inc. Due Diligence Report
All Information Can Be Found At www.Sedar.com
Current Price: $0.215
Common Shares: 15,776,223 (Including Recent Placement At $0.15)
Options: 812,5000 at $0.15
Warrants: 2,053,653 at $0.65
Insider Holdings: 7,768,806 or 49.2%
Recapitalized Share Structure
July 20th 2016 – 20:1 Rollback – 2,337,090
August 9th 2016 – Shares For Debt – 7,105,800 at $0.65
June 7th 2017 – Private Place For $950K at $0.15 – Filled By Two Insiders
Financials + MD&A Highlights (Q3 Results Are Most Recent)
ASSETS
Cash: $679,522 – Does NOT include $950,000 raised recently by insiders
Accounts Receivable: $3,566,727
Unbilled Receivables: $787,120
Inventories: $310,955
Prepaid Expenses: $127,405
Property & Equipment: $87,463
Intangible Assets: $237,917
Goodwill: $599,802
Total Assets: $6,396,911
LIABILITIES
Trade Payables: $2,440,012
Acquisition Payable: $60,000
Deferred Revenue: 1,142,811
Notes Payable(current): $80,500
Notes Payable(total): $651,664
Total Liabilities: $4,374,987
Total Sales After 9 Months
Revenue: $10,494,833
Gross Profit: $2,757,728
Net Income: $353,189
Earnings Per Share: $0.022
MD&A Highlights
SustainCo is a leading provider of sustainable infrastructure solutions and services. The Company focuses on enabling sustainability, energy efficiency, clean and renewable energy projects and technology. The Company operates through its wholly owned subsidiaries of VCI CONTROLS Inc. (“VCI” or “VCI CONTROLS”) and Clean Energy Developments Corp. (“CleanEnergy”).
VCI continues to execute the awarded contract worth over $575,000 for energy management controls at Phase II of Kipling Acres Homes for the Aged, a City of Toronto property. VCI is currently retrofitting a large number of boiler plant, booster pump and BAS systems across a number of buildings for a multi-residential asset owner. The combined value of these contracts is in excess of two million dollars. During the nine months ended May 31, 2017, a project that CleanEnergy worked on went into receivership. The total receivable related to this project was $122,069 as at May 31, 2017. The amount was fully provided for during the nine months ended May 31, 2017.
On June 7, 2017, the Company announced that it intends to complete a private placement offering (the "Offering") for aggregate gross proceeds of $950,000, issuing an aggregate of 6,333,333 common shares at a price of $0.15 per share, to an insider of the Company. The Offering is subject to the approval of disinterested shareholders and the TSX Venture Exchange. The proceeds of the Offering will be used to help secure a surety facility and general working capital. The common shares issued pursuant to the Offering are subject to a four month hold.
On November 30, 2016, the Company announced that the Ontario Labour Relations Board has ordered the certification of the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada, Local 787, effective June 1, 2017, as the exclusive bargaining agent for the refrigeration and air-conditioning mechanics and apprentices employed by VCI Controls Inc. The Company will be making adjustments to its business model to ensure continuity and continued profitability and growth.
The Controls and Mechanical contracting services recognized revenue of $3,441,168 and $10,112,598 for the three and nine months ended May 31, 2017, which is a decrease of 10.4% and an increase of 3.7% from the same periods in the prior year. Revenues are earned from engineering services, building automation controls, mechanical and electrical installation, performance monitoring, and operations and maintenance services for multi-residential and ICI facilities. The cost of sales relate to direct materials and expenditures for products and services sold. Margins for this division were 27.5% and 26.1% for the three and nine months ended May 31, 2017, which is a slight increase compared to the same periods last year.
General and administrative costs in Q3 2017 were consistent with the same period in the prior year, with a slight decrease during the quarter. General and administrative costs in the Corporate segment decreased from $167,435 to $131,504, which comes mainly from reduced salaries and wages. In the Geoexchange division, there was an increase compared to the prior year mainly due to an increase in salaries and wages and office costs. There was a decrease for the Controls and Mechanical contracting division, mainly from decreased salaries and wages and professional and consulting fees. Overall, the Company has had success reducing general and administrative costs wherever possible, with an overall reduction of general and administrative costs to $2,331,223 vs. $2,549,460 for the nine months ended May 31, 2017 compared to 2016.
Finance expenses of $21,988 and $71,864 (2016 - $185,444 and $538,409) were incurred for the three and nine months ended May 31, 2017 and relate to interest and bank charges on the Company’s bank indebtedness, promissory notes and previously outstanding debentures. The Company restructured its debt near the end of fiscal 2016. As expected, the Company experienced decreased finance expenses compared to the prior year.
Outlook
The goal of SustainCo is to be at the forefront of advancing sustainability principles in leading organizations. The Company will continue to look for and promote leading edge services and technology combined with our experienced design and delivery teams to create a differentiated value proposition for our customers.
The Company’s objective is to refocus on vertically integrating and building the Company to be a true turnkey business that offers a complete range of sustainable infrastructure solutions and services. It is anticipated that this will allow the Company to take advantage of the higher margin areas of the full service business model initially envisioned by the Company, such as the finance, consulting, and design solutions, as well as simultaneously enabling the Company to capitalize on life-cycle cross selling. This is expected to result in the creation of more revenue streams along the entire life cycle of a project without compromising control over the process and competitive prices to consumers.
Below is a complete list of all Casino & Gaming based companies that exist on all three Canadian exchanges (TSX/Venture/CSE). It is a small sector and there are some great buys. But it gives a clear picture of where TNA is trading based on it's peers.
Symbol – Common Shares – Last Price – Last Quarter Profit/(Loss) – EPS(last Quarter)
GC.T – 60.8M - $34.09 - $26.7 Mil CAD Profit - $0.43c
GH.T – 27.7M - $9.94 - $4.2 Mil CAD Profit - $0.16c
ITX.T – 19.5M - $11.73 – ($210 Mil CAD Loss) – No Earnings
NYX.V – 108M - $1.13 – ($21 Mil CAD Loss) – No Earnings
IGG.T – 20M - $2.49 - $266K USD Profit – Takeover At $2.50 Currently
LOTO.C – 63.5M - $0.375 – ($6.9 Mil CAD Loss) – No Earnings
JP.V – 337M - $0.05 – ($804K CAD Loss) – No Earnings
TNA.V – 124.7M - $0.13 - $1.05 Mil USD Profit – $0.01c eps when converted to CAD
PYD.V – 35M – $0.30 - ($1.38 Mil USD Loss) – No Earnings
CNS.V – 81.9M – $0.02 - ($187K CAD Loss) – No Earnings
- Numbers Are Based On Most Recent Quarters Announced
- Filter From Stockwatch Was Used – www.stockwatch.com
- Financial Numbers Taken From Sedar – www.sedar.com
- Additional Information Can Be Found On Sedar
Robin Speziale, author of Market Masters, which is one of the top selling books on Amazon and other websites is recommending Sunora Foods. Check out his video and you can even see a link to his book which has a strong recommendation on it through Amazon and other websites. So this isn't just a random individual, it's someone that knows the markets and chose SNF, along with 15 other companies out of all the micro caps on the venture and TSX.
Youtube Video:
Sunora Foods Q2 Results(Ending June 30th2017)
All Information Below Can Be Found At www.sedar.com
Price: $0.175
Common Shares: 42,254,332
Retail Shares Available: 12,254,332
Insider/Institutional Holdings: 71% total, as per information circular. CEO holds 52%
Website: www.sunora.com
Balance Sheet For Q2
ASSETS
Cash: $3,356,010
Accounts Receivable: $1,090,006
Accrued Interest: $2,527
Inventory: $343,899
Prepaid Expenses: $9,647
Goods Tax Recoverable: $22,259
Income Tax Recoverable: $125,727
Deferred Tax Asset: $159,545
Total Assets: $5,119,620
LIABILITIES
Accounts Payable: $1,181,778
Customer Deposits: $68,743
Total Liabilities: $1,250,521
Q2 Sales
Revenue: $3,164,688
Gross Margin: $253,684
Income From Operations: $82,525
Claim Settlement: -$434,684 – One time expense
Income Tax Recovery: $108,984
Net Loss For Quarter: -$243,175
Year – Sales – Profit/(Loss) – Additional Information
2017(Q1/Q2) - $6,644,917 – ($176,616) – Increased sales Y/O/Y, loss from settlement
2016 - $12,254,101 - $282,794 - Currency loss of $34,000 or else net income was stable
2015 - $10,815,959 - $502,182 - Net income of $200,000 affected by currency exchange
2014 - $13,235,038 - $189,073 - Added listing expenses incurred from merger with capital pool
MD&A Highlights
The legal settlement arises from a statement of claim filed against the Corporation in 2015 by one of its vendors, who alleged that Sunora wilfully did not accept deliveries of soybean oil pursuant to a contractual arrangement. The vendor claimed USD $506,798 in damages relating to losses allegedly suffered. Sunora denied responsibility for such a claim. However, on the recommendation of legal counsel, management settled the claim for CDN $390,000 to be paid by August 31, 2017. The claim settlement comprises a full provision for the claim including already incurred and expected legal fees.
Earnings (loss) per share - basic and diluted for the six months ended June 30, 2017 were $(0.0004) from $0.002 for the same period last year as a direct result of the claim settlement. Without the claim, earnings per share – basic and diluted for the six months to June 30, 2017 would have been significantly better than the same period of the prior year.
Sunora had 20% higher sales for the six-month period ended June 30, 2017 than the comparative sixmonth period. Sales were positively impacted by stronger results in the United States and continued positive momentum overseas.
The loss and comprehensive loss for the six months ended June 30, 2017 was primarily the result of the settlement of a trading dispute. The income from operations before the claim was $163,369 compared to $104,024 for the same period of 2016. Although sales were 20% higher, gross margin declined from 8.1% to 7.3% in this six-month period. Gross margin percentage declined because of a higher proportion of bulk oil sales.
Outlook
Sunora maintains good relationships with customers in North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunora’s operations are impacted by geopolitical situations that may hold up deliveries as was experienced in recent quarters. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.
Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations.
Management is also actively considering possible new products that may benefit from its contacts in domestic and international markets. With the continuing positive momentum in the United States economy and new customers being added in Asia, Sunora is well placed for the future.
Sunora Foods earns $82,525 in Q2 2017
2017-08-29 08:06 MT - News Release
Mr. Dean Stuart reports
SUNORA FOODS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
Sunora Foods Inc. has filed its financial statements and management discussion and analysis for the second quarter ending June 30, 2017. These filings are available for review on SEDAR and the corporation's website.
During the second quarter ended June 30, 2017, Sunora's highlights include the following:
-Revenue of $3,164,688 for Q2 2017 versus revenue of $2,835,773 for the comparable Q2 2016, an increase of 11.6 per cent;
-International sales of $567,204 for in Q2 2017 versus international sales of $574,619 for the comparable Q2 2016;
-Net income from operations for the three-month period ending June 30, 2017, of $82,525;
-Trade dispute settled for $434,684, including estimated legal costs;
-Net comprehensive income after settlement of trade dispute of negative $243,175 for the Q2 2017 period;
-Cash and cash equivalents of $3,356,010 and working capital of $3,709,554 at the end of Q2 2017.
FINANCIAL HIGHLIGHTS
Second quarter
ending June 30, 2017
Sales $3,164,688
Gross margin $253,684
Net income from operation $82,525
Net comprehensive income ($243,175)
Earnings per share ($0.006)
About Sunora Foods Inc.
Sunora Foods is a food oil entity based in Calgary, Alta., trading and supplying canola oil, corn oil, soybean oil, olive oil and specialty oils in Canada and internationally under the Sunora, Sunera and numerous private label brands.
© 2017 Canjex Publishing Ltd. All rights reserved.
KFG Year End Results (Ending April 30th 2017) + Oil Reserves
All Information Below Can Be Found At www.Sedar.com
Financials + MD&A Summary + 51-101 Reserve Report
Balance Sheet Year End
ASSETS – In US Dollars
Cash: $593,972
Accounts Receivable: $229,863
Prepaid Expenses: $10,497
Exploration & Evaluation Assets: $119,325
Property & Equipment: $477,591
Total Assets: $1,431,248
LIABILITIES – In US Dollars
Accounts Payable: $450,679
Decommissioning Liability: $194,622
Total Liabilities: $645,301
Asset/Debt Ratio: 2.2:1
Revenue
Oil & Gas: $1,184,011
Management Fees: $191,979
Total Revenue: $1,375,990
Total Expenses: $1,865,689
Total Loss: $489,699 - $255,012 Depletion & $81,727 Dry hole Expenses
Loss From G&A: $152,960 – 35% of this from Q1 2016 before initial cost cuts
MD&A Summary
Average Yearly Production: 63.87bopd
Number Of Producing Wells: 22
Oil prices appear to be stabilizing in the mid $45 to $55 range. In June and July 2016, the Company took initial steps to reduce its overhead by $10,800 per month. Additional cuts were made effective June 1, 2017, letting go of two office personnel, and eliminating their health insurance. In addition, key man insurance on both the President and Vice President was terminated. Total savings account for $8,500 per month going forward. Also the small production purchase should increase oil income $1,700 to $2,000 per month at current prices. In addition, KFG has two leases where it’s working interest is between 6 and 9% (the Craig #3 lease and the Barnum lease). Both leases could possibly payout within the next twelve months unless further drilling takes place. At payout, KFG’s working interest would jump to approximately 22%. If the environment stabilizes and continues to improve, KFG will look for reasonable production purchases.
Revenue from the sale of oil and gas was $1,184,011 for the year ended April 30, 2017, compared to $1,380,325 for the year ended April 30, 2016. The decrease in revenue was a result of less production during the year.
Management fee revenue for the year ended April 30, 2017 was $191,979 as compared to $287,841 for the year ended April 30, 2016. The decrease is a result of substantially less work for the Company and others because of low oil prices in the field.
Dry hole costs and abandonments for the year ended April 30, 2017 were $81,727 as compared to $2,690 for the year ended April 30, 2016. The decrease resulted from the write off of two Mississippi projects that were unsuccessful and impairment charges against the oil and gas properties.
Lease operating expenses were $440,783 for the year ended April 30, 2017 compared to $553,808 for the year ended April 30, 2016. The decrease in lease operating expenses is a result of suspending lease operations in certain areas.
General and administrative expenses for the year ended April 30, 2017 were $1,122,564 compared to $1,347,373 for the year ended April 30, 2016. The decrease is a result of terminating two employees during the year and a decrease in insurance premiums.
Depletion and amortization costs for the year ended April 30, 2017 were $225,012 compared to $540,840 for the year ended April 30, 2016, reflecting depletion on the Company’s reserves. The decrease is a result of a decreased cost base subject to depletion and a reduced depletion rate.
The Company reported a net loss of $489,699 for the year ended April 30, 2017 compared to net loss of $777,709 for the year ended April 30, 2016, with the lower net loss arising from reduced operating expenses and reduced depletion.
The total number of shares outstanding as at April 30, 2017 and August 24, 2017, is 50,584,144. As of April 30, 2017 and August 24, 2017, there were no stock options outstanding. There were no warrants outstanding as at April 30, 2017 and August 24, 2017.
Overall Performance
Updating to April 30, 2017, KFG moved its offices to 150-A Providence Rd, Natchez, MS. Office rent is unchanged. Two employees were terminated beginning June 1, 2017 and insurance on the two principal officers was dropped with a total savings going forward of $8,500 per month. The Company has completed a small production purchase for $60,000, payable in three monthly installments of $20,000, equal to approximately 5% of the Company’s production in Jefferson Co., MS. The Company has two projects to drill but has not been able to raise sufficient capital to drill the wells without affecting the Company’s cash position dramatically if the projects are not productive.
KFG 51-101 Reserve Report Ending April 2017
51-101 2017 Net To KFG (Table 1)
Oil
Total Proved Reserves – 80.3 Mbbl
Probable Reserves – 46.6 Mbbl
Total Proved + Probable – 126.8 Mbbl
Natural Gas
Total Proved Reserves – 4.5 MMcf
Net Present Value For 2017 (Table 2) - USD
Total Proved + Probable - $3,635,000
KFG 51-101 Reserve Report Ending April 2016
51-101 2016 Net To KFG (Table 1)
Oil
Total Proved Reserves – 81.3 Mbbl
Probable Reserves – 45.8 Mbbl
Total Proved + Probable – 127 Mbbl
Natural Gas Reserves – 0
Net Present Value For 2016 (Table 2) – USD
Total Proved + Probable - $3,610,000
KFG 51-101 Reserve Report Ending April 2015
51-101 2015 Net To KFG (Table 1)
Oil
Total Proved Reserves – 72.2 Mbbl
Probable Reserves – 56.5 Mbbl
Total Proved + Probable – 128.7 Mbbl
Natural Gas Reserves – 0
Net Present Value For 2015 (Table 2) – USD
Total Proved + Probably - $5,140,000 **Higher oil prices**
Less than 10 business days left to go before SNF’s Q2 results are out. In the meantime, I found a website that just started following Sunora Foods, see below:
https://robinrspeziale.com/2017/08/18/my-microcap-portfolio-experiment-investing-in-16-canadian-micro-cap-stocks/
MY MICROCAP PORTFOLIO EXPERIMENT – INVESTING IN 16 CANADIAN MICRO-CAP STOCKS
Investing
I’ve decided to experiment in the Canadian Micro-cap space. Micro-caps are those companies on the TSX and TSX Venture Exchange that trade below $100 million market capitalizations. Out of hundreds of companies, I selected only 16 stocks (see below – do you own any of these stocks too?). I looked for micro companies that can possibly turn into multi-baggers on the foundation of their unique product/service, large addressable market, long runway to grow, exceptional management, high/steady gross margins, high revenue growth, and in most cases – profitable, cash flow positive, high return on equity (ROE), and return on capital (ROIC) operations.
Check out my MicroCap Portfolio (est. Aug 2017) below – 16 micro cap stocks. I’ll provide updates in the future – hopefully it all works out. I’m well aware that some micro-caps might fail, while others will be average performers, but it’s the 2-3 that possibly turn into multi-baggers that I’m really excited about. Overtime, I’ll invest more capital into the winners, and trim or eliminate the losers, if any decline more than 50%. We’ll see – time will tell. (note – I previously owned 4 micro-cap stocks below – Intrinsync Technologies, Greenspace Brands, Ten Peaks Coffee, and Ceapro, but have now segmented them into my new MicroCap Portoflio).
My Canadian MicroCap Portfolio (est. Aug 2017)
Namsys Inc
Vigil Health Solutions
Pioneering Technology Corp
Vitreous Glass Inc
AirIQ Inc
DMD Digital Health Connections Group Inc
Redishred Capital Corp
Sunora Foods Inc
Bevo Agro Inc
Imaflex Inc
Diamond Estates Wines & Spirits Inc
CVR Medical Corp
Intrinsync Technologies
Greenspace Brands
Ten Peaks Coffee
Ceapro
Evergreen Gaming Corporation Q2 Results(Ending June 30th 2017)
All Information Can Be Found On SEDAR – www.sedar.com
Price: $0.12
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%
Retail Shares Available: 28,749,010 or 22.49%
Financials + MD&A – All in US Dollars
Financials
ASSETS - USD
Cash: $4,499,410
Restricted Cash: $2,283,216
Other Assets: $176,317
Accounts Receivable: $116,259
Inventory: $176,643
Deposits: $10,551
Game License: $63,267
Trademarks: $1,185,000
Goodwill: $6,435,481
Property & Equipment: $10,549,240
TOTAL ASSETS: $25,495,384
LIABILITIES – USD
Notes Payable(Mortgages): $6,673,081
Trade Payables: $4,616,249
Notes Payable: $389,357
Deferred Tax: $348,000
TOTAL LIABILITIES: $12,026,687
Asset/Debt Ratio: 2.12:1
Note: Pending Sale of Tukwila Casino For $2 million USD - http://www.sterlingrealestate.idxbroker.com/idx/details/listing/b259/583212/14027-Interurban-Ave-S-Tukwila-WA-98168
Quarterly Sales Results
Year - Sales - Net Income – EPS (Earnings Per Share)
2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet
2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet
2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet
2017(Q1) - $8,229,974 - $337,347 - $0.003c EPS – Not converted into CAD yet
2017(Q2) - $8,513,288 - $1,047,878 - $0.008c EPS – Not converted into CAD yet
MD&A Highlights
Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. (“WGI”).
Net revenue for the quarter ended June 30, 2017 was $9,411,453, an increase of $1,025,705 compared to the same period in the prior year. Gaming dollars dropped were 5% higher than the prior year quarter and the hold percentage increased .7%. The income from operations was $1,654,640 compared to $1,134,414 in the prior year quarter. This increase was due to the increase in net revenues offset by an increase in operating expenses of $505,479. The labor and benefit expenses increased due to an increase in the minimum wage and marketing expenses increased to generate more revenue.
Net income before taxes was $1,564,515 compared to $1,003,841 in the same quarter of 2016, a $560,674 increase. The increase was due to the higher income from operations and lower finance costs due to paying off outstanding indebtedness.
Working capital at June 30, 2017 was $2,246,239 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.
The Company’s assets at June 30, 2017 totaled $25,495,384 compared to total liabilities of $12,026,687. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.
The Company’s cash at June 30, 2017 was $6,782,626, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,283,216 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended June 30, 2017 was $2,212,808 compared to $892,469 for the quarter ended June 30, 2016.
The operating results for the quarter ending June 30, 2017 showed a substantial improvement from the quarter ending March 31, 2017. Net revenues increased to $9,411,453 compared to $8,229,974 in the prior quarter. This increase was attributable to an 11% increase in gaming dollars dropped and a .6% increase in the hold percentage. Income from operations increased to $1,654,640 in the second quarter compared to $609,385 in the prior quarter. This was due to the increase in net revenues offset by a $136,224 increase in operating expenses. This was primarily due to an increase in gaming taxes as a result of additional gaming revenue.
Historically, the Company’s sources of funding have been debt and equity financing and cash flow from operations. As of June 30, 2017, the Company had arm’s length debt of $7,062,438, all related to mortgages, including the acquisition of the Lakewood property. Related party debt totalling $832,553 which was owed to Michels Development for the note from Goldies in Shoreline was paid in full in the second quarter.
At June 30, 2017, the Company had cash of $6,782,626 and net working capital of $2,246,239. Total debt payments of $926,451 were made during the second quarter. The monthly debt service cash requirement is just under $58,000.
2 to 3 weeks to go until financial results are out for Sunora Foods. Until then I wanted to post a very interesting article on how Canola oil can help clean up tons of mercury tainted tails and waste water around the world:
http://www.mining.com/cooking-oil-help-clean-mercury-mining-sites-researchers-say/
Cooking oil could help clean up mercury at mining sites, researchers say
Researchers at Flinders University in Australia published a study where they demonstrate how a canola oil polymer, when combined with sulphur, can trap mercury metal, mercury vapour and highly toxic organo-mercury compounds.
Mercury and mercury-containing materials are commonly used in small-scale mining operations to extract gold from ore. However, the liquid element is also employed by many chloralkali plants and in certain farms as fungicide.
By combining second-hand cooking oil and sulphur – a common, low-cost byproduct from petroleum production –, the scientists were able to produce a new kind of rubber-like polymer capable of absorbing mercury pollution in soil, water and even the air. The novel substance even changes colour to indicate it has done its job.
“Because our mercury-capturing material is made from waste, our goal is to provide a cost-effective and technically simple material for cleaning up mercury pollution at gold mines,” said lead-researcher Justin M. Chalker in a press release.
Artisanal mining is the largest producer of mercury emissions worldwide and, according to the United Nations Environment Programme, mercury rich tailings and exposure to mercury vapour threaten the health of nearly 15 million people involved in this field of work.
“This pernicious problem,” Chalker said, “is causing brain damage and loss of IQ points in unborn children.”
The scientist's mercury-binding polymer is already licensed for sale to Kerafast, a US-based reagent company. Meanwhile, the Flinders University team that created it is raising funds to develop a pilot reactor and production plant in South Australia.
Evergreen Gaming appoints Mangano president, CEO
2017-07-28 10:54 MT - News Release
Mr. Len Libin reports
NEW PRESIDENT AND CEO
Evergreen Gaming Corp. has appointed Dawn M. Mangano as its new president and chief executive officer. Len Libin filled this position on an interim basis after accepting Monty Harmon's resignation. Mr. Libin will continue in his duties and position as chairman of the board going forward.
Ms. Mangano comes to Evergreen from the Casino Caribbean/Macau Casino cardroom group consisting of five locations in Washington. She spent the last 14 years holding positions in both finance and operations with a broad base of experience including all facets of cardroom management. Ms. Mangano was instrumental in that group's growth with responsibilities including acquisition, construction, licensing, customer development and profitability of the restaurants and casinos. Continuing education through University of Nevada, Las Vegas, and certifications have kept her current in marketing and table game protection. Throughout her time in the industry, Ms. Mangano has gained experience in government regulatory agency relations and political involvement at the state and local levels. Prior to entering the cardroom industry, Ms. Mangano owned and operated an accounting business primarily focused on construction and professional business clients.
© 2017 Canjex Publishing Ltd. All rights reserved.
KFG acquires working interest in Fayette field
2017-07-12 10:40 MT - News Release
Mr. Robert Kadane reports
KFG PURCHASES WORKING INTEREST AT FAYETTE
KFG Resources Ltd. subsidiary KFG Petroleum Corp., of Natchez, Miss., purchased a 5.47-per-cent working interest in the Fayette field, Jefferson county, Mississippi, effective July 1, 2017. It is payable in three monthly instalments of $20,000 each. Payout, assuming no oil price increases, is 35 months. No debt will be taken on to finance the transaction.
© 2017 Canjex Publishing Ltd. All rights reserved.
Sunora Foods estimates Q2 2017 sales of $3.26-million
2017-07-06 09:46 MT - News Release
Mr. Dean Stuart report
SUNORA FOODS SECOND QUARTER SALES UPDATE AND ANNUAL GENERAL MEETING RESULTS
Sunora Foods Inc. has released unaudited, preliminary sales figures for the second quarter and six months ending June 30, 2017.
Second Quarter Sales 2017: $3,264,801
Second Quarter Sales 2016: $2,833,043
Six Months Sales 2017: $6,745,567
Six Months Sales 2016: $5,517,699
Six Months 2017 Sales Breakdown
Canada $479,648
United States $5,081,684
Overseas $1,184,234
The Corporation is also pleased to announce results from the Annual General and Special Meeting held on July 5, 2017.
Yes (%) No (%) Abstain (%)
Set number of directors at four 92.28 7.722 0.00
Steve Bank 99.92 0.00 0.08
James Lawson 91.25 0.00 8.75
Alan Chan 91.25 0.00 8.75
Eric Dahlberg 91.25 0.00 8.75
Appointment of Auditors 100.00 0.00 0.00
New Stock Option Plan 99.98 0.00 0.00
About Sunora Foods
Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.
Copyright (c) 2017 TheNewswire - All rights reserved.
© 2017 Canjex Publishing Ltd. All rights reserved.
CAF DD Report after Q1/Q2
Price: $0.09
Common Shares: 47,426,195
Options/Warrants: Nil
Insider Holdings: 15,391,328 or 32.5% as per www.Sedi.ca
Website: www.canafgroup.com
Financials (All in US Dollars – Should Be Converted into CDN Dollars for accurate value)
Q1 2017 Results
Sales: $2,991,706
Net Income: $198,221 USD
Q2 2017 Results
Sales: $3,490,753
Net Income: $236,961 USD
Six Month Results(2017)
Sales: $6,482,459
Net Income: $434,934
Earnings per share after 6 months:
$434,934USD X 1.32(as of June 16th) = $575,444CAD Profit
$575,444 / 47,426,195(total common shares) = $0.012c earnings after Q1/Q2
ASSETS
Trade Receivables: $2,499,259
Tax Receivable: $1,471
Inventories: $541,996
Prepaid Expenses: $35,194
Property & Equipment: $1,253,497
Total Assets: $4,331,418
LIABILITIES
Trade Payables: $1,784,836
Sales Tax Receivable: $27,511
Income Tax Payable: $947
Bank Loan: $406,699
Overdraft: $6,573
Deferred Tax: $47,363
Total Liabilities: $2,427,510
Asset/Debt Ratio: 1.78:1
MD&A Highlights
OVERALL PERFORMANCE AND OUTLOOK
The Corporation is very pleased to confirm a second consecutive quarter of strong results for the 3-month period ended April 30, 2017. Revenue for the 6-month period increased to $6,482,459 in comparison to $1,780,616 for the same period last fiscal year, and up 16.7% from the previous quarter ended January 31, 2017. For the 6-month period, the Corporation recorded a net income of $429,652 (C$586,240), in comparison to a net loss of $335,864 for the same quarter the previous year. Adjusted EBITDA rose to $679,582 (C$927,257) for the quarter.
Quantum has performed well for the first half of the year, however the Corporation expects to see a period of reduced demand during Q3 and Q4. For Quantum to reach its full potential, the Corporation recognises the need to broaden its customer base. The Corporation can confirm that it has received interest in its product from a new, major ferro-alloy producer in South Africa, which the Corporation hopes to supply from January 2018; discussions are currently ongoing.
The outlook and profitability for the coming years remains dependent on demand for the Corporation’s calcine product, which the Corporation believes remains positive for the long-term.
The Corporation intends to continue to generate positive free cash flow during the fiscal year-end 2017 and will focus on increasing shareholders’ value, as well as investment to improve the efficiency of its older facilities, or investment into related business opportunities in South Africa.
Revenue increased 264% to $6,482,459, from $1,780,616, for the same period last year. The significant increase in sales is due to a combination of unusually low sales during the last fiscal period, compared to a strong demand during the current period, also at increased prices per sales unit. The Corporation expects to report reduced sales for Q3 and Q4 but expects fiscal year end 2018 to reflect increased demand as the Corporation hopes to bring on a new significant customer and also benefit from an improved, and protected, steel market in South Africa.
Revenue from the sale of calcine and coal has historically been derived from two customers and as a result the Corporation is dependent on these customers for its revenue. Quantum however has been actively working on increasing its customer base and has goals to be supplying at least three different facilities by the end of the current fiscal year. Should the Corporation not be successful in increasing its customer base it will continue to solidify and build on its current supply relationships by engaging in secure, long-term supply contracts.
Canaf Group earns $231,961 (U.S.) in fiscal Q2 2017
2017-06-16 07:54 MT - News Release
Mr. Christopher Way reports
CANAF ANNOUNCES FINANCIAL RESULTS FOR Q2 2017
Canaf Group Inc. has released its financial statements and management's discussion and analysis for the three-month period ended April 30, 2017.
As forecast, the corporation has recorded another strong quarter of continued sales and profit growth, demonstrating the capabilities and potential of the business.
Revenue for the quarter increased to $3,490,753 (U.S.), an increase of 360 per cent compared with the same quarter last fiscal year and up 16.7 per cent from the previous quarter ended Jan. 31, 2017.
During the quarter, the corporation recorded a net income of $231,961 (U.S.), in comparison with a net loss of $41,382 (U.S.) for the same quarter the previous year.
For the six-month period ended April 30, 2017, the corporation recorded adjusted earnings before interest, taxes, depreciation and amortization of $679,582 (U.S.) ($927,257) and net income of $429,652 (U.S.) ($586,240).
For more details and discussion on the results, the financial statements and management's discussion and analysis can be viewed on SEDAR or the company's website.
About Canaf Group Inc.
Canaf is a junior mining related group based in Vancouver, Canada, and with subsidiary offices in the United Kingdom and South Africa. Canaf owns 100 per cent of Quantum Screening and Crushing Pty. Ltd., a South African-based company that produces a high-carbon, devolatized anthracite.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
TNA's Tukwila property status has gone from "For Sale" to "Pending" which could mean a deal was reached.
The casino was listed for $2 million USD and TNA bought it for $1.4 million USD back in 2014.
http://properties.tellusre.com/idx/details/listing/b259/583212/14027-Interurban-Ave-S-Tukwila-WA-98168
http://business.financialpost.com/news/agriculture/canola-revolution-how-an-experiment-turned-canadian-farmers-into-cooking-oil-kings
Canola revolution: How an experiment turned Canadian farmers into cooking oil kings
In the heart of Canada’s bread basket, a Richardson International Ltd. processing plant stands as a testament to what may be the country’s most successful agricultural experiment.
Farmers across the Prairie Provinces are planting a record acres of canola, a crop that didn’t exist about four decades ago but now is the nation’s biggest, sown on more land than spring wheat. Richardson was the first company to market canola oil. It has since expanded capacity at factories like the one in Lethbridge, Alberta, as global demand exploded and Canada became the top exporter of an oilseed used in everything from salad dressing to french fries.
Richardson’s facility now spans six square blocks — a warren of crushing machines, conveyor belts, railroad links and grain silos devoted entirely to canola. After a C$120 million upgrade to expand capacity by 55 percent, it will be able to process 700,000 metric tons annually, boosting exports of oil and related products including margarine and buttery popcorn topping.
“It’s almost a constant turnover” of jugs, barrels and bottles of oil shipped to grocers, fast-food restaurants, hospitals and bakers every day of the work week, said Steve Scott, the plant’s maintenance manager. Pointing to a tanker car capable of hauling 80 tons, he said, “a big potato-chip plant will be taking a couple of these a week.”
Canadian scientists invented canola in 1974 by breeding out undesirable traits from the rapeseed plant, though it didn’t get the name “canola” until 1978.
The seed has more than twice as much oil as a soybean, and canola oil has become popular in cooking and deep frying. It’s rich in heart-healthy fatty acids found in salmon and tuna that lower bad cholesterol and help control blood sugar, with no artery-clogging trans fats. Canola oil has about 7 percent saturated fat, about half as much as olive oil and a fraction of what’s in palm oil, according to the Canola Council of Canada.
“The healthy oil profile that canola enjoys is going to keep it popular,” said David Reimann, a market analyst in Winnipeg, Manitoba, for Cargill Ltd., the world’s largest agricultural company. “It’s a huge, huge market and can certainly tolerate a lot more acreage and production.”
Farmers are doing just that. While planting is a little behind schedule because of wet weather, Canadian growers eventually will sow 22 million acres of canola this year, the most ever, government data show. The planting season will end in a few weeks.
Production of canola probably will reach a record 18.75 million tons, more than half of which will be exported to big buyers like the U.S., China and Mexico, the government’s Agriculture and Agri-Food Canada said in a May 24 report. Demand also is growing, with global imports of rapeseed set to jump 5.2 percent to a record 16.18 million tons, the U.S. Department of Agriculture estimates, with Canada accounting for about 68 percent of total shipments.
Canola prices have held up better than competing oilseeds as supplies increased. Canola now fetches a premium to soybeans, and it has outperformed palm oil, which is down almost 20 percent in the past year.
Still, farmers have plenty of incentive to supply more as domestic demand grows, with Canadian processors poised to crush a record 9 million tons in the 12-month season through July, and a similar amount in the next year, according to the the nation’s agriculture ministry.
The global market for rapeseed, which includes canola, reached C$8.9 billion last year, a 61 percent increase from 2011, and is forecast to grow another 51 percent from 2016 to 2021, the most of any edible oil, including olive oil and sunflower oil, according to data from Euromonitor International. Since canola oil is not just for human consumption, part of that growth may go toward other uses such as animal feed, said Hope Lee, a senior analyst.
Rising demand for healthier cooking oils from North American consumers and a growing middle class in Asia has helped boost exports, said Bruce Jowett, vice president of market development for the Canola Council of Canada. That, in turn, has prompted farmers to continue to seed more acres and for processors to invest “significantly” in increasing the amount of oil and meal they can export, he said.
In 2015, the Food and Drug Administration determined that partially hydrogenated oils, the main source of trans fats that contribute to heart disease, are not generally recognized as safe. Many companies — including McDonald’s Corp. and Unilver Plc — have committed to phasing out trans fats from their food products.
Processing capacity has more than doubled in the past decade. The industry, including Richardson International, Bunge Ltd. and Archer-Daniels-Midland Co., has spent about C$1 billion to upgrade and expand. Canada may produce as much as 26 million tons of canola by 2025, a 41 percent increase from 2016, Jowett said.
“Canola is the healthiest oil that’s out there,” Jowett said. “As consumers become more educated about their health, they can see that consuming less saturated fat is a good thing.”
Sunora Foods May 2017 Export Catalogue (Alberta Government)
http://www1.agric.gov.ab.ca/$Department/deptdocs.nsf/all/trade14246/$FILE/export_catalogue_may2017.pdf
On Page 57
Sunora Foods, based in Calgary, Alberta, Canada, has its roots in canola oil. The very name – Sunora – is derived from the sun golden canola flowers that grow in the fields in the shadow of the Canadian Rockies. Sunora is internationally recognized for its canola oil and related canola products and is a major Canadian exporter of food oil. Although Sunora Foods has its roots in canola oil, many customers turn to Sunora for other food oils and canola margarine. To these customers, Sunora means corn oil or soybean oil or sunflower oil. With its international trading capabilities, the company is often the best and most cost-effective source of corn oil, soybean oil and sunflower oil.
Evergreen Gaming CEO Libin now has 23.23% stake
2017-06-01 16:41 MT - News Release
Mr. Len Libin reports
ACQUISITION OF EVERGREEN GAMING CORPORATION SHARES
Leonard Libin has made a number of transactions privately amongst himself and his joint actors, all of whom are family members, wholly owned corporations and trusts beneficially owned by family members, with respect to common shares of Evergreen Gaming Corp. of 8200 Tacoma Mall Blvd., Lakewood, Wash., 98499. The Acquiror last filed an early warning report dated October 31, 2006, in which the number of common shares of Issuer reported to be beneficially owned by the Acquiror totalled 32,172,060 common shares. The Issuer owns 908,000 common shares out of the 124,716,865 common shares issued, and hence the 32,172,060 common shares last reported represent approximately 25.99% of the currently outstanding common shares of the Issuer (25.80% of the issued). There has been no change in the number of common shares of the Issuer owned by the Acquiror and his joint actors since the date of the last filed report. However, as a result of transfers amongst the Acquiror, entities through which the Acquiror beneficially owns common shares of the Issuer, and the Acquiror's joint actors, the Acquiror has transferred beneficial ownership of 3,416,374 common shares of the Issuer, representing 2.76% of the outstanding common shares of the Issuer (2.74% of the issued) to his joint actors. As a result, the Acquiror, personally and indirectly through wholly owned corporations and trusts in which he has a beneficial interest, now has beneficial ownership of 28,755,686 common shares of the Issuer, representing 23.23% of the outstanding common shares of the Issuer (23.10% of the issued), and his joint actors have beneficial ownership of 3,416,374 common shares, representing 2.76% of the outstanding common shares of the Issuer (2.74% of the issued). Details of the dates, consideration paid and received, and other particulars of the Transactions are contained in the early warning report referred to hereafter, which has been filed on SEDAR.
The purpose of the Acquiror and his joint actors in conducting the Transactions was to reorganize the holdings of common shares of the Issuer amongst them to settle inter-party debt and for tax and estate planning purposes.
The common shares of the Issuer held by the Acquiror and his joint actors will be held for investment purposes. The Acquiror and his joint actors may, depending on market and other conditions, further increase, or decrease, their beneficial ownership of the Issuer's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. The Acquiror and his joint actors have no present intention of acquiring or disposing of any additional common shares of the Issuer, other than potential future transfers amongst them.
In conducting the Transactions, the Acquiror does not concede that an exemption from the requirements in securities legislation applicable to formal bids was required. However, if such an exemption was required, the Acquiror and his joint actors claim reliance for each of the Transactions on the exemption provided by section 4.2 of National Instrument 62-104.
This press release is issued pursuant to National Instrument 62-104, which also requires a report to be filed with the B.C. Securities Commission and the Alberta Securities Commission containing additional information with respect to the Transaction (the "Report"). To obtain a copy of the Report or for further information concerning this announcement, please contact Len Libin, CEO of Evergreen, at (425) 282-4172.
© 2017 Canjex Publishing Ltd. All rights reserved.
Evergreen Gaming shareholder Michels acquires shares
2017-06-01 15:53 MT - News Release
Mr. Len Libin reports
ACQUISITION OF EVERGREEN GAMING CORPORATION SHARES
Evergreen Gaming Corp. shareholder Steven Michels on June 1, 2017, through his wholly owned private company Michels Development LLC (MDL), acquired in a private transaction beneficial ownership of seven million common shares of Evergreen Gaming of 8200 Tacoma Mall Blvd., Lakewood, Wash., 98499. The seven million common shares were acquired in exchange for the forgiveness by MDL of $1,440,425 in interest that would have otherwise been payable in connection with a debt obligation owed to MDL. As a result, the seven million common shares were acquired at the effective rate of 20.6 cents per common share. The issuer owns 908,000 common shares out of the 124,716,865 common shares issued, and hence the seven million common shares acquired represent approximately 5.7 per cent of the outstanding common shares of the issuer (5.6 per cent of the issued). Prior to the transaction, the acquiror had control over, but not ownership of, the same seven million common shares acquired. Accordingly, while the acquiror's ownership interest in common shares of the issuer has increased by seven million common shares, the number of shares over which he has control, but not ownership, has decreased by the same number and percentage.
Immediately prior to the transaction, the acquiror had ownership of 11 million common shares of the issuer representing approximately 8.9 per cent of the outstanding common shares of the issuer (8.8 per cent of the issued). Immediately following the transaction, the acquiror had beneficial ownership of 18 million common shares of the issuer representing approximately 14.5 per cent of the outstanding common shares of the issuer (14.4 per cent of the issued).
Immediately prior to the transaction, the acquiror had control over, but not ownership of, 35,747,626 common shares of the issuer representing approximately 28.9 per cent of the outstanding common shares of the issuer (28.7 per cent of the issued). Immediately following the transaction, the acquiror had control over, but not ownership of, 28,747,626 common shares of the issuer representing approximately 23.2 per cent of the outstanding common shares of the issuer (23.1 per cent of the issued).
The acquiror's purpose in acquiring the seven million common shares was to increase his percentage shareholding in the issuer and to receive value for an interest obligation owned to his wholly owned company. The acquiror's common shares of the issuer will be held for investment purposes. The acquiror may, depending on market and other conditions, further increase, or decrease, his beneficial ownership of the issuer's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. The acquiror has no present intention of acquiring or disposing of any additional common shares of the issuer.
This press release is issued pursuant to National Instrument 62-104, which also requires a report to be filed with the B.C. Securities Commission and the Alberta Securities Commission containing additional information with respect to the transaction. To obtain a copy of the report or for further information concerning this announcement, please contact Len Libin, chief executive officer of Evergreen, at 425-282-4172.
© 2017 Canjex Publishing Ltd. All rights reserved.
Canaf Group earns $197,691 (U.S.) in Q1
2017-03-20 08:22 MT - News Release
Mr. Christopher Way reports
CANAF ANNOUNCES FINANCIAL RESULTS FOR Q1 2017
Canaf Group Inc. has released its financial statements and management discussion and analysis for the three-month period ended Jan. 31, 2017.
The corporation is very pleased to confirm the expected positive results for the quarter, which demonstrate the continued strong turnaround of the corporation's South African business, Quantum.
Revenue for the quarter increased to $2,991,706, an increase of 193 per cent compared with the same quarter last fiscal year, and up 67 per cent from the previous quarter ended Jan. 31, 2017. The corporation expects sustained levels of revenue during Q2 2017, as demand for Quantum's product remains strong in South Africa. The corporation continues to work on allocating all of its production for the rest of the fiscal period, by securing long-term contracts with key customers.
During the quarter, the corporation recorded a net income of $197,691 ($259,579 (Canadian)), in comparison with a net loss of $294,482 for the same quarter the previous year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose to $569,300 ($747,517 (Canadian)) for the quarter.
The corporation intends to continue to generate positive free cash flow during the fiscal year-end 2017 and, as it accumulates cash, will continue to look at either investment to improve the efficiency of its older facilities, or investment in related business opportunities in South Africa.
For more details and discussion on the results, the financial statements and management discussion and analysis can be viewed on SEDAR or the company's website. All references to dollars herein are to U.S. dollars.
About Canaf Group Inc.
Canaf is a junior mining-related group based in Vancouver, Canada, and with subsidiary offices in the United Kingdom and South Africa. Canaf owns 100 per cent of Quantum Screening and Crushing (Pty.) Ltd., a South African-based company that produces a high carbon, devolatized anthracite.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
Sunora Foods Q1 Results. Financials + MD&A Highlights
Price: $0.20
Common Shares: 42,254,332
Insider/Institutional Holdings: 71% total, as per information circular. CEO holds 52%
Website: www.sunora.com
Financials
Assets
Cash: $3,133,920
Accounts Receivable: $1,254,247
Accrued Interest: $1,537
Inventory: $533,623
Prepaid Expenses: $15,760
Goods & Services Tax Recoverable: $10,545
Income Tax Recoverable: $118,130
Deferred Tax Asset: $159,545
Total Assets: $5,227,307
Liabilities
Accounts Payable: $1,084,857
Customer Deposits: $40,020
Total Liabilities: $1,124,877
NAV = $5,227,307 - $1,124,877 = $4,102,430 or ($0.097) or $0.10c a share net asset value. Junior earnings based companies with established positive cash flow usually trade at a 4-5 times multiple, if not more. Even exploration based companies with no revenue and high-risk trade at a greater multiple than SNF, which is a 27 year old established company(see their website)
Q1 2017 Sales Breakdown
Sales: $3,480,230 (last year sales - $2,687,379)
Income Before Tax: $91,178
Net Income: $66,560 (last year profit - $24,971)
Breakdown of sales by region
USA - $2,701,689 (Last year - $2,167,415)
Canada - $252,384 (Last year - $235,713)
International - $526,157 (Last year - $284,251)
Previous FULL Years Of Sales
2014 - $13,235,038 - $189,073 - Added listing expenses incurred from merger with capital pool
2015 - $10,815,959 - $502,182 - Net income of $200,000 affected by currency exchange
2016 - $12,254,101 - $282,794 - Currency loss of $34,000 or else net income was stable y/o/y
MD&A Highlights
Sunora Foods Inc. (“Sunora Foods”) is a Calgary-based trader and supplier of canola, olive and other food oils. Currently, the Company is a relatively modestly-sized player participating in an international business populated by some of the largest companies in the world. It has successfully maintained a niche position that has been achieved by building strong relationships with its suppliers and customers through a history of reliable and responsive service. While the Company regularly cooperates with many of these companies, it also occasionally competes with companies that have far greater resources.
Sunora had 29.5% higher sales for the three-month period ended March 31, 2017 than the comparative three-month period. The increase in sales resulted from greater sales of bulk oil to the United States and an 85% increase in sales overseas.
The $66,560 of net income and comprehensive income in the three-months ended March 31, 2017 was 167% higher than the same period of 2016. This was primarily a result of foreign exchange income of $10,833 as opposed to a foreign exchange loss of $82,655 in the comparative period. Gross margin declined from 9.4% to 6.7% as a result of an increase in bulk sales, which yield lower margins relative to packaged products.
Sunora's current assets consist of cash, accounts receivable, inventory, prepaid expenses and income tax recoverable. Cash is held for working capital requirements and to fund expansion costs for new markets and customers. A policy of conserving cash is rigorously followed by management in order to sustain operations and foster its marketing strategies. Accounts receivable increased 32.1% from December 31, 2016 due to higher sales. The 21.8% increase in inventory is due to increased purchases in anticipation of future sales.
Sunora's current liabilities consist of accounts payable and accrued liabilities, income tax payable and customer deposits. Accounts payables and accrued liabilities increased 13.8% from December 31, 2016, due to increased purchases at the end of this quarter. Nevertheless, Sunora is committed to its policy to manage its trade payables on a current basis and maintain its excellent credit standing.
A direct correlation to Sunora's increased sales has been its marketing efforts. Over the years, Sunora has established good relationships with its sale staff, giving them more flexibility and autonomy as mutual trust has developed in these relationships. In North America, Sunora has worked with brokers who have introduced new customers to the Company. Sales to independent distributors have also grown, mostly in overseas countries, who have given Sunora entry into many foreign markets. Product sales to foreign distributors and for other customers are final and not returnable.
Net income for the first quarter of 2017 decreased 16% from the fourth quarter of 2016. The decrease was due to the lower gross margins. Compared to the quarter ended March 31, 2016, net income increased by 167%. Earnings per share – basic and diluted, for the first quarter of 2017 and for the fourth quarter of 2016 were $0.002 per share for each quarter. It increased from $0.001 per share for the quarter ended March 31, 2016.
Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations. Management is also actively considering possible new products that may benefit from new domestic and international markets where it is currently active. With the continuing positive momentum in the United States economy and new customers being added in Asia, Sunora is well placed for the future.
Sunora Foods earns $66,560 in Q1 2017
2017-05-30 07:59 MT - News Release
Mr. Dean Stuart reports
SUNORA FOODS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
Sunora Foods Inc. has filed its financial statements and management discussion and analysis for the period ended March 31, 2017. These filings are available for review on SEDAR and the corporation's website.
During the fiscal year ended March 31, 2017, Sunora's highlights include the following:
Revenue of $3,480,230 for the first quarter of 2017 versus revenue of $2,687,379 for the comparable first quarter of 2016, an increase of 29.5 per cent;
International sales of $526,157 for in the first quarter of 2017 versus international sales of $284,251 for the comparable first quarter of 2016, due to increased distribution and increased demand for healthy foods in Asia;
Net income for the period ended March 31, 2017, of $66,560 versus net income of $24,971 for the comparable period ended March 31, 2016, an increase of 167 per cent;
Cash and cash equivalents of $3,133,920 and working capital of $3,942,885 at the end of the first quarter of 2017.
FINANCIAL HIGHLIGHTS
Period ended
March 31, 2017
Sales $3,480,230
Gross margin $232,734
Income before taxes $91,178
Net income $66,560
Earnings per share $0.002
About Sunora Foods Inc.
Sunora Foods is a food oil entity based in Calgary, Alta., trading and supplying canola oil, corn oil, soybean oil, olive oil and specialty oils in Canada and internationally under the Sunora, Sunera and numerous private-label brands.
© 2017 Canjex Publishing Ltd. All rights reserved.
TNA Q1 2017 Financial & MD&A Results
Price: $0.095
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%
All information can be found at www.sedar.com
Financials (All numbers are in US Dollars)
ASSETS
Cash: $4,073,545
Property, Plant & Equipment: $10,632,512
Goodwill: $6,435,481
Trademarks: $1,185,000
Game Licenses: $65,867
Deposits: $10,551
Inventories: $175,498
Accounts Receivable: $97,561
Tax Receivable: $163,850
Other Assets: $142,623
Cash(Restricted): $1,441,333
Total Assets: $24,423,821
LIABILITIES
Deferred Tax: $348,000
Notes Payable: $6,772,440
Notes Payable(related parties): $652,656
Other Payables: $3,665,833
Note Payable(current): $383,897
Note Payable Related Parties(current): $179,897
Total Liabilities: $12,002,723
Year - Sales - Net Income
2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet
2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet
2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet
2017(Q1) - $8,229,974 - $337,347 - $0.003c EPS – Not converted into CAD yet
**Note** - Q1 2017 showed a slightly lower profit because Tukwila casino was still operating until February. As well, the prior expense of CEO Monty Harmon was part of this quarter. On top of this all, a new mandatory wage increase was implemented due to Washington law which added $200,000 in additional G&A expenses. Q2 2017 should look better with Tukwila completely closed, Monty removed and management making additional cuts.
MD&A Highlights – Full MD&A Can be found at www.Sedar.com
Overall Performance
Net revenue for the quarter ended March 31, 2017 was $8,229,974, a decrease of $29,496 compared to the same period in the prior year. Gaming dollars dropped were 5% lower than the prior year quarter but that decrease was almost entirely offset by an increase in the hold percentage. The income from operations was $609,385 compared to $992,326 in the prior year quarter. This decrease was primarily due to an increase of labour and benefit expense of $282,178. The labour and benefit expenses increased due to an increase in the minimum wage and additional labour expenses at the Palace Casino Tukwila. The minimum wage increased from $9.47 to $11.00/hourly effective January 1, 2017. The Palace Casino Tukwila opened full gaming operations in mid-June 2016. Labour costs there were high in order to fully staff the casino. Due to the disappointing operating results, Palace Casino Tukwila was closed February 4, 2017.
Net income before taxes was $538,789 compared to $833,048 in the same quarter of 2016, a $294,259 decrease. The majority of this decrease came from additional labour and benefit expenses.
Working capital at March 31, 2017 was $1,864,783 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet it’s future obligations.
The company’s assets at March 31, 2017, totalled $24,423,821 compared to liabilities of $12,002,723. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.
The company’s cash at March 31, 2017 was $5,514,878 compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $1,441,333 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended March 31, 2017 was $1,250,501 compared to $1,043,234 for the quarter ended March 31, 2016.
Liquidity and Capital Resources
Historically, the companies sources of funding have been debt and equity financing and cash flow from operations. As of March 31, 2017, the company had arm’s length debt of $7,156,337, all related to mortgages, including the acquisition of the Lakewood property. Related party debt totalled $832,553 which is owed to Michels Development for the note from Goldies in Shoreline.
On June 1 2015, the company amended the Goldies Casino related party note with Michels Development. The revision, effective June 1 2015, extended the due date from April 15, 2016 to May 31, 2018; changed the monthly payment from $16,000 to a minimum of $20,000 and increased the interest rate from 5% to 8%. The note was paid in full on May 19, 2017.
The company continues to have access to the $1.2 million line of credit available to Tacoma Casino LLC, and Pete’s Flying Aces, Inc. from the vendor of the companies, Michels Development. As of May 25, 2017 this balance is $0.
Transactions Subsequent to End of Quarter
The Goldies Casino note payable to Michels Development was paid in full on May 19, 2017
**Additional Note**
The Tukwila property is still listed for sale at $2 million USD. The company has a book price of this asset at $1.4 million USD and was purchased in 2014.
http://sterlingrealestate.idxco.com/idx/3780/details.php?idxID=666&listingID=583212
News article: Canola exports to China hit record
http://thechronicleherald.ca/business/1448190-canola-exports-hit-record-on-chinese-demand-only-months-after-trade-dispute
CALGARY — Strong demand from China helped lift canola exports to a record $845 million in January and boost the national trade surplus, Statistics Canada said on Tuesday, a sharp rebound for a sector threatened by a trade dispute last year.
China had said last year that because of disease concerns, it would toughen restrictions on the amount of foreign materials - such as weeds, other crops and detritus - permitted in Canadian canola exports. Canadian producers and handlers were worried this could hurt demand for the oilseed, which is used to make cooking oil, animal feed and biofuel.
The dispute was partially resolved as part of wider talks between Prime Minister Justin Trudeau and Chinese Premier Li Keqiang, with an agreement signed in September to maintain the current levels until early 2020.
The uncertainty helped push down canola exports to China to 80,000 tonnes in September, the lowest since 2013, before rebounding to a record high of 741,000 tonnes in January.
The value of all Canadian canola exports was up 38.4 per cent in January compared from December, and more than double from October, Statistics Canada said Tuesday, helping push a third straight trade surplus for Canada.
Export volumes of canola reached a record level of about 1.4 million tonnes in January according to Statistics Canada, driven in part by lower prices that appealed to international buyers, said Ken Ball, a senior adviser at PI Financial.
"The main reason was canola was just extremely cheap," he said.
Prices have since climbed, said Ball, but the market still looks strong for the year with potential for close to 20 million tonnes of demand, and supply expected to be only a few hundred thousand tonnes higher.
"We could be left with a fairly tight situation," said Ball.
The Canola Council of Canada said that exports could be further boosted if Canada and China were to reach a free trade deal.
The council released a report on Monday that showed if China eliminated the nine per cent tariff on canola seed, exports to the country could increase by up to $1.2 billion, the equivalent of about 10 per cent of Canada's 18.5 million tonnes of production.
China was the second largest export market for canola after the United States last year, taking in 4.8 million tonnes of seed, oil and meal worth $2.7-billion, according to the Canola Council.
Ian Bickis, The Canadian Press
Organic Canola Oil approval from QAI based in San Diego
http://www.qai-inc.com/listings/listings_results_detail.asp?cust_id=108223&requestFrom=%2Flistings%2Flistings_results_company%2Easp%3Flist_by%3Ds
The new addition should add some more credibility to the Canola oil they sell in the United States and hopefully more sales with it. Just showed up on Google search
Facility Information:
Facility #1: Sunora Foods Ltd.
4616 Valiant Dr., NW Ste. 205
Calgary, Alberta T3A 0X9
Canada
Certification Type:
Hide products COR - Handling (Trader)
Certification Number: C0030537-CORHTR-13
Product Details:
Product Name Claim Description Listed Date
Canola Oil Organic 3/31/2015
Canola Oil Organic 3/16/2010
Canola Oil Organic 4/20/2016
Evergreen Gaming appoints Libin CEO, Wisner CFO
2017-05-15 15:57 MT - News Release
Mr. Leonard Libin reports
CHANGES TO SENIOR MANAGEMENT
Evergreen Gaming Corp. has appointed a chief executive officer and a chief financial officer. Leonard (Len) Libin has assumed the position of CEO, taking over from Monty Harmon, who has led Evergreen for the last five years but has left for personal reasons. Mr. Libin has been active in the gaming industry for over 40 years, including his ownership interest in the Edgewater Casino in Vancouver, B.C. He has served as a director of Evergreen for the past 10 years, and also serves as chairman of the board.
Dennis Wisner has been appointed to the position of CFO of the company. Mr. Wisner served as the CFO of Little Creek Casino in Shelton, Wash., from 1995 to 2005 and the CFO of Michels Development LLC from 2006 to 2010. Michels Development is a private company wholly owned by Steve Michels, a director of the company, which provides management services to the company through Michels Management Services LLC, a wholly owned subsidiary. From 2011 to date, Mr. Wisner has served as the director of operational finance for Evergreen.
© 2017 Canjex Publishing Ltd. All rights reserved.
KFG Resources' KFG Petroleum to lay off two employees
2017-05-10 08:32 MT - News Release
Mr. Robert Kadane reports
KFG RESOURCES TO ADMINISTER FURTHER COST CUTTING MEASURES
KFG Resources Ltd. subsidiary KFG Petroleum Corp., of Natchez, Miss., has implemented further cost reductions in order to counterbalance the reduction in oil prices. Starting in June, the company overhead will be reduced as two additional employees are released, saving on salaries and insurance.
For the month of March, KFG Petroleum produced an average of 65.4 barrels of oil per day from 19 wells. Management is looking at numerous ways to increase shareholder value. However, there can be no assurance that a deal will be reached. KFG's drilling program is slated to start in the summer, pending the stabilization of oil prices and financing from joint venture partners.
© 2017 Canjex Publishing Ltd. All rights reserved.
Canola Oil Demand To Rise In China(Article) - http://www.producer.com/2017/05/chinas-canola-demand-may-rise/
Spring presentation has some more possible leads to where Sunora Foods is headed. It mentions vertical integration, also bio diesel with canola oil. This is all mentioned in the second last page.
http://www.sunora.com/assets/docs/ppt/sunora-foods-corporate-presentation-spring-2017-20170502084840.pdf
Continue expansion into Asia where demand for premium quality Canadian brand Canola is highest
Focus on developing Asian and Chinese markets Partner locally to expand volume sales
Expand the global distribution network Build on existing North American customer base and brand
Vertical integration opportunities
Investigating complementary food and shelf stable goods for export to current countries and region with high demand for Canadian made products
Exploring potential sales channels for Biodiesel
Increase private labeling activity
Interesting article on bio-diesel made from Canola that came out a couple weeks ago: http://www.producer.com/2017/04/canola-oil-may-head-south-for-biodiesel/
Sunora Foods Inc. (SNF.V) Audited Year End Results
Price: $0.255
Common Shares: 42,254,332
Insider/Institutional Holdings: 71% total, as per information circular. CEO holds 52%
Financials
ASSETS
Cash: $3,353,921
Accounts Receivable: $949,816
Accrued Interest: $2,908
Inventory: $438,064
Prepaid Expenses: $21,874
Income Tax Recoverable: $110,457
Goods Tax Recoverable: $11,023
Total Assets: $5,047,608
LIABILITIES
Accounts Payable: $954,092
Customer Deposits: $71,510
Total Liabilities: $1,025,602
Note: Sales in Q4 2015, Q1/Q2 2016 were affected by a co-packer issue. This meant that Sunora Foods Inc was required to find other means of distribution, hence hurting sales and margins during those 9 months. This is now resolved, see MD&A below. As well, sales are up year over year even after co-packer setback. Sales were stable year over year despite all this and the larger profit from 2015 was caused by currency exchange, not sales income.
2014 - $13,235,038 - $189,073 - Added listing expenses incurred
2015 - $10,815,959 - $502,182 - Net income of $200,000 affected by currency exchange
2016 - $12,254,101 - $282,794 - Currency loss of $34,000 or else net income was stable y/o/y
Q1 2017 results will be released end of May, 2017.
MD&A Highlights
Sunora sales for the year ended December 31, 2016 were positively impacted by an increase of 13.3% over the previous year due to sales growth in the United States and internationally.
The net income and comprehensive income in the year ended December 31, 2016 of $282,794 compared to $502,182 for the previous year, a decline of 43.68%. Instead of foreign exchange gain of $204,165, there was a foreign exchange loss of $33,456. In addition, the gross margin for the year ended December 31, 2016 declined by 0.2% from previous year despite the 13.3% increase in sales. The lower total gross margin can be attributed to a lower percentage of sales in packaged products that have a higher value added.
The Company also had an economic dependence on one customer in 2016 and 2015. Sales to this customer were 21% in the three months ended December 31, 2016 (2015 28%) and 19% (2015 17%) of total sales in the year ended December 31, 2016.
Sunora's sales to the United States have recently trended higher in comparison to sales in Canada. Overseas markets are continuing to grow and provide greater long term stability to sales. The growth of sales in emerging markets, with growing awareness of healthy food choices by the expanding middle classes, is a positive trend for Sunora. Overseas sales in the fourth quarter increased significantly because of the timing of the New Year celebrations in Asia and the general positive trend.
Sunora has increased sales over the year due to marketing efforts. Sunora has established strong relationships with sales staff and given them more flexibility and support as mutual trust has developed in these relationships. In North America, Sunora has outstanding commissioned brokers who have introduced new customers to the Company. Sales to independent distributors have also grown for Sunora, mostly in countries overseas, which has given Sunora entry into many foreign markets.
The foreign exchange gain or loss is primarily a result of the inventory purchases and sales that are denominated in US currency.
Outlook
Sunora maintains strong relationships with strategically located customers in North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunoras operations are impacted by geopolitical situations that may hold up deliveries as was experienced in the fourth quarter of 2015. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.
Management is actively identifying and analyzing operations that might increase sales and profitability for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management.
Management is also actively considering possible new products that may benefit from new domestic and international markets.
With the continuing improvement in the United States economy and new customers being added in Asia Sunora is well placed to improve its profitability and financial position.
Sunora has only one long term contractual obligation of a lease on its office facilities in the Provident Professional Building in Calgary, Alberta. This lease for 1,038 square feet of office space terminates on August 31, 2017, and has an early termination clause with nine months' notice during the last two years.
TNA.V Year End Results (Audited)
Price: $0.135
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51% (Shown in the October 2016 Information Circular on Sedar). All information below can be found on www.sedar.com
Financials(USD)
ASSETS
Cash: $3,649,516
Property, Plant & Equipment: $10,735,045
Goodwill: $6,435,481
Trademarks: $1,185,000
Game Licenses: $68,467
Deferred Tax: $234,000
Deposits: $10,551
Inventories: $166,814
Accounts Receivable: $173,331
Tax Receivable: $425,022
Other Assets: $158,831
Cash(Restricted): $914,071
Total Assets: $23,922,129USD - Last year total assets were $19,613,905USD
Asset gain over the year - $4,308,224USD
LIABILITIES
Deferred Tax: $348,000
Notes Payable: $6,872,471
Notes Payable(related parties): $874,868
Other Payables: $3,202,279
Note Payable(current): $377,893
Note Payable Related Parties(current): $162,867
Total Liabilities: $11,838,378 - Last year total liabilities were $9,439,562
Liability gain over the year - $2,398,816
Growth over 2016: $1,909,408USD
Year End Date -“ Sales - Net Income
2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet
2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet
2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet
Total net income added over 3 years: $8,563,960 or $0.07c cash - Not converted into CAD yet
- Revenue maintained year over year, but due to some corporate structural changes, net income was lower.
Q1 2017 results will be out end of May 2017.
MD&A Highlights
The Company recorded year to date net revenues of $33,326,624 compared to $33,338,543 for the year 2015. Year to date income from operations was $3,229,778, down from $4,316,691 in 2015. Additional marketing costs of more than $500,000 were incurred due to increased cash giveaway events and other promotional programs. Higher labor costs were incurred as a result of game protection and customer service initiatives that have been designed to counter decreases in the table game drop. In addition, 2016 was the first year in which the Affordable Care Act required the company to spend an additional $175,000 on health care premiums for employees. The company did save almost $400,000 by amending the Michels management agreement, in which the Company hired Michels management personnel in return for deeply cutting the management fees payable to Michels.
Working capital at December 31, 2016 was $1,744,546 compared to working capital of $1,769,385 at December 31, 2015. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.
The Company's assets at December 31, 2016 totaled $23,922,129 compared to total liabilities of $11,838,378. At December 31, 2015, total assets were $19,613,905 compared to total liabilities of $9,439,562. These changes reflect the $4.5 million Lakewood property acquisition.
Casino revenues for the quarter ended December 31, 2016 were $8,096,128, a decrease of $323,523 compared to the same period in the prior year. Gaming dollars dropped were 5% lower than the same period last year in spite of a 26% increase in Baccarat dollars dropped at Riverside Casino, which had another excellent quarter with revenues 14% over the same quarter 2015. Fourth quarter income from operations at the Riverside was $374,861 compared to $359,478 in 2015.  Offsetting that was Chips Casino Lakewood, where revenue was down 27% from the previous year, as their Baccarat hold percentage was half of what its target rate is and gaming dollars dropped decreased 29%. The decrease in Baccarat hold percentage is the result of the Company having to match competitors in the area who were increasing their giveaway and match play promotions.
During the fourth quarter Chips Casino recorded a loss from operations of $129,406, which was still far below the positive earnings of $170,002 recorded the same quarter a year ago. Â The Palace Casino Lakewood had an excellent hold percentage of 24% which was three points above the fourth quarter 2015, but due to a 14.5% decrease in gaming dollars dropped at the tables, revenues were flat over same quarter last year. In spite of that, and due to careful labor cost controls, The Palace shows an operating profit of $147,017 in the fourth quarter compared to $120,566 the prior year. Goldies Casino also had positive income from operations despite a revenue deficit of $314,377 compared to last year, due largely to an almost 9% decrease in the gaming drop. The Palace Casino Tukwila opened full gaming operations in mid-June, but its transition to a full service casino has not produced the hoped for results. Marketing strategies were revised through the fourth quarter, focusing on table game promotions and food and beverage offerings, which were intended to drive business specifically to that casino. Labor costs there were high in order to fully staff the casino. With the Riverside and two competing casinos across the street and next door, the Company was hoping to capitalize on the gaming customer hub in Tukwila and produce a monthly profit by the end of the year, but it did not.
The Company recorded year to date net revenues of $33,326,624 compared to $33,338,543 for the year 2015. Year to date income from operations was $3,229,778, down from $4,316,691 in 2015. Additional marketing costs of more than $500,000 were incurred due to increased cash giveaway events and other promotional programs. Higher labor costs were incurred as a result of game protection and customer service initiatives that have been designed to counter decreases in the table game drop. In addition, 2016 was the first year in which the Affordable Care Act required the company to spend an additional $175,000 on health care premiums for employees. The company did save almost $400,000 by amending the Michels management agreement, in which the Company hired Michels management personnel in return for deeply cutting the management fees payable to Michels.
The Company continues to have access to the $1.2 million line of credit available to Tacoma Casino LLC, and Pete's Flying Aces, Inc. from the vendor of the companies, Michels Development. As of April 28, 2017 this balance is $0.
The Palace Tukwila initially started business in November 2014 as a poker only cardroom. The Company changed business plans for this property in June 2016 and upon receiving its full house bank gaming license, replaced poker with table games and thereafter operated as a full casino. The Company invested approximately $875,000 in the second half of 2016 with the expectation that there was still room for another cardroom in Tukwila. On February 4, 2017, however, the Company closed the doors, determining that the market niche that had been identified for this cardroom could not be realized.
As a result of the closing of the Palace Tukwila, the Company has offered the property located at 14027 Interurban Ave S. in Tukwila, WA for sale or lease.
http://sterlingrealestate.idxco.com/idx/3780/details.php?idxID=666&listingID=583212
Sunora Foods earns $282,794 in 2016
2017-04-28 13:34 MT - News Release
Mr. Steve Bank reports
SUNORA FOODS ANNOUNCES 2016 YEAR END FINANCIAL RESULTS
Sunora Foods Inc. has filed its financial statements, and management's discussion and analysis for the fiscal year ending Dec. 31, 2016. These filings are available for review on SEDAR and the corporation's website.
During the fiscal year ended Dec. 31, 2016, Sunora's highlights included the following:
Revenue of $12,254,101 for the 2016 fiscal year versus revenue of $10,815,959 for the comparable 2015 fiscal year;
International sales of $2,691,977 for the 2016 fiscal year versus international sales of $1,848,317 for the 2015 fiscal year;
Gross margin for the period ending Dec. 31, 2016, of 8.9 per cent versus gross margin for the comparable period ending Dec. 31, 2015, of 10.7 per cent;
Foreign exchange expense of $33,456 for the 2016 fiscal year versus a foreign exchange gain of $204,165 for the 2015 fiscal year;
Net income for the period ending Dec. 31, 2016, of $282,794 versus net income of $502,182 for the comparable period ending Dec. 31, 2015, a decrease of 44 per cent;
Cash and cash equivalents of $3,353,921 for the period ending Dec. 31, 2016, versus $2,620,566 for the comparable period ending Dec. 31, 2015;
Acquisition of 8,028,400 shares by Shanghai Hao Zhuo International Trading Ltd. from president and chief executive officer Steve Bank.
FINANCIAL HIGHLIGHTS
Period ending Dec. 31, 2016
Sales $12,254,101
Gross margin $1,087,617
Income before taxes $370,744
Net income $282,794
Earnings per share $0.007
About Sunora Foods Inc.
Sunora Foods is a food oil entity based in Calgary, Ata., trading and supplying canola oil, corn oil, soybean oil, olive oil and specialty oils in Canada and internationally.
© 2017 Canjex Publishing Ltd. All rights reserved.
Saw this article today and did a little more research and confirmed that it is true via the company's LinkedIn page:
Article: http://nation.com.pk/business/15-Apr-2017/corporate-corner - This article only showed up on Google Search less than 24 hours ago and I do weekly Sunora Foods Google word searches
Key Line: LAHORE (PR): Agro Processor & Atmospheric Gases Pvt Ltd (APAG) is a leading company in the edible oil industry of the country. With renowned brands like Soya Supreme, Smart, Malta & Champion APAG continues to satisfy the needs of its consumers through its high-quality brands. APAG has been offering Smart Canola Cooking Oil under the license of Sunora Foods Canada.
AGAP Linkedin Page: https://www.linkedin.com/company/agro-processors-&-atmospheric-gases-pvt-ltd-
Sunora Foods & AGAP Commercial -
Edible oils in India article, easy market that SNF could penetrate along with Europe.
http://www.business-standard.com/article/markets/profit-margins-lure-edible-oil-makers-to-enter-the-premium-segment-117041100452_1.html
KFG April 2017 Company Presentation -
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http://kfgresources.com/wp-content/uploads/2016/09/KFG-April-2017-Company-Presentation.pdf