Our most recent published financial report indicate (rounded):
Current assets of $1,850,000 (primarily cash); Current financial liabilities of $1,795,000 are comprised three main categories: accounts payable of $307,000; $800,000 due to Talaxis (of which $300,000 was subsequently converted to equity units); and deferred revenue which is not a financial liability. In effect, net financial liabilities total $807,000 and “adjusted” net working capital is $1,043,000; Non-current liabilities of $950,000 is comprised of $700,000 due to Talaxis and $250,000 due to management under a long-term compensation arrangement; Non-current assets are recorded at $140,000 for certain intangible assets acquired three years ago; and During the recently completed year we reduced the carrying value of two assets: a prospective concentrate source in South America, and a 25 year land lease and related investment in gold, silver and copper properties. We remain hopeful about these assets but they are not part of our immediate focus. Results of Operations
Our most recent published financial report indicate (rounded):
Trading revenues increasing significantly from $93,000 $1,756,000 over the past two years; Gross profit (excluding amortization) averaged 13%; Excluding three categories, expenses in each of the two most recently completed years were consistent at $210,000. The three exceptions were: - Cost of sales increased from $114,000 to $1,649,000 reflecting the significant increase in sales volume and revenues;
- Consulting fees increased by $600,000 reflecting improving cash flows and a historical catch-up provision for management (of which $250,000 has been deferred until May 2019); and
- Share-based payments increased by $100,000 reflecting the options granted to directors, officers and consultants.
As noted above, we reduced the carrying value of two non-core investments ($1,701,000) made over three years ago.
In summary, net loss for the most recently completed year was $2,808,000, an increase of $2,493,000 compared to the preceding year. Yet, as shown below, we generated $56,000 from operations during the most recently completed year.
Cash Flows
Our cash position improved and increased significantly during the recently completed year:
We generated $56,000 of cash from operating activities (compared to using $433,000 of cash during the preceding year); We generated $1,339,000 of cash from debt financing activities (compared to $161,000 during the preceding year); We did not invest significantly in assets in the past two years; and We ended the reporting period with $1,502,000 of cash.
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