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Thursday, February 28, 2019 9:44:19 AM
The notes are $2M in debt. Paying 10% interest. Wonder who owns them?
When a real oil company wants to drill, they don't go begging for a few million every few months over 2 yrs, just to be able to drill 1 dry hole. A real oil company has a revolving credit loan worth $200M (small caps). They drill as needed, and it's usually at least half a dozen producing wells per year.
i was just looking at another oil co -which had ca 25 mil operating revenue last period but 20 million of interest on almost 1 billion of debt
Of course they have collateral in proven reserves. ZN has no proven reserves.
Meanwhile ZN has never generated any oil revenue in over a decade. At best their assets are $12M. With approx 25% tied up as bank deposits.Cash generated by the never ending PSPP dilution offerings. Which the forthcoming 10K will show whether they are still viable now, and in the future. Claimed liabilities of $6M. Subtract out insider salaries&compensation, past stated burn rate $600K/month. Mounting legal expenses, and the remaining $4M might already be gone. The 10K will be interesting.
ZN the Microcrap oil scam is likely already toast on the balance sheet.
ZN has no viable plan to do anything, other than what they have done in the last decade - insider self enrichment. While drilling dry holes. That will also fall apart soon.
The Jewel of the Mind is Colored with the Hue of what it Imagines
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