PAID IN FULLLLLLLLLLLLL ZERO Law suite
1. COMMITMENTS The Company has the following future commitments: (a) Office lease The Company has entered into an agreement to lease office space effective July 1, 2017 until June 30, 2020. The monthly lease payment is $12,349 and current subleases amount to $8,190 per month for a net monthly obligation of $4,159.
2. The subleases vary from one month to six months, renewable at the lessee’s option. (b) Work commitments The terms of certain of the Company’s PSCs require the Company to make payments and undertake exploration expenditures in order for the contracts to remain in good standing.
3. In Kenya (Note 4), the original contract has been amended eliminating previously specific yearly expenditures and replacing them with required approved exploration surveys and programs. The Company currently is required to undertake a drill program, but the For the 9 month period Weighted For the year Weighted ended March 31, average ended June 30, average 2019 exercise price 2018 exercise price Balance, beginning of period 9,600,000 $ 0.06 13,850,000 $ 0.08 Expired - - (3,850,000) 0.13 Cancelled - - (400,000) 0.01 Balance, end of period 9,600,000 $ 0.06 9,600,000 $ 0.06 For the Weighted For the Weighted 9 months ended average year ended average March 31, 2019 exercise price June 30, 2018 exercise price Balance, beginning of period 31,829,809 $ 0.09 76,682,497 $ 0.13 Expired (31,829,809) 0.09 (44,852,688) 0.11 Balance, end of period - $ - 31,829,809 $ 0.09 SIMBA ESSEL ENERGY INC. Notes to the Condensed Interim Consolidated Financial Statements March 31, 2019 and 2018 Expressed in Canadian dollars Page 11 date to commence that by has yet to be determined.
4. The Company anticipates Essel meeting this commitment as required under the farm-in agreement.
5. (b) Law suit During the 2018 fiscal year, the Company received a demand to pay from a creditor in the amount of $81,736.
6. The amount has been fully provided for in accounts payable.
