Niocorp Developments Ltd (NB)

[tedro84]

1.3 is correct as of 9/30/19, but there was no cutting back. Look at the increase in accounts payable and decrease in cash. Cash decreased by ~$300k, accounts payable increased by over $1MM, and as you pointed out $200k was taken from the credit line and moved to a current liability.

Operating expenses per the quarterly for the three months ending 9/30/19 align with the balance sheet at $1,005,000. The 10k reported a $320k per month burn rate so Q1 2020 was just a shade above this.

Extrapolate that through the end of the 2019 calendar year and one can only assume the current MS credit line is about dry. There is a possibility some “in the money” warrants have been exercised over this period but from a pure accounting standpoint the treasury is most likely dry at this point.