I guess it will depend on what exactly one means by revenue producing activities.
They have had dredges operating for the better part of a yr now, exploring; taking samples etc. There concession runs along 40km of the river aprox 25miles. I am guessing they have a lot of exploring to do still. :) Also that is only in SL, from the sound of it as of 31 March they had not done a lot of exploring in Ghana.
So though they haven't offically started revenue producing activities, their exploring activities have accumulated ore, gold and other minerals. Gold itself should be fairly easy to sell, which means since it is doubtful they have sold much of it in the 2nd Q.
I would also postulate that they were having a hard time reaching an agreement with anyone in regards to buying their "exploration ore" while the CE was in effect.
We are now a little over 3 weeks into 3rd Q, and the CE is gone. Q2 will probably look a lot like Q1, only with a little more debt. Unless they were able to sell some gold in 2nd Q.
Hopefully, management has been working on a deal with some folks to buy the material already amassed, which would help with the lack of cash flow I am going to assume for now they still have.
Bottom line is they got to eat and they have bills to pay, not only in the states, but in SL and Ghana. Borrowing more money at this point doesn't seem like a good idea, so though they could be getting the CE removed to borrow more cash it is more likely that they are getting current to sell some material and sign some contracts based on analysis results we have not heard about yet.
The point of this long winded, meandering post is the soonest we should see "offical" results about revenue would be Nov 15 when the 3rd Q comes out.
I think the current Q and the next one are/will be carefully worded to not report more than has actually happened in that time frame.
All right I am going to shut up now and go back to hoping I am right, and that we will get a couple of prs explaining more.
