Interesting 10q. First thing that jumps out, if I understand correctly, they actually received another $200,000 in convertible financing for the quarter ending May 31, with the total outstanding of over $400,000. So I guess we are back to another road to ever increasing outstanding shares.I wonder how much a connection there is between those buying the convertible debt and the company- it would have seemed after the reverse convertible guys would have backed off for a while until volume increased.
The second item is under legal proceedings. Do I understand correctly that there is now a judgement againt company over $300,000, or a rather a judgement that could be enforced ? I must be missing something here- if someone has that size judgement why havent they garnished bank account yet, or filed anotehr lien against mill ? Also, I would have thought this was a material event that should have been reported on an 8k. Welcome comments form someone who knows more than I about legal prcoess !
Third, incredibly they state in a 10q that the technical reports they prepared were accordng to NI43-101 criteria.I guess company's position therefore that whether they meet the crietria or not ( I have argued they dont), they believe so.
Anyway bottom line they have under $10,000 cash, hardly enough to re-open the mill. Appears though convertible guys will put in money to keep company afloat for a while longer.
AI
