Agreed.
It is old but creates a forward looking concern. I have been stating the key to the Q's is cash flow. Penny stocks rarely become profitable so managing the money tends to be the difference between successful and failed investments. Now notice I said investments and not companies. A company can always dilute and keep moving forward. The dilution is key to our upward movements and cash flow is key to dilution.
All in all I do not doubt SNEY's ability to be successful in the concesions, well maybe a little since I have zero faith in management but the concessions appear very solid.
I care more about the OS than of the dredging results right now. It needs to be kept under control or there is no upward movements in the stock.
If correct and they are down to their last 113k in funding, I am not sure how the activity is continuing with SNEY.
Exploration costs 102,018
That was Q3 costs for working the concession. That would mean cash at near Zero as of January 1st of this year.
The 10K and Q1 should be pretty interesting reads. The company only diluted by around 10k shares in Q1 and around 25k Q4 of last year. At a cost average of say .005 that would be 50k-125k per quarter. Seems light for financing. All said and done they went through 250k in capital for Q3. Were they able to reduce it to 150k?
Not entirely sure what to make of it.
Should get a better idea come Q1. I believe the 10K will be a rather carbon copy of Q3.
Its reason for concern but I am not saying things are about to collapse. I simply fear for another round of funding like last Summers announcement.
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