UMB broke? Don’t think so!
Hey “radar17”
I took a small position in UMB recently and I have been thinking about adding to it this coming week. In your post earlier today you say
“they are broke”, not the first time you have made that statement. So far as I recall you haven’t provided anything to substantiate that claim. You “pair” must be made of brass to make that kind of statement on a public bullboard. No matter, that is your problem.
I decided that I should check it out for myself:
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Financial Statements - Sedar
As at July 31, 2014, the Company has a working capital deficit of $169,872
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Form 2B Bottom left hand corner of page
Financial Information as at August 31, 2014
Current Assets $ 262,221
Working Capital $ 55,608
Link here
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Form 2A Page 8 – about 1/3 way down the page
On August 15, 2014 the company received $300,280 in connection with the exercise of
3,100,000 warrants and 1,950,500 options. The Working Capital Position as of September
23rd, 2014 is approximately $210,000.
Link here
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Improvement in Working Capital during 54 days from July 31st to Sept 23rd $379,872
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I decided to look back further and the Working Capital Deficiency at Oct 31, 2013 was $ 220,925.
This number came from the Form 2A Page 8 as noted above.
So from Oct 31st '13 to Sept 23rd '14 the improvement in working capital has been $430,925.
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Based on the above it appears that substantial improvement has been made in less than a year, things do change and it’s not a good idea to be “
living in the past”. But each to his own.
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The following provides detail about some additions to working capital that occurred in October:
Form 7 – Monthly Progress Report – November 5, 2014
This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management activities that occurred during the preceding month (October 2014).
14. Provide details of any securities issued and options or warrants granted.
Security Number Issued Details of Issuance Use of Proceeds(1)
Common shares 400,000 Exercise of options $24,000 allocated to general working capital.
Common shares 400,000 Exercise of warrants $24,000 allocated to general working capital.
(1) State aggregate proceeds and intended allocation of proceeds.
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UMB broke? I don’t think so – but I am open to substantiated proof that they are.
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“ Living in the sunlight “
Always DYODD
DKM
