RE: RE: reality bites again, and harder A review of CEC's financial statements shows that in 2011 and 2012 they spent on average $100,000 a month on "general and administrative expenses". Those include compensation, office rent, etc. But nothing related to the Comox Joint Venture or the Raven project.
The quarterly statement just issued shows that they have whittled those down to about $60,000 a month.
The quarterly statement also says that at the end of March, they had $228k in cash, and that subsequent to the end of March, they sold all the remaining CUM shares for net proceeds of $570k. So that's it - nothing more they can liquidate for cash. At $60k a month, they can last for 13 months.
Your point about paying those salaries just to spend the remaining cash is astute.
I thought maybe Prophecy Coal could be a possible bailout ally, but on checking, discovered that they sold all their CEC shares for a loss of $1.3 million. Not likely they'll be game to throw more good money into this corporate sinkhole.