RE:RE:RE:RE:RE:*** RCG DAMIAN PREACHING HOPE***
Hard to see how this works out even if CRA gets paid.
Below is an estimate of the two balance sheets
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Sprott Lending balance sheet
ASSETS
Development property 2,200,000
Exploration assets 0
Reclamation bond 0
Plant and equipment 0
Credit Facility 8,244,300
Total Assets 10,444,300
LIABILITIES
Shareholder equity 10,444,300
Total Liabilities 10,444,300
Tax Loss Credits
Sprott Lending is expected to incurr an est. 8,244,300 Loss on the Credit Facility
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RCG is expected to default on an est. 8,244,300 on the Credit Facility
RCG balance sheet
ASSETS
Cash equivalent 2,200,000 paid for properties
Cash 10,559
Receivables 44,254
Prepaid expenses 63,401
Net fixed assets (RCG) 19,910
Land (MGC) 99,270
Shell & tax credits 0
Total Assets 2,437,399
LIABILITIES
Insolvency payable 2,200,000 owed to PwC, Jack, etc
Accounts payable 7,270,353 CRA
Promissory notes 103,551
Credit facility 8,244,300
Asset Retirement 569,535
Deferred tax liab. 2,147,000
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20,534,739
Shareholder equity (18,097,340)
Total Liabilities 2,437,399
shares outstanding 174,790,696 shares
book value = (10.4c/sh)
See also
https://stockhouse.com/companies/bullboard?symbol=v.rcg.h&postid=29893149
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Notes:
1)
In connection with the Credit Facility, the Company has granted security over substantially all of its assets in favour of Sprott, presumably including the Plant and equipment.
2)
Estimate of PwC balance sheet originally posted on March 19, 2019
https://stockhouse.com/companies/bullboard?symbol=v.rcg.h&postid=29507943