Is it just a typing error or real fraud?Last Q2 MD&A, page 5: "..Revenue for the three months ended June 30, 2021 was $10,771,000 on sales of 6,558 gold ounces and 693 silver ounces with average realized prices per ounce of $1,852 and $26 respectively...." Doing math.....6,558oz gold x $1,852 = $12,145,416, ....693oz silver x $26 = $18,018......in total $12,145,416 + $18,018 = $12,163,434
Aneel said during last summer update webinar that no receivables shall not be recorded because dores sold within a quarter......So, if like that how this sales recorded? $1.4M gap,......$12,163,434 - $10,771,000 = $1,392,434.....is that just a typing error or real fraud? anyway it's a real example of misstatement.
Another misstatement 17.6k oz silver lost from last year's production. YE2020 MD&A, page 14, Silver produced 24,069oz, silver sold 3,429oz.....difference is 17,640oz, ....let's move on next Q report, Q1'2021....page 4, "....Revenue for the three months ended March 31, 2021 was $1,634 on sales of 945 gold ounces and 861 silver ounces with average realized prices per ounce of $1,938 and $26 respectively" ...... if that 17.6k oz silver recognized as sales in next period-Q1'2021, then sales of silver shall be recorded as 17,640oz + 861oz = 18,501oz
Quite extraordnary,.....if this is small typing error, then how shareholders could trust in correctness of Financial statements & MD&A's rest of pages.....No wonder that BDO might required an engagement Forensics audit....UFB