Aston Bay Holdings Ltd V.BAY

Accumulated Deficeit over $25,000,000

[Patrick2Linton]

For the nine months ended December 31, 2022, the Company recorded a comprehensive loss of $634,066 and had an accumulated deficit of $25,436,306 at December 31, 2022 and has yet to achieve revenue from operations. At December 31, 2022, the Company had working capital deficit of $1,999,247. These factors indicate the existence of material uncertainties that may cast significant doubt regarding the Company's ability to continue as a going concern. In order to meet future expenditures and cover administrative costs, the Company will need to raise additional financing.

$25.4 million dollars later and the company has not recognized any reserves on any of its properties to date.
 

Gracias. Tik tok. Grinnn. Cheers mate. Yup. Hummm. Without prejudice.

[schocor]

THey did raise abuot $5m in 2023; and I reckon they have a corporate cash burn of about $500k a month.  This means  - to me - that they will need to raise more money to fund Storm - or what they plan to do at Storm this year. UNdercapitalized is not the position to be in when exploring on sommerset island. ALways have an exit startegy planned.  

[Patrick2Linton]

As amazing as these numbers are, the $25 million deficit is actually Aston Bay. They have owned this project for what, over 12-13 years and have accumulated over $25 million deficit and have zero reserves to show for that money spent. Cheers mate.

[schocor]

Sorry - I assumed this was their partner AW1.  Thanks Pat 

[Patrick2Linton]

I figured as much. BAY's last financing by way of Private Placement was in April 2022 which closed $60,000 at .06 with a .12 warrant.  Since then the CEO has been bravely funding the company to the tune of $670,000 accruing interest at 15% compounding quarterly. Gracias. Tik tok. Grinnn. Cheers mate.