The 'black hole' of accounting...cash bleeding...****And to think the Cad$ is over 0.8276cts and still climbing...I have to wonder why the mgmt 'team' and 'BOD' thought it was so 'wise' in today's rising Cdn$ currency mkt to hold everything in the $USD....when the USD has clearly been in a down trend...for months now...mgmt was counting the dollars in the bank account instead of focusing on the operations of the company?
A company hangs a Bay Street letterhead in front of investors eyes....therefore shareholders should not be wary of the skills behind each and every door??? I think not!
0.245cts...low of the day
glta
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From the latest Sedar filings:
The Company is well capitalized as at the April 30, 2021 with a cash balance of USD $19.2M.
Outstanding Share Data As of the date of this MD&A, the Company has the following securities issued and outstanding: (i) 389,860,024 common shares; (ii) 188,926,667 common share purchase warrants; and (iii) 28,327,110 options to purchase common shares issued
During the period ended December 31, 2020, any additional expenses were paid on the Company’s behalf by A.C.N. 117 402 838 PTY LTD (“A.C.N.”), which is a related party by virtue of its shareholdings in the Company and common control.
The balance of $3,568,623 (December 31, 2019 - $2,897,217) payable to related party as at December 31, 2020 represents the amount advanced under a line of credit provided by A.C.N. 117 402 838 PTY LTD (formerly Adrenaline) on December 22, 2017.
The available line of credit totals $4,000,000 is unsecured, bears interest at 12% per annum and is repayable on December 22, 2022.
Interest at the time of credit is waived at any point at the sole discretion of A.C.N. 117 402 838 PTY LTD. A.C.N. 117 402 838 PTY LTD has waived the interest charge on the line of credit for the year.
During the year, the Company has obtained an additional loan of $718,156 and repaid $46,750.
Included in accounts payable was $49,170 payable to the directors for the director fees for the year ended December 31, 2020 (December 31, 2019 - $23,640)
The Company has paid directors fees amounting to $136,450