2019 Liabilties:
- Lease Liabilities $3,845,497 - under IFRS Rules this must be stated under any commercial lease term even IF there is a 'escape or demo clause' etc. Treat it as prepaid lease if one must but it is not actual $ debt.
- Convertible debentures [note 18] Retired in full
- Billings in excess of costs and profits on uncompleted contracts [note 15] $3,084,657 - is as stated. Percentage completion -Accounting anomaly whereas collect faster than work completed but IF company stops this amount is NOT payable.
- Accounts payable and accrued liabilities [note 10] $4,913,155 : Less $265,704(214,470 + $51,234 paybable to CEO)= $4,647,685M was actual debt and must be paid. Although relatively higher but completely fine in normal course of business. Most importantly significant cash inflows Q1 & Q2 to pay down so non-issue.
Properly discerning actual hard debt taking in consideration IFRS Accounting requirements: We can conclude excluding the "Billings in excess of cost and profits on uncompleted contracts - $3,084,657" + "Lease Liabilities - $3,845,497" + "Payable to CEO $265,704" = $7,196,858 from total liabilties down to actual $8,465,294 actual debt.
Which brings me to an important point of $50MM running deficit whereas the company will be able to use $50MM tax writeoffs for future profits is of huge value moving forward.
In light of signifcant backlog of over $40M committed to come in, $8,465,294 for a company ramping up their world renown tech to now about to change the world disrupting MANY industries is VERY insignificant to say the least as we consider the current state of affairs of the company. Nonetheless...We look forward not backwards.
As the CEO stated : "All in all, 2020 is shaping up to be the year that we have been expecting for some time. 2020 has the potential to be a barn burner by almost any yardstick.”
Awaiting incredible news from future potential contracts from multi-billion dollar producers is truly amazing. PYR is once in a lifetime investment :)