Q1 is a sizzler! After listening to Tony on the investor call for 2023 hint about how great Q1 was going to be, he didn't fail to deliver. Highlights:
- Cash on hand down to $27K
- Bank indebtedness down but on the back of collecting some accounts receivable and not paying some accounts payble
- The directors are now owed $267K
- Working capital in it's worst position ever (?) at -$5.2 million
- Revenue down 12% vs 2023
- Gross profit down 22% vs 2023
- Operating loss only $119K vs $164K in 2023!
- Bailed out by a $94K foreign exchange gain to get to a net loss for the year (sic) of $149K vs $305K in 2023
What a quarter! As long as vendors don't want to get paid, this baby can stay afloat forever!
Anyone up for a fun game? Let's play spot the errors in the financial statements! I started with one above, can you spot it? I'll also add page 17, "leaser commitments". What else you got? Formatting errors don't count!