RE: SMH financials on SedarI expected a larger brand name CA firm to upgrade the disclosure in the financials.
No changes for the better.
Cash at April 30, 2010 of $1,277,505,
No mention on the balance sheet that all of it ($1,300,000) is restricted for flow through spending renounced to the investors yet not spent by SMH.
Available cash at April 30 2010 is therefore a negative $22,495 and there are payables of $760,216,
Can someone please explain how SMH can be operating without dipping into the money reserved for flow through?
Must take some expert juggling to find the money to make the $528,261 of Management and Consulting fees to related parties.