Share up to $.13 Wow but SSN has $.21 in cash Do the math: See Auditor's restated Financial Statement
SSN has 13M in cash and receivables
SSN owes 6M
SSN has 7M net in cash
7M / 33 M shares = $.21 cash
SSN burn $.5m per quarter but will earn interest on the cash it has on hand.
This ugly duckling will do well in the future.
STETSON OIL & GAS LTD.
See accompanying notes to the condensed consolidated interim financial statements.
1
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
March 31, 2014 December 31, 2013
(unaudited)
Cash $ 543,836 $ 628,200
Accounts receivable (Note 4) 7,384,158 261,342
Notes receivable (Note 5) 1,751,453 1,643,534
Prepaid expenses and deposits 12,587 16,562
Restricted cash (Note 11) 3,930,502 3,780,352
Total current assets 13,622,536 6,329,990
Reclamation deposits (Note 7) 396,276 356,891
Total assets $ 14,018,812 $ 6,686,881
$ 7,150,596 $ 6,700,645
Decommissioning obligations (Note 7) 219,368 137,201
Total current liabilities 7,369,964 6,837,846
SHAREHOLDERS' (DEFICIENCY) EQUITY
36,173,427 36,173,427
- 8,570
339,586 52,786
Accumulated other comprehensive loss - reclassifiable - (10,926)
Deficit (29,864,165) (36,374,822)
Total shareholders' (deficiency) equity 6,648,848 (150,965)
Total liabilities and shareholders' (deficiency) equity $ 14,018,812 $ 6,686,881