FormerXBC Inc XEBEQ

RE:RE:RE:RE:RE:RE:RE:RE:RE:Here's a strategy ....

[AlwaysLong683]

babedinkleman wrote: Bear with me as i tend to get easily confused but in their June 2 earnings press release they say at that time they had "no outstanding debt and a cash balance of $86.5 million"  While admittedly I haven't read the following balance sheet you're saying they took on huge debt in that quarter?

The PR dated June 2, 2022 was to announce the financial results for the 2022 fiscal year end as at April 2, 2022 . See page 39 for the Balance Sheet. 

"With no outstanding debt and a cash balance of $86.5 million, the Company continues to be well positioned to manage through any further macro-economic conditions, including the COVID-19 pandemic and impacts of geopolitical unrest."

Did they have $86.5M in cash as at April 2, 2022?
Yes.

Did they have no outstanding debt?
Hard to see how they could make such a statement.

Now, fast forward to the most recent set of financial statements:

IDG Financial Statements as at July 2, 2022 (Q1 2023) starting on page 20:


Cash + A/R                             59M     (Cash component = 43M)

A/P and Accrued Liabilities   170M


Total Liabilities      763M

Total Equity              4M

Not sure what happened during those three months, but it looks very bad IMO.