Snowfield Development Corp. SWFCF

PP saved SNO from going bankrupt, lol

[BrettMundrey]

At October 31,2006, the Company had a working capital deficiency of $410,847 which is not sufficient to meet the Company’s planned business objectives. The Company does not currently hold any revenue generating properties. As a result, the Company incurred losses of $559,569 for the six months ended October 31, 2006 and has an accumulated deficit of $7,438,857 as of October 31,2006. The Company’s continuing operations and the ability of the Company to discharge its liability and fulfil its commitments as they come due is dependent upon the ability of the Company to continue to obtain equity financing and ultimately, on locating economically recoverable ore reserve and attaining profitable operations. Failure to continue as a going concern would require the restatement of assets and liabilities on a liquidation basis, which would differ materially from the going concern basis. Too funny, I wonder how long that $875k lasts before SNO is at the pig trough once again asking for $$ to stay afloat? At their present burn rate I suspect it will be soon, lol. Can you say bankrupt?