Wheels Group Inc GRFJF

Where's our $10 million?

[keizaigakusha]

Nice results for WGI, however, something doesn't jive with their cash numbers for Q4.    At the end of Q3, WGI had $44 million in cash.  For the end of Q4, they had $18.9 million, so we know there was a net drawdown of $25 million.  Lets go through the numbers.  We know that WGI paid down $17.7 million of debt, bot back $4 million in share repurchases, expended $2 million in interest, so that is a total of $24 million cash out. Cash in is roughly 30,625 ounces sold at margin of $284 ($799 sale price, $515 cost) which equals $8.7 million.  Once I crunch these numbers, WGI should have $29 million in cash, yet it has $18.9 million according to the press release.  My question to this educated forum is, where did our $10 million go????