Financial Update on GAXHighlights on the June 30 financials just released:
1. Cash of $11,480 at June 30. No cash raised since so must be a little bit tight now.
2. Accounts payable of $661,662 at June 30.
3. Part XII.6 tax payable of $210,634.
It looks like the working capital deficit has deteriorated from Q1 to about $828,000 at Q2 end. I apologize, this is a fair bit worse than my prior estimate of $556,000. The company expenses were higher than I guessed would be feasible and even the proceeds from the Q2 financing appear to be less than those that I thought were previously reported.
What do other GAX investors think about this? I am a bit concerned that it could be difficult to recover from this level of overspending. How do any new players feel about this company as a way forward or new platform?
Nob