RE: RE: SEDAR filingsThe MD&A is posted on SEDAR, dated Aug. 30, 2010. After a quick skim, I didn't get a great feeling about the status of the company. For the Q ending June 30, they lost $798949 versus a loss of $196,672 for the same period last year. The difference, they write, is "mainly due to increased stock compensation, increased travel and promotion and no unrealized gain on marketable securities." They granted 1.3 million shares to directors, officers and consultants that cost $367,555.
Same excuse is given for why 1/2 year results to June 30 are a loss of $1,330,027 versus last year of $303,530. Ouch.
Also, what concerns me is the cash they have left. Working capital down to $408,290 versus $1,575,745 at this time last year. Of course, the July 21, 2010 offering of 16.7 million shares at
.30 will add $5 million back in cash when it closes.
I don't have a big position here, took a small piece as a real speculative gamble.