now in an overdraft positionon the balance sheet. No money to explore, to drill or even pay bills. next steps? The dead pig felchers on this board will tell you that they will go to the markets to raise money, this is just to funny for words.
For those newbies, please see below, part of doing dd on any company. Please, do yourselves a favor, don't ever take investment advice from a public chat board, not even from me, in-depth DD is the only way you can make an informed choice that could lead to better investment decisions.
Step one of any DD, know your definitions, and as our company has no money to pay off anything anymore, I will start with the following, all these definitions come from the web and are easy to google..
Best of lucK
Definitions of insolvency on the Web:
- the lack of financial resources
wordnetweb.princeton.edu/perl/webwn
- Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.
en.wikipedia.org/wiki/Insolvency
- The condition of being insolvent; the state or condition of a person who is insolvent; the condition of one who is unable to pay his debts as they fall due, or in the usual course of trade and business; as, a merchant's insolvency; Insufficiency to discharge all debts of the owner; as, the ...
en.wiktionary.org/wiki/insolvency
- insolvent - bankrupt: someone who has insufficient assets to cover their debts
- insolvent - unable to meet or discharge financial obligations; "an insolvent person"; "an insolvent estate"
wordnetweb.princeton.edu/perl/webwn
- insolvent - Unable to pay one's bills as they fall due; Owing more than one has in assets
en.wiktionary.org/wiki/insolvent
- 10.1 If the Customer makes any voluntary arrangement with its creditors or becomes subject to an administration order or (being an individual or firm) become bankrupt or (being a company) go into liquidation (otherwise than for the purposes of amalgamation or reconstruction) or if an ...
www.blackbox.co.uk/help/terms.asp
- Legally recognised inability of a debtor to meet his commitments and pay his debts.
www.atradius.co.uk/creditmanagementknowledge/publications/glossary.html
- and Bankruptcy Law
www.findabarrister.co.uk/more_info.asp
- In the case of insurance, insolvency means that companies do not have sufficient funds in their reserves to pay claims. If a company appears to be at risk for insolvency, the Texas Department of Insurance (TDI) will advise the company to take measures to increase their reserve funds. ...
www.tcais.org/insurance/glossary.php
- (see also bankruptcy and failure) another term used to describe a firm that is failing; generally it means that a firm's liabilities exceed its assets or that it is unable to satisfy its obligations as they come due.
www.kentandersonlaw.com/Glossary.html
- The result of debts being equal to or greater than assets.
www.cocciarealty.com/glossary.cfm
- Having more debts than assets to pay them, even if the assets were mortgaged or sold. A decision by a bankruptcy court that an individual or firm can't raise enough to pay all the debts owed.
www.yell.com/solicitors/blog/commercial-law-jargon-buster/
- Defined as a debtor having insufficient assets to meet all debts, or being unable to pay debts as and when they are due. If a creditor can establish either test, he will be able to present a winding-up petition against a company or a bankruptcy petition against an individual.
www.marshmanprice.co.uk/glossary.htm
- If the customer ceases to pay his debts in the ordinary course of business or cannot pay his debts as they become due or being a company is deemed to be unable to pay its debts or has a winding-up petition issued against it or being a person commits an act of bankruptcy or has a bankruptcy ...
www.edwinbuckley.com/terms.php