Annual Financial Statement Up now on SEDAR. The highlights at Dec. 31, 2011:
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Cash position of $1.2 million. Working capital position of -119K. Compared to Q3 cash position of $3.3 million and working capital of $3.1 million. The burn rate for the quarter was $3.2 million.
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My Q1 estimates: with a cash injection of $5 million from the debenture, and a similar burn rate in Q1 of $3.2 million, AXI should have a working capital position of approximately $1.7 million at the end of Q1.
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$1.7 million is enough for AXI to pay its corporate expenses for the rest of the year if they go to austerity mode. There is no possibility of field programs without significant financings. The mobilization process alone (fuel, people, equipment, sealift, helicopters) to Roche Bay costs over $1 million. The same for Tuktu.
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They haven't officially announced summer 2012 field programs because they don't have the cash to pay for them.