GREY:ADEXF - Post by User
Comment by
hundredvanities1on May 04, 2012 9:59am
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Post# 19870927
RE: RE: Hyperspectral
RE: RE: Hyperspectral So, according to Tepin, AXI has spent its remaining working capital this month hiring a vendor to fly a $3 million magnetic survey on one of its subsidiary projects. How likely is that? Not very.
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It's a 100% guarantee AXI hasn't started a 12,000 km, $3 million VTEM survey this month. They don't have anywhere near that kind of money. If the burn rates from 2011 hold true, AXI only has about $1.7 million in working capital, and that includes the debenture.
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Even if AXI was in extreme austerity mode in the first quarter the most they could have is around $3 million in working capital. They're going to spend that $3 million on a VTEM survey and not pay rent and salaries for the rest of the year? Absurd. All of these numbers will be confirmed by the 1st quarter financial statements due at the end of May.