Next Stop is : C....C....A...A BioExx Financials for Dummies
"We are on course…….", said BioExx CEO, Chris Schnarr. "While these will take time to complete, we are focused……….. press forward through completion."
Time is NOT what you have Mr. Schnarr – cash is dwindling to zero
Revenues
During the quarter, the Company generated $483,024 of revenue from canola oil and canola meal sales at its Saskatoon plant – less and less and less
The Company also scaled back operations from five days per week to two days per week in March 2012. – the more they produce the more they lose
Gross Profit (Loss)
Cost of Goods Sold for the quarter was $1,220,370
Other Expenses
The Company incurred other expenses during the quarter of $6,991,438
The primary components of this were:
General and administrative expenses were $940,061 in Q1 2012,
- salaries are paid to useless staff
Research and development expenses were $55,501 in Q1 2012
- Less research because there is nothing to research – process fails
Plant start-up and commissioning expenses were $2,877,741 in Q1 2012
How many times do they ``start-up` for God`s sake (Aug 2011 & Oct 2011
Sales and marketing expenses were $98,431 in Q1 2012
As discussed in the Company's Q3 2011 and annual 2011 filings, as a result of the migration in 2011 from a solvent-based to a solvent-free production process, certain assets were no longer in use and were made available for sale, resulting in an impairment charge in Q4 2011 of $9,548,653.
As a result of additional scale-up engineering in Q1 2012, the Company identified certain additional production assets which it determined would no longer be required in the context of the planned production environment. As a result, inclusive of the asset purchase prices, engineering fees, and installation fees, and net of expected proceeds of sale, the Company has recognized an additional impairment expense of $2,524,534.
I can `t believe there is an ADDITIONAL IMPAIRMENT EXPENSE SO SOON AFTER
Net Loss
The Net Loss for the quarter was $7,728,784,
On a per share basis, the Net Loss is
.04 for the quarter, versus
.02 in Q1 2011 and
.07 in Q4 2011.
Working Capital and Liquidity
As at March 31, 2012, current assets were $5,834,947, including cash and cash equivalents of $3,212,596. Against current liabilities of $3,368,656, this results in net working capital of $2,466,291. This compares to current assets of $12,393,905 and net working capital of $6,537,704 as at December 31, 2011.
Therefore Net Working Capital is a movement from :
December 31, 2011 - $ 6,537,704
March 31, 2012 - $ 2,466,291 or about $ 1,357,137 per month cash burn
So April 2012 and May 2012 will eat up $ 2,714,275
The only question now is will they file for CCAA BEFORE the AGM in June 21 or on that date or shortly thereafter.
That’s all she wrote folks. The fat lady is getting up to sing.
P.S. That smoke that Buckrod saw coming out of the Saskatoon plant was CASH BURNING
Since the last $ 20 million PP done last June IT IS ALL GONE NO PROFIT and NO JV
The equipment keeps getting obsolete and impairment chareds.
How can they pay the GEA fees with no cash .
The intellectual property is worth zilch – no wait...... it is a good way to burn cash
The Bear claws hurt don’t they !!