RE: RE: Where did the money come from? Stock
Year End April 2011 Current Liabilities of $20.6M Accounts Payable of $12.57M Interest on $7.3M Sprott Loan measured as an "increase in fair value of note payable" of $3.9M
Year End April 2012 Current Liabilities of $25M Accounts Payable of $22.5M An increase in Current Liabilities of $4.4M year over year An increase in Accounts Payable of almost $10M year over year Interest on remaining $6.7M Sprott Loan measured as "increase in fair value" of $1.25M
Q1 2013 Ending July 31/12 Current Liabilities of $29M Accounts Payable of $22.17M A further increase in Current Liabilities of $4M from Q4 2012 to Q1 2013 A decrease in Accounts Payable of $330,000 from Q4 2012 to Q1 2013 Interest expense of $1.255M during Q1
Q2 2013 Ending Oct 31/12 Current Liabilities of $25.7M Accounts Payable of $18.9M A decrease in Current Liabilities of $3.3M Q1 to Q2 A further decrease in Accounts Payable of $3.27M An decrease in Interest Expense of $185,000 to $1.07M during Q2
I do agree $1M/Q could be used more productively than paying interest to contractors for services outstanding but I am not concerned over finances yet Stock
Merry Christmas