GREY:ARWJF - Post by User
Post by
davproon May 30, 2013 10:21pm
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Post# 21469687
Financials
Financials As I said they are in need of a lot of cash in order to forward their plans.
According to the filings on sedar this evening they have 250k in cash on hand and a working capital deficiency of 6,292,792.
For this quarter they recieved revenues of 2,030,500 which after royalties amounted to 1,5,68,515. From that they had to pay production costs of 872,227 and 609,256 in operating expenses... so cash available from this qtr was about 100k.
They have now used up all the cash generated from the last financing and prepaid expenses are virtually nonexistant. They do have accounts recievable of 1.4 million but after royalties amd production costs as well as sg&a it will not generate much in the way of free cash flow...
They will almost certainly need a financing in order to pay for the wells to be drilled by Sydco as well as the 2.7 million required to further develop West Hazel... well either a financing or a fairy God Mother.