EXPM:EGRGF - Post by User
Comment by
downtozeroon Jun 14, 2018 5:42pm
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Post# 28174804
RE:RE:RE:RE:Corporate Decline Rates...
RE:RE:RE:RE:Corporate Decline Rates...
Look at their first quarter 2018 financial report section 13. It's all there. They play games in their use of US and CAD dollars to make themselves look better. They report debt in USD and sales in CAD. Most of the financial report is in CAD except for debt reporting. In January they owed $73 M Canadian with a $70 M debt ceiling and still spending over their limit. They now have a $66.5 M CDN ceiling and owe $50M CDN. This is after selling Salt Flats for $34 M. For $34M sale, they reduced the debt by only $23 M. This leaves $11M not accounted for (33%). Some has gone to the fees to sell Salt Flats, the remainder ??? $3.5M USD needed for the well they just drilled, so they must have lots of cash on hand somewhere. Too bad the report doesn't show cash on hand and there's no forecast for this year's expenditures so we'd know if they really have any money left. If they hadn't sold Salt Flats, they would be in bankruptcy protection now. Their lender would have called the marker on their overdraft loan. /0