RE:RE:RE:RE:RE:RE:RE:RE:*** RCG DAMIAN PREACHING HOPE*** Update balance sheet again. Correcting for items related to real property including liens, reclamation bonds, asset retirement, etc
PwC wrote ...
As the sale does not provide sufficient proceeds to satisfy the secured debts owing by Resource Capital, the group does not anticipate being able to file a viable proposal to its creditors. As a result, Resource Capital expects to be deemed bankrupt following July 12, 2019.
Below is an estimate of the RCG balance sheet
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RCG balance sheet
ASSETS
Cash equivalent 2,200,000 paid for properties
Cash 10,559
Receivables 44,254
Prepaid expenses 63,401
Net fixed assets (RCG) 19,910
Total Assets 2,338,124
LIABILITIES
Insolvency payable 2,200,000 owed to PwC, Jack, etc
Accounts payable 5,270,353
Lewis payable 2,000,000
Credit facility 8,244,300 (1)
Deferred tax liab. 2,147,000
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19,861,653
Shareholder equity (17,523,340)
Total Liabilities 2,338,124
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What is the value of RCG to shareholders ?
tax credits 25,000,000
mining shell 2,000,000 guesstimate
shareholder equity (17,523,340)
Shareholder value 7,508,876
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Notes:
1)
In connection with the Credit Facility, the Company has granted security over substantially all of its assets in favour of Sprott, presumably including the Plant and equipment. Also including items related to real property including liens, reclamation bonds, asset retirement, etc
Sprott Lending is expected to take an est. 8,244,300 Loss on the Credit Facility
2)
Estimate of PwC balance sheet originally posted on March 19, 2019
https://stockhouse.com/companies/bullboard?symbol=v.rcg.h&postid=29507943