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Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s):  RECAF | V.RECO.WT | RCNWF

Reconnaissance Energy Africa Ltd. is a Canada-based oil and gas company. The Company is engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana. The Company holds interest in a petroleum exploration license no. 0073 (PEL 73) in northeast Namibia and an interest in petroleum exploration rights in northwest Botswana over the Kavango Sedimentary Basin. The Company's exploration license covers an area of approximately 25,341.33 square kilometers (km2) (6.3 million acres) of oil and/or gas exploration properties comprising Blocks 1719, 1720, 1721, 1819, 1820 and 1821 situated in the Kavango Basin of northeast Namibia (the Namibia Licensed Property) and approximately 7,592 km2 (1.88 million acres) in Botswana (the Botswana Licensed Property). The two licenses together comprise over 32,933 km2 (8 million acres).


TSXV:RECO - Post by User

Post by scienceguy36on Sep 23, 2020 1:09pm
332 Views
Post# 31604835

Financial statement is a concern

Financial statement is a concernJust doing my due diligence as was thinking of buying this stock but now holding off as posted on Cedar the last financial statement is a concern even though they just raised $23 million in share allotment. Reconnaissance Energy Africa Ltd (formerly Lund Enterprises Corp.) Consolidated Financial Statements December 31, 2019 Material Uncertainty related to Going Concern We draw attention to Note 1 in the financial statements, which indicates that the Company incurred a net loss of $3,121,578 during the year ended December 31, 2019. As stated in Note 1, this event or condition, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Companys ability to continue as a going concern. Our opinion is not modified in respect of this matter. These consolidated financial statements (Financial Statements) have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business in the foreseeable future. The Company incurred a net loss of $3,121,578 and as at December 31, 2019, has a working capital of $2,177,127 and a cash balance of $2,547,025. The Companys ability to continue as a going concern is dependent on managements ability to identify additional sources of capital and to raise sufficient resources to fund on-going operating expenses and commitments. Although management has been successful in raising capital in the past, there is no assurance these initiatives will be successful in the future. These conditions indicate the existence of material uncertainties that may cast significant doubt regarding the applicability of the going concern assumption. These Financial Statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. As always due your own due diligence
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