Moemoney42 wrote: my earlier suspicions about finances, also supported by a few on this board (ie: Stingray) my research of the recent Sedar IFS only to find something that pretty much confirms my opinion of a PP coming soon.. the FS shows no cash on hand and only a balance of "restricted cash" available from the gov't grant... this could explain the recent trading pattern..? quote from the latest FS:
Sona Nanotech Inc. Unaudited Interim Statements of Financial Position As at July 31, 2020 and October 31, 2019 1 Expressed in Canadian dollars July 31, 2020 October 31, 2019 $ $ Assets Current assets Cash - 580,656 Restricted cash (note 4) 582,969 - Amounts receivable and other (note 5) 63,137 32,886 Inventory – raw materials 835,285 - Marketable securities 8,000 4,500 1,489,391 618,042 Property and equipment (note 6) 193,345 241,169 Total assets 1,682,736 859,211 Liabilities Current liabilities Accounts payable and accrued liabilities (note 7) 2,533,967 718,176 Deferred government grant (note 4) 347,614 - Current portion of long-term debt (note 8) 978,332 - Convertible notes and accrued interest (note 9) - 496,659 3,859,913 1,214,835 Long-term debt (note 8) - 666,819 Total liabilities 3,859,913 1,881,654 Equity Shareholders’ deficiency (2,177,177) (1,022,443) Total liabilities and equity 1,682,736 859,211
During the period ended July 31, 2020, eligible expense recoveries of $3,160,762 were incurred. Of that amount, $2,925,407 was paid in cash and $235,355 is included in accounts payable as of July 31, 2020. The balance of restricted cash is $582,969.
During the period ended July 31, 2020, the Company granted 2,100,000 stock options under the Company’s stock option plan.
and will expire on March 17, 2025.
and will expire on July 7, 2025.