Q1 finacials SML released its Q1 2021 financials yesterday:
https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00031079&issuerType=03&projectNo=03167571&docId=4878471
MD&A
https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00031079&issuerType=03&projectNo=03167582&docId=4878479
Highlights of the SML Q1 2021 financials:
- Gross profit of $360k compared to $556k in Q1 2020, goes in line with 25% decrease in carat per $ per their latest production report, loss of profit bc of Kwena sale (Kwena contributed $75k to profits in Q1 '20) and change in exchange rates
- Cash is $465k, compared to $498k in Q4 '20 (-$33k) and $77k in Q1 '20 (+$388k)
But most importantly:
- Q1 '21 was the first quarter with net positive assets for SML
- In Q4 '20 they had $1.7m in assets and almost $2.2 in liabilities, bringing net assets to -$450k
- In Q1 '21 assets were $2.15m and liabilities $1.9m, bringing net assets to $215k. That is a change of $615k, most of which can be attributed to the debt-for-shares deal with CCML (worth $475k).
IMO this shows that they truly managed to turn around the business, despite all the challenges they faced last year.