R.I.P. Providence Gold ... the Financial Statements came outthey have $3732 in Cash (not a typo) and $227,000 in Accounts Payable but it gets worse ...
"To exercise the 50% Working Interest Option, the Company must:
a) Pay US$25,000 to Ellers following regulatory approval of the Agreement (paid); b) Pay a further US$25,000 to Ellers (paid) and incur $250,000 in Property expenditures by March 28, 2018 (incurred); ......
and
e) Incur $500,000 in Property expenditures during each of five one-year lease extension periods ending May 24, 2021, 2022, 2023, 2024 and 2025, pursuant to the Second Amendment. For any given one-year lease period, the Company may pay Ellers US$25,000 in lieu of incurring the required expenditures. (As of June 30, 2023, the Company had not incurred the Property expenditures for the periods ended May 31, 2021 and 2022, and had not made the $25,000 payments in lieu.)