PHD's Financial Statements were disclosed recently and WOW!!They had Trade Payables of $294,967 but had Cash of only $4922 (not a typo) !!!!! It gets worse ... during the year they claim they spent $82K in exploration costs but it turns out $72 of that was "geological costs of $72,000 capitalized as exploration costs paid to a director of the Company." WHAT?!?!?!
And it gets worse, if I am reading this right here is what they PAID THEMSELVES!!! (Cut n pasted right from the financial statements)
"During the period ended September 30, 2023 and 2022, the Company incurred:
- accounting fees of $45,000 (2022 - $45,000) and corporate services of $190 (2022 - $11,400) to an accounting firm of which an officer of the Company is a partner.
- consulting fees of $63,000 (2022 - $63,000) to a director of the Company.
- management fees of $36,000 (2022 - $36,000) to a director of the Company. - rent of $9,000 (2022 - $nil) to a director of the Company.
- geological costs of $72,000 (2022 - $72,000) capitalized as exploration costs paid to a director of the Company.