RE:1Q24 MDA/Financials/Press Release OutThanks for posting btb
With both promissory notes $300K now paid to GSP, the pressure is on considering the company had $91,955 remaining in cash as at March 31, 2024. It would appear Mr Dyer, Mr. Brownlee, and Mr. Ferguson are holding down the fort until some type of financing can be arranged. To date more than $500K remains owing to insiders on these promissory notes.
It is very commendable that the executives continue to lend the corporation money to keep Gsp afloat until big money rolls in, which I hope happens very soon as the company is in need of a large cash infusion as the second tranche of $150K was recieved May 9, 2024, the bills dont stop coming, and it is becoming increasingly tough to raise capital in these uncertain potash markets.
"The planned expenditures for property acquisition and surface access fees are $900,000. Capital commitments for 2024 will be evaluated as financing is completed."
"Cash used in investing activities during the three months ended March 31, 2024, totaled $340,371, which consisted of the expenditure on property in the development stage of $171,834 and the expenditure of exploration and evaluation assets of $168,537. The spending on exploration and evaluation assets was for annual mining lease payments and surface access fees of $168,537. The expenditures on property in the development stage were for annual mining lease payments and surface access fees of $123,417, geological and project management of $9,577 and project finance costs of $38,840. Cash used in investing activities during the three months ended March 31, 2023, totaled $468,096, which consisted of the expenditure on property in the development stage of $299,482 and the expenditure of exploration and evaluation assets of $168,614. The expenditure of exploration and evaluation assets cost was all for annual mining lease payments and surface access fees of $168,614. The spending on property in the development stage was for annual mining lease payments and surface access fees of $134,767, geological and project management of $71,790, and project finance costs of $92,925.
"As at March 31, 2024, the Company had a total of $91,955 in cash and $3,630 in investments to settle current liabilities of $11,078,105."