Financials are here!CZ doesn't want to issue a press release, but they were forced file their
year end Jan 31,2000 statements yesterday with SEDAR. Even uglier than I
thought they would be.
They lost $14million for the year on sales of $5.4m. All the details are here:
https://www.sedar.com/search/search_form_pc_en.htm
They had to borrow $1m on Jan31st from "a US public company", but after
the deal is cancelled, I guess they have to give that back?
Last month they manage to stay afloat by selling their only income
generator for a lump sum, and now we find out that part of the deal is that
CZ "can no longer participate in any insurance sales activities in Canada".
The April quarter, with more gory details, should be released by the end of
June. Watch the insiders squeeze the last bit of juice for themselves.
CZ's own accountants sum it up best: "there is significant uncertainty
regarding the appropriateness of the use of the going concern assumption
because the Company has experienced negative cash flows from operation
since inception and has negative working capital" ... hmmm, so what are
those tax losses worth?