OTCPK:AVEFF - Post by User
Post by
aquason Nov 05, 2001 6:28pm
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Post# 4371996
Running Out Of Cash
Running Out Of CashI cut and pasted this from African Sky's interm finacial statement to July 31, 2001. How long can they survive with $60,000 in the bank?? Maybe this is a question for BIGBANK.
AFRICAN SKY COMMUNICATIONS INCORPORATED
CONSOLIDATED BALANCE SHEETS
JULY 31, 2001 JULY 31,
ASSETS
CURRENT
CASH $ 60,116
MARKETABLE SECURITIES $11,474
ACCOUNTS RECEIVABLE $7,116
LOAN RECEIVABLE (NOTE 2) 93,407
TOTAL ASSETS $172,113
NOTE 2. LOAN RECEIVABLE
The Company has advanced $93,407 (R502,000) to a company incorporated in the Republic of South
Africa. The funds were subsequently loaned to another company under the same terms. The loan is
due December 31, 2001 and is secured by charges on 292 residential lots in South Africa. The
Company is to receive $558 (R3,000) following the sale of each lot and for each lot unsold at December
31, 2001.