Post by
Jack79 on Aug 28, 2021 12:46pm
$3.0M Receivables for What?..that's how they spending money
Last Q2'21 financial scoring from balance sheet: US$ 3.0M other Receivables, Cashburn amount $ 8,7M, monthly average $1.5M, Restricted cash $15.4M, short term investment in local bank $5.0M, Debt financing for Aranjin resources $1.5M....
Monthly cashburn average $1.5M, cash C2=$6.4M as of 30th June'21...til end of year 6 months...but cash will zero after 4 months ($6.4M / $1.5M = 4.2) ... cell #1 & #2 turned into waste, STGO building cell#3 stacked around 500k tons of ore, cell capacity 1M tons, so + 500k tons so far
Only 3 months after, end of Sept. zero cash...When they resume leaching? On Oct. or Dec.? Means fuel cost will increase up to 3X or 4X...crazy, my take on AISC is $1,500 per oz...
Wondering, what the hell STGO need to waste cash on below items:
1. Why bought Aranjin's debentures wasting US$ 1.5M ?
2. Why deposited money on savings US$ 5.0M in Capitron bank then borrow it paying additional + 3.6% interest for loan ?
3. What the hell f'ck is that US$ 3.0M other Receivables? Who get that? Management or employees? Why is that booked under Receivables?
4. Prepaid expenses $3.5M ? Prepay for what? Prepay then no performance? Still under Prepaid expenses...Borrow money with higher interest then Prepay..illogical
1.5 + 5 + 3 + 3.5 = US$ 13.0M, seemed STGO have a cash for buyback shares.....Nonsense spending money like crazy rich trillion company....F'ck