WORKING CAPITAL
June 30, 2022 positive working capital of $29.4 million
June 30, 2024 NEGATIVE working capital of $25.6 million
They of course will use the excuse that they had to re-classify the Sprott debt and payments missed as current liabilities. Hugues, fact is under your management as CEO along with the BOD blessing the working capital of NGC has decreased by $55 MILLION IN 24 MONTHS.
SALES MAY 2, 2022 TO DECEMBER 31, 2022
Total sales $11,993,000 Production Costs $7,888,000 Depreciation $1,055,000 total costs
Of $8,998,000 for a GROSS MARGIN of $3,050,000.
SALES JANUARY 1, 2024 TO JUNE 30, 2024
Total sales $10,957,000 Production costs $9,156,000 Depreciation $2,251,000 total costs
Of $11,407,000 for a NEGATIVE gross margin of $410,000.
Hugues along with the BOD blessing keeps informing us of the increased demand for graphite. Hugues comes across to me as the type of business man that thinks it is more important to get the sale than make a profit. Lets see lose a little on each sale but make up for it in volume.
CASH COSTS SELLING PRICE PER TONNE
2022 CASH COSTS OF $1276.00 SELLING PRICE $2,083 MARGIN $807.00 PER TONNE.
2024 CASH COSTS OF $1,560.00 SELLING PRICE $1,972 MARGIN $412.00 PER TONNE.
ACCOUNTS PAYABLE JUNE 30, 2024
READ NOTE 22 of the current financial statements and you will see that the director’s fees and management salaries have been accounted for and are reflected in the liabilities. In the event of a bankruptcy proceeding does that put the individuals that had salaries accounted for but not paid as preferred creditors? I do not know the answer to the previous question.
Part of note 22 indicates that the Board of Directors granted 1.7 million options at .20 cents per share and 5.1 million RSU’s. In the opinion of the morning brief options and RSU’s are handed out for performance.
SOME PERFORMANCE