Gen III Oil Corporation V.PGK

accumulated deficit of $71,512,318.

[BASTILLEDAY4U]

At September 30, 2016, the Company had a working capital deficit of $1,255,714, had not yet achieved profitable operations and expects to incur further losses in the development of its business. For the nine months ended September 30, 2016, the Company reported a comprehensive loss of $1,508,042 and as at September 30, 2016, had an accumulated deficit of $71,512,318. The Company has not generated revenues from operations. The Company is dependent on equity financings to fund its operations. The Company expects to minimize operating and capital expenditures in 2016 and manage its cash balance by scaling its exploration and administrative operations as circumstances dictate. Management of the Company believes that the current level of funds is not sufficient to pay for expected cash expenditures over the next 12 months. The recoverability of the underlying value of exploration and evaluation assets is entirely dependent on the existence of economically recoverable reserves, securing and maintaining title and beneficial interest in the properties, the ability of the Company to obtain the necessary financing to complete development, and future profitable production. These material uncertainties may cast significant doubt upon the Companys ability to continue as a going concern. The Companys condensed consolidated interim financial statements for the three and nine months ended September 30, 2016 do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary should the going concern assumption be inappropriate, and such adjustments could be material. The Companys address is P.O. Box 93070, Caulfield Village, West Vancouver B.C., V7W 3G4, Canada.

[AuntiePenny]

$71,512,318 and what do they have to show for it? Where did all that money go?

[harleyonvacatio]

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[timeframe]

They raised money drilled and the lost the rights. But yeah that was lots of cash. I still held. For years but hell made something