treading wate...... Results look Grim when you look at first , especially with NO increase in sales
| As at | | | | | December 31, 2023 | | | December 31, 2022 | |
| (Stated in CDN $) | | | | |
| Working capital (1) | | | 11,844,178 | | 15,005,682 | |
| Total assets | | | 27,125,820 | | 33,872,553 | |
| Total equity | | | 24,357,652 | | 29,194,788 | |
But basically it's a writedown of mothballed equipment -"During the twelve months ended December 31, 2023, the Company’s net asset value was greater than its market capitalization resulting in an impairment test being performed in accordance with IFRS. An impairment charge of $3.6 million was taken on
non-financial assets resulting in an increase in the loss for the twelve months ended December 31, 2023, compared to 2022. The loss for the twelve months ended December 31, 2023, was also impacted by $0.1 million of termination payments, a $0.2 million signing bonus and $0.8 million of deferred tax valuation allowance.
Q3
"The Company continues to have a strong financial position at September 30, 2023 including cash and cash equivalents of $3.7 million, $9.6 million of highly liquid short-term investments and working capital of $12.5 million."
Q4
"The Company continues to have a strong financial position at December 31, 2023, including cash and cash equivalents of $4.3 million, $8.2 million of highly liquid short-term investments and working capital of $11.8 million.'
Liquidating some of those highly liquid short term investments to increase cash , buyback shares and pay one time items , termination payouts and signing bonuses.
So the company limps on using approximately $700 - 800,000 in cash over one quarter. Of note , as of April 16, 2024 under the current NCIB and the instructions in place with the broker, Questor purchased for cancellation 113,500 shares for the weighted average of $0.57.
Not tempted to buy back in ; no sales increase.