CashLiabilities they are not going to pay? That's way over my head. But how is it even possible for them to have $1.9M at the end of calendar 2016? Sean told me their base burn is $70k US per month, or about $90k CAN. So they would burn $1.080M in a year. Starting with $2.148M at the end of calendar year 2015, would leave them with $1.068M at the end of calendar 2016. It would actually be less, as their actual burn is greater than their base burn. I'm certainly no expert on their finances, but I don't see how they could end calendar 2016 with $1.9M. They state in the MD&A they anticipate a cash balance of $300k at the end of 2016, and I believe them. Their cash flows support that number.
Could you provide more detail on your higher estimate?
Liquidity and Financial Position
Expected use of funds for fiscal 2016 includes:
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Cash balance at December 31, 2015 | |
Cash receivable from Exxon | |
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Exploration expenses and capital expenditures | |
General and corporate expenses | |
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