As of Jan 31st we had $1.295 million in cash, during the quarter our general operating expenses were $716,690, showing a yearly burn rate of approx. $2.86 million. Adding in the minimum yearly spend on Arizona of $220,000 and we get yearly expenditures of $3.08 million just to stay afloat
If you extrapolate that cash burn forward....as of today we should have $817,000 remaining plus the $3.5 million from the government rebate = $4,317,000
At $3.08 million per year that gives us around 1.5 years of cash left in the bank
That's actually not too bad considering and should give time enough for Teck to complete this years work at Schaft Creek.....but that's if we spend zero at CarMax and Van Dyke during the year.
Three Months Ended
| January 31, 2015
| January 31, 2014
| Expenses:
| Administration
| $ 312,320
| $ 361,881
| Depreciation, amortization and accretion
| 8,600
| 10,204
| Professional fees
| 392,537
| 97,344
| Share based compensation
| 5,000
| -
| Interest income
| (1,767)
| -
| Net loss before income tax
| 716,690
| 469,429
| Deferred income tax (recovery)/expense
| -
| Net loss
| 716,690
| 469,429
| |
