To all:
A portion of the March 13 10QSB:
The Company's financial resources, including an opening cash balance as at April 30, 1997 of $1,000, totalled $490,000. Cash used, as a result of the net loss for the period, totalled $343,000, after adjustments to reconcile net loss to cash. During the period the Company spent $99,000 on patent protection costs and cash payments for acquisition of the AVFS. After the above cash outflows the Company was left with $55,000 as at January 31, 1998. These funds, together with the additional $66,000, will be used for further development of the Rand Cam(TM) Engine, the AVFS and to pay down accounts payable totalling $46,000. The $62,000 owing to an affiliate will be paid for when the Company issues 50,000 shares to the affiliate as reimbursement for shares it transferred to a supplier of market development services. (See Note 6(e) to the financial statements).
sec.yahoo.com
Does it bother anyone else that the cash available dropped from $490 on April 30, 1997 down to $55,000 plus $62,000 on January 31, 1998.
Just thinking out loud, how long can they continue, how are they planning on raising more cash to continue development.
Brian |
