International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Bob Jagow who wrote (32332)	5/22/1998 1:25:00 AM
From: Larry Brubaker	Read Replies (3) of 35569

No Apparent Solvency. The entire 10-Q is available here. sec.gov IPM still has $1.5 million more of current liabilities than current assets, even after raising some money during the 1st quarter, and selling NMCI and MGAU stock. Current assets = $1.1 million. Current liabilities = $2.6 million. Therefore, working capital deficit = ($1.5 million). Even with all these financial problems, the company managed to spend $100,000 more this quarter than same quarter last year when the Chickens Were Coming Home to Roost. Well, I guess one explanation is they are probably going bankrupt anyway, so they may as well do it in style. After all, where's the fun in driving the company bankrupt if you're pinching your shareholders' pennies and aren't paying yourselves big salaries?

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