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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Larry Brubaker who wrote (32334)5/22/1998 1:56:00 AM
From: Larry Brubaker  Read Replies (1) of 35569
 
Apparent Insolvency, Continued

I notice that of the $2.6 million of current liabilities, $1 million of that is the amount payable to Omega, which is to be paid by December 31. If they don't pay it by then, they have to issue a promissory note at 12% interest.

So actually, the immediate cash situation is not quite so bad. The debt to Omega is carried as a current liability, while there is no requirement for them to pay it in the near future.

So, if you disregard the $1 million owed to Omega, we now have current assets of $1.1 million and current liabilities of $1.6 million, leaving a working capital deficit of ($500,000).
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