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Gold/Mining/Energy : International Precious Metals (IPMCF) -- Ignore unavailable to you. Want to Upgrade?

To: Larry Brubaker who wrote (32334)	5/22/1998 1:49:00 AM
From: Bob Jagow	Respond to of 35569

Larry, The citation for "the entire 10-Q" was available [in my #32290 post] somewhat earlier ;) Damn current assets minus current liabilities--cash is king.

To: Larry Brubaker who wrote (32334)	5/22/1998 1:56:00 AM
From: Larry Brubaker	Read Replies (1) \| Respond to 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).

To: Larry Brubaker who wrote (32334)	5/22/1998 2:07:00 AM
From: BillyZoom	Read Replies (2) \| Respond to of 35569

Larry They have sold no MGAU stock and as of the end of Q1/98 they still had 1MM + shares and a substantial amount of cash owed from MGAU. Most of the liabilities you speak of do not impact day to day working capital outside of scheduled servicing of the debt. BTW, they've paid down their current liabilities by $800,000 in the last quarter. Ever financed your own business Larry? Its amazing how financing can be put together when you have a high caliber person with his back to the wall. Rob