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0.7¢ adelong gold limited

Is Cosmo Gold trading while insolvent, page-4

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midastouch0707

86 Posts.

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14/12/23

21:53

Post #: 71458647
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Originally posted by GravityWaves: ↑

Hi @midastouch0707, in my previous reply post I forgot to mention the numbers for Cosmo Gold's capitalised exploration (note 8 in their annual report). Tenement E38/3457 was surrendered during the year & the capitalised expenditure for E38/3457 was written off.

The value of exploration expenditure (as an asset) is a BS number unless costs are recoverable through asset development or a sale. IMO it would be reasonable to subtract the $2,058,559 exploration expenditure from the Cosmo assets on the basis that costs recovery is an unlikely probability. Net Liabilities would then be a more realistic but much less attractive number than the ($8,833) shown in the annual report.

According to the annual report (pg.2) Cosmo submitted a term sheet on 07/11/23 for a back door listing on the ASX which might offer some contributing reasons why the $1.44M loan repayment obligation to ADG is being expunged via debt for equity transfer.

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That's a great bit of work GravityWaves, thanks for doing the look ups. I agree with everything your saying.
If we don't talk again before then, have a very Merry Christmas.

Cheers Midastouch

ADG Price at posting: 0.5¢ Sentiment: None Disclosure: Held
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