Just considering the finances, I see no flaws. A clear and reasonably open statement. Some points:
There is no income from operations but a bit of other income, unidentified, probably interest on the cash in the bank, $12k.
Expenses have gone up somewhat ($680k up to $820k). This despite that costs such as employee benefits are way down and other costs are up, admin costs for instance more than doubled to $442k. Importantly there has been an increase in exploration costs from $15k to $73k, which is what the company is meant to be doing. are reduced
At this burn rate of $820k per 6 months, there is sufficient funds to go another 2 years, so that is safe, particularly as there is a modest manageable debt, $380k).
I cannot see where the value of the VHD graphite project is stored, not identified as such anywhere in the balance sheet.
GCM owns some small private companies and their activities are incorporated into these totals, so if they are just place holder companies with no activity, they are a bit of a draw.
So safe financially and no risk of insolvency.
GCM Price at posting:
1.1¢ Sentiment: Sell Disclosure: Not Held
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