This is indeed an interesting one.
Just looking at the Quarterly one can deduce the following:
- Sales receipts in 6 mths to 31 Dec = $32m
- Inventory on hand as at 31 Dec was 17k tons which some were sold in January, i estimate 17k ton could yield roughly $13m?
- Cost of production to get the $32m sales + $13m inventory of $45m was a whopping $68m to 31 Dec. Add another $5m of cost accrued but delayed payment to suppliers so these costs stays off the 31 Dec cashflow report, you would have a monstrous cost of production of $73m to yield a revenue of just $45m , a nearly $30m production loss.
- Admin and corporate costs running at over $3m a quarter so $6m+ for the 6mths
- Cash on hand at 31 Dec would have been only $2m if they didn't borrow another $10m in debt
Can anyone see how they can close the half yearly production cash loss gap of about $30mil by end of March where the lenders will decide this company's fate..
Unfortunate for holders but this is likely another producer to bite the dust soon imho
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This is indeed an interesting one.Just looking at the Quarterly...
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