Here is another lesson for you poor sods.
If you read the 31 December statements.
Current assets = $2.26 M
Current Liabilities = $15.32 M
Thus the working capital ratio is 0.147. This is DISASTROUS and things have not got any better since 31 Dec. A working capital ratio less than 1 says the company can't meet its short term commitments. Even if you add the $3.6 M to current assets this is still 0.38.
Do you understand now what I am saying? The $3.6m is to cover the short term bills and payables outstanding.
Shows you where the DSO revenues will go too. Paying the short term commitments (borrowings) not smelter construction.
DISASTROUS.
DYOR
