So has anyone else been curious enough about Altura’s new (partly self-owned) , intended partner ( ie the Nevada operations Lithium Corp* ) to look at its’ reports?
- LITHIUM CORP DECEMBER 21 ANNUAL REPORT SAYS :
Note 2 – Going Concern
As reflected in the accompanying financial statements, the Company has a working capital of $191,235 (2019: $350,555) as at December 31, 2020 and has used $155,135 (2019: $186,855) of cash in operations for the year ended December 31, 2020.
This raises substantial doubt about its ability to continue as a going concern.
The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan.
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.
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This led on to the 28/01/21 agreement with Lincoln Park (noted above) where LP agreed to
maybe buy millions of dollars of shares…
BUT for now…
“Under the terms of the purchase agreement, LPC made an initial purchase of $160,000 of LTUM's common stock at $0.42 per share.”
_________________
And that led on to the March quarterly report; …
“Our balance sheet as of March 31, 2021 reflects current assets of $267,716.
We had cash in the amount of $254,219 and working capital in the amount of $237,490 as of March 31, 2021.
We have insufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.”
________________________
No mention of major new land acquisitions is made.
Yet yesterday’s notice said
“
Over the past several months, LTUM has been gradually expanding the size of the Fish Lake Valley prospect.
Currently, the Company’s holdings here are 6,873 acres (2,781 ha’s), up considerably from the beginning of the year holdings of 1,440 acres (523 ha’s)”…..
- Which several months?
There were only three not reported on!
And “gradual expansion” of 5,4333 acres ?
And as to the “gradually expansion” - by more than 4.5 times in three months - how was this supported/paid for ?
It is intriguing, no?
cheers
*
[“Altura is the single largest shareholder in Lithium Corporation, and the two companies have maintained an alliance since 2012.”]
