OMG Are They Mad?, page-13

No they are not, that is cash held at the quarter,

I don't know if you are aware but

- stockpiles increased
- cap ex on tailing facility continued
- cap ex on mill refurbishment began
- cap ex on vehicle and other plant was completed
- overburden removal continued

I can't be sure when divvy left account, possibly prior to quarter end to ensure payment by 2/4/15.

In addition they did not say cash and cash equivalents, I.e, term deposits. (Usually they inc cash equivalents in the statement)

We also are not informed of debtor/creditor position.

GK,

A 100 level accounting paper may help you to understand what this all means I regards to P&L.

But from the report I think it is certainly clear that the business is underwater.