It's quite simple Kenny - Fitty has no integrity.
I find it quite interesting that all these "great" posters on the FML forum aren't discussing the poor yearly accounts.
We keep hearing about this great turnaround story but the FACTS tell a different story.
Gold was at $1400/oz when FML made a bid for CRE. FML has had the luxury of averaging over $1600/oz in the last year. That's a $20m advantage on a 100,000ounces.
Then we can look at the last 2 quarterlies - Total operating and investing cash flows for the June and March quarter were a negative $6.686m and $1.297m respectively.
That's a negative cash flow total of $7.983m for the 6 months.
However when we match this up with the balance sheet, we notice large building liabilities that don't show in quarterly reports.
At the first half yearly:
Total current liabilities - $44.7m
Total Liabilities - $56.3m
Total Current assets - (2.899m)
Yearly:
Total current liabilities - $71m
Total Liabilities - $81.8m
Total Current assets - (33.985m)
In the last 6 months the current asset deficiency has grown from $2.9m to $34m for a massive total of $30m.
Amazing!
So while we were looking at the quarterlies for a turn around to profit, what we have in reality is a company that has a long, long way to go before it's profitable.
In fact in my eyes it's in a poor state, hence this large capital raising that most on here didn't have a clue about.
Research? - pfffffft!
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