Yep, the PR machine is still putting out those pesky required reports ... unfortunately the numbers part of the reporting can not be improved with flowery language.
Readers would do well to put the Sep Qtr and Dec Qtr side by side. For such a small company, you could be forgiven for thinking it wouldn't that difficult to manage and accurately report upon.
E.g.
Sep Qtrly... estimates Dec Qtrly expenses as
9.1 ... Exploration and evaluation ... $462/k
9.4 ... Staff costs ... $158K
9.5 ... Administration and Corporate costs ... $175K
Dec Qtrly reports
1.2 (a) ... Exploration and evaluation ... $755/k
1.2 (d) ... Staff costs ... $139K
1.2 (e) ... Administration and Corporate costs ... $252K
OK so they are estimates and +/- 10% is fine (so Staff costs pass). But E&E varies by +63% and A&C varies by 44%.
Who wouldn't be concerned by the $2,548K for E&E for the 1st 6 months (especially if you add what AKK mgmt report what they expected to spend : $671 + $755 = $1,426 and overspend by 79%
Given the only (?) E&E being done is at Pathfinder for last 6 months with wells coming in under their $500K D&C well cost, what was the other $1M odd spent on? I assume that $200K for the IOG acquisition would not be reported there ... belongs in section 2.1 Cash flows from investing activities - payments to acquire...
Now that $4K in receipts ... is that for Dec then. Curiously Sep Qtrly has $0 for receipts and Dec Qtrly has $8K for YTD ... where did they other $4K come from .... 100% difference.
Note the cash (before priority offer) on hand $1,491 at end of Qtr. Cash from financing activities $1,336 (so without that CR just $155K would have been left).
Extension to mid Feb for the priority offer ... how to fund operations and an acquisition?
Good luck
AKK Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
