So if I understand this correctly, we made $579,000 from sales of oil last quarter.
But to produce that oil it cost us $546,000
The genius's in charge paid themselves $157,000 this quarter and also spent $271,000 in admin & corporate costs.
There was a CR that netted $1,987,000
They sold Xanadu share and netted $3,000,000 upfront with $2,000,000 backended
This leaves the company with ~$5,550,000 in the bank.
With Canada basically netting $0 and with Xanadu now gone, the company is burning cash at a rate of about $540,000/Qtr
This gives management another 10 quarters to string along the SH's.
Last quarter there were promises of improving efficiencies in Canada. I am yet to see those efficiencies.
