Liquidity and Capital Resources The Company had
Post# of 1140
Posted On: 08/12/2014 9:29:47 PM
Liquidity and Capital Resources
The Company had working capital of $12,515,922 on June 30, 2014 compared to $3,272,349 on December 31, 2013. The increase and maintenance of the higher working capital was due to the $4.5 million dollars of financing completed on February 13, 2014 in addition to the $6.9 million dollars raised through the exercise of stock options and warrants in the period. The Company continues to raise capital through the exercise of stock options and warrants. Between January 1, 2014 and August 13, 2014, the Company received over $8 million dollars from the exercise of stock options and warrants. The Company has no significant operational or capital commitments. The Company continues to attract the interest of investors who have financially supported the Company and its efforts.
The Company’s balance sheet as at June 30, 2014 has assets with a book value of $13,780,798 (2013 - $4,557,844) of which 93% (2013 - 79%) or $12,754,319 (2013 - $3,528,376) is current and primarily cash of $12,695,936 (2013 - $3,260,967). This liquid and unencumbered balance sheet has allowed a flurry of activity already undertaken and further expected in the year, including but not limited to achieving technical and operational milestones.
Based on current plans and cash utilization the Company believes it has sufficient liquidity to support its operations and technological programs over at least the next 24 months.
Cash $12,695,936
Assets $13,780,798
Liabilities $238,397
The Company had working capital of $12,515,922 on June 30, 2014 compared to $3,272,349 on December 31, 2013. The increase and maintenance of the higher working capital was due to the $4.5 million dollars of financing completed on February 13, 2014 in addition to the $6.9 million dollars raised through the exercise of stock options and warrants in the period. The Company continues to raise capital through the exercise of stock options and warrants. Between January 1, 2014 and August 13, 2014, the Company received over $8 million dollars from the exercise of stock options and warrants. The Company has no significant operational or capital commitments. The Company continues to attract the interest of investors who have financially supported the Company and its efforts.
The Company’s balance sheet as at June 30, 2014 has assets with a book value of $13,780,798 (2013 - $4,557,844) of which 93% (2013 - 79%) or $12,754,319 (2013 - $3,528,376) is current and primarily cash of $12,695,936 (2013 - $3,260,967). This liquid and unencumbered balance sheet has allowed a flurry of activity already undertaken and further expected in the year, including but not limited to achieving technical and operational milestones.
Based on current plans and cash utilization the Company believes it has sufficient liquidity to support its operations and technological programs over at least the next 24 months.
Cash $12,695,936
Assets $13,780,798
Liabilities $238,397
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