i guess everybody is waiting for me to comment on
Post# of 876
Posted On: 09/03/2015 6:55:11 PM
i guess everybody is waiting for me to comment on the aug 28 10k covering to may 31
info in brackets are my ? re the mining ops-havent had time to read other board
doldrums of pre labor day -needs news to move things?
they raised 36800 plus 60k = 96800 on july 31-had to do the calcs myself though the transactions are listed on p. f-11
which after subtracting the may 31 work cap def of 30792 would give positive work cap of 66008 minus any expenses since may31
"Over the next twelve months we intend to use any funds that we may have available to fund our operations and conduct exploration on our Labrador and Eureka Project Claims. [IS THIS A HOLDOVER OR STILL APPLICABLE?] We expect to review other potential exploration projects from time to time as they are presented to us.
Over the next twelve months we intend to use any funds that we may have available to fund our Plan of Operation Not accounting for our working capital deficit of $30,792 as of May 31, 2015, we require additional funds of approximately $2,500,000 at a minimum to proceed with our plan of operation over the next twelve months. As we do not have the funds necessary to cover our projected operating expenses for the next twelve month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.
Our auditors have issued a going concern opinion for our year ended May 31, 2015. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals.[HOLDOVER?] As we had cash in the amount of $89,934 and a working capital deficit in the amount of $30,792 as of May 31, 2015, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months. We plan to complete debt financings and/or private placement sales of our common stock in order to raise the funds necessary to pursue our plan of operation and to fund our working capital deficit in order to enable us to pay our accounts payable and accrued liabilities. We currently do not have any arrangements in place for the completion of any debt financings or private placement financings and there is no assurance that we will be successful in completing any debt financing or private placement financing. Our success or failure will be determined by what we find under the ground.
Plan of Operation
The Plan of Operation for the next 12 months is to raise $2,500,000 for the building of Enigma’s fully secure mobile wireless software application for Apple iOS, Android and Blackberry developed through a full patented language technology with the capability to protect against unauthorized computer intrusion and fraud.
As at May 31, 2015, we had a cash balance of $89,934. We will need to raise additional financing to fund our plan of operation over the next 12 months.
info in brackets are my ? re the mining ops-havent had time to read other board
doldrums of pre labor day -needs news to move things?
they raised 36800 plus 60k = 96800 on july 31-had to do the calcs myself though the transactions are listed on p. f-11
which after subtracting the may 31 work cap def of 30792 would give positive work cap of 66008 minus any expenses since may31
"Over the next twelve months we intend to use any funds that we may have available to fund our operations and conduct exploration on our Labrador and Eureka Project Claims. [IS THIS A HOLDOVER OR STILL APPLICABLE?] We expect to review other potential exploration projects from time to time as they are presented to us.
Over the next twelve months we intend to use any funds that we may have available to fund our Plan of Operation Not accounting for our working capital deficit of $30,792 as of May 31, 2015, we require additional funds of approximately $2,500,000 at a minimum to proceed with our plan of operation over the next twelve months. As we do not have the funds necessary to cover our projected operating expenses for the next twelve month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.
Our auditors have issued a going concern opinion for our year ended May 31, 2015. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals.[HOLDOVER?] As we had cash in the amount of $89,934 and a working capital deficit in the amount of $30,792 as of May 31, 2015, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months. We plan to complete debt financings and/or private placement sales of our common stock in order to raise the funds necessary to pursue our plan of operation and to fund our working capital deficit in order to enable us to pay our accounts payable and accrued liabilities. We currently do not have any arrangements in place for the completion of any debt financings or private placement financings and there is no assurance that we will be successful in completing any debt financing or private placement financing. Our success or failure will be determined by what we find under the ground.
Plan of Operation
The Plan of Operation for the next 12 months is to raise $2,500,000 for the building of Enigma’s fully secure mobile wireless software application for Apple iOS, Android and Blackberry developed through a full patented language technology with the capability to protect against unauthorized computer intrusion and fraud.
As at May 31, 2015, we had a cash balance of $89,934. We will need to raise additional financing to fund our plan of operation over the next 12 months.
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