Cierra Pacific Ventures Inc. [NEX: CIZ.H] has filed its audited annual financial statements with SEDAR for fiscal year 2007, ended June 30th, along with the accompanying Management Discussion and Analysis. The financials [PDF file] got an unqualified opinion from the auditors.
Cash held by Cierra Pacific dropped from $1,673 as of June 30th, 2006 to $55 as of June 30th, 2007. This loss was mitigated somewhat by an increase in a deposit from $1,250 to $1,325 in that same period. Current assets dropped from $3,249 to $1,548. Current liabilities, on the other hand, increased from $363,047 to $524,962. The largest dollar increase was in the due-to-related-parties category, which went up by $110,316 to $320,044 as of the end of FY '07. Consequently, the working capital deficit increased from $360,281 to $523,414. Book value decreased from -5.04 cents/share as of the end of FY '06 to -7.33 cents/share as of the end of FY '07. There were no investment activities listed in the statement of cash flows for either fiscal year; the only financing activities were the borrowing of $11,035 in FY '07 as compared with the borrowing of $28,646 in FY '06. Cash used in operating activities decreased from $27,405 in FY '06 to $12,653 in FY '07; both amounts were only a small fraction of the net losses for the year before any extraordinary items ($126,828 in FY '06 and $163,616 in FY '07.)
As just indicated, expenses increased by $36,788 from FY '06 to FY '07, as caused by: a $4,148 increase in interest and bank charges; a $742 increase in shareholder-information expenses; a $11,585 increase in office and administrative expenses; a $20,400 increase in professional fees; and, a $1,060 increase in transfer agent fees. Filing fees decreased by $1,147 in the same time period; management fees (of $30,000) and rent (of $24,000) stayed constant. Note 4 discloses that management, office & administration, and professional fees were all accrued and are all due to related parties. According to Note 6, Cierra currently has $721,653 in non-capital tax losses, of which $65,253 expire in 2008, and about $5,191,023 in capital losses. Neither of these items are vendible.
The accompanying M D & A [PDF file] discloses, as does note 4 of the financials, that $145,565 has been borrowed from "a company related to a director of the Company." The amount owing was $134,530 in FY '06. "This loan [bears] interest at 12% per annum, unsecured, with no fixed terms of repayment. Accrued interest to date is $46,444." It also explains that bank charges are negligible compared to interest expense in the interest-and-bank-charges account, and further discloses that the part of the net loss incurred in the fourth quarter of FY '07 was $64,045. CIZ.H closed Monday at 22 cents/share, up 2 cents/share from the previous close set on September 19th.
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