Emergence Resort Canada Inc. [NEX: ERS.H] has filed its interim unaudited financial statements [PDF file], but not the accompanying M D & A as of yet, for the second quarter of FY '07 that ended June 30th of this year. Emergence has $230,854 in cash as of the end of 2Q '07, as well as total current assets of $241,609 and working capital of $239,289. The cash came from an issuance of $200,000 of stock in the first quarter of FY '07, although as of the end of FY '06, there was also a working capital surplus of $62,743. Largely because of the financing, book value increased to 4.47 cents/share from 1.95 cents/share.
The only revenues for the second quarter of '07 came from interest on the cash, of $1,492 as compared with $1,062 for 2Q '06. Expenses for 2Q '07 decreased to $27,508 from $30,395 as of 2Q '06, thanks almost entirely to a $2,509 decrease in professional fees and a $730 decrease in administrative expenses as compared with the same quarter a year ago. Consequently, net loss shrunk to $26,016, or 0.487 cents/share, from $29,333, or 0.687 cents/share as of 2Q '06.
Trading in ERS.H was recently halted, and still is; its last close was at 36 cents/share on Sept. 26th.
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1 comment:
Interesting to know.
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