Focus Ventures Ltd. Files Interim, Unaudited Statement With SEDAR

Focus Ventures Ltd. [NEX: FCV.H] has filed interim, unaudited financial statements for the third quarter of FY '07, ended August 31st, along with the accompanying Management Discussion and Analysis. According to the financials [PDF file], the cash shrunk from $105,015 as of the end of FY '06 to $51,187 as of the end of 3Q '07. Current assets shrunk from $110,092 to $57,105 during the same time period. Current liabilities shrunk slightly from $110,759 to $100,126, due to a $8,892 shrinkage in accounts payable & accrued liabilities and a $1,741 drop in amounts due to related parties. Book value shrunk for an almost negligable -$667 to -$43,021 or -0.630 cents/share.

Expenses for 3Q '07 shrunk to $13,533 from 3Q '06's $15,493. All of the expense items shrunk from 3Q '06 to 3Q '07 with the exception of regulatory and stock exchange fees which went up by $543 to $1,893. The other items comprise interest income, which shrunk from $1,131 to $623 from 3Q '06 to 3Q '07. The quarterly net loss shrank from $14,362, or 0.216 cents/share, to $12,910, or 0.189 cents/share. The shrinkage in cash was attributable to its use in operating activites, except for $2,732 in receipts from related parties and $84 in payments to related parties in 3Q '07. The same thing applies to 3Q '06, except that there was no cash gotten or used as a result of financing activities in the earlier quarter. Note 4 specifies that unpaid managment fees in the amount of $52,500 (net, cumulative) have been recorded as accrued liabilities, as compared with $30,000 (also net cumulative) at the end of 3Q '06.

The accompanying M D & A [PDF file] states that "Management expects that the Company will have sufficient working capital to meet its corporate commitments over the next 12 months, and to fund the search for a new mineral property interest for the Company. Actual funding requirements may vary from those planned due to a number of factors, including the progress of property acquisition and exploration activity. Management believes it will be able to raise equity capital as required in the long term, but recognizes the uncertainty attached thereto." In other words, Focus has enough cash and reserves to keep it afloat without the need for outside financing over the next 12 months. FCV.H last closed at 35.5 cents/share on October 16th; ever since then, only odd lots have been traded. One of 100 shares went on Tuesday, at 33.5 cents/share.