International CHS Resources Corporation Files Interim, Unaudited Statement With SEDAR

The interim unaudited financial statements for International CHS Resources Corporation [NEX: ICJ.H] have been released, for the 3rd quarter that ended September 30 of this year [PDF file.]As of that date, International CHS has negligible cash; almost all of its current assets are in the form of GST receivables: $39,623, as compared with $37,876 as of December 31, 2006. (Results from FY 2006 are audited; none are for FY 2007.) A short term loan of $30,300 made working capital below zero as of the end of 3Q '07: a deficit of $29,753, as compared with a working-capital surplus of $16,844 as of the end of 4Q '06. Also adding to the surplus as of the end of FY '06 was $5,577 cash in a lawyer's trust, depleted to $90 as of the end of 3Q '07. Book value went from positive to negative in 2007 as well: -0.201 cents/share as of September 30th versus +0.157 cents/share as of the end of 2006.

International CHS had no revenue for 3Q '07, as compared with $668 of interest income in 3Q '06. Despite this disappearance, net loss for the quarter shrunk to $17,745 as compared with 3Q '06's $19,186. A $5,607 decrease in general and administrative expenses more than made up for a $2,916 increase in shareholder information and transfer expenses between 3Q '06 and 3Q' 07. Both losses amounted to about 0.1 cents/share. In the latest quarter, the needed cash was supplied by a $7,500 loan advance. Total loan advances for the first nine months of FY '07 have been $30,300, as compared to nil in the first three quarters of FY 2006. (There was, however, a $10,000 share issuance that provided cash in the latter period, with none for FY '07.)

The accompanying M D & A [another PDF file] says that International CHS' mineral claims "were allowed to lapse" in 2006, and an attempted takeover of "a group of Quebec-based transportation and construction companies" fell through in early 2007, leading to International CHS's listing on the NEX. It also explains that the shrinkage in administrative expenses resulted from a $5,607 drop in general office expenses. Shareholder information costs went up because an annual general meeting was held in 2007, while one was not held in 2006. The loan advance came through a director. International CHS last traded on Wednesday, and closed on that day at 3.5 cents/share.