International LMM Ventures Corp. Files Interim, Unaudited Statement With SEDAR

International LMM Ventures Corp. [NEX: LMM.H] has filed interim, unaudited financial statements for the third quarter of fiscal year 2007, ended August 31st, along with the accompanying Management Discussion and Analysis. According to the financials [PDF file], cash decreased from $2,515 as of the end of FY '06, or November 30/06, to $402. Current assets shrunk from $2,685 to $1,629: a $1,157 increase in GST receivables explains the differential. Current liabilities increased from $520,843 to $646,402 in the same time period. Consequently, the working capital deficit increased from $518,158 to $644,773. Book value decreased from -12.1 cents/share to -30.1 cents/share. (Had it not been for a 2-for-1 consolidation of shares as of July 19th, 2007, the latter figure would have been -15.0 cents/share.)

Expenses went up from $36,338, or 0.740 cents/share, in 3Q '06 to $55,525 , or 2.59 cents/share, in 3Q'07. Increases of $167 in filing fees, $4,700 in interest and bank charges, $13,699 in professional fees, and $775 in transfer agent expenses all contributed to the increase. Management fees and rent remained constant; office expense decreased by $154. Since there were no other items, the net loss for each quarter equalled the corresponding expenses; in per-share terms, the loss was 0.740 cents in 3Q '06 and 2.59 cents in 3Q '07. The cash flow statement reveals that the cash used in operations was replenished by loans. Note 4 discloses that the loan-payable outstanding is from a shareholder, is payable on demand, and bears interest at a 12% annual rate. As of the end of 3Q '07, $304,360 from this source is due, up from $250,677 as of the end of FY '06.

In relation to the loans, the accompaying M D & A [PDF file] states that "[t]he Company continues to rely on advances from related parties to continue operations and will continue operations to do so until adequate equity or debt financing is available to the Company." It also says that LMM is is no current line of business, but is looking for one. LMM.H last traded on Monday, on which it closed at 50 cents/share.