Jalna Minerals Ltd. Files Audited Statement With SEDAR

Jalna Minerals Ltd. [NEX: JMA.H] has filed audited statements for fiscal year '07, ended June 30th. The financials [PDF file] received an unqualified opinion from the auditors.

According to them, the amount of cash Jalna had was $579,070 as of June 30/07, up from $469,337 as of June 30/06. Current liabilities, in the form of accounts payable and accrued liabilities, decreased from $35,902 to $13,386. Working capital increased to $569,386 as of the end of FY '07 from $439,913 as of a year earlier when FY '06 ended. The statement of cash flows reveals that the increase in cash came from $182,600 of shares issued for cash, which resulted from the exercise of 830,000 purchase warrants according to note 5, that more than compensated for the $72,867 of cash used in operating activities for the quarter. Book value decreased to 5.72 cents/share from 10.4 cents/share as of the end of FY '06.

Except for $12,406 in interest income, and an extraordinary gain of $5,349 due to the settlement of a debt of $5,350 with shares in a Jalna-held company that was carried on the books at a value of $1, Jalna had no revenue in FY '07; it had none at all in FY '06. Regular expenses went down from $93,465 in FY '06 to $70,883 in FY '07: all but two of the seven expense items in this category decreased. Both the decrease in expenses before other items and the collection of interest instead of the payment of it, as well as the extraordinary gain, contributed to lowering the annual loss to $53,128, or 0.521 cents/share, from $114,874, or 2.51 cents/share in FY '07. The weighted average of number of total shares outstanding more than doubled from FY '06 to FY '07: 4,582,543 shares to 10,187,559 of them. This doubling resulted from a major financing completed in 4Q FY'06, or in early-mid 2006 by calendar year, as indicated in the accompanying Management Discussion and Analysis [PDF file]. The M D & A identifies the company as "a mineral exploration company engaged in the acquisition and exploration of mineral properties" which "continues to seek a project of merit for acquisition." Trading in JMA.H is still halted: its last close of 30 cents/share was established on September 28th of this year.