Themac Resources Group Ltd. [NEX: MAC.H] has filed its audited annual financial statements with SEDAR for fiscal year 2007, ended June 30th, along with the accompanying Management Discussion and Analysis. The financials [PDF file] got an unqualified opinion from the auditors.
Cash increased from $30,723 as of the end of FY '06 to $91,201 as of the end of FY '07. Current assets increased from $36,960 to $96,603, and current liabilities increased from $57,503 to $72,232. Consequently, the working capital deficiency of $20,543 to a surplus of $24,371. Book value also went from negative to positive during the same time period - specifically, from -20,543, or -0.538 cents/share in FY '06 to +24,371, or +0.496 cents/share in FY '07. The cash and book value both increased, due to $99,000 proceeds from 550,000 shares issued in a private placement at a deemed price of 18 cents/share and $66,666 received on exercise of 333,333 warrants at an exercise price of 20 cents/share.
Expenses for FY '07 shrunk to $156,713 from $224,714 in FY '06. Had there not been $68,970 in stock compensation, though, expenses would have increased slightly. Had loss on settlement of debt not shrunk by $28,837 to $8,462, expenses for FY '07 would have been significantly more than expenses for FY '06. Since there were no other items, expenses equalled the net loss for the year: 5.89 cents/share in FY '06 and 3.19 cents/share in FY '07. Note 4(b) indicates that the company issues shares in exchange for amounts owing on a recurrent basis.
The accompanying M D & A [PDF file] discloses that Themac has no properties. MAC.H last closed on October 19th at 23 cents/share.
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