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SOURCE EastSiberian Plc
ST. HELIER, JERSEY, Sept. 27, 2013 /CNW/ - EastSiberian Plc ("EastSiberian" or the "Corporation") a Jersey company, reports its audited financial results for its year ended May 31, 2013. EastSiberian has filed its Consolidated Financial Statements for the year ended May 31, 2013 and its Management's Discussion and Analysis ("MD&A") on www.sedar.com and on its website at www.eastsiberianplc.com.
SELECTED FINANCIAL INFORMATION
The audited consolidated financial information for EastSiberian includes the Corporation, its subsidiaries and its proportionate share of the accounts of its joint interest entities.
Selected financial information for the years ended May 31, 2013 and 2012
and as at May 31, 2013 and May 31, 2012 are set out below and should be
read in conjunction with EastSiberian's May 31, 2013 Consolidated
Financial Statements and MD&A. All financial information is stated in
United States dollars, unless otherwise indicated.
|For the fiscal year ended||May 31, 2013||May 31, 2012|
|Net loss and comprehensive loss||$||(1,617,560)||$||(10,901,081)|
|Net loss per share - basic and diluted||$||(0.33)||$||(1.89)|
|Cash flow (used in) operations||$||(2,398,896)||$||(3,778,444)|
|Cash flow (used in) investing||$||2,492,045||$||(30,915)|
|Cash flow provided by financing||$||100,000||$||-|
|Foreign exchange loss on cash held in foreign currencies||$||1,759||$||(6,393)|
|Increase (decrease) in cash and cash equivalents||$||193,149||$||(3,809,359)|
|As at||May 31, 2013||May 31, 2012|
|Number of common shares outstanding||4,903,998||4,903,998|
EastSiberian reported a net loss for the year ended May 31, 2013 of $1.6 million ($0.33 per share) compared to a net loss of $9.3 million ($1.89 per share) for the year ended May 31, 2012. Expenses contributing to the 2013 and 2012 net loss included operating expenses of Nil (2012 - $0.6 million), general and administration expenses of $1.6 million (2012 - $3.0 million), non-cash expenses for share-based compensation expense of Nil (2012 - $0.03 million) and depreciation of Nil (2012 - $1.6 million).
For the year ended cash flow used in operating activities was approximately $2.4 million, used to fund general and administration expenses. For the year ended net cash flow from investing activities was approximately $2.5 million, with proceeds of $1.6 million from the sale of the mobile rig and 0.9 million from cash held in trust.
At May 31, 2013, the Corporation had negative working capital of $926,042 (May 31, 2012 - working capital surplus of $691,518). The components of working capital at May 31, 2013 included cash of $424,368, accounts receivable of $117,222 and prepaid expense of $3,641 less accounts payable and accrued liabilities of $1,371,273 and note payable of $100,000. At May 31, 2013, the Corporation had an accumulated deficit of $98,758,752 and expects to incur further losses in the development of its business. The Corporation has no positive cash flow and there is a significant risk associated with the Corporation's ability to raise additional capital. Due to the lack of funding progress to date and the Corporation's liquidity position, management is considering, and may be required to, delist its common shares from TSXV or move the listing to the NEX exchange, further reduce ongoing costs and pursue alternative investment options for the Corporation.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey and is pursuing oil & gas investment opportunities in the Russian Federation. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking Statements
This press release together with the audited consolidated financial statements and MD&A referred to therein contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements"). Forward-looking statements are based on the EastSiberian's current beliefs as well as assumptions made by, and information currently available to, EastSiberian concerning business prospects, strategies, regulatory developments, the ability to obtain equipment in a timely manner to carry out development activities, the ability to get oil to market, and the ability to obtain financing on acceptable terms Although management of EastSiberian considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to either EastSiberian and/or its security holders. The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertakes any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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