Someone ever-so-pithily posted here a couple of weeks back words which suggested that few posters here read Sedar or sedi filings or the company's financials.
Let me assure you that management of Snowden does, as Snowden has been in business for a long time and it likely takes its responsibilities to its shareholders and employees very seriously and, working in a resource sector which is littered with the dessicated shells of CTO'd and out-of-cash companies, you can be sure that Snowden doesn't take on bad debts...especially when the filings tell the picture.
These excerpts paint a grim picture, IMO
Barkerville shareholder seeks AGM, new directors
2012-12-06 13:46 ET - Street Wire
by Mike Caswell
"....Rex Harbour...says that the meeting is long overdue, especially given the company's precarious financial condition...
Mr. Harbour blames the company's precarious state on "mismanagement of all aspects of the business." He says that Mr. Callaghan has received $7-million in compensation over the past 18 months, either directly or through a drilling company he controls. He received the money despite the company's poor financial condition. As long as Mr. Callaghan remains in control, Barkerville's ability to raise money is "severely compromised," the petition stated"
Barkerville closes $2.44-million loan from Callaghan
2012-12-05 20:34 ET - News Release
Mr. J. Frank Callaghan reports
BARKERVILLE COMPLETES LOAN
...The proceeds from the loan will be used: (i) to satisfy minimum overhead expenses to sustain operations, (ii) to satisfy minimum wages, consulting fees and benefits, (iii) to satisfy costs related to completing the National Instrument 43-101 technical report required in accordance with the cease trade order, (iv) to pay trade accounts payable related to the report, and (v) to pay past due payroll remittances..."
Barkerville Gold Mines Ltd.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Three and Six Months Ended August 31, 2012
Total current assets at August 31, 2012 $867,624
Total current liabilities at August 31, 2012 $5,947,786
Corporate administration costs for the three months ended Aug. 31, 2012, $2,067,759
16. CONTINGENT LIABILITIES
Canada Revenue Agency ("CRA") has concluded its audit of the Canadian exploration expenditures ("CEE) incurred by the Company that were renounced on certain flow-through shares issued for taxation years 2000 through 2006. The CRA has completed its audit of the 2004 – 2006 taxation years, and has issued Notice of Assessments (NOA) to the Company.
The NOA details the amounts of Part XII.6 tax, and related flow through penalties and interest. Included in the NOA is a bulk sample adjustment by the CRA for $3.3m. The Company has accepted the Part XII.6 and related flow through penalties as included in the NOA, and has accrued for these amounts and related interest charges in the financial statements. The Company does not accept the bulk sample adjustments included in the NOA, and has filed objections with the CRA. The Company is of the opinion that its objections will be successful and has not made an accrual regarding the bulk sample amounts.
As a result of the CRA audit, the Company has recognized a provision for late filing penalties and accrued interest associated with flow-through share renunciation compliance requirements. The accounts payable and accrued liabilities as at August 31, 2012 includes $565,183 (February 28, 2012 $565,183) for Part XII.6 tax and related interest and penalties, and British Columbia Mining Tax Credit (BCMETC) received in error in 2002 and 2003.
Under the flow-through share agreements, the Company was committed to spend the flow-through share proceeds on qualifying flow-through exploration expenditures and to indemnify the holders of such shares for certain costs payable by the flow-through shareholders in the event the Company failed to make the required exploration expenditures. As of the date of the condensed consolidated interim financial statements, the Company is expecting a final re-assessment from the CRA. At the balance date the Company has recognized a provision for the indemnity of flow through investors of $1,046,224 (February 29, 2012: $1,046,224) for the estimated reassessments.