Interim Management Statement And Quarterly Resu...
GALANTAS GOLD CORPORATION
Interim Consolidated Financial Statements
(Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended March 31, 2008
DATE: 30 May 2008
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
The accompanying unaudited interim consolidated financial statements of Galantas
Gold Corporation were prepared by management in accordance with Canadian
generally accepted accounting principles. The most significant of these
accounting principles have been set out in the December 31, 2007 audited
consolidated financial statements. Only changes in accounting policies have been
disclosed in these unaudited interim consolidated financial statements.
Management acknowledges responsibility for the preparation and presentation of
the unaudited interim consolidated financial statements, including
responsibility for significant accounting judgments and estimates and the choice
of accounting principles and methods that are appropriate to the Company's
circumstances.
Management has established processes, which are in place to provide them
sufficient knowledge to support management representations that they have
exercised reasonable diligence that (i) the unaudited interim consolidated
financial statements do not contain any untrue statement of material fact or
omit to state a material fact required to be stated or that is necessary to make
a statement not misleading in light of the circumstances under which it is made,
as of the date of and for the periods presented by the unaudited interim
consolidated financial statements and (ii) the unaudited interim consolidated
financial statements fairly present in all material respects the financial
condition, results of operations and cash flows of the Company, as of the date
of and for the periods presented by the unaudited interim consolidated financial
statements.
The Board of Directors is responsible for reviewing and approving the unaudited
interim consolidated financial statements together with other financial
information of the Company and for ensuring that management fulfills its
financial reporting responsibilities. An Audit Committee assists the Board of
Directors in fulfilling this responsibility. The Audit Committee meets with
management to review the financial reporting process and the unaudited interim
consolidated financial statements together with other financial information of
the Company. The Audit Committee reports its findings to the Board of Directors
for its consideration in approving the unaudited interim consolidated financial
statements together with other financial information of the Company for issuance
to the shareholders.
Management recognizes its responsibility for conducting the Company's affairs in
compliance with established financial standards, and applicable laws and
regulations, and for maintaining proper standards of conduct for its activities.
Enquiries
Galantas Gold Corporation Telephone: +44(0)2882 241100
Roland Phelps, President and CEO E-mail: info@galantas.com
Jack Gunter, Chairman Website: www.galantas.com
Blomfield Corporate Finance Ltd. Telephone: +44(0)207 489 4500
Nick Harriss
Lewis Charles Securities Limited Telephone: +44(0)207 456 9100
Kealan Doyle
NOTICE TO READER
Under National Instrument 51 102, Part 4, subsection 4.3(3)(a), if an auditor
has not performed a review of the interim financial statements; they must be
accompanied by a notice indicating that the financial statements have not been
reviewed by an auditor.
The accompanying unaudited interim consolidated financial statements of the
Company have been prepared by and are the responsibility of the Company's
management.
The Company's independent auditor has not performed a review of these
consolidated financial statements in accordance with standards established by
the Canadian Institute of Chartered Accountants for a review of interim
financial statements by an entity's auditor.
INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in Canadian Dollars)
(Unaudited)
March 31, December 31,
2008 2007
ASSETS
Current
Cash $ 219,829 $ 21,308
Accounts receivable and advances 521,823 578,831
Inventory (Note 6) 1,328,096 1,033,596
Future income taxes 240,890 240,890
__________ __________
2,310,638 1,874,625
Property, plant and equipment (Note 7) 16,977,216 17,077,659
Future income taxes 1,362,027 1,362,027
__________ __________
$20,649,881 $20,314,311
========== ==========
LIABILITIES
Current
Accounts payable and accrued liabilities $2,406,299 $2,124,314
Current portion of financing facility
(Note 8) 521,858 495,217
Due to related party (Note 10) 1,375,347 552,569
Deferred revenue 464,288 201,743
__________ __________
4,767,792 3,373,843
Due to related party (Note 10) 1,031,304 971,782
Long-term portion of financing facility
(Note 8) 429,369 532,403
__________ __________
6,228,465 4,878,028
SHAREHOLDERS' EQUITY
Share capital (Note 9(a)) 26,134,279 26,134,279
Warrants (Note 9(b)) 2,417,700 2,417,700
Contributed surplus 975,299 844,247
__________ __________
29,527,278 29,396,226
Deficit (15,105,862) (13,959,943)
__________ __________
14,421,416 15,436,283
__________ __________
$20,649,881 $20,314,311
========== ==========
INTERIM CONSOLIDATED STATEMENTS OF LOSS
(Expressed in Canadian Dollars)
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
2008 2007
Revenues
Gold sales $ 621,787 $ 1,355
__________ __________
Costs and expenses of mining operations
Cost of sales 702,479 678
Amortization 344,999 -
__________ __________
1,047,478 678
__________ __________
(Loss) income from mining operations (425,691) 677
__________ __________
Expenses and other (income)
Accounting and corporate 15,460 5,511
Bank charges and interest 44,178 2,544
Consulting fees - 5,489
Foreign exchange loss 155,811 3,124
Legal and audit 14,607 35,876
Operating expenses 313,880 30,262
Shareholder communication and public relations 29,529 60,912
Stock-based compensation (Note 9(c)) 131,052 12,740
Transfer agent 2,873 6,124
General office 13,100 9,664
Interest income (262) (52)
__________ __________
720,228 172,194
__________ __________
Net loss for the period $(1,145,919) $(171,517)
========== ==========
Basic and diluted loss per share $ (0.01) $ (0.00)
Weighted average number of shares
outstanding 175,675,855 161,797,455
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Expressed in Canadian Dollars)
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
2008 2007
Share capital
Balance, beginning of period $26,134,269 $22,458,500
Issued under private placements,
net of issue costs - 1,622,335
Warrants issued - (723,908)
Stock options exercised - 540,000
Stock options exercised - valuation - 350,000
__________ __________
Balance, end of period $26,134,269 $24,246,927
========== ==========
Warrants
Balance, beginning of period $2,417,700 $1,913,100
Issued - 723,908
_________ _________
Balance, end of period $2,417,700 $2,637,008
========= =========
Contributed surplus
Balance, beginning of period $ 844,247 $ 848,985
Stock options vested 131,052 12,740
Stock options exercised - (350,000)
_________ ___________
Balance, end of period $ 975,299 $ 511,725
========= ===========
Deficit
Balance, beginning of period $(13,959,943) $(11,794,287)
Net loss (1,145,919) (171,517)
__________ __________
Balance, end of period $(15,105,862) $(11,965,804)
========== ==========
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in Canadian Dollars)
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
2008 2007
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Net loss for the period $(1,145,919) $(171,517)
Adjustments for non-cash items:
Amortization 344,999 742
Stock-based compensation 131,052 12,740
Foreign exchange 8,583 2,717
Net change in non-cash working capital (Note 11) 307,038 (609,011)
__________ __________
(354,247) (764,329)
__________ __________
INVESTING ACTIVITIES
Purchase of property, plant and equipment (244,556) (1,042,718)
__________ __________
FINANCING ACTIVITIES
Issue of common shares - 2,257,300
Share issue costs - (94,965)
Repayments of financing facility (76,393) (65,314)
Advances from related party 882,300 -
__________ __________
805,907 2,097,021
__________ __________
NET CHANGE IN CASH 207,104 289,974
Effect of exchange rate changes on
cash held in foreign currencies (8,583) (2,717)
CASH, BEGINNING OF PERIOD 21,308 234,909
CASH, END OF PERIOD $ 219,829 $522,166
SUPPLEMENTAL CASH FLOW INFORMATION (Note 11)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in Canadian Dollars)
(Unaudited)
THREE MONTHS ENDED MARCH 31, 2008
1. GOING CONCERN
These interim consolidated financial statements have been prepared on a
going concern basis which contemplates that Galantas Gold Corporation (the
"Company") will be able to realize assets and discharge liabilities in the
normal course of business. In assessing whether the going concern assumption
is appropriate, management takes into account all available information
about the future, which is at least, but is not limited to, twelve months
from the end of the reporting period. Management is aware, in making its
assessment, of material uncertainties related to events or conditions that
may cast significant doubt upon the entity's ability to continue as going
concern. The recoverability of these consolidated amounts, which includes
the consolidated results of the Company's wholly-owned subsidiary Cavanacaw
Corporation (Cavanacaw), is dependent on the ability of the Company to
obtain future financing and to recover its investment in Omagh Minerals
Limited ("Omagh"). Cavanacaw has a 100% shareholding in Omagh which is
engaged in the acquisition, exploration and development of gold properties,
mainly in Omagh, Northern Ireland.
As at December 31, 2001, studies performed on Omagh's mineral property
confirmed the existence of economically recoverable reserves. As of July 1,
2007, the mineral property was in the production stage and the directors
believe that the capitalized development expenditures will be fully
recovered by the future operation of the mine. The recoverability of
Omagh's capitalized development costs is thus dependent on the ability to
secure financing, future profitable production or proceeds from the
disposition of the mineral property.
Management is confident that it will be able to secure the required
financing to enable the Company to continue as a going concern. However,
this is subject to a number of factors including market conditions. These
interim consolidated financial statements do not reflect adjustments to the
carrying value of assets and liabilities, the reported expenses and balance
sheet classifications used that would be necessary if the going concern
assumption was not appropriate. Such adjustments could be material.
2. INCORPORATION AND NATURE OF OPERATIONS
The Company was formed on September 20, 1996 under the name Montemor
Resources Inc. on the amalgamation of 1169479 Ontario Inc. and Consolidated
Deer Creek Resources Limited. The name was changed to European Gold
Resources Inc. by articles of amendment dated July 25, 1997. On May 5,
2004, the Company changed its name from European Gold Resources Inc. to
Galantas Gold Corporation. The Company was incorporated to explore for and
develop mineral resource properties, principally in Europe. In 1997, it
purchased all of the shares of Omagh which owns a mineral property in
Northern Ireland, including a delineated gold deposit. Omagh obtained full
planning and environmental consents necessary to bring its property into
production.
The Company entered into an agreement on April 17, 2000, approved by
shareholders on June 26, 2000, whereby Cavanacaw, a private Ontario
corporation, acquired Omagh. Cavanacaw has established an open pit mine to
extract the Company's gold deposit near Omagh. Cavanacaw also has developed
a premium jewellery business founded on the gold produced under the name
Galántas Irish Gold Limited (Galántas).
As at July 1, 2007, the Company's Omagh mine began production.
The Company's operations include the consolidated results of Cavanacaw and
its wholly-owned subsidiaries Omagh and Galántas.
3. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The unaudited interim consolidated financial statements have been prepared
in accordance with Canadian generally accepted accounting principles for
interim financial information. Accordingly, they do not include all of the
information and notes to the consolidated financial statements required by
Canadian generally accepted accounting principles for annual consolidated
financial statements. In the opinion of management, all adjustments
considered necessary for a fair presentation have been included. Operating
results for the three month period ended March 31, 2008 may not necessarily
be indicative of the results that may be expected for the year ended
December 31, 2008.
The consolidated balance sheet at December 31, 2007 has been derived from
the audited consolidated financial statements at that date but does not
include all of the information and footnotes required by Canadian generally
accepted accounting principles for annual consolidated financial
statements.. The interim consolidated financial statements have been
prepared by management in accordance with the accounting policies described
in the Company's annual audited consolidated financial statements for the
year ended December 31, 2007, except as noted below. For further
information, refer to the audited consolidated financial statements and
notes thereto for the year ended December 31, 2007.
Capital Disclosures and Financial Instruments - Disclosures and Presentation
On December 1, 2006, the CICA issued three new accounting standards: Capital
Disclosures (Handbook Section 1535), Financial Instruments - Disclosures
(Handbook Section 3862), and Financial Instruments - Presentation (Handbook
Section 3863). These new standards became effective for the Company on
January 1, 2008.
Capital Disclosures
Handbook Section 1535 specifies the disclosure of (i) an entity's
objectives, policies and processes for managing capital; (ii) quantitative
data about what the entity regards as capital; (iii) whether the entity has
complied with any capital requirements; and (iv) if it has not complied, the
consequences of such non-compliance. The Company has included disclosures
recommended by the new Handbook section in note 4 to these interim
consolidated financial statements.
Financial Instruments
Handbook Sections 3862 and 3863 replace Handbook Section 3861, Financial
Instruments - Disclosure and Presentation, revising and enhancing its
disclosure requirements, and carrying forward unchanged its presentation
requirements. These new sections place increased emphasis on disclosures
about the nature and extent of risks arising from financial instruments and
how the entity manages those risks. The Company has included disclosures
recommended by the new Handbook sections in note 5 to these interim
consolidated financial statements.
Inventories
Effective January 1, 2008, the Company adopted the new recommendations of
the CICA Handbook Section 3031, Inventories. The revised inventories section
brings the CICA standard in line with International Financial Reporting
Standards and allows for the upward revaluation of inventory that was
previously written down to net realizable value due to a change in
circumstances. The adoption of this standard had no impact on the Company's
financial results.
Future Accounting Pronouncements
International Financial Reporting Standards ("IFRS")
In January 2006, the CICA's Accounting Standards Board ("AcSB") formally
adopted the strategy of replacing Canadian GAAP with IFRS for Canadian
enterprises with public accountability. The current conversion timetable
calls for financial reporting under IFRS for accounting periods commencing
on or after January 1, 2011. On February 13, 2008 the AcSB confirmed that
the use of IFRS will be required in 2011 for publicly accountable
profit-oriented enterprises. For these entities, IFRS will be required for
interim and annual financial statements relating to fiscal years beginning
on or after January 1, 2011.
Goodwill and Intangible Assets
Section 3064, Goodwill and intangible assets, establishes revised standards
for recognition, measurement, presentation and disclosure of goodwill and
intangible assets. Concurrent with the introduction of this standard, the
CICA withdrew EIC 27, Revenues and expenses during the pre-operating period.
As a result of the withdrawal of EIC 27, the Company will no longer be able
to defer costs and revenues incurred prior to commercial production at new
operations. The new standard is effective as of January 1, 2009.
The Company is currently assessing the impact of these new accounting
standards on its consolidated financial statements.
4. CAPITAL MANAGEMENT
The Company's objective when managing capital is to safeguard its
accumulated capital in order to provide an adequate return to shareholders
by maintaining a sufficient level of funds, in order to support continued
production and maintenance at the Omagh mine and to acquire, explore and
develop other precious and base metal deposits in Northern Ireland.
The Company manages its capital structure and makes adjustments to it, based
on the level of funds available to the Company to manage its operations. In
order to maintain or adjust the capital structure, the Company expects that
it will be able to obtain equity financing and generate positive cash flow
from operations to maintain and expand its operations. There are no
assurances that these initiatives will be successful. Management reviews its
capital management approach on an ongoing basis.
There were no changes in the Company's approach to capital management during
the three months ended March 31, 2008. Neither the Company nor its
subsidiaries are subject to externally imposed capital requirements.
5. FINANCIAL RISK FACTORS
The Company's risk exposures and the impact on the Company's financial
instruments are summarized below:
Credit risk
Credit risk is the risk of loss associated with a counterparty's inability
to fulfill its payment obligations. The Company's credit risk is primarily
attributable to accounts receivable. Accounts receivable consist mainly of a
trade account receivable from one customer and Value Added Tax receivable.
The Company is exposed to concentration of credit risk with one of its
customers representing 50% of the accounts receivable. Management believes
that the credit risk is minimized due to the financial worthiness of this
company. Value Added Tax receivable is collectable from the Government of
Ireland. The Company does not have derivative financial instruments. No
trade accounts receivable balances are past due or impaired.
Liquidity Risk
The Company manages liquidity risk by monitoring maturities of financial
commitments and maintaining adequate cash reserves and available borrowing
facilities to meet these commitments as they come due. As at March 31, 2008
and December 31, 2007, the Company had negative working capital. All of the
Company's financial liabilities have contractual maturities of less than 30
days other than the financing facility and certain related party loans. The
Company is using operating cash flows to manage and is seeking additional
capital to increase liquidity.
Market Risk
Market risk is the risk of material loss that may arise from changes in
market factors including, interest rates, foreign exchange rates, commodity
and equity prices.
(a) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows
of a financial instrument will fluctuate due to changes in market
interest rates. The Company has minimal cash balances and significant
interest-bearing debt. The Company is exposed to interest rate risk on
the term loan facility and certain related party loans which bear
interest at variable rates.
(b) Foreign currency risk
Certain of the Company's expenses and revenues are incurred and received
in the currencies of Northern Ireland and the United Kingdom and are
therefore subject to gains and losses due to fluctuations in these
currencies against the Canadian dollar.
(c) Price risk
The Company is exposed to price risk with respect to commodity and
equity prices. Equity price risk is defined as the potential adverse
impact on the Company's earnings due to movements in individual equity
prices or general movements in the level of the stock market. Commodity
price risk is defined as the potential adverse impact on earnings and
economic value due to commodity price movements and volatilities. The
Company closely monitors commodity prices of gold, individual equity
movements, and the stock market to determine the appropriate course of
action to be taken by the Company.
Sensitivity Analysis
The Company designated its cash as held-for-trading, which is measured at
fair value. Accounts receivable and advances are classified as loans and
receivables, which is measured at amortized cost. Accounts payable and
accrued liabilities, financing facility and due to related party are
classified as other financial liabilities, which are measured at amortized
cost.
Based on management's knowledge and experience of the financial markets, the
Company believes the following movements are "reasonably possible" over a
three month period:
i) The term loan facility and certain related party loans are subject to
interest rate risks. Sensitivity to a plus or minus 1% change in
interest rates would affect net loss by approximately $4,900.
ii) The Company is exposed to foreign currency risk on fluctuations
related to cash, accounts receivable and advances, accounts payable and
accrued liabilities, due to related party and financing facility that
are denominated in U.K. pound sterling. Sensitivity to a plus or minus
5% change in the foreign exchange rates would affect net loss by
approximately $241,000.
iii) Net loss would be impacted by changes in average realized gold
prices. Sensitivity to a plus or a minus 10% change in average realized
gold prices would affect net loss by approximately $57,000.
6. INVENTORY
March 31, December 31,
2008 2007
Concentrate inventory $ 858,061 $703,606
Finished goods 470,035 329,990
__________ __________
$1,328,096 $1,033,596
========== ==========
7. PROPERTY, PLANT AND EQUIPMENT
March 31, 2008
Accumulated
Cost Amortization Net
Deferred development and
exploration costs $10,611,985 $ 327,586 $10,284,399
Freehold land and buildings 3,019,588 269,207 2,750,381
Plant and machinery 5,434,654 1,546,686 3,887,968
Motor vehicles 64,820 40,927 23,893
Office equipment 79,575 49,000 30,575
Moulds 81,802 81,802 -
__________ __________ __________
$19,292,424 $2,315,208 $16,977,216
========== ========== ==========
December 31, 2007
Accumulated
Cost Amortization Net
Deferred development and
exploration costs $ 10,539,905 $ 209,216 $10,330,689
Freehold land and buildings 3,019,588 227,324 2,792,264
Plant and machinery 5,264,958 1,364,589 3,900,369
Motor vehicles 62,040 39,420 22,620
Office equipment 79,575 47,858 31,717
Moulds 81,802 81,802 -
__________ __________ __________
$19,047,868 $1,970,209 $17,077,659
8. FINANCING FACILITY
Amounts payable on the long term debt are as follows:
March 31, December 31,
Interest 2008 2007
Financing facility (238,700 GBP) 3.71% $ 139,150 $ 160,949
Financing facility (180,000 GBP) 3.97% 131,488 156,448
Financing facility (199,160 GBP) 4.03% 282,855 290,314
Term loan facility (250,000 GBP) 7.50% 397,734 419,909
__________ __________
951,227 1,027,620
Less current portion 521,858 495,217
__________ __________
$ 429,369 $ 532,403
========== ==========
Principal repayments over the next four years are as follows:
2009 $ 521,858
2010 299,123
2011 130,246
__________
$ 951,227
==========
9. SHARE CAPITAL
(a) Authorized and issued
Authorized
Unlimited number of common and preference shares issuable in Series
Issued common shares
Number of Stated
Shares Value
Balance, December 31, 2007 and March 31, 2008 175,675,855 $ 26,134,279
========== ==========
(b)Warrants
The following table shows the continuity of warrants for the period ended
March 31, 2008:
Weighted
Number Average
of Warrants Price
Balance, December 31, 2007 and March 31, 2008 24,404,000 $ 0.34
As at March 31, 2008, the following warrants were outstanding:
Number Fair Exercise Expiry
of Warrants Value ($) Price ($) Date
14,000,000 1,735,000 0.32 July 26,2008
1,300,000 178,100 0.25 July 26, 2008
5,284,000 453,420 0.45 September 2,2008
3,820,000 51,180 0.32 September 4,2008
__________ __________
24,404,000 2,417,700
(c)Stock options
The following table shows the continuity of options for the period ended
March 31, 2008:
Weighted
Number Average
of Options Price
Balance, December 31, 2007 10,550,000 $ 0.15
Granted (i) 250,000 0.16
__________ __________
Balance, March 31, 2008 10,800,000 $ 0.15
========== ==========
Stock-based compensation expense includes $117,613 relating to stock options
granted in previous years that vested during the year.
(i) On February 20, 2008, 250,000 stock options were granted to an
employee of the Company to purchase common shares at a price of $0.16
per share until February 20, 2013. The options vest one-third upon
grant, one-third on the first anniversary of grant and one-third on the
second anniversary of grant. The fair value attributed to these options
was $32,250 and will be expensed in the statements of loss and credited
to contributed surplus as the options vest. Included in the stock-based
compensation for the period ended March 31, 2008 is $13,439 related to
the vested portion of these stock options.
As at March 31, 2008, the following stock options were outstanding:
Exercisable Number Exercise Expiry
Options of Options Price ($) Date
1,400,000 1,400,000 0.15 April 10,2008
250,000 250,000 0.26 July 31, 2008
200,000 200,000 0.10 May 13, 2010
333,333 500,000 0.26 June 14, 2011
166,667 500,000 0.23 June 15, 2012
2,566,667 7,700,000 0.14 December 24, 2012
83,333 250,000 0.16 February 20, 2013
__________ __________
5,000,000 10,800,000
========== ==========
10. RELATED PARTY TRANSACTIONS
The Company was charged $16,050 (March 31, 2007 - $6,691) for accounting and
corporate secretarial services by companies associated to an officer of the
Company in the normal course of business at the exchange amount. Accounts
payable includes $24,227 (December 31, 2007 - $52,385) owing to these
companies.
Director fees of $9,000 (March 31, 2007 - $6,000) were paid or accrued
during the three months ended March 31, 2008.
Included in due to related party is $1,564,536 (766,666 GBP) owing to a
director and companies controlled by a director of the Company. $547,010
(268,050 GBP) of the loan is secured against a second charge on the land
owned by Omagh and the balance of the loan is unsecured. The loans bear
interest at base rate plus 2%. $798,016 (391,050 GBP) is due over a period
of 3 years. At March 31, 2008, interest of $30,290 (14,843 GBP) was accrued
and included in accounts payable and accrued liabilities.
Also included in due to related party, the Company obtained a loan facility
from G&F Phelps, a company controlled by a director of the Company, in the
amount of $842,115 (412,660 GBP) for the financing of mining equipment. The
term loan is for a period of 4.25 years interest bearing at 4.04% flat with
monthly payments of $17,464 (8,793 GBP) and is secured by all equipment
owned by the Company's wholly-owned subsidiary Omagh.
Transactions with related parties were in the normal course of operations
and were measured at the exchange amounts.
11. SUPPLEMENTAL CASH FLOW INFORMATION
Three Months Three Months
Ended Ended
March 31, March 31,
2008 2007
(a)Net change in non-cash working capital
Accounts receivable and advances $ 57,008 $131,975
Inventory (294,500) 1,288
Accounts payable and accrued liabilities 281,985 (742,274)
Deferred revenue 262,545 -
__________ __________
$307,038 $(609,011)
========== ==========
(b)Supplemental information
Amortization capitalized to deferred
development costs $ - $ 197,186
========== ==========
Interest paid $ 10,769 $ 10,875
========== ==========
Interest paid includes $10,769 (March 31, 2007 - $10,875) of interest paid
on the financing facility. Of these amounts, $nil (March 31, 2007 - $10,875)
were charged to deferred development costs and $10,769 (March 31, 2007 -
$nil) was expensed to the statements of loss.
12. SEGMENT DISCLOSURE
The Company, after reviewing its reporting systems, has determined that it
has one reportable segment. The Company's operations are substantially all
related to its investment in Cavanacaw Corporation ("Cavanacaw") and its
subsidiaries, Omagh and Galantas. Substantially all of Cavanacaw's revenues,
costs and assets of the business that support these operations are derived
or located in Northern Ireland.
-END-
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