ST. HELIER, JERSEY, Sept. 23, 2014
/CNW/ - EastSiberian Plc ("EastSiberian" or the "Corporation")
a Jersey company, reports its audited financial results for its
year ended May 31, 2014. EastSiberian
has filed its Annual Consolidated Financial Statements for the year
ended May 31, 2014 and its
Management's Discussion and Analysis ("MD&A") on
www.sedar.com.
SELECTED FINANCIAL INFORMATION
The audited consolidated financial information of EastSiberian
includes the Corporation, its subsidiaries and its investments in
equity accounted investees.
Selected financial information for the years ended May 31,
2014 and 2013 and as at May 31, 2014 and May
31, 2013 are set out below and should be read in conjunction with
EastSiberian's May 31, 2014 Consolidated Financial
Statements and MD&A. All financial information is stated
in United States dollars, unless otherwise indicated.
|
|
Year ended May
31,
|
|
|
2014
|
2013
|
Net loss for the
period
|
|
215,013
|
1,689,295
|
Weighted average
number of common shares
|
|
|
|
outstanding – basic
and diluted
|
|
4,959,340
|
4,903,998
|
Net loss per share –
basic and diluted
|
|
-0.04
|
-0.34
|
Comprehensive loss
for the period
|
|
478,952
|
1,690,784
|
|
|
|
|
Cash flow provided
from (used in) operations
|
|
(284,197)
|
(2,151,926)
|
Cash flow from (used
in) investing
|
|
-
|
2,284,817
|
Cash flow from (used
in) financing
|
|
-
|
100,000
|
Foreign exchange gain
(loss) on cash
|
|
(1,750)
|
1,759
|
Increase (decrease)
in cash and cash equivalents
|
|
(373,363)
|
232,892
|
|
|
|
|
Cash and cash
equivalents
|
|
48,009
|
423,122
|
Working capital
deficit
|
|
(1,132,837)
|
(753,885)
|
Total
assets
|
|
96,007
|
543,985
|
Total
liabilities
|
|
1,228,844
|
1,297,870
|
Shareholders' equity
(deficit)
|
|
(1,132,837)
|
(753,885)
|
|
|
|
|
EastSiberian reported a net loss for the year ended May 31, 2014 of $215,013 ($0.04 per
share) compared to a net loss of $1,689,295 ($0.34
per share) for the year ended May 31,
2013. The loss for the current period consisted of general
and administrative expenses of $635,615, loss on equity accounted investees of
$89,166, foreign exchange loss of
$21,602, gain on settlement of
accrued liabilities of $238,296, gain
on foreign exchange differences realized from other comprehensive
income of $266,734 and other income
of $26,340, whereas the loss for the
year ended May 31, 2013 consisted of
general and administrative expenses of $1,521,890, loss on equity accounted investees of
$199,762, foreign exchange gain of
$112,437.
About EastSiberian
EastSiberian is an international junior oil exploration company
incorporated in the Bailiwick of Jersey. For further information,
please visit the EastSiberian Plc website at
www.eastsiberianplc.com.
Neither the TSX NEX nor its Regulation Services Provider
(as that term is defined in the policies of the TSX NEX) 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.
SOURCE EastSiberian Plc