Welcome!

News Feed Item

EastSiberian Plc (TSX NEX: ESB.H) Reports Financial Results for Third Quarter 2014

ST. HELIER, JERSEY, April 21, 2014 /CNW/ - EastSiberian Plc, formerly PetroKamchatka Plc, ("EastSiberian" or the "Corporation") a Jersey company, reports its unaudited financial results for its third quarter of fiscal year 2014. EastSiberian has filed its Condensed Interim Consolidated Financial Statements for the nine months ended February 28, 2014 and its Management's Discussion and Analysis ("MD&A") on www.sedar.com and on its website at www.eastsiberianplc.com.

Due to the lack of funding progress to date and the Corporation's liquidity position, the liquidation basis of accounting was adopted effective November 30, 2013. Under this basis of accounting, assets are valued at their net realizable values and liabilities are stated at their estimated settlement amounts.

Selected financial information as at and for the nine months ended February 28, 2014 and 2013 are set out below and should be read in conjunction with EastSiberian's May 31, 2013 audited Consolidated Financial Statements and MD&A.

SELECTED FINANCIAL INFORMATION

The unaudited consolidated financial information of EastSiberian includes the Corporation, its subsidiaries and its proportionate share of the accounts of its joint interest entities.

All financial information is stated in United States dollars.

       
  Three month ended
  February 28,
  Nine month ended
  February 28,
  2014 2013   2014 2013
Expenses (121,290) (214,538)   (500,140) (1,198,641)
Other items 22,031 (7,235)   19,801 33,583
Gain from accounts payable write-off - -   321,797 -
Net loss and comprehensive loss (99,259) (207,303)   (158,542) (1,165,058)
Net loss per share - basic and diluted (0.02) (0.04)   (0.03) (0.24)
Cash flow from (used in) operating activities (102,390) (577,365)   (312,754) (2,449,642)
Cash flow from investing activities - -   - 2,492,045
Cash flow from financing activities - -   - 100,000
Foreign exchange gain (loss) on cash held in foreign currencies - 6,274   - 9,579
Increase (decrease) in cash and cash equivalents (102,390) (577,365)   (312,754) 142,403

As at         February 28, 2014     May 31, 2013
Total assets       $ 179,885   $ 545,231
Total liabilities       $ 1,164,469   $ 1,471,273
Shareholders' equity       $ (984,584)   $ (926,042)
Number of common shares outstanding         5,103,998     4,903,998

EastSiberian reported a net loss for the three months ended February 28, 2014 of $99,259 ($0.02 per share) compared to a net loss of $207,303 ($0.04 per share) for the three months ended February 28, 2013.  The loss for the current period consisted of general and administrative expenses of $121,290, finance loss of $4,309 and other income of $26,340, whereas the loss for the third quarter of fiscal year 2013 consisted of equipment operating gain of $238,296, general and administrative expenses of $452,834, finance loss of $2,152 and income taxes of $9,387.

In the three months ended February 28, 2014 and 2013, cash flow used in operating activities was $102,390 and $577,365 respectively.  There were no capital expenditures in the three months ended February 28, 2014 and 2013.

At February 28, 2014, the Corporation's working capital deficiency was $984,584 compared to $926,042 at May 31, 2013.

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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection. In his session at 18th Cloud Expo, Bradley Holt, a Developer Advocate with IBM Cloud Data Services, discussed...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.