| JUNE 30, | JUNE 30, | ||
|---|---|---|---|
| 2007 | 2006 | ||
| $000 | $000 | ||
| ASSETS | |||
| Current | |||
| Cash and cash equivalents | 5,884 | 26,560 | |
| Accounts receivable (note 11) | 406 | 600 | |
| Prepaid expenses | 509 | 40 | |
| Inventory | 53 | - | |
| Total current assets | 6,852 | 27,200 | |
| Property, plant and equipment (note 12) | 7,261 | 293 | |
| 14,113 | 27,493 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| Current | |||
| Amounts due to related party (note 14) | 32 | 455 | |
| Taxes payable | 186 | 119 | |
| Accounts payable and accrued liabilities (note 6) | 3,677 | 1,801 | |
| Short term borrowings (note 7) | 10,028 | – | |
| Total current liabilities | 13,923 | 2,375 | |
| Long term borrowings (note 8) | 50 | – | |
| Commitments and contingencies (note 15) | |||
| Shareholders’ equity | |||
| Share capital (note 9) | 33,311 | 33,263 | |
| Contributed surplus (note 10) | 4,187 | 1,947 | |
| Deficit | (37,358) | (10,092) | |
| Total shareholders’ equity | 140 | 25,118 | |
| 14,113 | 27,493 |
See accompanying notes to consolidated financial statements