ST. HELIER, Jersey, Sept. 8, 2015 /CNW/ - EastSiberian Plc
("EastSiberian" or the "Corporation") a Jersey company, reports its
audited financial results for the year ended May 31, 2015. EastSiberian has filed its
Consolidated Financial Statements for the year ended May 31, 2015 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 year
ended May 31, 2015 and 2014 and as at May 31,
2015 and May 31, 2014 are set out below and should be
read in conjunction with EastSiberian's May 31,
2015 Consolidated Financial Statements and MD&A. All
financial information is stated in United States dollars,
unless otherwise indicated.
|
|
All amounts
expressed in USD
|
Year ended May
31,
|
|
2015
|
2014
|
General and
administrative expenses
|
1,166,580
|
639,750
|
Loss on equity
accounted investees
|
43,127
|
89,166
|
Accounts receivable
write-down
|
175,511
|
-
|
Other
income
|
-
|
(26,340)
|
Foreign exchange loss
(gain)
|
(4,674)
|
17,467
|
Gain from accounts
payable write-off
|
-
|
(238,296)
|
Gain on foreign
exchange differences transferred from other comprehensive
income
|
-
|
(266,734)
|
Loss before income
taxes
|
1,380,544
|
215,013
|
|
|
|
Current income
taxes
|
-
|
-
|
Net
loss
|
1,380,544
|
215,013
|
|
|
|
Other comprehensive
loss (income)
|
|
|
Foreign exchange
differences on translation of foreign operations
|
1,641
|
(2,795)
|
Foreign exchange
differences reclassified to income
|
-
|
266,734
|
Other
comprehensive loss
|
1,641
|
263,939
|
|
|
|
Total
comprehensive loss for the year
|
1,382,185
|
478,952
|
EastSiberian reported a net loss for the year
ended May 31, 2015 of $1,380,544 ($0.9
per share) compared to a net loss of $215,013 ($0.04 per
share) for the year ended May 31,
2014. The loss for the current period consisted of general
and administrative expenses of $1,166,580, loss on equity accounted investees of
$43,127, accounts receivable
written-down of 175,511 and foreign exchange gain of $4,674, whereas the loss for the year ended
May 31, 2014 consisted of general and
administrative expenses of $639,750,
loss on equity accounted investees of $89,166, foreign exchange loss of $17,467, other income of $26,340, gain from accounts payable write-off of
$238,296 and gain on foreign exchange
differences transferred from other comprehensive income of
$266,734.
Nicaragua Update
On August 29, 2015,
the Corporation was informed by the Ministry of Energy and Mines
("MEM") of the Government of Nicaragua that the Corporation's request to
MEM for approval as a qualified exploration and exploitation
contractor in Nicaragua, submitted
on July 21, 2015, was denied. In its
decision, MEM cited specific deficiencies in the application. In
subsequent discussions with MEM, they have indicated that they are
receptive to a revised application from the Corporation that
addresses the deficiencies raised by MEM. The Corporation is
working to address the identified deficiencies and intends to
submit a revised application in the near future.
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 unaudited
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