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Great Panther Silver ( (GPL): It's not just the operating results that suck these days

The balance sheet is also clearly degrading now.

It's actually depressing to cover Great Panther Silver (GPL) ( It used to be perversely funny, but we're now at the point where the company hasn't returned a quarterly net profit since 1q13 and your author's total mystery as to how this abysmally run silver mining company can command the share price that it does (even after the big drop it's seen) has transformed into resigned headshaking and wonderment that there are retail investment people out there stupid enough to own this stock still. Anyway, GPR reported another set of trainwreck financials last night (amazingly they waited until PDAC was over) and here are a few charts of the balance sheet items only, because even the dumbass ne'er say die brigade will be able to work out that a $26.9m net loss isn't good.

Assets have taken their write-down (all the following in Canadian dollars):

Debt is rising:

And though working cap seems to be holding up...

...a lot of that is a mysterious line item "trade payables" that looks overstuffed, never seems to drop much from quarter to quarter and the footnote details on this line item are very vague. Got a bad debt there that you're not disclosing, Mister Archer? 

The cash treasury of which GPR is so proud is now under CAD$18m, or if you prefer that's less than 13c per share. We can guarantee that cash position will drop further in 2015 at any silver price under U$18/oz (and even then that's probably being generous). Meanwhile, book value is CAD$0.42 per share, which means its current CAD$0.74 share price is still in the clouds compared to what it can do under current silver prices. No wonder this company is keen on buying assets using all-share deals (and even then ripping off the target company's shareholders).

Finally, and to highlight just how much of a zero-sum game this company is, consider that its book value (i.e. all the assets minus all the liabilities) is $58.73m and its deficit since inception is $75m. Quite literally nothing has come from this company since it was started, apart of course from the way it's made a small handful of directors rich.