Pacific Iron Ore Releases 2015 Financial Statements

Pacific Iron Ore (TSXV:POC) released its 2015 results, reporting a net loss of $1,178,388.
As quoted in the press release:

The major contributor to the net loss for the year was the fair value adjustment for assets held for sale of $600,000 (2014 – ($80,000)). Other expenses included: operating expenses of $122,235 (2014-$140,965); general and administrative costs of $236,244 (2014 – $171,402). The Corporation realized no benefit from recognizing future income tax recoveries in 2015 and 2014.
Operating expenses totaled $122,235 in 2015 as compared to $140,965 in 2014, an increase of $15,148. In 2015, the major categories of expenditure were as follows:

• Amortization of equipment of $6,768 ($6,441 in 2014).
• Consulting costs of $67,512 ($85,060 in 2014) relating to operational management services provided to the Corporation which did not pertain to exploration or financial services.
• Travel costs of $14,025 ($6,636 in 2014) incurred in transporting staff, advisors and investors to the Corporation’s principal mining properties.
• Office, rent and utility expenses of $3,218 ($14,282 in 2014).
• Automotive related costs of $3,086 ($220 in 2014).
• Insurance costs $10,000 ($10,750 in 2014).
• Equipment rental of $16,047 ($17,492 in 2014).

Click here for the full press release.