Iofina Results – what utter bollocks: this company is almost bust

Iofina (IOF) has today served up a gushing set of results. Everything is up, all looks fabbo, there is no need to raise fresh capital to carry out its “core” business plan, and the directors are confident and say the company is a going concern. What complete and utter bollocks.

I note that it says the full accounts (which will show the nasties) are available on its website. They are, at 7.15 AM, not available on its website.

I note that at December 31 cash stood at $8.268 million. As at March 31^st it stood at $2.3 million. In other words Iofina sent c$2 million to money heaven in each of the first three months of 2014.  Trade payables at December 31^st were c $1.1 million greater than trade payables.

This maybe beyond the scope of analysts at Numis Securities but my cat can do the maths on that one. Surely even the average bulletin board moron can also do his or her sums.

The statement about having the funds

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