139 days ago
On Friday Argentex (AGFX) called in the administrators. Its last annual accounts were signed off by Christopher Brough of Deloitte on 2 Apil and there was no material uncertainty regarding its ability to pay its liabilities as they fell due for 12 months. In fact it is worse than that and this should be career ending for Brough.
168 days ago
Versarien (VRS) interims are late based on their historic publication dates, good news travels fast, bad news is often delayed.
185 days ago
The recent RNS from Caracal Gold (GCAT) publishing the audited results for the year to 30 June 2024 was interesting because it contained a rare disclaimer of opinion on the financial statements by the auditors RPG Crouch Chapman in respect of the the lack of sufficient and appropriate audit evidence to support the going concern basis of preparation adopted by management which if inappropriate would have highly material impacts on the accounts.
794 days ago
Tern (TERN) investee company Wyld Networks AB wholly owned UK subsidiary Wyld Networks Limited prepares its accounts under FRS 102. FRS 102 requires at least a 12 month forward looking statement to be made about the ability of a company to continue as a going concern.
1203 days ago
I wish Bruna Nikolla the very best of luck as she becomes the new CFO at Cellular Goods (CBX) just in time to have a good chat with the auditors about whether this company can be viewed as a going concern.
1523 days ago
On 17 September a chap called Matthew Scarborough subscribed to ShareProphets and at once sent us an email saying that he had an article he had drafted and wondered who he might submit it to for consideration. Hell: he might have had something interesting to say, some fraud to bust, so I suggested sending it to me. I had no idea who Mr Scarborough was. That could wait until I saw the piece.
1613 days ago
The headline results of Supply@ME Capital (SYME) were, as I predicted, piss poor: revenue was a mere £1,147,000 and the loss for the year was £2,964,000. The balance sheet shows net liabilities of £452,000 and net current liabilities of £1,332,000.
1672 days ago
The cash position at Verditek (VDTK) must be really grim by now. Cash balances at 31 December – just a couple of months after a £3.5 million fund raise – were just £1.7 million. Still not generating any revenues at all, my guess is that cash is now well under £1 million and heading south rapidly. As the auditors consider 2020 accounts they must surely be insisting that there is a material uncertainty as to whether this can be viewed as a going concern or not. But there is another million dollar question.
3449 days ago
AIM dog with fleas Servision (SEV) waits until the wire to report its calendar results, ie until June 30. That is partly because it is a shoddily run company and partly because it always need a placing to get its accounts signed off without a horrible emphasis of matter statement. No new cash = not a going concern. But this year it looks rather different and the wire day is Thursday. This looks grim.
4219 days ago
The last reported results from AIM Cesspit listed Independent Resources (IRG) were dire and the company admitted that it needed funding within twelve months to be viewed as a going concern. I should cocoa – the maths are dire.
Independent published its results for the six months to 30th September at 1.31 PM on Tuesday 30th December. In other words at “no-one is watching O’Clock”.
Cash
4242 days ago
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 31st 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 31st 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
