material uncertainty

44 days ago

Cellular Goods: disastrous results, what on earth are auditors at PKF LittleJohn smoking?

My cat looked at these results and did the maths: Cellular Goods (CBX) will run out of cash within six months. Yet PKF Littlejohn has said there is no material uncertainty. That is just bollocks and I shall be flagging this up with the Financial Reporting Council.

130 days ago

GOTCHA! Tintra 2022 Results Part 4 – is shareholders equity understated by £8,065,000. Er.....yes it is

In my first article on Tintra’s (TNT) accounts for the year ended 31 January 2023, I raised a question around why the auditor didn’t qualify its audit opinion given management disagreed with the auditor’s opinion that there was a material uncertainty over going concern. In the second article I highlighted concerns with the adequacy of the auditors work on the debt instrument. In my third note I looked at the two discontinued operations which were sold where more questions arise for the auditor. Now for the ten million dollar discrepancy.

165 days ago

Supply@Me Capital interims - technically insolvent and material uncertainty over going concern as Zamboni fails to show (SY)ME the money

Today’s interim results from Supply@ME Capital (SYME) have the usual features with the promises of jam tomorrow from the CEO Alessandro Zamboni but in reality, there are tiny revenues of just £77,000, negative gross margins of £108,000, pre-tax losses of £2,561,000, net liabilities on the statement of financial position of £2,146,000 and a material uncertainty caveat over going concern. So very much business, or rather lack of it, as usual.

165 days ago

THE FCA IN DISGRACE AGAIN on £60m scam: RegTech Open Project - from IPO to material uncertainty over going concern in 1 month

The FCA approved the prospectus for Regtech Oen Project (RTOP) to list on the Standard segment of the Main Market on 25 August. Today, just a month later there is a disaster. I have warned the FCA abut this, surely it must consider an enquiry into how it has fecked it up yet again.

176 days ago

Avacta hires a second broker – why do you think that is?

Stifel Europe failed to get away a £10 million placing at 90p, no 80p, in mid June as I exposed HERE but, as I pointed out earlier this week HERE, Avacta (AVCT) MUST get away another placing before Easter in order to avoid its auditors flagging up a material uncertainty. Today we have news…

306 days ago

Verditek utterly piss poor results (again) and a hidden & dishonest material uncertainty warning: it could go bust before August

You have to look long and hard to find the “material uncertainty” warning and most of the morons suckered into this stock by disgraced share Tipster Mike Walters of 3DM, Polly Peck, Minmet, etc, etc infamy and by the lies and bogus contracts announced by the company are too damn stupid to look. If the do the warning is utterly misleading. Verditek (VDTK) faces another imminent cash crisis and could go bust before the start of August.

312 days ago

More ouzo for the Sheriff! Bidstack: dire numbers, cash crisis, material uncertainty and death spiral on the way

Bidstack (BIDS) delayed and delayed its results in the hope that it might have secured a refinancing by the time dire numbers were published but in the end this POS company had no choice but to fess. The numbers are truly dismal, H1 2023 looks to be piss poor to, the auditors flag up a material uncertainty and unable to get a placing away its death spiral time.

416 days ago

Wildcat Petroleum interims, it gets even worse – Omission of material uncertainty over going concern

Earlier today I showed you 6 schoolboy errors in the interims from Wildcat Petroleum (WCAT) which meant that the P&L, balance sheet and cashflow statement were all wrong and must surely be restated on Monday morning. But it gets worse, much worse.

454 days ago

David Beckham’s Guild Esports – is the rescue placing now underway?

You may remember that on 31 January Guild Esports (GILD) tried to hide from its shareholders the statement by its auditors that there was a material uncertainty as to its ability to pay bills as they fell due for 12 months and that a placing was now underway. As the FCA forced it to ‘fess after hours, Guild said that there would be a placing but it was not actually underway, the auditors had been misled. Wind forward…

461 days ago

David Beckham’s Naughty Guild Esports is hiding something from you all: a material uncertainty and looming bankruptcy perhaps?

Guild Esports (GILD) has today published piss poor annual results for the year to September 30 but it has not published the full notes to the accounts or the annual report and will not do so until later today and then only on its website. So what is it hiding? I suggest that its auditors may have flagged up a material uncertainty and that is what is being hidden. I have asked the company if this material omission from the results is what it is hiding but it has declined to comment. Here are the maths on how close Guild is to bankruptcy.

699 days ago

Is Nostra Terra Oil & Gas misleading investors about a material uncertainty?

This is not rocket science, but I suggest to you that devout Christian, Matt Lofgran (praise be the Lord), and London’s worst Nomad, Roland “Fatty” Cornish, may be deceiving their investors. Here’s why.

704 days ago

Eden Research – no material uncertainty? I really am a banana

The fraudsters at Eden Research (EDEN) have served up calendar 2021 numbers and laughably claim that the company has enough cash to last another 12 months. If so I am a banana. The claim is patently not true.

1100 days ago

Verditek – what will the auditors say about the carrying value of inventory if the company has not already gone bust?

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.