Results are posted!!
Same old, same old. They made a few bucks actually in this last quarter.
The pending agreements where Fauozi takes anything of value and transfers it to his own private company and then gives shareholders a piece of a small company, which he also owns, in return is still in a holding pattern.
Of course he needs approval from the shareholders -- for which he likely has more shares than all the rest of us combined -- so that's likely a shoo-in. He also needs the approval of the Venture Exchange and I would assume there would be some kind of set up there to make that go through. UNknown how much longer he is going to sit on it. I do not see words to that effect in the MD&A.
Revenue
"The Company recorded $17,959 revenue in the secondquarter of 2020 compared to $231 in the same period in 2019. For the first six months of fiscal year 2020, revenues increased by 13,798% to $32,105 from $231 in the same period of 2019.
Revenues are from the sales of LFS scintillation crystals (imaging division) to PET OEMs and scientific organizations that are testing and using our products. Due to specific customer requirements the timing of sales and revenues can fluctuate significantly. The Company has firm commitments for future delivery of crystals. As at January 31, 2020, US $1.12 million of the US $2.5 Million order for LFS scintillation crystals had not yet been fulfilled.The customer deposit account reflects the remaining balance of the orders that have not been fulfilled.
In the period of 2015, 2016, and 2017, Zecotek had fulfilled orders total to US$1.38 million, which leaves the customer deposit account balance to be US $1.12 million. The fulfilled orders would have been recorded as revenue during 2015, 2016 and 2017, which would have been closed to the deficit account. Hamamatsu made the original order after reaching out to major end users of scintillation crystals, with whom it has had long term supply relationships for its detectors and other imaging components."
AssetsHeld for Sale
"On December 19, 2019, the Company entered into a non-arm’s length binding letter of agreement with Birdview Insight Inc., a private developer of project management software with operations based in Vancouver, British Columbia. Pursuant to the letter of agreement, Zecotek agreed to acquire 100% of the outstanding shares of Birdview in consideration for 38 million post-consolidated shares of the Company. The transaction is expected to constitute a reverse takeover under the rules and policies of the TSX Venture Exchange.
As a condition of the transaction, Zecotek must divest itself of its two operating subsidiaries. In order to meet that condition, either concurrently with or prior to the closing of the transaction, Zecotek proposes to sell all of the issued and outstanding shares of its 90% owned subsidiaries, Zecotek Imaging Systems Pte Ltd. (ZIS) and Zecotek Display Systems Pte Ltd. (ZDS) to Zecotek Holdings Singapore Pte Ltd. (ZHS). ZHS is a private company controlled by the President and CEO of Zecotek. Zecotek and ZHS have not yet entered into formal agreements regarding the disposition. The transaction is subject to approval of the Company’s shareholders and final acceptance by the TSX Venture Exchange, which has not ocurred as of January 31, 2020. The subsidiaries have been reclassified to assets held for sale as of January31, 2020."
I have not read the quarterly yet.