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ACT Energy Technologies Ltd T.ACX

Alternate Symbol(s):  CETEF

ACT Energy Technologies Ltd., formerly Cathedral Energy Services Ltd., is a Canada-based energy company. It is a partner to North American energy companies requiring high-performance directional drilling, measurement while drilling (MWD) and rotary steerable services, as well as in providing remote operations. It operates in Canada and in the United States as Altitude Energy Partners, and in the United States under Discovery Downhole Services and Rime Downhole Technologies. The Altitude Energy Partners specializes in providing solutions for the energy sector. Its directional drilling services includes mud motors, rotary steerable system (RSS), measurement while drilling (MWD), and real-time operations. The Discovery Downhole Services specializes in providing drilling solutions to meet clients' needs. The Rime Downhole Technologies is an engineering company specializing in crafting products for the downhole MWD industry. Its services include rentals, training, maintenance, and repairs.


TSX:ACX - Post by User

Bullboard Posts
Post by auburn2on Oct 13, 2020 3:10pm
159 Views
Post# 31708333

A Quick Refresher on the Latest Balance Sheet

A Quick Refresher on the Latest Balance Sheet
$24.58 million of current assets. Just $6.31 million of current liabilities. Long term debt is only $5.94 million. Shareholders' equity still is $54 million after all the recent impairments. They're getting assistance from both Canadian and American COVID-19 programs.

 In Q2 2020, it recorded the benefit of $637 from the Canada emergency wage subsidy, and Cathedral expects to apply and receive further benefits until the program expires. In third quarter 2020, the company expects to finalize the portion of the U.S. paycheque protection program (PPP) that will be forgiven. The company currently estimates that approximately 70 per cent of the loan proceeds ($525 (U.S.)) may be forgiven, if the U.S. Treasury guidelines for forgiveness are met.

Market cap is only $5.6 million.
Bullboard Posts