RE:RE:RE:RE:New management Good luck. Why just half a mil. Why not more. And you just confirmed you've no idea where and what to look for.
Below is a self explanatory excerpt of/from Note 16 to F/S - Liquidity Risks, which clearly states MC's need to raise more money to carry on. The thing to keep in mind though is that MC is going to lose at least another $750K by the end of December and so they'd need to raise close to $2M just to stay afloat. But to what purpose. MC is going to lose at least another $500K in q1 2021 with loses contniung, again all of this assuming they raise the $2M needed immediately if not sooner, and would then need to raise more to keep going to cover future loses. At half a cent to raise $2M they'd have to issue 400M more shares taking the float to over 750M which in reality means the shares would've to be issued at a quarter of a cent to account for dilution, so more like 800M bringing the total float to way over a Billion. Impressive number. But you go ahead and buy more shares at half a cent. Again the $2M Working Capital Deficit is just to the end of December, forgetting for now that additional debt they carry. And with continuing losses into all of 2021 of at least another $1M since MC is not in a position to show a profit in a foreseeable future if ever given its operating exigencies, it's beyond hopeless. But again don't let that stop you from buying more.
As at September 30, 2020, the Group has current liabilities of $1,372 due within 12 months and had cash and cash equivalents of $183 to meet current obligations. As a result, the Group has liquidity risk and is dependent on raising additional funds for its operations.