Reviewed financials - Several concerns with the numbersI have reviewed the financial statements of the company and once I passed the headlines I found several areas of concern as follows:
Sales of $ 25 million and receivables of $ 24 million
How can the company have $ 25 million in sales and, $ 24 million in receivables? This means that they only collected $ 1 million from these sales? Am I reading this correctly?
Accounts payable of +/- $ 20,500,000
How can the company have accounts payable of $ 20,500,000? Accounts payable are paid within 30 days.
Are the employees working for free for 3 months?
I did not see any details on sedar as to why these amounts are so huge
Impairement of +/- $ 1,700,000
There is another impairement of $ 1,700,000, which seems to confirm another lost investment. So add this to the mountain of other bad investments.
Cash of only +/- $ 900,000
I would like to know where all the cash went from the private placements. It was to clear the debts. Long term debts goes down but short term debt of accounts payable skyrockets upwards?
With payables soaring it means very few people are getting paid, so with raising of funds, where did funds go to?
Reverse stock split 1 for 15
There would be no need to do a reverse stock split with numbers reported so why are they still doing it?
Covid19 virus going away
Per Pfizer spokesman, pandemic going away on January 4th, 2022. David wants to continue testing as he sees the pandemic here to stay. Right now I would side with Pfizer as there were only +/- 148 deaths in USA yesterday, a huge low.
Good Luck to Everyone,
Definitely happy that I sold and, will not buy at all. Too many concerns
My personal opinion