RE:RE:RE:RE:10:30 on a Friday night on a long weekend? If anyone has accurate information to correct me please do ... Screaming basher and pond scum really not the information investors are looking for..
Let me clarify this.. I am not an accountant but looking at to Q2 financials from sedar...
This is exactly why the company needs professional analysts so we don't have to do this or have endless pumper posts and "bashers" disproving them with the company's own records
don't be surprised to see me disappear for a week suspended for posting the companies own financials as apparently facts shouldn't be posted. It is funny how messages have been disappearing from this board recently... funny that
As I read it..
Q2 liabilities. June 30 2022
Bank indebtedness 941,180 –
Accounts payable and accrued liabilities 9,404,542
Billings in excess of costs and profits on uncompleted contracts 6,540,109
Current portion of term loans 81,805
Current portion of lease liabilities 3,134,421
Balance due on business combination 2,100,110
Income taxes payable 186,801
Total current liabilities 22,388,968
there is long term such as lease payable to the CEOs trust but that is long term that doesn't affect day-to-day operations.
Page 8 Receivables
June 30 2022 Dec 31 2021
1 – 30 days 2,180,264 2,260,428 31 –
60 days. 496,113. 44,838 61 –
90 days. 554,351. 6,855,822
Greater than 90 days 14,301,053. 7,357,825
Total trade accounts receivable 17,531,781 16,518,913
Other receivables. 85,633 270,536
Sales tax receivable 1,588,348 850,167
Total. Receivables. 19,205,762. 17,639,616
As I read it of the 14.3 million receivable 6.8 was 90 at Dec 31 ,7.3 was over 90 Dec 31
That makes of the 14.3 on June 30. 6.8 was 270 days 7.3 was over 270
You can go back several periods. There is of course the question of is this a drosrite international receivable .
Basically if the 14.3 million is stale dated as it appears and possibly uncollectible the company owes 22.3 million in current liabilities but effectively only has five million in receivables . Even wiping out long term debt unfinished projects etc there's still 10 million in liability with five million in receivables
I would think general accounting practice would have if the products not delivered like the four machines and the 14.3 million is stale dated related to those machines it shouldn't be on the books as receivable and should be placed in bad debt while the machines are put into assets for possible future sale.
Again I'm not an accountant however this does not look good to me do your own review. The records are there. You can rely on the countless pumpers on here or you can rely on company financials... pick one
if anyone has actual useful response it would be helpful to all.
if you ever wonder why they don't hire an analyst this might be a clue but be ready for a not pretty Q3
Again the CEO now dumping shares at $1.40 and threatening to sue me on September 9th when I asked him about the status really really doesn't bode well for the October 31st SAT occurring on time.
Again if the delay announcement comes and if it doesn't come from Vale you might really really want to take a hard look
you also might wanna watch the last dog and pony show with a skeptical eye. The 9.2 million is shown which we all know now no longer exists but also the references to the dates of vale etc suddenly start adding months while the company still refuses to disclose that the SAT is not occurring on the date. Let's not forget at the AGM CEO clearly stated it was going to occur as per the press releases (July 31) and two weeks later there's a 90 day delay announced.
Gee I hope I'm wrong I can't wait for the October 31st successful SAT announcement .I personally believe in the unlikely event it actually occurs on time I expect they will now state they require 3 Meg for testing not one .Considering the company already stated they provided quotes for three megs it is pretty hard to be surprised. Such a change in torch would add at least a year to this client A project...at least
sorrenson wrote: I am not an accountant so review this yourself but the way i take it ...
Take a good look at the second quarter financials 19 million in receivables 14 million is stale 7 is over 270 days
The company owes the bank 1 million, 9 million owed to other parties 6 million in prepaid unfinished work and then there's a huge lease liability which would be owed to pascali on a long term basis . Only the lease is a paper debt. The rest is real
simple math leaves the company millions in debt if I read that correctly. .. If anyone can correct me please do but it appears Q3 is gonna be ugly
again I'm not an accountant so read it yourself but it doesn't look pretty to me
Arthur02 wrote:
lol if the sat cancles were fecked. 50 cents here we go! the way the worlds going right now my moneys on it being cancelled