Caveat Emptor Just dropping in with material data to review and discuss FACTS-not gossip, promises, etc
In the most basic terms, what the auditors in the annual financial statements have said:
“Material uncertainty related to going concern
We draw attention to Note 2 to the consolidated financial statements, which indicates the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. "
And the appropriate section:
‘The Company has incurred, in the last years, operating losses and negative cash flows from operations, and as a result, the Company has an accumulated deficit of $121,889,032 as at December 31, 2023 ($93,384,858 as at December 31, 2022). Furthermore, there have been unexpected delays in the collection of certain accounts receivable from contracts closed in a prior year. This has resulted in a shortfall in cash flows from operating activities that would be used in funding the Company’s operations.
As at December 31, 2023, the Company has working capital deficiency of $7,007,719 (working capital of $1,650,709 as at December 31, 2022) including cash of $1,802,616 ($3,445,649 as at December 31, 2022). The working capital is net of an allowance for credit losses amounting to $9,278,135 ($5,023,283 as at December 31, 2022) as further described in Notes 7 and 8. The Company’s business plan is dependent upon the successful completion of contracts and also the receipt of payments from certain contracts closed in a prior year and expects these payments to be made during fiscal 2024, as well as the achievement of profitable operations through the signing, completion and delivery of additional contracts or a reduction in certain operating expenses. In the absence of this, the Company is dependent upon raising additional funds to finance operations within and beyond the next twelve months.”
This post is educational and for fun only
All In my opinion
Please dont invest based on what I write(nor anyone here writes imo)
Think for yourself…
'I don't hold a position-long or short-nor have absolutely zero intention to do so.
Pleased to watch the train wreck from the sidelines-like a raptors or leafs fan