Post by
Carbonbull on Feb 21, 2023 11:54am
Trying to fully understand the related party booked revenue
From third quarter in Candian dollars.
$13m booked as trade receivable , per note with security ( because entity was cash flow negative must have been against stock holdings.
No provison taken against collectibiloity
20 percent discount booked to effect a third party purchase of note , with subsequent slae of insider block #( million shares .....in effect about 25 cents a share.
Accurate third quarter numbers reflecting this transaction would have put the company not just a little offside , but way offside on BMO covenants .....again wonder on impact
Worthy to note there was not an auditor review of these numbers due to laate receipt of apotential claim
The related party revenue item as a percentage of non acquired revenue quite a large percentage ,cant calculate but certainly north of 25 percent
Strange set of circumstances makes me cautious in accumulating any further until second quarter numbers are released ......so on the back burner until clarity
Comment by
pennyflipping on Mar 08, 2023 8:42pm
I find it funny that you talk / think this is a real company that's a long term investment when it's just a poorly run penny stock with typical self serving penny stock management team. This is just a trade and once volume dries up, longs will be bagholders.
Comment by
Mikechris on Mar 09, 2023 9:57am
Looks like no more accumulating. Its time to bail
Comment by
pennyflipping on Mar 09, 2023 6:31pm
Agreed, if you are long, time to reassess and think about bailing.