Few concerns from 2019 financial accounts
- No accounts receivable so presumably at time of filing had no live orders, possible given Covid-19
- Mentions sale of subsidiaries, but unsure how much they contributed to revenue
- Statement from management to say they wouldn’t be able to meet creditors in the following year and accounts were filed as going concerns
- Note some previous debt holders converted to 230m shares
Seems like a really cash strapped business, and wonder if the recent dilution is a way to raise funds?
With all that said above, I’m expecting the restructure to have changed things. So I’m really keen to see the 2020 accounts and notes.
I hold a large position and taking a risk on this one, but interested to know your thoughts on 2019 accounts. Thanks!