Intellect Neurosciences Inc. (fka ILNS)

[Dell_Griffith]

Goodwill is their biggest asset? What planet are you looking at? Convertible debt?

Financial lowlights (in 1,000's) as of 9/30/19. Their cash balance can't even pay their current liabilities:

Assets
Current
Cash and cash equivalents 152,526
Intangible assets 682,694
Goodwill 3,173,006

Total assets 5,606,799

Current
Accounts payable and accrued liabilities 163,579
Convertible debentures 248,617
Loans and borrowings 25,977
Contingent consideration payable 22 25,411
Convertible debentures 264,806
Convertible debentures 264,806
Loans and borrowings 256,328

Total liabilities 1,140,389

This is a Company on the precipice of a collapse.

Almost SEVENTY PERCENT of their assets are "Intangible;" meaning NO VALUE other than what the Company believes the value to be. Those should be written down to ZERO.

Actually, I checked on 12/31/19, and they decided to write-down that "Goodwill" by almost 800 MILLION in just THREE MONTHS! 1.5 BILLION in just SIX MONTHS!

management concluded that the carrying value of the cannabis operating segment was higher than the $3.9 billion recoverable amount
and recorded impairment losses of $762.2 million during the three and six months ended December 31, 2019 (three and six months ended
December 31, 2018 - nil). The impairment was allocated entirely to reduce goodwill for the cannabis operating segment. The impairment loss was
recognized due to a change in overall industry/market conditions, a change in management’s forecasted sales and profitability outlook and a
realignment and refocus of strategic plans to meet market demand.

They have equipment that is cost basis of another billion and then a bunch of "Inventory" and other assets that have no quick realization. So that leaves 150 million of cash to service 1.140 BILLION of debt.

Wtf I believe there are 5 or 600 institutional holders.

"Institutional holders" is a VERY relative term and who are those major institations holding large positions? And not a lot of those players are interested in a Canadian company that's highly leveraged teetering o the ledge.

They have an interim CEO, so in your mind they won't hire a high flying CEO even though they are actively looking to hire one?

No "high-flying CEO," with a quarter of brain, let alone half of one, would touch a Company like this with a million foot pole, let alone a 10 foot one. That would be a career move carrying a death penalty.

Lol, sit down., sheesh

Sorry, but those are the facts. It's not only not pretty, it's pretty ugly.

The guy got beat with ILNS. If he had taken that advice on ACB, he'd be stuck with two losers - only ACB is ready for an eventual collapse, which would easily eclipse that of ILNS in terms of valuation.

Good luck.