"Going concern" alarm in 2020 Annual Report. Devastating!
Read the report and note the disclosure re "going concern".
Annual financials and notes reveal lack of working capital and cash. Look at income statement. If not for the one-time credit for customer-abandoned old processors (the value of which likely over-stated), it would have been a clear operating loss for 2020. Not even close to profitable.
Then there's the cautionary statement on need to raise capital and unknown ability to do so. Valid concern as UAMA CEO labeled as convicted criminal by The Canadian Press. Highly unlikely that any bank or financial institution would lend this enterprise capital. Any equity would/should be highly dilutive given management's track record of serial failures.
Not a pretty picture.
Read about potential planned write-downs on Pages 12 & 13.
Page 12- UAMA considering write-down of investment in TNW Wireless.
Page 13 - UAMA considering write-down related to assets of TNW Networks.
Consider these strong signs of deep decay in this fraudulent enterprise. UAMA is failing fast!
Management and particularly Benoit Laliberte, CEO are ignorant of wireless industry and how to make money in this business. Farcical presentation before the CRTC was destined to fail. Garbage in, garbage out! Benoit himself screwed up the RuralCom acquisition. RuralCom CEO had built market-ready business and had outside financial support to quickly build and expand the business as a wholesale cellular provider. That business model well-proven by the likes of Comment Wireless LLC and others. RuralCom CEO had premium-priced roaming agreements in place with AT&T, Verizon, Sprint and T-Mobile. Mr. Laliberte thought he'd fire that CEO and go directly to the documented sources of capital. Those sources of capital showed him the door! His incompetence, business ethics and convictions aren't attractive qualities for a business partner.
UAMA's failure will be as a result of Benoit Laliberte's incompetence.
