Technically equity isn't the biggest problem. Their net worth is about $11m. The problem is liquidity and the fact that most of their assets are software development costs activated on the balance sheet, software and general computers. Except for the squeezed cash position the situation is not abnormal for this kind of IT company.
Wasn’t there talk in one of these emails from CLYW about the rich CEO giving a loan or buying shares. I wasn’t for one moment suggesting that they would be creditworthy for a loan from an institutional lender! Banks are like pawnbrokers anyway: First they want all the collateral there is, then they want personal guarantees and then they charge interest as if they were loan sharks! Good old-fashioned banking craftsmaship has gone out the window for good. CLYW had a loan at 10% p.a., guaranteed by the CEO, which was converted to equity. Now there are practically no lending left.
CLYW writes:
“BE TIMELY AND ACCURATE IN ALL PUBLIC REPORTS
Officers, directors and management of the Company are responsible for ensuring that all reports are filed in a timely manner. Securities laws are vigorously enforced. Violations may result in severe penalties including forced sales of parts of the business and significant fines against the Company.”
I don’t know what timescale they are working to...
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