Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Channel management might have gone too but no need to announce that change.
Onward now, cash in bank, profitable business and so on.
who can they sack on Monday, as it does wonders for the sp!
Sadly lots of wrongdoing occurs in corporate business activity. Companies often prefer a swift exit for those involved wIthout parties having to air or admit what has occurred in public - it can be expensive, damaging to all parties and drawn out over a protracted time period. So a deal is made / draw a line and move on. Whilst TH and MS are in the wrong - where was our governance, auditing, reporting, checks and balances etc. It’s hardly the first time we have had issues over contracts. Our board have not come out of this with any level of credibility - this happened on their watch. If I was an II I would be looking for improvement in all areas of company management and governance. SB
If they have done wrong then they should not get a feckin penny imo!
Well, if there were any sales bonuses as a consequence of this can that money be reclaimed or taken off any exit package cost?
SJL, your thoughts are incredibly welcome, we have been trying to fathom wtf has been going on for months, there was a realization the source of revenue didnt add up and results were described as percentage increases of things we had no knowledge of, so much worry and concern. Toby and others were trying to create an aura of fast rising sales and success to breed more success, but dodgy doings have a nasty way of unraveling sooner or later and then it all ends in tears. Thank you for your insights.
Pity Mr Farrow couldn't run the day to day and you join MMX on a fixed contract with share options to make the 'event' happen, we could perhaps be all done and dusted in just a few months! that would be nice......Don't be a stranger.............Huckster
Good Morning Chaps,
1) I had No idea an RNS was coming out today regarding the conclusion of the Investigation when I posted my thoughts yesterday.
2) Back when the initial investigation RNS was announced on 9th October, I send Guy Elliot a list of around 5 potential candidates that I thought would be suitable for the CEO job , in the event the investigation led to the departures of TH and MS. Tony Farrow was the first name on that list.
3) I am pleased that TH and MS have gone and TF is now in charge. TF is supremely smart and a very, blunt and no-nonsense type. Almost 180 degree opposite to TH. He understands the domain business intimately and I’m sure will assess the portfolio rapidly and in the meantime all the trains will continue to run on time.
4) I may be a cynic and perhaps too long in the tooth, but the wording of the RNS, particularly as it relates to the “other” two 2019 contracts caught my eye immediately.
Again, to restate the position, I have absolutely NO inside knowledge relating the initial investigation but here is my take on this mornings RNS and what I “think/suspect” it means.
a) The initial contract problem was related to dealings with one specific registrar regarding the AdultBlock launch. My guess is that they took the $1.125 million or whatever from this RAR as a down payment against hoped for AB sales on a “sale or return” basis and to fudge the year end figures decided to, fraudulently recognize some $938,000 or so of it as revenue and therefore profit .
b) The other two contracts, I suspect are NOT to do with the same issue, i.e. AdultBlock. A casual reader of the RNS would naturally think they most likely were, but to my eagle eyes and suspicious nature they are likely NOT. The reason I say this is that firstly the RNS is quiet on the whether they relate to the same issue, which again to me, means they aren’t. Secondly the nature of how they have been addressing indicates that they relate to something different. To me the RNS reveals that these 2 extra contracts relate to $790,000 taken in on one hand , recognized as revenue and the same amount paid OUT on the other hand disguised as “deferred charges or capital expenditures” basically netting out the overall transactions which have in effect now been wiped off in the restated P&L. I would almost be confident enough bet anyone here a pound to a penny that these two contracts relate to .vip or .work “fake” registrations. To spell this out, if I am correct, the company will have paid /refunded certain parties to register/renew domains in a deliberately disguised fashion to inflate revenue and DUMs numbers. I alluded to my suspicions of similar behavior yesterday and todays RNS only serves to bolster those suspicions.