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Also, how are they confident that the remaining £1.8M is sufficient to last the next 12 months after just burning through £2M is the last 6. They have barely any sales or little to no products to sell.
Cashfq there is no agenda from me other than wanting shareholders including myself do well but I think it’s legitimate how it’s possible that so much cash was spent.
I'd like to know if they funded Gaz's nano factory out of that. I bit of clarity would be nice BOD.
Maybe a question for shareholders to ask at the General Meeting. Hopefully a few on here will attend, and ask them just that.
CashQ if 1.8M is now enough to keep the company going for 12 month how or why did they burn 2M in the last 6 months
"There will probably be a fund raise in the next 6 months . "
Trisor:
Not a fan of the BOD but maybe should read the full report
You said
"There will probably be a fund raise in the next 6 months . "
In report
"Cash as at 31st December 2021 was £3.8m, and at the date of this report, the Group had net cash of £1.8m which is considered to be more than sufficient to cover the expected working capital requirements of the Group for at least the next twelve months."
Agenda maybe
"So cash as of 31/12/21 was £3.8M, today its £1.8M. £2M in 6 months"
That's what caught my eye aswell. Costs a bit to bring in them exciting contracts, etc..oh wait...
Dec 31st 2020 Share Price - 1.18
29/06/2022 Share Price End of play - 0.27
2 million spent..and thats what happended to the share price.
Don't think BUYTHEDIP is the best advice with this one just yet
Jesus Christ WTF did they spend all those millions on? Where’s the money what have they got to show for that spend? Crikey was not expecting that. Unbelievable after all this time co has become a cash point for withdrawals - where’s the added shareholder value! Where’s the progress? No money left for SA & seemingly dilution inevitable now. Shameful.
IMHO DYOR GLA BUYTHEDIP
Jesus I didn’t think it be that bad , How many times can they keep telling us they are in discussions , always comes to nothing we better hope something comes off
And he’s thinks 1.8m will be enough well fingers crossed
Trisor at this rate they will need raise cash and it will be dilutive. The problem is they don't have anything to show potential investor why they should invest another couple of million.
If you see Duffers or other insiders buying then buy but really you should hold off until that happens. Apart from Cave the BODs don't have any shares and if anything is in the pipeline they can buy now at much lower rates than their option plans. If they don't I suggest no one should.
Lol good point Trisor. I guess he thought it was good news, like his letter to Santa on June 1st.
I think there could be a couple of decent trades left in this company if you time it right. That's as positive as I can get right now GLA!
Mullet man, I was expressing my opinion like you express yours. There are many on here who have the opinion that nnn have no more money left and we will be having a placing.
@Trisor
Be careful there is an absolute chance that this company will no longer exist in 6 months. And given its track record I would say it’s a likelihood they will not.
Well UG I may as well stick in there - if it goes into oversold territory over the next few days I will double down.
ExMS/ united guy, let’s see how the market sees these RNS’s.
United Guy, yes you got the figures closest to anyone had guessed, well done. However, there were people expecting worse, people like Goonerboy. 1.8 million cash in the bank is ok considering the shenanigans of the past couple of years.
Imho
Trisor, sorry for the news and like you I just cant see how they've burnt that much cash. It really doesn't add up.
PI, how can you claim most expected there to be no cash left when yesterday you were saying more than £2m?
They’ve certainly not got anything for an acquisition, and the SP is so low any raise is going to be massively painful. God knows what the CFO is going to look after with revenue of a few hundred grand and dwindling puddle of cash to manage.
Bond where was the good news one? LOL
What technology ?? Pharn2Farm have told us about two nano food trials more than 2 year a go, nothing since.
Could not sell any tech rich masks when the USP counted and the JV is a pipe dream, tel number still doesn't work
If they cant find a RTO NNN's only holding is an R&D company, combined they have a massively over bloated management team, note no sales or marketing people on any website and too few scientists.
I've learned now that Mr Duffin likes the double RNS, one with good news to detract from the bad lol He's done that 3 times now since February lol
I must agree with UG that was terrible and far worse than I was expecting. Where has the cash gone?
Why would anybody take over a business haemorrhaging £333k a month?
Trisor, I expect the sp to rise a little on these RNS’s, 5 million mktcap is too low for a company with 1.8 million cash in the bank and 2 new directors starting,
Most people thought the company would have no money left by now and would be doing a placing.
United guy, are you selling that third of shares you hold or are you topping up?
Nothing new gained from that and cash in the bank is sufficient until they get a contract over the line.
Any sniff of proper income coming in from any of the product line will send thus through the roof.
At current prices with the technology here they are as likely to be taken over than land a revenue stream.