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They are selling on Ebay at a discount price
If it does dilution which could be a very hard sell, at most with a 50% dilution it would have to issued 300 million shares. But only then it would raise £500,000. How long would that last really? 1 month 2?
I expect the company to not survive the 1st quarter and it will fall into administration. Dire Christmas sales to be announced and then not long after suspension of share trading.
Avoid. There is one last scenario it could be bought out. But who want the product which cannot sell? Curtains to close in the first few months of 2024. RIP
Its got to be in the region of 0.15p. If it does not get away administration beckons. Not much cash can be left and they must be doing doing the rounds to find a funder. If that fails which is very likely its certainly administration. Expect poor or dire Christmas sales. Its the end of the round sadly. On a successful fundraise at 0.15 pence, all investors will be wiped out with little value left in their holding. The next fundraise will not keep the business running for long. Will not survive the next quarter. Seaweed business with not help.
If it were up to me, id look at taking a derivate action under the companies act 2006 as excessive remuneration amounts to unfair prejudicial treatment to minority shareholders.
How? Are there enough of us retail investors to upsurp the BOD CBX XXXXers!?
And again
The problem is even if sales increase massively I don't think it will be very profitable. Then with BOD salaries like this how is it ever going to make a profit.
With massively increased sales will mean massively increased head count, then costs. Running before they can walk.
I work for a 100mil plus telecomms company. Our BOD isnt paid like this. Our ceo is on less
It is consciously immoral as they must know they are not busting their balls working their backsides off 60-100 hours a week trying to make it a success. Take take take.
Let’s face it we have been scammed, I never in my wildest dreams expected this , I could live with it if they showed integrity but the salary now for Darcy and the severe lack of results shows this has all been a scam and they are just milking the last bit of money until it runs out
Similar things happen far too often these days I'm afraid. We far too often reward poor performance and do not punish criminality legally or morally.
Shareholders in Love Hemp lost everything whilst the BOD and CEO lost nothing. It was bought out of administration by a major shareholder and still trades as if nothing has happened.
These CEO's and complicit BOD's should never ever be allowed to hold any position of responsibility or authority ever again as long as they draw breath.
There is far too often zero accountability or responsibility taken. Just steal other people's hard earned money and not even say sorry or care or show any remorse.
Even if they did intend for it to work out, the point is that to see "long term value for shareholders" with these salaries we probably need to sell about 10 million units. There are no products 🤷
This is cellular goods. Not Nivea lol there are no products. Day mouse and serum that's about it. We were and will never even cover those salaries.
If you started a business and went to the bank for the start up loan instead of what they did and took the money from investors, you would not be allowed to pay yourself 220k a year without pulling in any work or revenue and then just call in administration when you run out of the banks money
Yup, agreed. Any business when it starts must have a basic business plan and an idea of its revenues, costs and projections. All basic stuff. If it doesn't meet these then it will fall short and you either have to dramatically cut costs, source further funding or dramatically increase revenues and/or profit pretty fast.
Hardly rocket science. These kind of people shouldn't be running any business. They are either useless or corrupt. Not sure which one. Maybe both.
A few more
It’s pretty obv they don’t have the company’s or shareholders best interests.
Just in it for themselves that’s it
It's the great CBX scandal
Something needs to be done after all the money they av paid out its criminal in my opinion.
They av not mentioned king tide although I herd we would be hearing something. Lots of carbon stuff going out.i dnt reckon we will get a full time ceo.
Well if the part time one pays himself 220k do we really Want a full time one , Man thinks he is CEO of Coca-Cola or something when they are barely pulling in the revenue of a bus driver. Company is a scandal. Absolute scam. Raised money to pay themselves. Failed to deliver on everything pitched to investor's
Need to retrieve all misleading RNS’s which is probably most of them.
Feels like another CEO and BOD theft to me.
How many more times are we going to see CEO's and BOD's stealing other people's money?
Morally repugnant, morally bankrupt and it really should be criminal.
How do people like this sleep at night?
good morning all , below is just a small example of the comments from shareholders in our tg group , just to let people like freese know it’s not just me who has serious concerns about the bod
darcy 220k a year - wow i’m in the wrong job.
750k wages to make 40k selling a bottle of serum
imagine the bank managers face when this lot ask for a business loan
they had £1.7m four months ago. they are burning around £225k a month, so have around £800k now. the only people who have ever done well out of this are the board.
yep i agree. the wage bill for the work that has actually been done makes it all feel like a scam. i'm purely talking about selling the serum not kingtide. that still isn't generating any money (another missed target 🙄) each year it feels like this was never going to make a profit and was just existing to give the board a wage. even with the huge staff cuts we needed 750k a year just to cover the wage bill of the tiny handful of board members
agree. this isn't a start up anymore and the salaries do not represent the performance
even if we had a miracle and this serum was flying off the shelves it wouldn't even cover darcys wage 😂 let alone make a profit for us
guys they are creaming off the business.
when the money runs out the lights get turned off.
basically.. we haven't really invested in anything. we've just given our money to darcy
ok, just finished a good read through and am half considering taking my loss and funking off elsewhere.
the directors report is all over the place, no focus, no strategy and a lot of poor decision making leading to strategy and sales failures.
revenue £67,000 earned by nearly £1.5m in wages! (inc directors). average employee count of 5 people for the year so an average wage of £300,000. wtf are these people doing for this money?
yes cost base might have reduced in year leading to less expenses, however wages and salaries not reduced inline with expense savings on a % basis.
less expenditure means less work....but still highly paid and no shareholder value given.
from this accountants point of view...****show.
compared to 2021/2022 the directors remuneration is just increasing. one could argue that directors at the start of when this was listed contributed more to the business than what has been happening since then. completely dissproportionate salary for the amount of sales and the share price.
if it were up to me, id look at taking a derivate action under the companies act 2006 as excessive remuneration amounts to unfair prejudicial treatment to minority shareholders.
Sales were very poor did there projections no highlight better get the finger out what they done late this year opening more sales channels should have been done 2nd half 2022.Who are the big influences in the skincare sector go bang on their doors
All the signs are pointing to administration. To avoid the inevitable the company will look to do a fundraise to keep the lights on. Even if successful it will mean total wipe out of personal investors. More likely it will fail to do a fundraise as it has little prospects that anyone would want to buy into. Shortly it must announce a dire Christmas sales period. If it cannot sell its products then there is little point in continuing. Admin must be on the cards.
Yes daylight robbery
J.S.B
you should take pride in the fact your £ 11,000 capital loss has payed Darcy’s £ 4230 WEEKLY wage bill, for his stellar business performance
Or you could think of it as Anna Chokina’s fantastic contribution to CBX for a frugal WEEKLY wage bill of £ 6168.
Fantastic
Also accepted losses 12k in sold all for 1K so 11K down.
Merry Xmas Paul,
Like you I've accepted my losses with this cbx swindle. Darcy, smugly expounding his jovival scripted autocue interviews on pro investors about partnerships and value! £200k he fleeces from the coffers for reading a
script!!! Oh! And kingtide which frankly is as stuffed dry old turkey which has no way of earning anything. Middle men academic consultancy no value.
No matket sentiment for funding this turd!
Freeze, tell your pal Darcy or perhaps it could be you? To hang your head in shame!
Freese- good morning 👍even you have to admit that this set of results and the accompanying sentiment now is extremely worrying.
It’s a start up business which probably never should have been listed but we all got sucked in with very clever rhetoric etc
I can live with my decision on that now but come on why o why is there no integrity and responsibility felt from the BOD on this severe lack of delivery.
We have one ex CEO now stating on her CV that we have sales of £5m , an interim CEO who is on record that the company is saving costs and does not need a fully paid up CEO, he then goes to give himself a £200k salary 🤔
If you speak to Darcy after the holiday season then congratulation him on destroying the last bit of integrity this business had with that change of tact , a complete misrepresentation of previous RNS.
On the other hand as you say you have faith in this BOD for the future, let see what Darcy can deliver now he is completely in charge and being financially rewarded for his output.
Freese regardless what you think of my recent constant negativity there is a multitude of very visible and obvious reasons plain to see.
If we go out of business due to the products not selling etc then fair enough at least we tried but to pay a BOD this absurd amount of money for no results is just downright unethical.
Have an amazing Xmas all
Hi Mel,
I totally agree,
it is criminal what these people have awarded themselves in salaries without any results, when the pot runs dry in a few months time they can simply turn the lights out & walk away, no liability, no debts, no bad credit history’s, it is a scandal
Investors in this country are too accepting of poor performance from the managers of these companies, if this were in the USA they would have been dragged into the courts & held to account.
You, me & many others on this site have tried to bring a little reality to counter the relentless pumping of this share, many still don’t accept the inevitable outcome, when the shutters come down & the shares are worthless, perhaps they will then.
Have a safe & merry Christmas 🎅 😘
Hi Windows! ❤️
It’s a sorry state of affairs for shareholders, not for board members though! I’m not surprised Darcy laughed when he was asked about his part time CEO role. I’d be chuckling too if I managed to pull that off.
Merry Christmas 🎄
Friese! How much smoke can you possibly be blowing up darcys skinny!! derriere ??
Fanboy! If ever there was one. Inside job methinks? On the payroll
12,000,000 cash burn. Go figure!
I am expecting the shares to be suspended pending a further review, when it has failed to find a funder and issue shares administration to quickly follow. No one wants their product. Probably much of that remaining cash is already gone.
Hi Mel you are correct
28th feb 2023 net cash £ 2,930,000
31st Aug 2023 net cash £ 1,772,892
£ 192,851 cash burn per month x 4 from 31st Aug till until end December = £ 771,405
£ 1m cash left end December 23
Remember, suppliers will also be aware of this fact & will start to demand up front payments before supplying them, accelerating cash burn even faster.
How on earth can they get a cash raise away with their track record, they have spent £ 12,000,000 so far to earn less than £ 100,000 in sales.
@crossthetea it is pretty cool. Additions like the Cel assistant show the board are working toward improving both divisions of the company
Love the AI chatbot on their website though.
The comments and feeling today are understandable but let’s use the holiday season to reflect and refocus . Some good positives points highlighted and the USA angle is exciting I still have faith im the team and 2024 might be a good year
The comments and feeling today are understandable but let’s use the holiday season to reflect and refocus . Some good positives points highlighted and the USA angle is exciting I still have faith im the team and 2024 might be a good year
Dilution almost certainly on the way, though not sure who will buy in, even at a discount.
I'm souring on Kingtide now though, they seem to be stuck in feasibility with no schedule to complete commercialisation. Research partnerships? I would have thought that would have been done before incorporation. Also, a player in CC must have real estate. Kingtide seem to aim to be the middleman, meaning intangible assets. Rubbish for investment, as there is nothing to leverage against.
Good points being a quarter of sales going to the US and claim to have enough liquidity to last a year.
Darcy needs to buy in. Also investigate a dual listing in the US. Kingtide just need to break out of academic mode and make some proper deals, free carbon credits to beta customers, use of coastal farms FOC in exchange for job creation like miners etc. Think out of the box before you drown, Kingtide, it's starting to get very crowded where you are.
January sale ahoy