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DVRG is not raising cash, they are going into administration with massive debts, miss-management and all human IP being left go and moving on. They were run by the same con men running MSYS so we have been warned. The management (if one can call them that) will not be releasing any audit for MSYS just like they did not for DVRG as they will be taking it private.
You would be better finding these people and use extreme violence on them
Will make you feel better for money lost
Any news on how deepverge is doing yet on raising cash? They haven't released any update as yet (new rns)
If they don't pay the money owed; can we still release an audit from last year? I'm sure they can. We still have business from other companies like kingfield electronics etc. I thought we would hear something from the conferences as well. I can't access twitter, so I can't see if they have any new posts
Your guess is as good as ours. If they produce an audited account we could be back up on running. Meanwhile we hope the company continues to produce and sell the products.
Just came back to check my investment here and see its no longer tradable
Have I just lost all my.money in this share or will the stock be relisted ??
My pants smell better than this share
Have you still got a holding in microsaic Yankee?
"The company is not currently in any trouble", ok! I believe you will find this comment will not age well! Gerard Brandon and Nigel Burton are running MSYS you do know this right? These are the 2 deception artists that actually used your line back at the end of 2022 with the DVRG accounts and all PI's are actually searching for even a shred of truth in any RNS that deepverge issued in the last year or two. A staggering comment to suggest MSYS is not in trouble. With the next funding round all current investors will be wiped out, that is the degree of trouble they are in. If we had a set of accounts we could try and factor in to what degree the wipe out will be, but that is currently a stretch for MSYS.
The company are not currently in any trouble - yes they have to get those accounts completed but likely the auditors cannot sign off until Deepverge is fully understood?
They have cash and need to be doing all they can to continue selling product/s.
I wouldn't like to guess Yankee. But I hope they aren't flying 1st or business class. They should be travelling as cheap as possible; Perhaps by greyhound bus
Should we consider this insulting that they are jetting off to conferences but wont release a set of accounts? or should we think they are doing just supremely.
Https://www.microsaic.com/2023/06/07/microsaics-summer-conference-schedule/
Gone bust
Whats going on here
I would say highly probable, Gerard Brandon and Nigel Burton have little interest in doing right here as per their actions at DVRG. Not even a set of accounts from either MSYS or DVRG! Wow! Wipe out is the correct term.
Alas, GB has stated a lot of BS before; at this stage, I will just wait for the next RNS; yes, complete wipe out is real and highly probable .
LTB,
GB has stated that MSYS must raise funds in this quarter.
Current MCAP is pathetic.
Whatever monies they might raise would effectively wipe shareholders.
Sol, too many unknows, increasing by the day;
We need to know current trading, margins, when and at what terms funds can be raised at etc;
Gerry 's reputation will not definitely help the fund raising; I don't think we need more than 1mln but it could still be hugely dilutory; only a miracle would save us from dilution, miracle being DVRG selling assets quickly with enough money left over to pay the MSYS debt (aka "Gerry's gift to himself, whilst being DVRG CEO").
So, all is not lost yet but chances of recovery are getting slimmer by the day.
Thanks LT. Great amount of detail as usual :-)
Sol, it depends on current trading -
"Statement of Cash Flows: Cash fell £902,136 from £3,464,876 at 31 December 2021 to £2,562,741 at 30 June 2022.
The main... reduction was due to cash used in operating activities... increased to £997,506 ....Cash absorbed by operating activities before working capital movements improved by £309,342 to £579,451 ..... However, this was offset by working capital movements amounting to a net increase in cash absorbed of £418,055 .... The largest component of the working capital movements was due to an increase in trade receivables by £485,413..."
So, cash for opex in H1 22 was 579k, i.e. about 100k pm (excl. Wcap movements);
IF MSYS has a GM of 60-65%, it needs a monthly Turnover of, say, 170-180k to be cash neutral; as it has said, it is paid on 30 day terms; with cost reductions (not paying Gerry and Nigel would be a good start), delaying payments to suppliers etc, it might squeeze through to the Y/E. Maybe this is the intention i.e. not to dilute shareholders UNTIL DVRG manages to sell some of its assets? This is too risky though.
What I don't understand is why they can't release unaudited financials eg for H1 2023, or H2 2022? It would help to know Margins and revenues from non-DVRG sources.
Congrats to Gerry and Nigel for their DVRG "stewardship", BTW.
Lying scumbag. Rot in hell cheat!!
And to think Gerry is still on msys staff… lier and a con man
Do we know how much outstanding debt they have, apart from the money owed to msys? I know we have been reported of 650k with no borrowing here. But how far will that go; especially when they are spending on gold sponsorships for conferences and travelling promoting etc. The money will get burnt away quickly
Sorry to all holders here.
It was brave to hold into suspension but the news keeps getting worse
Let's hope something comes out of it
Jeez......dvrg finished now, not a chance of msys getting paid that debt.