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Pin to quick picksMinds+mach Share News (MMX)

Share Price Information for Minds+mach (MMX)

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Share Price: 7.10
Bid: 7.00
Ask: 7.10
Change: -0.05 (-0.70%)
Spread: 0.10 (1.43%)
Open: 7.10
High: 7.10
Low: 7.10
Yest. Close: 7.10
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Minds and Machines launches investigation into revenue recognition

Fri, 9th Oct 2020 08:22

(Sharecast News) - Internet domain registrar Minds and Machines has commenced a formal investigation to determine whether certain revenues had been correctly recognised.
Minds and Machines said on Friday that its investigation will focus principally on a specific contract with multiple elements that was entered into in 2019 and related to if all requirements for the recognition of revenue had been met or whether such amounts should have been classified as a refundable deposit against future sales or deferred revenues.

The AIM-listed group said cash of $1.12m had been received in connection with the contract and revenues of $938,000 was recognised in the year ended 31 December, with a further $25,000 coming in the six months ended 30 June.

Minds and Machines said: "The board emphasises that the investigation relates to revenue recognition and the board does not expect it to have any impact on cash save for a maximum exposure of approximately $1.0m if the amounts received under the contract were to be refundable and no further revenue was generated."

The company had cash of $7.3m as of 30 June.

As of 0910 BST, Minds and Machines shares had slumped 15.08% to 5.01p.

More News

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

16 Apr 21 14:54

Minds + Machines shares surge as it agrees to sell assets to GoDaddy

(Sharecast News) - Top-level internet domain registry company Minds + Machines has conditionally agreed to sell the majority of its assets, it announced on Thursday, and transfer its rights and obligations under contracts and government approvals, to GoDaddy affiliate Registry Services, for $120m (£87.23m) in cash.

8 Apr 21 13:39

Minds + Machines shares soar after deal to sell assets to GoDaddy

Minds + Machines shares soar after deal to sell assets to GoDaddy

8 Apr 21 12:05

AIM WINNERS & LOSERS: Minds + Machines up on USD120 million asset sale

AIM WINNERS & LOSERS: Minds + Machines up on USD120 million asset sale

8 Apr 21 11:24

IN BRIEF: Minds + Machines Confirms Addition Of Farrow To Board As CEO

IN BRIEF: Minds + Machines Confirms Addition Of Farrow To Board As CEO

3 Feb 21 14:31

TRADING UPDATES: Intuitive Plots GBP250,000 Investment In Microsaic

TRADING UPDATES: Intuitive Plots GBP250,000 Investment In Microsaic

25 Jan 21 19:18

EXECUTIVE CHANGES: New CEOs At Minds + Machines And ULS Technologies

EXECUTIVE CHANGES: New CEOs At Minds + Machines And ULS Technologies

25 Jan 21 16:59

Minds + Machines on track with cost cutting

(Sharecast News) - Internet domain name company Minds + Machines updated the market on its operations on Wednesday, reporting that Tony Farrow had now assumed the role of interim chief executive officer.

11 Nov 20 14:52

Minds + Machines Confirms Launches Share Buyback As Confirms Profit

Minds + Machines Confirms Launches Share Buyback As Confirms Profit

11 Nov 20 12:01

UK TRADING UPDATE SUMMARY: Minds + Machines CEO And CFO Leave Posts

UK TRADING UPDATE SUMMARY: Minds + Machines CEO And CFO Leave Posts

30 Oct 20 19:07

Minds + Machines To Probe Whether Certain Revenue Correctly Recognised

Minds + Machines To Probe Whether Certain Revenue Correctly Recognised

9 Oct 20 10:46

Minds and Machines launches investigation into revenue recognition

(Sharecast News) - Internet domain registrar Minds and Machines has commenced a formal investigation to determine whether certain revenues had been correctly recognised.

9 Oct 20 08:22

UK EARNINGS SUMMARY: Everyman Hurt By Lockdown But Gets Tenet Boost

UK EARNINGS SUMMARY: Everyman Hurt By Lockdown But Gets Tenet Boost

30 Sep 20 14:54

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

23 Sep 20 16:12

Minds and Machines delivers top-line growth in H1

(Sharecast News) - Internet domain registrar Minds and Machines continued to deliver top-line billings growth in the six months ended 30 June while also achieving its long-term objective of removing the group's reliance on one-off brokered billings.

30 Jul 20 10:21

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