RE: Good to see some active discussion13 Mar 2024 07:06
JC,
I'm not going to answer your follow on questions, which tbh don't need a reply as it's all about GCAT financial status and whether it's a Going Concern.
You first need to state why you did not include the financial status of the company in your list of points about what Shareholders should look out for?
Hopefully it is a Going Concern, as I hate seeing shareholders lose money when they just read BB's and base their investments decision of posters just showing one side of the story.
The figure that the company owes was £15.5m on 31st December 2022, which is the accurate figure as stated in my first post on the Thread and cannot be disputed, even with waffle, discrediting and spamming. We are none the wiser since as to the figure on 31st June, as we're still waiting for the AR.
I'm fully aware what that £15.5m is made up of(please!), which also includes the CLNs and Shares that have been promised, but never issued. Hopefully the Prospectus will take account of these and they can be removed from the liabilities. Although that comes with a double edged sword, as those that have been promised shares may sell them, especially as some have been waiting since the RTO. E.g Mayflower, although tbh they set this company up and have already taken their profit. The additional shares also impacts on the MCAP, which was obvious so really didn't need explaining!!
This is the list of the CLNs(can be converted to shares) and shares owed at at the last AR in November 2022
- 150m shares owed to Mayflower(prospectus)
- Management incentives(prospectus) part of the 142m criteria ahs been met
- 116m for Tanz acquisition(12/08/22 rns) - which is probably why we here nothing about Tanz as it's still not fully theirs yet, if the shares still need to go to the vendors.
- 37.5m for former directors(03/08/22 rns)
- CLN for £2m to Orca(22/03/22)
- Loan note Instrument of £1.2m to Mill End(21/06/22), with interest of 133.333% of the principal to be repaid by 150 days(still not paid)
- CLN for £2m to Koenig(18/07/22)
- CLN with Orca for $1m(16/01/22), with a further $4m that can be drawn down.
So has will the total liabilities have increased since the Interims? By the way people are trying to deflect from this number and attempt badly to discredit me...IMO I'd say yes, by quite a bit, especially as those trying are very close to the company(probably on an NDA which is fine). But we do know that RM pledged all of his shares to Mill End after the Interims, so this will increase the number. So too the other shares that have been pledged but not issued and further CLN's that have been taken out. Although we don't know is these were taken to cover other previous CLNs/loans
We'll all know the detail within the next 6 weeks, if not we'll never know
GLA, including those that have invested on the basis of comments made on this BB and those that have overexposed themselves financially to the BOD and it's promises.
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