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Helpful , Thoughts on the below please
Limited information as unaudited but things to note.
- Only 82k cash on 31st December 23 despite raising 500k on 14th December 23
- Of the 500k share issue only 472k received (cash flow statement ) Over 5% in charges / commission !
- Cash outflow from Operations 1.273m (previous six month period 863k).
- Huge hike in finance charges this six months 293k compared to 173k in comparative six months.
- 268k spend in 12-month period on ALR. Hold that thought - enough to buy 200 tonnes from a third party Lithium 😊 I’m not convinced by this. ALR accounts due mid April.
- Unbelievably still spending 84 k in the six months to 31st Dec on Greenland. There is a story there.
- Payables up from 513k to 884k as things get desperate.
- 65k exchange loss as too small too hedge. But un helpful (excuse the pun) to a business whose main activity is abroad
- No revenue in period
- Total debt (including CLN’s) increased from £3.088m at published accounts 30th June to £3.440m on 31st Dec 23. Despite share issue they are racking up debt and not paying payables.
- No shares issue in Q1 2024 so likely given cash outflow of 200k a month (conservative ) debt now £4m +
- Any charge on debt puts Shareholders at severe risk. No charges declared but history says they are less than forthcoming in this respect.
You don’t need to be an accountant to see numerous red flags.
All the best with your investment
Robins , my take on the timescale is " we will probably all be dead " i'd like to know if anyone on here is actually in profit , highly unlikely with the amount of confetti that's been issued and the share price being -87 % in the last 5 years . they would be doing everyone a favour if they turned the light's out , at least no one else would get mugged