Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Thank you goonertone7 that's very helpful. Whilst still leaving a lot of questions unanswered, it would at least explain the disconnect between LEAP's valuation in SEED's accounts and the revenue figures from Leap Limited. I feel a bit more reassured now.
ICB888
My post was an opinion substantiated by some facts (eg LEAP are not yet profitable) and my interpretation of those facts. It is of course only my opinion and I do not think it is more valuable or valid than anyone else's. You seem to take exception to my opinion as it doesn't agree with yours.
But hey let's just copy and paste extracts from the annual report instead of having a discussion on what is currently the most important asset on SEED's balance sheet. Or post mundane daily updates on the fluctuations in share price.
They can be dowloaded from the Malta Business Registry for a few EUR. Search for Leap Limited.
https://registry.mbr.mt/ROC/index.jsp
Accounts for 2020 have only just recently been posted I noticed. Haven't looked at them yet so can't comment.
Admittedly it's possible that there are other group entities registered in different countries which report revenues and assets that fall under Fralis LLC. But without any information forthcoming from SEED we will need to draw our own conclusions.
So no need for critical thought then ICB888, we'll just go by the official updates without questioning or forming our own opinion? Every single corporate update on LEAP has mentioned things like 'significant growth' etc, yet their most recent published financials (which are not disclosed in the accounts although they are publicly available) told a different story of low revenues and modest growth.
I for one am concerned that LEAP are now getting by on smallish bridging loans from their two main investors (and IMG Arena did not even contribute in the last one) rather than doing a proper fund raise. They are not yet profitable so clearly need funding to continue operations and grow their business. Do you have an opinion about this or are you just happy to be told by the board that everything is rosy?
Agree Barwick, I'm not convinced by the business case for virtual sports either. Too niche, must be hugely expensive to develop and not even profitable during the pandemic with no live sports to bet on. No surprise they've started developing slot games and putting them out in quick succession. No news on any new virtual sports titles other than the Nascar one announced almost 18 months ago. I do think there's some promise in games using vintage clips like the basketball one. A company called Highlight Games is very successful doing just that.
Leap must have some pretty impressive growth forecasts though judging by their valuation in the accounts and the % increase compared to last financial year (about 30%), as we know it's not based on their current modest turnover. It's probably the only reason I remain invested here. Hope I'm not wrong!
Ed also tweeted at the beginning of 2019 that we could look forward to the conclusion of Factom series B that same year. Series B obviously never happened and Factom now written down to zero.
I would take nothing on face value.
It certainly is how rumours are started on this board by a certain poster.
Some highlights from years past:
"Leap haven't updated their website in a while, they must be close to being bought out!"
"Leap have updated their website, they must be getting ready for an IPO!"
"Leap have a shared registered office address with IMG Arena, they're being bought out!"
I don't see how anyone could spend years ramping and 'researching' this share without trading the hell out of it.
To any new people here I would be very careful with what and who you believe on this board or Twitter or anywhere else for that matter.
Still, FFWD has some compelling assets and I would expect it do quite well over the next 12 months.
That job advert has nothing to do with a Leap sale. It's about a sales process and contract negotiation with their end clients.
FFWD made a better return flipping IPO shares in Kanabo in a week than with a 2 year seed investment in EMMAC. Not exactly thrilled with this outcome.
62p? EMMAC's last funding round does not support that valuation with max conversion price of 24p for the CLNs. That's a 20% discount on the 30p paid per share for the initial investment 18 months prior.
Not convinced that's an official website set up by Abony and co.
Twitter account @noveldrinks definitely isn't official. All they do is retweet FFWD related stuff. Probably set up and managed by someone invested in FFWD.
Except that private in this context means private ownership, not privacy from financial disclosure. In the Uk private companies are obviously required to disclose financial information by being obliged to submit annual accounts which are publicly available on Companies House. In the same way that Leap's annual accounts are publicly available on the Malta Business Registry.
Because they like to keep their cards close to their chest. When do they ever share any financial info about the investee companies with us?
For anyone interested in Leap's annual accounts, they can be downloaded from the Malta Business Registry for a few Euros.
I think he means that having cash in the bank puts you in a stronger negotiating position as a buyer, in the same way that cash buyers are preferred when buying a property vs people who need to arrange a mortgage. It's a less risky and faster transaction.
Agree with you 100%. Ed has consistently over-promised and under-delivered. Q1 2020 was meant to be transformative for FFWD according to one of his Proactive interviews from the beginning of last year. Yet here we are again in the doldrums. Then raising cash for 'oven-ready' opportunities followed by a token investment in EMMAC for a fraction of the funds raised. Have the suspicion the remainder of the funds are earmarked for operating expenses including generous salaries for the BOD for what are essentially part time jobs. The same reason why they sold off Portage, the only investment actually going up in value at present. Most importantly, the fact that Ed STILL hasn't put his hand in his pocket to buy some shares in FFWD, after being involved in the company for years now, is a huge red flag in my opinion. Closed periods don't stop other firms' directors buying...
Why would FFWD be footing the bill for EMMAC's legal costs? Sorry but that makes no sense.