Member Info for mattwales

my first real job was working on British Gas's P&L account before heading to investment banking

charlie, ive worked on forensic accounting for 2 multinational investment banks i have over 20 years experience of that what do you have?.

one thing i do know is you cant shove losses into balance sheet liabilities avoided P&L account, its blatant accounting fraud.

17,793,009,831 Ordinary Shares and he announces all liabilities have been paid off.

I guess people emailed him about alleged fraudulent accounts by PREM shoving all losses that should be showing in profit and loss account into balance sheet liabilities (look in the half year report I call it accounting fraud to shove $1.495 of trade and other payables into the balance sheet bypassing P&L).

PREMs half year loss of $600k or so looks to be more like $2m.

Consolidation to happen within 3-4 months when he builds up more liabilities and has to pay himself, the board and all the consultants.

of GR issuing himself shares at a low price has come true.....Next the wages and more dilution.

current liabilities are classes as debt

https://www.investopedia.com/terms/s/shorttermdebt.asp

jonjo the MNH deal was a straight forward buy MNH stock for PREM shares it wouldnt have affected trade payables in anyway and why i didnt include it as there was £0 cash movement all shares.

jonjo i actually missed that.......however, still leaves them in debt.

i suggest you tot up your figures they wont come to $2.915m debts

Jonjo, no the Borrowings of $1.255m have been paid not the whole liabilities of $2.915m.

The Group had an operating loss of US$0.649 million for the six months. Premier received continued financial support from a major shareholder throughout the year. Premier is committed to reduce its debts and restrict capital expenditure to our focus objectives as set out above.

Jonjo, I question this with $1.495m shoved into Trade and other payables.

Your claim of them debt free is also nonsense. The figures of debt are in my last post $2.915m of them of which were the $1.255 borrowings I agree with you have been paid off.

That still left them $1.66m in debt and they raised $1.1m still leaving them in debt $0.56m plus what they spent from end of June till today.

I figure they are around $1m in debt still to find.

buysbadly the half year report dated 30/9 showing $0.649 losses in P&L but if you look lower you see current liabilities of $2.915m (i.e debts they need to pay). $1.495m of them Trade and other payables.

They have paid off the borrowings of $1.255m leaving them as of 30/6 $1.66m to find to pay the bills.

Today they have raised $1.1m still leaving them short $0.56m to pay off liabilities as of 30/6 + what the have spent 30/6 to todays date. I figure they need around $1m more just to pay off liability debts

Charlie, who are our trade creditors and why have we built up $1.495m in trade liabilities on the balance sheet at 30/6.

Since we are not in production or trading it is evident to anyone that losses have been shoved from P&L onto the balance sheet into liabilities.

No. im not a trained accountant just A level standard but i have done forensic accounting at roles in Citibank/JP Morgan.

whats worrying is the amount of money PREM spend if you believe Profit and loss they lost under $700000.

They are masking P&L losses in account by throwing them into Trade payables in the balance sheet (and why PREM had $1.5m of trade payables) and that certainly looks like accounting fraud

if id have listened to Acker at the time it'd have saved me buying in at 0.34p

Acker is one of the best posters on here because he thinks about the what...ifs and he has been proved right on many occasions.

Acker, everyone is overlooking PREM had almost $3m of debt as of 30/6.
All of the loans and conversions come in at just over $1m.

PREM still had just under $2m liabilities and raised $1.1m and probably why a financial advisor has been called in.

PREM will need to raise another $2m to pay of the rest of the liabilities and working capital needs this year.

Jonjo you simply do not get it kid they had £2.915m of LIABILITIES click half year report RNS ....Loans paid off are just over $1M.

Therefore they still have just under $2M of current liabilities and raised $1.1m.

acker, i find it worrying as of the half year report PREM still has so much debt.

In these results they have just under $1.5m trade creditors.....they dont trade and my concern is as i stated it is an accounting trick to mask Profit and Loss account operating losses by switching it onto balance sheet liabilities.

Like Enron, Worldcom etc

Jonjo, its not debt free as of 30/6 (the half year report RNS) it had $2.915m liabilities all the loans etc that have been converted now lower PREMs debt to just under $2m current liabilities and they raised $1.1m.....PREM are in debt just under $1m still on this placing.

more like the company have called in a financial advisor because they are financially inept and still need to find just under $1m to pay bills as of 30/6.

Something happens or its bust is not worthwhile.

How have u valued PREMs Circum at $15-$20m?

Danakali is only valued at $90m on LSE and sure Circum has more minerals in ground but Circum has a now smaller production plan.

Your trying to tell us Circum will be valued up to $400m post IPO and I dont believe a word of it.
In this environment they'd be lucky to get a $120m IPO valuation.

Today they have placed $1.1m and it doesnt even cover the current liabilities of just under $2m that are outstanding and yet we have plans for getting things done.

I dont buy it and this will head lower but all IMHO.

there is no way Tullow Oil should be at 23p.

Not with $500m in the door and not with their monumental effort to cut costs by shedding half their workforce making themselves profitable at the current price of Brent.

reality is its a mind**** here.

RHA if it was so profitable Zim govt would have given him the cash.
The reality is RHA needs $3m and no one can trust GR.

Zulu....you have to wonder if buyers that pulled out in 2017 were there in the first place.
I told everyone June/July it could take a year and probabl will or EPO.

Zimbabwe is in and out of lockdown/martial law/economically falling apart with ZANU PF infighting and power grabbing by the no1 over their no2 (who was due to take power).

MNH everyone including me bought the presentation blurb reality so bad they don't even provide production figures anymore but last time out just over 5k tons when expected 15k tons

Gold he needs $1m for a 2/3 stage drill with no samples in

Circum, it'll be IPO'd when Potash prices hit normal every few months we will hear nearly there few months more.

$39000 cash and just under $2m liabilities ($1.495m trade creditors).

$1.495m of trade creditors when Prem is far from productively trading sounds farfetched but its one way of hiding operating losses from P&L account into balance sheet.