Member Info for Theanalyzer

TAG was the provider of working capital facility and the reason why Supply could consider itself a going concern albeit one with material uncertainties.

With TAG loan facility now being defunct Supply has no source of funding in place.

It remains loss making with net liabilities exceeding its current market capitalisation and its largest shareholders is insolvent.

How before it’s goes into administration as well?

Elcobbledore

If you at the SVV RNS today they have applied a 20% discount to Infinte Reality headline valuation to reflect lack of liquidity as private entity.

So there is more upside should Nasdaq facility generate some trades or on IPO.

Meanwhile the usual suspects are pumping CTAI and other dogs with claimed AI links.

Big increase in Sure Valley investments in last six months plus placing cash and other investments.

Mindflair trades at massive discount to fair value with a significant exposure to a large AI company that just raised $3 billion.

Yet people chase dogs like CTAI with a single loan note to Klarian AI company worth around £10 million in which may become under a 10% shareholding..

Investing isn’t easy.

Sharebel

Klarian is worth around £10 million based on both CTAI RNS statements and recent share issue prices of Klarian at Companies House.

CTAI at present own no shares in Klarian but if loan is converted they may get under 10% of Klarian.

So CTAI interest in Klarian is already up with current events.

Do you guys ever do any research before you make army statements?

A few facts

1 Companies House show that on recent Klarian shares issue that last few shares issues have been at same price I.e Klarian is not increasing in value and is slightly down on an older issue. Total value is around £10 million.

2 CTAI will only own under 7% of Klarian if conversion goes ahead less than a £1 million of value.

3 CTAI had run of cash to pay admin costs so has to borrow cash at 10% plus warrants and interest rate goes up to 0.5% per day if loan isn’t repaid by Nov 2025.

Sure CTAI may spike but make sure you don’t get locked in because CTAI is already fully valued imho.

4 Sanderson Capital appears to be dumping shares via Spreadex.

Better off in Mindflair which is at a discount to fair value of interest AI holding in a $12.25 AI giant which just raised $3 billion in cash

Not RB

Demolition123

Your tip

RB a loss making technically insolv3nt company that just failed to get its RTO complete and needs to do a fund raise.

I guess the usual suspects might get it to spike but as an investment it’s a dog.

CTAI has one asset, it’s loan note to Klarian and that is it.

Klarian is a data driven pipeline company worth about £10 million as you can work based on last share issue at Companies House.

Mindflair and Sure both have exposure to a $12?25 billion AI giant.

I know which I prefer.

TwoGoodToDie

Your right to highlight the risks associated with start ups.

In the first Proactive report of May 2020 on SYME website SYME is stated to have launched two initial IMs back in 2016 and 2017/18.

In the second Proactive report of July 2021 the second monetisation is not mentioned.

Neither start was mentioned in the lawyer scrutinised Prospectus for some reason either.

Supply just isn’t getting any traction its business model over 8 years later and it’s still doing tiny deals that cost it money as accounts show a negative gross margin.

Amazon scaled very rapidly growing revenue and customers every month part of the reason it succeeded.

Starts up can succeed it they deliver something different or better than existing offerings.

SYME business requires a customer front end that manage inventory sales, purchases, holding levels and inventory turnover rates. Taulia backed by SAP is already managing inventory through its systems for clients of all types of inventory. It also has huge credibility with companies in terms of IT solutions. So SYME is way behind Taulia on this aspect of its operations.

The second aspect of SYME’s business model is funding essentially lending against inventory where SYME has no committed funding coming on for 5 years post IPO. SYME’s supposed USP was the True Sale concept which was hoped would enable it to beat bank and other financiers lending against inventory which SYME still can’t provide a single proven example of. It does t even have funding to perform simple lending against inventory either.

SYME looks more like Theranos than Amazon to me.

Brighter future

IFRS 15 revenue recognition specifically deals with when companies can recognise revenue if goods are held on consignment but it has a number of specific requirements that need to be passed for such deals to be treated as revenue.

From a SYME True Sale perspective the killer point is that the good sold to the Supply Stock company cannot be marketed to another customer which in SYME’s presentations they argue that you can can on selling the good to your original customers. There is also a requirement that there must be a substantive reason for non delivery not as in SYME case that the stock company has no use for the product.

CTAI has a £567k loan plus fees debt either repayable in cash or convertible into Klarian Limited shares.

CTAI give no indication of how much of Klarian they would get on a conversion into its shares currently valued at £10 million other than it will be at discount to last fund raise.

CTAI is already valued at £1 million and this is its only asset.

Klarian accounts show it is currently loss making as evidenced by yet another cash raise.

Prefer Sure Valley or Mindflair which both have stake in an AI Infinite Reality that raised $3 billion cash at $12.25 billion valuation.

Peakhope

SYME as a main market company need to use firm on the FRC’s PIE Auditor Register.

Excluding the Big 4 who won’t touch SYME as it’s too small you have around 25 plus firms to speak to.

SYME have had 3.5 months so far to find a replacement, audit firms appear to be reluctant to take on the role.

Amusingly Crowe got paid £136,000 last year almost same as SYME’s revenue of £158,000.

I wouldn’t be surprised to see SYME get taken private like RTOP.

Dr Jan

I doubt Total Carbide will reach anywhere close to £7 million.

Revenue last year was £2.7 million and it lost £144,000. Net assets were £2.4 million. Profit for 18 months was £186,000.

I reckon it’s worth £3 to £4 million at most.

Alma

ALGW will struggle getting new auditors in my opinion.

First as a main market company they have a restricted list of auditors they can use called the PIE auditor register.

Second the Big 4 and a few others will think company is too small.

Third outside of the Big 4 there are only a few firms which are competent in dealing with IFRS 17 Insurance Contracts, one of which is PKF Lirtlejohn which said ALGW had done a proper analysis before concluding that its effect on principal life insurance subsidiary was not material.

Let’s see if they can find someone in time for new audited accounts deadline.

I prefer either Sure Valley or Mindflair as they have stake in AI company that just raised $3 billion in cash at more than double previous valuation.

PR1 is at present using AI for investor relations for 20 or so companies.

I think it will quickly burn through its cash raised and not reach a profit scale.

Phimx

I agree that shareholders are last in pecking order but my point is that any proceeds of cash shell wouldn’t go to company in any case.

Accounts overdue

No update on transition plan or exit for PIs

Website out of date, it lists CEO who left in May 2024

Won’t be surprised if RTOP never produces audited accounts and gets put into administration in due course.

SYME may be next given lack of auditor, loss making, technically insolvency and AG and AZ as same two key figures.

TwoGoodToDie

You need to stop polishing the turd that is SYME.

TAG or more precisely it’s 100% subsidiary Reg Tech Italia never got a penny of the £17.483 million promised in the RegTech IPO as clearly stated in an RTOP RNS as to why Reg Tech was overdue on its funding on due date.

The mystery 12 Italian investors never paid up a penny or on the promised subsequent $2.5 million proposed settlement.

AZ’s empire is strapped for cash both SYME and RTOP are technically insolvent and are owed more by TAG or a connected party.

The cash burn in 1st half was £200,000 a month so even with all the departures it’s probably still over £100,000 a month so a cash raise will be needed soon the last one was in May 2023.

Phimx

The company won’t receive any money from a RTO into it as a cash shell. Any value from such a deal will go to Inspirit shareholders.

However, I don’t think a deal will happen whilst Inspirit has net current liabilities.

TwoGoodToDie

I think that SYME need cash based on interim accounts and likely ongoing losses given absence of IM deals, albeit staff departures will mean a low level of cash burn than first half of 2024 when it was £200,000 per month.

However, at current low market capitalisation, sometimes low volumes of trading even a bucket shop placing or low quality CLN isn’t going to be easy to get away.