Member Info for Theanalyzer

Mona

Usual ramper behaviour lose the argument and then make stupid personal attacks.

Mona

The FRC comment is on page 66, second column of 2021 annual report.

Peakhope

You can’t write to IFRS it’s the IASB who issues IFRS accounting pronouncements.

As SYME is U.K. listed it’s the FRC job to challenge U.K. listed companies accounting treatment which they did and said True Sale to their reading including the Big 4 accounting was ineffective. The statements in one of the SYME annual reports.

PNP in Italy simply doesn’t change accounting for revenue under IFRS15 because it’s not part of IFRS 15. Its a law similar to U.K. floating charges.

Under IFRS 15 you can raise a sales invoice, even be paid for that invoice but it’s not a sale until goods are delivered to buyer unless you pass specific bill and hold criteria when inventory remains at sellers premises (which is the SYME model). A key objective of IFRS 15 was to stop unscrupulous companies inappropriately increasing revenues. SYME bill and hold approach for their clients doesn’t pass relevant criteria to be booked as a sale because client can still sell goods to their other customers which breaks criteria for revenue recognition under IFRS 15 that that inventory needs to be specifically identified for the buyer, that is the stock company and there has to be a bona fide reason why they haven’t taken delivery.

Pretending a cash advance is a sale simply isn’t a bona fide reason. It’s Para B81 from IFRS15 if Napalm or anybody else wants to look it up.

Its takes a few clicks on google to find if you know what you are looking for.

Also in Italy and U.K. local Italian and U.K. accounting rules for unlisted companies are now materially consistent with IFRS 15.

Hallowed

Do you know how the client accounted for the transaction loan or sale? Nobody does because no one outside SYME even knows the clients name.

Napalm

In my opinion you are right.

SYME are only the agent not the principal in the transaction so they only book the fee income and it’s up to the principal, the SYME client as to how they account for the cash received.

I continue to believe that under IFRS 15, bill and hold transactions, that the SYME true sale is ineffective because the stock companies never intend to buy the stock and only take possession in event of a client liquidation. Furthermore, the clients can according to SYME continue to market the same inventory again in breach of IFRS rules on bill and hold transactions.

The FRC also didn’t believe that SYME’s True Sale accounting was effective either.

It’s true that Jim Coyle resigned from a number of roles close to his resignation from SYME but in the other cases he had served several years as opposed to only several months. Clearly he wanted out from SYME.

TwoGoodToDie

As usual, your making stuff up, I have never pretended to be invested in SYME nor do I post every day.

I think the next 20% bailout placing will be either before or at same time of interims. Unless SYME share price recovers it will only raise a few months cash burn after placing discount is taken into account.

AZ owes shareholders an update on SYME cash levels and whether TAG has paid outstanding cash calls. They also deserve update on White Label IM and the SFE €135 million IM deals.

Meanwhile Eight / TAG debt is still unresolved a month on, Nubaru didn’t get all $3 million from AZ / SFE and RTOP remains silent on $1.5 million it was due on 14 June.

Iramil

You said you stand to lose £140,000 from you SYME investment a risky fintech start up. Either you started with a huge portfolio or you don’t follow normal risk management of portfolio diversification.

Latino

What integrity?

He issued a Prospectus in August 2023 saying that 12 Italian investors were in aggregate buying 17.483 million shares for £1 each. He fessed up on 16 May 2024 nearly 9 months later that all 12 had failed to pay a single penny.

In 16 May RNS he promised payment of $1.5 million by 14 June from a settlement by the above investors and 2 months still nothing,

The Proactive report on SYME’s website of May 2020 cites 2 pilots 1st in 2016 and 2nd in 2017/2018.

SYME are still only doing tiny deals over 7 years later.

Not exactly scaling fast.

The proactive predicted €56 million of revenue for 2023!

I think AZ will simply keep trying and raising more cash but at some stage it will be game over.

I wonder how much AZ actually spends on SYME give all the other balls he is juggling including

Eight Capital Loan settlement

TAG SYME working capital loans outstanding

RTOP NED role plus TAG working capital loans and settlement with 12 non subscribers

Nubaru involvement

SFE investment

TAG Italian statutory accounts for 2022 and 2023

1AF2 Limited statutory accounts for May 2023

Tern reduced to flogging off a bit more of their stake in Device Authority to keep the lights on.

Desperate stuff.

TwoGoodToDie

The original funding announcement clearly states that the funding is “secured €8.5 million of bank debt” from the bank’s perspective it’s a bank loan. How the stock company tracks inventory movements via tokenisation does not change that fact.

You also claimed earlier that debt wasn’t secured despite the RNS clearly stating that it is.

For someone who claims to work in banking sector, it took you a long time to understand the TAG / IWEP/ Eight loan transaction. Originally you were claiming no loan existed because no cash was involved. After I proved you wrong on that by indicating there was a filed loan charge at Companies House and the loan was a key asset in Eight’s audited accounts you changed your arguments .

TwoGoodToDie

Are you on AZ’s payroll to generate feeble and implausible reasons for the WL Delay?

SYME announced funding commitment on 3 January 2024 but somehow Banco BPM has not yet managed in seven months to get €8.5 million new loan approved?

LOL

Super Mouse

The SYME nominal value is £0.00002 pence as it states on RNS announcements.

SYME at present trades well above its nominal value.

Saucysausage

Your correct it did

Poshify

Guild entity will remain its value and that of sales depends on sale proceeds of assets and whether any liabilities remain.

Best hope is a cash shell with some value, worst case entity gets placed into administration before sale just like RQIH and shareholders get nothing from sale.

TooGoodToDie

Not opinion, knowledge of how things work here are two examples

Versarien a serial user of placings did this back in Oct 2023

Tern another serial placer back in Sept 2023

Chwey8uk

Plenty of companies do conditional placings with some of the placing shares being subject to approval to grant permission to issue mores shares at General Meeting. So dilution could be more than 20%.

SYME just hit new 52 week low.

Surely TwoGoodToDie will be raiding his piggy bank to top up?