Member Info for THGambler

Difference was that Argo had assets to sell, Mode do not.
Argo mine BTC so obviously an increase in BTC would effect their SP, Mode do not.
Mode sold all their BTC and closing their App, they have no exposure to BTC currently.
What they do have is a license (which they cannot sell) and debt which needs paying by July 23 providing the CLN holders aren't converting now.

Just for clarity this a rumour Cryto and crober just started with absolutely no substance. The fact they keep posting on here shows the desperation. SP is only 10% down today, so far......

We have all waited this long, I guess we will have to remain patient as hard as that is.
At least Vela are actually funded and have no debt.
Seeing PIs pumping money into mode who have no funds, in debt and winding down makes VELA look like a safe haven lol!

I completely agree, if anyone fancies a gamble that's absolutely fine, it may work out. Its just those who come on here with blatant lies trying to ramp that annoys me. As some, like Joe Bloggs read these as gospel truth and end up £4k down!
You can't just sell an FCA license!
There is no money left
The app is being closed down/customers told to get their money out
Directors have left/leaving
Based on the most recent accounts Mode loses £600k a month
There is debt which will need repaying
The creditors are the mostly the people running the company so they will get any money before and shareholders

Risk v reward but the odds are stacked against Mode

I genuinely didn't think this BB could get worse than yesterday but luckily HeresHopin is around to try and maintain some sense!

Crypto enthusiast - tell me how there is £1.4m in cash because of the CLNs?! you clearly don't know how they work.

Its a punt and you have no idea how it will work so don't come on here with fabricated ramps its embarrassing to read.

Honestly the ramping on here is laughable

You can't sell an FCA license! A company would have to takeover Mode to benefit from the license and if a company takes over mode they will have to pay the CLN holders back their money (over £1.5m +) and any other debt associated with the company. The company has never made a profit since floating......

Sorry pressed enter prematurely,. This was a massive gamble on the back of the last catastrophic RNS stating they couldn't get funding. How can anyone want to put money in here now! they have just said they are winding down and the app will be closed in the net few weeks.

Give your heads a wobble

Jesus Christ guys, it was a massive gamble investing here n the ba

Only difference being Arb had assets they could sell, tell me what Mode can actually sell and keep going?

I'm sorry but I get people who were already invested holding here but these new guys pumping money in must be completely deluded gamblers and no doubt not actually looked at Mode in detail.
Siting another BTC bull run as why this would increase - anyone looked at Mode price action on the last bull run? that's right it went down.
''More volatility in BTC means more transactions for Mode'' - H1 2022 accounts show that their revenue fell rather than increased so this myth is untrue.
''the app and the license are worth way more than the MCap'' - why? Mode have had the app and license for a while now and have lost revenue and can't get funding, if it was so great why does it not work for Mode?
''They will get funding'' - they can't that's why we had the RNS last week and some of the directors jumped ship.

There is still a CLN in play, where, if they are not converting which i doubt they will now, they will be owed the money back plus 8%. That's currently around £1.5m outstanding just to pay back the old debt.

We will hear soon though as there is no money left so if they are to continue an update should be in the near future, may be worth holding out for that before pumping any hard earned money in based on rampers predictions.

Bouncersdream exactly right. The current value of VELA holding in MODE is £8k so it won't be too much bother if it went under now. Considering ENSI has put another £200k on its value for us an £8k hit is nothing.

With what has happened at Mode and seeing as they were up over 50% over the last week or so but had huge question marks over funding etc which proved to be its downfall, we have VELA who has cash in the bank, no debt, has investments and cash balances far higher than the current Mcap and yet the SP remains stagnant, i know we keep blaming the BoD but what else can it be!!

Joe - I highly doubt a company who has just announced it can't get funding and had the directors leave are going to be able to broker a deal which sees investors get back multiples of the current share price.... There are CLN holders who will get their money back before shareholders

Mode revenue for H1 2022 was £500k! they can reduce the wage bill all they want they still do not make enough to cover admin cost by a looong way. I would think carefully before pumping any money into Mode hoping for a recovery! directors jumping ship and they can't get funding, anyone saying the license and app are worth more, how so? they aren't making money with both those things in place!

They mention on the quarterly updates which companies they have met with during the quarter. I don't think it's out the question that MODE are scrabbing around for funding that they wouldn't have approached VELA? Especially as VELA have an average over 50p!

No, the unfixed CLN was funds up front back when they did the raise. It is just up to the CLN holder if they want to convert to shares or get repaid at the end of the load period. So the CLN funds have/are being used up already.

Also worth mentioning that the nowhere near enough of the CLNs have been converted to shares yet, last look was rough £1.5m still outstanding. If they remain unconverted the loans will need paying back so there £1.5m to pay back in the coming months just to offset the loans before they have working capital. Its a mess

They had the CLN which as has been discussed here will be almost gone by now as their revenue is terrible and their admin expenses are so high. Those that actually looked into this knew they would need another funding round but thought that worse case scenario they would do a placing around 1p but its worse, they can't get anyone to invest. Dead duck now.

Mode is finished. Our BoD have met with them and would have been approached for funding no doubt. Mode can go in the 'wrote off' investments pile with SGSC.