Member Info for Toyin

Dire, the goods I refer to is the IP, hence why I said it is too complicated to discuss. My point was all our “goods and services” (as the accounts refer to IP) has already been delivered and used. That will always remain the case, we will never “owe” Croda anything. We accrue payments as soon as the IP is used.

True, its just a shame its turned out like it has.

Bazza, they will do what they do, it's a power play, investors have questioned them and they dont like it, so they turn off the taps. No point stressing over it anymore.

Karma's a bi7ch.

Agree Aquae. What busts my balls is I am positive we received circa £500k before YE, I am also very confident we will now have received circa £1m. So irrespective of accounting waffle and NDA’s the company should be informing investors of the situation. Its like the wild west!

aquae, we could go on all day, goods have been supplied, invoices have been raised, cash has been received. it's black and white as far as i am concerned.

the company needs to sort its **** out!

Aquae, I think this is way to complicated to discuss this way, but my understanding is this:

a) We get double digit royalties on world wide sales.

b) Royalties are accounted for under accrued accounting rules. (see below) "revenue is recognized as the subsequent sale or usage takes place"

c) We are now using FRS 102 which is different to IFRS 15.

Under FRS 102, royalties are recognized when it's probable they will flow to the entity and can be measured reliably. For sales-based or usage-based royalties linked to a licensed intellectual property, revenue is recognized as the subsequent sale or usage takes place, overriding the normal variable consideration rules. For all other royalties, the general principle is to recognize them when probable economic benefits are received and the revenue can be measured reliably.

As I have been saying for a long time, transparency and in this case clarification would be wonderful!

Aquae, having looked into this I dont see how sbtx could avoid booking Croda revenues, we have nothing to deliver, therefore revenue has to be booked. Just because Croda haven't fulfilled their contractual obligation is irrelevant to us. My view is the £4.5-£4.8m includes Croda.

Aquae, I understand that, what I am saying is if it is of a certain value compared to overall revenue it must be communicated as such.

"If a customer pays you upfront, or even just agrees to pay, you owe them something. Until you deliver that product or service, that money sits on your books as a liability, not revenue. It’s your promise in financial form."

Not applicable in this instance, as soon as they use the IP, we have delivered.

We dont how the contract is drafted, apart from double digit on world wide sales, so if they have paid us cash they have obviously sold product.

Thanks Aquae, that is very helpful and would fit. My question to the co would still stand that if one customer is contributing 10% of revenues (in this instance 100% bottom line) it should be reported under AIM rule 11, so the £500k question is, have Croda payed us £500k before YE?

Thanks shy. I have zero confidence in the Croda BOD, luckily for us it wont effect Zenakine sales.

Shy, I suppose it will be what it will be, zero transparency and conflicting comments, doesnt make the job easy.

Aquae, but its not 2-3 weeks is it because we have been lead up the garden path for months now. Anyway I couldn't give a rats a55 what the BOD do, they have shown their true colours, they will carry on regardless, it must be some kind of power issue they have.

Regarding MD, totally agree.

Aquae, if the def con hasn't been paid, surely that in itself is material and should be relayed to the market? Also the rns stated "Cash as at 30 June 2025 is better than expectations at £4.8m.” Which raises the question, at what point did it become better than expected, if it is the def con does that not raise questions about the fund raise?

Regarding the financial regulatory bodies, I have to get back to them with the audited accounts.

shy, we were also told we would have sight of numbers at launch.

Shy, I also believe MD has no predatory intent and am very happy he is onboard, he obviously knows his stuff. My issues lie elsewhere.

"Thanks for that post shychap, perhaps time for the speculation to stop."

Very true Aquae, maybe someone should cantact the company and tell them as much!

Regarding the royalty payment, I am not the only one to beleive that we had circa £500k before YE, if the payment was small as you say is possible, where did the extra £700k of cash come from, lets not forget that was after cica £500k of Superdrug spend before YE as well, lets round it down to £1m of extra cash. Answers on a post card!

I dont believe for one minute that MD doesnt know SA, in fact I have it on good authority that they do know each other and MD also knows DB. I also dont believe for one minute that somebody would punt over £4m on something they didn’t have very good information on. I am also still trying to work out why he would punt £4m on a company that since he started buying has had bad news or no news. I can only come to one conclusion that make sense and I dont like it.

Net, there have been many times when I have criticised things that have happened at the company and decisions that have been made and will continue to do so. This is a non event as we aren’t comparing apples with apples. Even if there is a negative, it's that inconsequential it's not worth discussing, we have bigger problems to deal with.

What did make me laugh, is the very man that kept telling me to sell up because I questioned the BOD and was holding them to account, is the very man that has sold up on fake news and moved on. Oh the irony!

Yes.

Net, not trying to control anything, just pointing out in this instance that comparing synthetic and natural is futile.

Agreed, lets leave it at that.

Net, this discussion started because of an article on melatonin supplements which are synthetic which is totally different to the natural melatonin produced by the body. You have gone down a rabbit hole looking for a problem that doesnt exist. My earlier post this morning showed what else it might do. Just because some moron jumped the gun doesnt mean you need to start flapping.