Share based payments were a key audit concern ($1.7m). I am assuming that if these were paid out as a cash bonus, then the operating profit would be negligible. I understand how it benefits management to have these paid as shares rather than cash. The cash operating profit doesn’t take into account income received in advance (deposits etc) or other payables, which will impact cash operating position in 2021.
I know the commercial manager from Northwest started with Vysarn at its inception, I'd imagine that some of the contracts came across with the rig purchases. They haven't really established any significant new contracts in the last 6 months. However September presentation does mention it expects to increase rig utlisiation by ~50% in the next 3 months. As a investor if I don't start hearing about rig updates I will be starting to get concerned.
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- Ann: Investor Presentation September 2020
Ann: Investor Presentation September 2020, page-37
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