JK and the BOD have destroyed shareholders wealth with the capital raising which at best is incompetence. The FY23 of the company shows:s
Cash and cash equivalents $6.47m
Total assets $16.47m
Net assets $14.79m
The Q1FY24 report shows:
Total revenue (unaudited) of $1.21m
an amount of $287k was paid during the quarter to Atomo Directors in salary and director’s fees
cash on hand of $6.92m.(Note: no information provided on the cash equivalents)
. The results show what happened to the capital raising of $2.25m as follows:
$267k went into the piggy trough, implying a $1.068m ($267k x 4) annual piggy trough
$1.083m went to finance the company activities
$450k left over increasing the cash and cash equivalents of $6.47m to $6.92m
The company should be able to fund the company activities from the $6.47m cash & cash equivalents, With net assets of $14.79m the company could easily raise a line of credit from the Banks to finance the company activities. A large portion of the $2.25m capital raising appears to be going into the piggy trough.
AT1 Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)