Ann: Appendix 4C - monthly, page-7

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Han Solo

21 Posts.

01/02/18

11:04

Post #: 30731323
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Originally posted by carnabombers ↑

I have just written to the company as follows. If I don't hear from them in a week, I will truly pass on my concerns. Sorry if this will cause more pain but we need to know the truth. I don't want to get to march and find there is no money left and no product.

"I am an investor and am very concerned at the lack of information coming through to shareholders. I am deeply concerned at the Balance Sheet and your definition of current assets. The published 2017 Balance sheet shows "Others" at $21.45m. You need to provide a breakdown of this number as to what it is. If it is Soar coins then until you can unlock the coins and turn them into actual dollars, classifying this as a current asset is potentially misleading. I would also like to understand what makes up the accounts receivable and payable numbers. I have no idea how real these numbers are and whether there is ready cash available.
I am also looking at the quarterly cash flow that indicates that the bank balance will not cope.
My third concern is that the monthly cash outflow of product manufacturing and operating costs of $49k and staff costs of $71k looks exceptionally light if you are indeed in test mode and very close to deployment. You need to update shareholders as to what is happening and where you are at. If the exchange is almost ready to go then tell us, otherwise, it's a complex piece of technology and I would imagine many code cutting and testing iterations would be needed.
I would like to receive an update on the state of the financials as earlier indicated within 7 days otherwise I will be forced to pass on my questions to the governing authorities".

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Thanks Carnabombers. It looks like both BPG and GTG are suspended as both are trying to build the first ASX listed crypto exchange.
When you compare both balance sheets, it looks like GTG will win the race. Management of GTG also do a better job of informing or providing updates to their shareholders. Anyway, I apologise for my negativity this morning, but am just a tad frustrated.

BPG Price at posting: 0.9¢ Sentiment: Hold Disclosure: Held
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