Something is a bit odd here..
14.7.18
$3.2M order secured through it's distribution partner Zariba Security to supply x70 drone guns to Ministry of Defense of a Major Middle Eastern country.
25.7.18
Quarterly Update - Receipts of $430k, Payment from MoD stated as expected to be received in current quarter and next 2 subsequent quarters.
31.10.18
Quarterly Update - Receipts of $290k of which $120k was for the MoD oder (remaining balance $3.08M) Delta of $170k I assume was from the Central America order which was valued at $300k and announced on the 2nd.
24.01.19
Quarterly Update - No mention of MoD payments, receipts of $490k - No sales were announced during the quarter. Central America order still owing $130k assuming the $170k delta was from Central America order..
08.4.19
Quarterly Update - It's stated now that $1.9M is still remaining from the MoD order, plus expecting another $650k within 90days. Here we see the remaining $100k from the Central America order.
****Note "Expected" within 4 weeks.
10.07.19
Quarterly Update - $1M in receipts (the $650k appears to have been received from Europe and Central America).
Still outstanding $1.9M from MoD order as mentioned below but 'spun' in a positive way..
They go on to state "DroneShield has estimated a gross cash outflow of $1,550,000 for the September quarter, however, this gross cash outflow estimate will not be reflective of the Company’s net cash flows, which, after receipts from customers and grants/grant factoring, are expected to be substantially more positive than the gross cash outflow."
30.10.19
Quarterly Update - Receipts $333k received.
And this is where it gets interesting, they state $3M in orders have been placed by customers and payments expected in subsequent quarters. They also mention $200k received by MoD but this is for a new order so the $1.9M is still outstanding and there is no mention of the $3.2M MoD anywhere in the quarterly report.
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In summary, there is a lack of transparency on payments being received from sales announcements, it's been 12months since the MoD $3.2M order was placed and payments of only $1.3M have been drip fed in, where is the remaining $1.9M?
I would like to know if the x70 guns have even been shipped.
Watching closely, I was a holder before but sold after the CR - there's just something fishy going on in my opinion.
Ive also been tracking their 'investing costs' and would really like to know what they keep buying here...
The $30-60M order is supposedly the same company that got the $3.2M order (Zariba Security).
Sadly there is very little information about this company. Their website is quite outdated, there is a contact number so I might give them a call to quench my concerns...
Would really appreciate other peoples thoughts and opinions on this, I could be completely wrong - I am posting my research here so it can be vetted by others in case I am wrong.
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Something is a bit odd here.. 14.7.18$3.2M order secured through...
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