Well, apparently nothing happened in the half year, except for “an impairment loss of $829,263 (2013: $1,315,330) represented the group writing down its patents and intellectual property to nil”
Probably a fair reflection…..
Net cash was $16,000 TWO MONTHS AGO,
Liabilities are net borrowings (Ramy) of 150k two months ago. In addition there is “deferred income” of $150,000 (showing as a liability) which represents “the initial non-refundable deposit from the Egyptian Fibre Company ("EBFC") for machinery to be built and delivered by the Company”.
The accounts show a further impairment loss of $439,685 (2013: nil) represented “the group writing down its property, plant and equipment to its recoverable amount. The recoverable amount was based on value in use and determined using the insured value”.
The end result is that what is left of the assets has dwindled from a couple of million last year and written down $1.1 million at 2014 year beginning to just $630k left (this would including Walkamin assets AND presumably the new machinery ready to deliver the Egypt). But oddly, there appears to be NO new expenditure on plant and equipment- If there truly is a “factory” finished in China ready to export to Egypt (as stated by the company) where is the expenditure???
With minimum cash burn of around $50,000 per month since then- either another capital raise or oblivion must be next…..
PPY Price at posting:
1.0¢ Sentiment: Sell Disclosure: Not Held
