My biggest concern with this entity is that it is now potentially trading insolvently. If you have expenses in the next qtr of $180 and you have $74k in the bank with no guarantee that the Canadian refund is coming, that's trading insolvent or you need a capital raise.
I had shares in Poltech many years ago, they were expecting a refund from the Hawaiian Govt that never came or came too late and the accountants amongst us missed the simple fact that if you can't pay your bills when they're due, you are trading insolvent.
If they're so sure about getting the refund, why don't they factor the debt and get 95% of the cash up front. They probably can't because it's not a debt. it's a refund.
I would like an auditor in Australia to certify to the company that the refund is coming and let them put their PI on the line.
Very risky proposition at this point.
MTC Price at posting:
1.4¢ Sentiment: Sell Disclosure: Not Held
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