Brilliant so even though it says back in 2017 and even gives an...

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Hasty78

261 Posts.

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07/04/19

19:01

Post #: 38032956
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Originally posted by Senseightynine: ↑

Correct, the CDR wasn't accounted for back in 2017, as it was only completed in 2018 for the Pearls. Your picture is relating to an amendment to the Pearls agreement for additional services/products offered by Gomspace, perhaps technical changes or other add-ons. Nothing to do with CDR.

In 2016/2017 all of the payments were for the Diamonds. In fact SAS only chose gomspace as the supplier for the Pearls in Feb/March 2017.

In any design, engineering and construction project, there are several stages to go through before construction can even commence. Refer to the following flowchart. All of these milestones would have associated staged costs, so when PDR is completed for example, that is when the liability is recognised for SAS. Similarly, CDR was completed in October 2018, which is why there was a large liability for approx 7m @ 31/12/18.

You are suggesting that SAS has been paying for the construction of the Pearls prior to the CDR being even completed - this is incorrect. Those costs that you refer to would be for things like the Preliminary Design Review and other miscellaneous costs. As I have repeated over and over again, CDR was only completed in October 2018, which is the amount that has been outstanding for approx 3m euro until recently.

Tell me, how do you construct something before the CDR is even completed?

So I repeat again, no pearls have been built prior to 31/12/18.

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Brilliant so even though it says back in 2017 and even gives an estimate of how much it'll cost $13-15 million Euros it was for a batch of 30 back in 2017 so you can half that. and they have said they have paid $10 million up to December 2018 you're claiming no satellites had been built (I noticed you are now saying up to December 2018) its April now. I never said they had started building before the CDR but they have been making payments!

SAS Price at posting: 2.8¢ Sentiment: Buy Disclosure: Held
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