10.385 million in the bank as at 31st December . Less the 2.358 million in Trade payables (i know some will say they arent due in full as yet, but they WILL be due and would be paid if the company is wound up, well before any cent flows down to shareholders) Less 300k in tax Less $104,541 in Loan from Other Entity (notice this went UP from 30th June 2021, who and why are they BORROWING FUNDS) or is it some chargeback of expenses from another entity, either way it is CASH that CGB will need to pay out at some point.
Now you are down to 7.6million They spend 330k a quarter (don't count the share based expenses, or the depreciation and impairments which are non cash items) so now at the end of February, their net cash position would be 7mil.
Now that is bang on the market cap, showing the market only values them at their net cash value.
Without some miraculous increase in revenue, and GP margin, i would suggest the market is pretty spot on at the current time.
CGB Price at posting:
2.9¢ Sentiment: Sell Disclosure: Held
