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Errol will disappear. Sadly there is no way to vote for most...

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willbah

259 Posts.

19

28/02/20

15:09

Post #: 43217441
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Originally posted by doubledeckerdog: ↑

The December 2019 half year financials are out.
They show continued massive losses.
They show that the Net Tangible Asset Backing is MINUS 0.3c per share.
They announced positive pharmacokinetic results for BNC 210 (again).
The FDA has granted "Fast Track" designation for BNC 210 development for PTSD.
The cash position at 31 December was $9.388m
Borrowings are $12.599m
Net Cash position is therefore MINUS $3.211m
Goodwill is in the books at $12.774m - a ridiculous assertion - what is the basis of the valuation I wonder?????
Other intangible assets are in the books at $12.213m - whatever they are? Presumable capitalised R&D with little chance of being realised I suspect???
If Goodwill and Intangibles are included at zero, then the company's balance sheet would look a whole lot worse.
Who are the Auditors and would you trust them????
Captain Snooze only has to keep slurping out those fees until June 30 2020 - and then he will disappear before it all blows up.......
What are the odds????

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Errol will disappear. Sadly there is no way to vote for most incompetent CEO of the ASX listed companies. Else he should be #1.

BNO Price at posting: 4.4¢ Sentiment: Hold Disclosure: Held
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