With everything that has been happening these past few months, we have had innumerable new threads started for different purposes. I would like to try and bring things back to a central thread and start one with the new BOD now installed. I don't want to make the thread $$ share prediction. Just general, where information and questions can be posted.
Last night, David Halliday and Clee were on a 10 pm flight to Malaysia. They have been on the ground today and starting the task of sorting through the mess that was left by the old BOD. This is going to take some time. I know everyone wants answers immediately, but this is a big task to go through. All the different entities, forensic accounting, police investigations, insurance claims, creditors, workforce, etc - this will all take time.
The announcement from the court case was stated to be in 72 hours from the court case closing yesterday, so we should have something either this Friday or next Monday.
It has been stated on other threads, but let's review some of the facts we know.
1) According to PWC in it's statements to the court yesterday it said the underlying asset value of IOU was a minimum $47 million dollars. This is assets. Does not take into account the current missing funds from fraud activity.
2) David Halliday's solicitor showed that moving forward IOU's monthly running costs would be approx $43K per month. They have been able to reduce the running costs by doing many things. Firstly removing items such as the monthly retainer fee we were paying * for those advertised announcements and the reduced Directors fees. Aaron Lee was on $250,000 a year. Other Directors were on $50,000 a year. New directors are only taking $50K each and currently there are only 3 of them. Just on our new operating costs alone there is a swing of well over $2 million dollars.
3) We do have a 21% interest in IDSB and it is valued at $21 million
4) We do have funds to pay valid creditors and also now have a $3M line of credit. Once we come out of the trading halt, we also then have the option of going to markets to raise capital if needed.
5) New BOD will be actively looking at all fraudulent activity and are committed to bringing anyone found to have stolen funds from the company to be brought to justice.
6) New BOD will be actively seeking advice on what types of possible insurance claims can be made.
7) New BOD will be looking to get a new set of accounts made up so they can see exactly the state of the company and its subsidiaries
I know we are all wanting answers now, but it has only been one day the VA has been lifted. We should still be thanking ourselves for this miracle. Statistics state less than 5% of companies who go into VA actually come out of them and trade again - we are one of those 5%.
We still have iSentric and the mobile division ticking along. We have the dividends from IDSB, we have agreements in place with many payment gateways and we are Shariah compliant. There are many positive things about IOU and it just takes some good, honest people to run it for it to be a strong company.
I look forward to comments here and hopefully see IOU rise from everything it has had to deal with in the start of 2023 to become the Fintech company we all believe it can be
IOU Price at posting:
4.1¢ Sentiment: Buy Disclosure: Held
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