re: its even worse then first assumed. SKG burned through $1.639 million in the last quarter.
Sales were only $539k...with operating expenses in excess of sales.
There were some major one off costs in the quarter which impacted on its loss for the quarter.
But in reality.....SKG had just over $200k in cash at the end of the quarter.
Technically insolvent.
They secured a $850k loan at an effective rate of 12% pa and has to repay the loan at the rate of $25000 every two weeks....by issuance of shares at a 6% discount to the market average.
And cannot access any more funds from Cornells until the loan is repaid or as hoped the Russian monies appear.
If the Russian monies does not appear......SKG are in serious trouble.
I thought that point would have been obvious and indisputable.
I would like your view on the future of SKG ....IF....The Russian deal does not appear?
Where do they secure the next deal from to support their debt?
They are now servicing the Cornell loan by share dilution at the rate of $25000 per fortnight.
Is that why the share price has halved since the Russian deal was announced?
Does the market believe the Russian deal is dodgy?
Why has the share price collapsed by around 50%?
There has to be some reason.....
And why has another director left?
The very one who helped SKG list on AIM.
Lots of serious questions....IMHO
Lots of red flags.
IMHO
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skynetglobal limited
re: its even worse then first assumed. SKG burned through $1.639...
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