This is what you call great analysis, page-97

First 97 Last

Share
Profile

Follow
GrimWally

1,285 Posts.

45

26/02/18

19:09

Post #: 31357714
Share

Originally posted by paulgf ↑

I am an accountant and I agree . I hold the stock so have no wish to downramp . The initial advance from finstro should have gone to a liability account and then when accepted by the customer to proceed moved from the liability account to unearned revenue . The second tranche of payment , the 41 % paid would go straight to bank and unearned revenue .

The whole thing has been terrible disclosure bordering on misleading . It's not a ponzi scheme but the accounting and auditing and disclosures have not been in accordance with accounting standards . Their release made it clear it goes straight to deferred revenue and the agrrement is called a sponsorship agreement . Both are grossly misleading and asic will take action I am sure . There is possibly a very strong legal suit against their auditors for people who end up suffering loss here .

The 24% margin I found concerning and almost bizarre . There is plenty of cheaper ways to do this ie a proper capital raising and using a simple bank debtor finance facility and extending the customer terms on their initial purchase , far cheaper than giving some middleman 24 % of the margin , it is so stupid and the disclosures so poor around this one can only arrive at some poor conclusions around the what exactly is the intent here ?

For mine the only way to recover this is a change out of some senior management and the auditors and company secretary and cfo have to go .

Expand

The CFO - a.k.a. davidbrent - has left I think?

BIG Price at posting: $2.22 Sentiment: Buy Disclosure: Held
6 Upvote

0 Great analysis

Reply

Top Stories

SS1

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

RCE

Recce's R327 found effective against E.coli during clinical trial

AVA

Ava Risk Group expands US presence with A$0.7M Substation Deal

LRV

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

LU7

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

SVL

Silver Mines models five new calderas close to 396Moz Bowdens deposit

Week 26 Wrap: Cerberus of inflation barks – rents, electricity & fuel – and world watches two elders bicker

Microcap Wrap: 5 explorers with news out today

CMX

ChemX Materials kicks off first stage works at WA high purity alumina pilot

There are more pages in this discussion • 230 more messages in this thread...

First 97 Last

Add BIG (ASX) to my watchlist

This is what you call great analysis, page-97

Top Stories

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

Recce's R327 found effective against E.coli during clinical trial

Ava Risk Group expands US presence with A$0.7M Substation Deal

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

Silver Mines models five new calderas close to 396Moz Bowdens deposit

Week 26 Wrap: Cerberus of inflation barks – rents, electricity & fuel – and world watches two elders bicker

Microcap Wrap: 5 explorers with news out today

ChemX Materials kicks off first stage works at WA high purity alumina pilot

Featured News