is skg technically insolvent? "SKG will generate approx $1 million in customer receipts this quarter and their operating cost are around $771k per month"
Firstly i hope their operating costs are NOT $771k per month?
Lie or mistake?
Now...SKG do NOT have revenues of $1m per quarter.
You are suggesting they will in this quarter but last quarter they had revenues of $539k
The $850 they have as you call an asset is actually a 18% loan.
But with the $850 k...they had at the end of the last quarter $1m in cash on hand.
Their quarterly costs are around $800k....and not allowing for anything unusual.
So the end of this quarter they will have approxiamately.....$700k in cash
But still owe.........$700 k to Cornell for the loan.
Plus interest!
Effectively SKG are insolvent as at the 30th of June.
Their debts are greater then their cash.
You alrready said they borrowed $1.3m for the AIM listing.
Technically then SKG are insolvent now.
Perhas you would like to address those facts?
And SKG can NOT draw down on any of the money from Cornels until the $850k is repaid.
Like to see your response to this?
SKG
skynetglobal limited
