For what it's worth, i can only see ugliness in their latest company balance sheet (assuming those figure are all correct).
They have current debt of $45m versus current asset of $37m (more debt than asset). Cash on hand is $14m in which $23.8m comes from borrowing and $9.4m from issuing shares. Without the borrowing (which have to repaid later) cash on hand would be less than zero and this would make the balance sheet even uglier !!.
and they keep running at loss despite increase of sales revenue by $32m. WTH mannnn..in any normal business,the more sales a company make, the more profit they would earn..BUT this is not the case with CCC!
The loss of the Group for the year amounted to $49m, net working capital deficit of $7,8m and they must raise additional capital to meet the commitments. To raise more money they need to sale Vanmag or issue more shares...to buy more time....and should those 2 fail the company will gone into adminstration..
for what i can see the company worth f*** all and i have been fleeced!
CCC Price at posting:
6.1¢ Sentiment: Sell Disclosure: Held
