By Nigel Somerville, The Deputy Sheriff of AIM | Monday 16 February 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I have already pointed to few problems (HERE and HERE) with Tern’s Annual Report for 2014 which was published last week. I have already shown why I would question the c. £50,000 loss for the year, because £36,000 seems to have been counted twice, and that a Companies House filing contradicted the claimed price at which shares were issued to the vendor of the majority stake in Cryptosoft. That raises questions over the stated NAV per share. But there also a spot of accountancy trickery in the liabilities. And how much of the claimed £332,000 has Tern actually put into Cryptosoft?
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