Keyword results: IFRS 15

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Supply@Me Capital – a master class in avoiding answering AGM questions

The fraud Supply@ME Capital (SYME) held its AGM on 3 July and it took until 16 September to provide responses to the questions raised by the morons who own its shares.  Admittedly there were 182 questions but there was a large degree of overlap in the questions and Supply resorted to standard answers for many of the questions.  For instance, 22 questions related to trading (numbers Q27, Q40, Q44, Q69, Q73, Q77, Q87, Q118, Q121, Q122, Q123, Q124, Q135, Q140, Q141, Q146, Q156, Q166, Q168, Q169, Q174, Q178) were answered with a one sentence reply essentially stating refer to revenue guidance.  Similarly, 12 questions on Negma convertible loan note (Q67, Q82, Q83, Q95, Q96, Q97, Q112, Q120, Q125, Q126, Q161, Q172 were answered with the statement “The Company recently updated the market regarding the termination of the Negma arrangement.”

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EXPLOSIVE ANALYSIS: Proof that Supply@ME Capital’s business model is flawed

Silence remains on whether the CEO of the fraud Supply@ME Capital (SYME), Alessandro Zamboni has covertly sold all his shares. If I was him I would because, as I shall demonstrate below, its business model just cannot work. Forgive the deep drill on accounting but if you follow my lead you will see more evidence that Supply has misled investors and is a zero.

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To delay your results once is (almost) understandable. To delay them FOUR times looks like carelessness. Or worse.

The fraud Supply@ME Capital (SYME) first stated that it would announce the work of fiction that is its calendar 2020 results in April. But on April 23, that became May. On May 26, that became next week (i.e. this week). And today it is er…next week again. As they say, good news travels fast…

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Supply@ME Capital - the Expose trilogy concludes

This is the final part of a three part series looking at Supply@ME Capital (SYME).  In yesterday's article I wrote, in reference to the claimed balance sheet treatment of Supply@ME's product, that "I'm very sceptical of this claim and don't believe that it can be true".  It's only right that I justify the use of those words. 

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PEL
PEL

Paragon Entertainment – revenue recognition delay… but hasn’t there already been this?

Attractions design, production and fit-out company Paragon Entertainment (PEL) has updated including, “during the audit of the FY 2018 financial statements it has become apparent that following the adoption of IFRS 15, some revenue (and therefore the profits associated with that revenue) that was previously expected to be recognisable in FY 2018 will now be recognised in FY 2019. This mainly relates to a shift in the programme and therefore revenue/profit recognition regarding the company's Kidzania Abu Dhabi project. Therefore the company provides the following update to the guidance previously notified in the Trading Update dated 6 March 2019”. But hasn’t there been similar from it before?...

PEL
PEL

Paragon Entertainment – “pleased to announce” share subscription… but is it sufficient?

Writing on Paragon Entertainment (PEL) last month I noted it “looking closely at ways of bringing longer term capital into the business” – though concluded at what price?… Now sub 1p, still an avoid / sell. Today a “Subscription” announcement…

7digital – “pleased to confirm” restructuring completion… but much it shouldn’t be pleased to confirm!

In September, previously writing on 7digital Group (7DIG) I questioned a “global leader” with Universal Music contract wins? – with it seeing me question AIM-listed companies which claim ‘global’/‘world’ leader an automatic bargepole / sell?. An intra-day (Uh oh) “Update” today commences that the group “is pleased to confirm”… but the shares are currently more than 50% lower, below 1p!…

UTW
UTW

Utilitywise – Woodford-backed dog down again on accounting update

Shares in Utilitywise (UTW) are currently approaching 10% further lower, towards 30p, on the back of an update on the financial impact to it of accounting standard IFRS 15 (Revenue from Contracts with Customers), interpretations of which are mandatory for future accounting periods from the start of 2018…

UTW
UTW

Utilitywise - auditor requests estimation methodology review by a third-party, results delayed again!

Having previously noted transparency and visibility concerns about Utilitywise (UTW), I today note the shares currently more than 10% lower at around 50p on the back of a “Final results timing update” announcement…

UTW
UTW

Utilitywise – early adoption accounting change announcement coincides with profit warning which wouldn’t have been!

Previously writing on Utilitywise (UTW) it was a case of it having been wise to red flag, as (Utility)unwise energy consumption projections see the shares crash. I concluded ‘is there anything else to emerge from the changes required to ‘increase transparency’? The visibility here sees me continue to avoid’. The shares are today further lower on “Early Adoption of IFRS 15” and “Trading update” announcements…

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