Keyword results: revenue recognition

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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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Thoughts on Tern – Part 2

Bulls and bears in tech investment company Tern plc (TERN) can at least agree on one thing: the key to the investment case is its holding in Device Authority Ltd (DA Ltd), a provider of security solutions for IOT products. Tern holds 56.8% of DA Ltd’s equity and has to date lent it £3.1 million in convertible loan stock. The stake is carried at £12.8 million on the balance sheet (valuing the whole company at £22.5 million), representing 58% of the value of the portfolio. It is DA Ltd’s perceived potential that has seen Tern’s shares trade at multiples of its book value and been the hook upon which it has hung the majority of its 16 placings to date.

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Supply@ME Capital Dismal Results – Part I revenue and going concern

The headline results of Supply@ME Capital (SYME) were, as I predicted, piss poor: revenue was a mere £1,147,000 and the loss for the year was £2,964,000.  The balance sheet shows net liabilities of £452,000 and net current liabilities of £1,332,000. 

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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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ZOE
ZOE
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Zoetic – as the shares tumble again is it worth considering the matter of revenue recognition. You bet!

Shares in the fraud Zoetic International (ZOE) are off again sharply today hitting a new year low of 56p. They are still about 55p overvalued and with 25% of the equity owned via CFDs there are going to be an awful lot of margin calls being issued as each new low is hit. That will create some forced selling so making this a sort of rolling maul which will see anyone dumb enough to keep holding racking up ever greater losses far more quickly than they might think. And thus at this juncture I ponder the issue of revenue recognition, now that Zoetic appears to have a bit of revenue. I say “appears” quite deliberately.

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SAL
SAL

SpaceandPeople – “optimistic… will recover quickly”, so why further share price decline?...

Previously writing on manager of promotional and retail merchandising space SpaceandPeople (SAL), in December I questioned prestigious property wins significant opportunity… or ramptastic?. Today a “Trading update” including “given the level of enquiries and proposals the group is currently seeing, the board is optimistic that SpaceandPeople will recover quickly, both in terms of the group’s pre-existing portfolio of venues and the new venues added to the portfolio”. So why are the shares currently, at 9p, a further 10% lower?…

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Bidstack – The share price tells you that Stifel has an urgently needed bailout placing underway

Bidstack (BIDS) managed to ramp its shares up to 13p the other day thanks to the follow on from a trading statement which was long on ramp but short on critical detail. That AIM Regulation allowed a company with a history of deceiving investors to issue such bollocks is another mark of infamy on its already soiled record. After the pump, you know what comes next and it looks to be underway.

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Tern: a reader asks if it is playing fast and loose with revenue recognition

AIM-listed jam-tomorrow investment company Tern (TERN) issued a Portfolio Update the other day which I thought was impressive for all the wrong reasons. An eagle-eyed reader spots that buried in the text was that aggregate turnover across Tern’s principal investees was up by 27% over 2018 – but only on 12 November 2019 we were told that Tern hoped it would be up by 50% on 2018. Oopsie! And that leads to a question over revenue recognition.

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Tom

FREE Podcast: ShareProphets Radio Edition EIGHT with Tom Winnifrith, Frisby, Bramhill & Friel

In this eighth edition of the ShareProphets Radio podcast, sponsored by Yorkville Advisors, in order I discuss my guest next week (the biggest name yet on the show) and Burford (BUR) and the more general issue of revenue recognition. I then chat for about an hour to liberatrian comedian, songwriter and singer, Brexit Party activist, gold & bitcoin guru Dominic Frisby. Prepare for a few laughs. Then it is Cathal Friel of Open Orphan (ORPH), where I am a shareholder, and finally David Bramhill of Union Jack Oil (UJO). After that section I discuss nearology with reference to Union Jack, UK Oil & Gas (UKOG) and more generally.  If you like this and can't wait seven days for more of the same you should listen to my Bearcast every day.

ESL
ESL
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Eddie Stobart - the Red Flags were there to spot

We missed this one. we cannot spot every car crash waiting to happen. But we did give an alert of sorts. Week in week out, Eddie Stobart Logistics (ESL) featured in Steve Moore's table of the most shorted AIM shares. When bears hunt in packs, like this, they are rarely wrong, especially when the biggest cheerleader on the other side are Bulletin Board Morons or, as in this case, Neil Woodford. So what were the red flags? There were three big ones:

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BUR
BUR
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A senior accountant looks at Burford Capital

With the added bonus that kiss of death. disgraced fund manager Neil Woodford is a major shareholder, the bears are certainly sniffing around litigation funding giant Burford Capital (BUR). Our own Nigel Somerville expressed his concerns here. One bear (Paddington) has asked if this is the new Quindell (QPP) in terms of revenue recognition. So I asked a former partner of a big 4 accountants to review the 2018 accounts. He notes:

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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?...

CyanConnode – shares soaring on a first licensing agreement merited?

CyanConnode (CYAN) is “pleased to announce that it has signed a USD 4M Licensing Agreement with Beijing Jingybeifang Instrument Co., Ltd” - this its first licensing agreement and the shares are more than 26% higher at 12p in response. Is the response merited?...

GBG
GBG

GB Group – “remain confident”, so why the share price fall?

A half-year trading statement from identity technology group GB (GBG) emphasises “trading performance is in line with expectations, with underlying organic revenue growth of 11%” and “our pipeline is looking strong… we remain confident in meeting full-year consensus revenue and profit expectations”. The shares have though responded currently more than 5% lower towards 480p. Hmmm…

AKR
AKR

Akers Biosciences – a class action lawsuit received & seemingly others to follow, keep running for the hills from this stock!

Writing on Akers Biosciences (AKR & NASDAQ - AKER) last month - “decided to withdraw” an initial FDA application… & worse, I concluded to run for the hills from this stock. Now, the shares are slumping again – this time on a “Notification of Class Action” announcement. Uh oh…

IDOX – The resignation of Auditor Grant Thornton – what did the board do to piss off the bean counters?

In a terse statement today, IDOX (IDOX) has fessed up to the reason why auditors Grant Thornton quit the gig. Deloitte has now taken on this poisoned chalice, heck anything for a fee boys but they should be warned.  Grant Thornton says it handed in its notices because of “challenges during the conduct of the statutory audit of the financial statements for the year ended 31 October 2017 strained the working relationship with the Board.”

Idox – “an encouraging start to the year”… or not?

Information management software and services company Idox plc (IDOX) has updated including “we have had an encouraging start to the year in terms of order intake and delivering the benefits of our reorganisation… remain confident of Idox's prospects and believe that the group has good growth opportunities”. The shares have responded, er, a further more than 5% lower, below 29p…

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 – from bad to worse for Woodford-backed dog; shares suspended as currently unable to publish audited accounts

Having less than two weeks ago stated that it “expects to complete its year-end audit process in respect of FY17 and announce its final results by 31 January 2018”, today Woodford-backed dog Utilitywise (UTW) has announced “the directors have now concluded that the company will not be able to publish its annual audited accounts for the year ended 31 July 2017 by 31 January 2018”. Cue share suspension…

UTW
UTW

Woodford-backed dog, Utilitywise – another ‘Final results update’. Uh oh…

“Final results update” from Utilitywise (UTW). Such an announcement would not normally be a cause for alarm, but here Woodford Investment Management has a major shareholding - and it was previously Auditor requests estimation methodology review by a third-party, results delayed again!

Idox – further profit warning as a review finds inappropriate revenue recognition

Writing on a “Year End Trading Update” from information management software and services company Idox plc (IDOX) last month, I concluded continuing to lack confidence here, I continue to avoid. Having headed towards 50p, the shares had since been recovering slightly… but are currently heading towards 40p today on the back of a further ‘year end update’…

COS
COS

Collagen Solutions – disappointing first half trading update, stance downgrade

Collagen Solutions (COS) has updated on trading for its half year ended 30th September 2017, disappointingly including that “our first half revenues have been impacted by revenue recognition issues (£150,000) and anticipated orders which, for various reasons, have either not materialised or have been delayed by our customers' own internal issues (2016 equivalent £341,000)”

DKL
DKL

Dekeloil - not a revenue recognition issue surely just a reason to sack the FD

Yesterday afternoon Dekeloil (DKL) issued a correction to a Q3 trading statement published on 18 October which, for reasons I cannot fathom, was not accompanied by the sacking of the company's FD.

Blancco Technology – following April cash warning & July receivables warning, what now?!

On the back of a “Q3 Trading Update, Cash Flow Review and Funding” announcement in April, I warned on shares in Blancco Technology (BLTG), updating in July – with they slipping below 120p – that I retained a lack of confidence in what is going on here and thus also a stance of bargepole/sell. There’s now a “Updates on revenue and management announcement, seeing the shares slump well below 100p…

SEV
SEV

BREAKING: FRC Letter - Servision forced to change accounts by Tom Winnifrith, delayed profits warning explained

The big issues for AIM uber dog Servision (SEV) have always been its lack of cash generation which has forced bailout placing after bailout placing and its aggressive revenue recognition policies designed to boost the share price to allow the placings to take place. Lately there has also been an issue with withholding (bad) price sensitive information. On the revenue recognition issue I went into battle 19 months ago, reporting the company to the Financial Reporting Council and now we have another small win for the Sheriff of AIM. A letter from the FRC has just arrived...

Blancco Technology – 2 months after placing, cash performance below expectations due to non-payment of receivables. Hmmm…

Having in May been “pleased to announce the completion of a placing of 5,800,000 new ordinary shares… at a price of 169 pence per placing share” (I bet it was pleased - as otherwise it was cash crunch within weeks!), Blancco Technology Group (BLTG) has today released a “Trading Statement” which currently sees the shares down by more than 20% at sub 120p. Those who took part in the placing won’t be “pleased” then!...

SEV
SEV

Servision - how do you keep lots of idiots in suspense? We'll tell its shareholders on Friday

Worthless AIM listed piece of excrement Servision (SEV) always seems to report its results at the last possible moment to avoid suspension on the casino. In 2016 calendar 2015 numbers (piss poor) arrived on the 30 June deadline day. For 2016 its a slam dunk bet that the numbers (piss poor) will arrive this Friday on deadline day. Why is that? 

SEV
SEV

Servision and that breach of AIM rules with the delayed (lack of) profits warning - is it even worse that we thought?

I have been deeply troubled by the most recent lack of profits warning from AIM listed worthless POS Servision (SEV). My initial view, expressed HERE, is that in not admitting to order slippage from December for almost six months it had committed a massive breach of AIM Rules regarding timely disclosure of price sensitive news. But I fear it may be far worse than that.

AVN
AVN

Avanti Communications - tell us about the QSAT (now tits up) revenue you have booked

Oh King of the bombasts, David Williams is there something you are not telling us about your crumbling POS business Avanti Communications (AVN). Yes... that £13.6 million deal with QSAT. You know the company that has just gone bust. This is all about revenue recognition you bombastic prick.

MTO
MTO

Mitie – shares up on “Trading update” announcement. Positive news then? Er…

Shares in Mitie Group (MTO) currently trade circa 4% higher on the day, at around 220p, on the back of a “Trading update” announcement. Good news from this “facilities management, connected workspace and professional services business” then. Er…

RCI
RCI

AIM still shrinking as another two bite the dust and more to come this week

As at the end of February the number of companies listed on AIM had fallen to 973 – down from 982 at the end of 2016. Having seen 7 new admissions in the first two months of this year, that means that 16 companies disappeared off into the ether during the same period and the world’s most successful growth market has shrunk back to levels not seen since 2004 in terms of the number of companies listed. This morning saw the demise of Rapidcloud (RCI) and North RiverResources (NRRP).

Filthy Forty China New Energy – fundraising, contracts, trading update.....BARGEPOLE!

ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) updated the market on trading for FY2016. The company reported a profit at the interim stage and continued to perform well in the second half of 2016 with revenue (subject to audit) expected to be up to about RMB 72 million. There are also contracts announced totalling about RMB 80 million expected to see project completion in Q3 of this year. So all is going swimmingly – except that the company has raised more money. Clearly the profits are not turning into cash. Why?

Entu – trading update states ‘in line’, so why are the shares approaching 9% lower?

“Trading Update” announcement from Entu (ENTU) opens with that adjusted EBITDA “is expected to be within the range previously announced” and that exceptional costs relating to planned cost-saving processes are also expected to be “in line with management's previous expectations”. So why are the shares currently approaching 9% lower, towards 23p?...

Bearcast

Tom Winnifrith Bearcast - the P to T of AIM fraud

This podcast follows on from A-E HERE, F-J HERE, and K-O HERE. It is perhaps my longest podcast for many moons but are you surprised? Think about what I cover: P is for Potash - as in African (AFPO), Q is for Quindell (QPP), R is for Revenue Recognition as in Redcentric (RCN) and Servision (SEV), S is not for smear (as in Citigate Dewe Rogerson you total and utter bastards) or Strat Aero although both are mentioned but for Sam Antar and T is for Terry as in Rob, 

DGS
DGS

Digital Globe Services – full-year results it’s “pleased to report”, shares down a further more than 17% in response…

“Digital Globe Services (DGS), a leading provider of digital marketing solutions for large, consumer-facing organisations, is pleased to report its final results for the year ended 30 June 2016”. Hmmm, the shares are currently more than 17% lower, at 38p, in response…

SEV
SEV

Tom Winnifrith Bonus Bearcast - RNS from Servision today was bollocks, so was the last one - this company is bust

This is not hard. The RNS from Servision (SEV) today is designed to ramp the shares ahead of a rescue bailout placing. It is bollocks if you add up the numbers. So too was the last RNS by the way. I have reported this POS to the FRC for dodgy revenue recognition policies, it almost certainly now has negative net current assets and is burning cash. There is a bailout placing looming and you should sell now. This company deserves to, and could well, go bust.

QPP
QPP

The 4 Companies I have Reported to the FRC - the common thread for Quindell, Eden, Avanti and Servision

I have to date reported four companies to the Financial Reporting Council asking it to investigate accounts which I believe to be fraudulent and or misleading. So where am I with these four and what is the common thread?

UTW
UTW

Utilitywise plc – first half trading update, still red flags ahoy?

Having previously highlighted areas of particular interest in the accounts of Utilitywise plc (UTW) HERE, a recent “Trading Update” notes that “the group has performed in line with management expectations”. But what does this mean for the areas I highlighted?...

SEV
SEV

Formal Request to FRC to investigate Revenue Recognition at Servision

I am still waiting for Servision (SEV) to man up and send the threatened lawyers letter to me as I am spoiling for a fight with this worthless POS as it rapidly runs out of cash. Just to keep PR Himbo Christian occupied as he briefs his new best friends the Bulletin Board Morons, I have today requested that my VERY GOOD FRIENDS at the Financial Reporting Council (FRC) open a formal investigation into the revenue recognition policy of Servision. The letter follows.

SEV
SEV

Servision: Make My Day please can I see you in Court Bitchez?

It seems that folks round at Servision (SEV) the AIM Casino listed company with atrocious revenue recognition policies, a track record of issuing RNS contract wins that turn out not to be true and which is heading for insolvency, don't like me very much. You know what? I don't like POS Servision for all the reasons demonstrated HERE. But the Servision chaps want to fight back.

SEV
SEV

Servision - now tell us about your deal with the Brazilians - another pre-placing LIE?

We have already demonstrated that not only is Servision (SEV) teetering on the brink of insolvency (HERE), has a ludicrously aggressive revenue recognition policy (HERE) but that also it announces deals as pre-placing ramps then patently does not deliver on them HERE & HERE. Now lets look at a pre-placing ramp from Brazil from April 2015. This is a shocker.

SEV
SEV

Servision, after the lies let us look at the joke accounts

Nomad Allenby still appears happy to take the filthy money offered by Servision (SEV) to act on its behalf notwithstanding the now clear demonstration that its RNS statements are, on a serial basis, utterly misleading. So let us now look at the accounts which, natch, are a total joke. I refer to the issue of bad debts.

DFX
DFX

Defenx AIM IPO - shocking greed and a crap investment

On Thursday another tech crock of pooh floated on AIM - Defenx (DFX) - this is a tale of City greed and a shite investment.

GNG
GNG

Geong – all over bar the shouting

In what is clearly a sign that AIM-China Filthy Forty play Geong (GNG) is headed from its cell on Death Row to the execution chamber, it has been announced that it has been deleted from the FTSE AIM All-Share Index effective Friday 30 October.

QPP
QPP

Quindell: the biggest stockmarket fraud for 30 years, it 'fesses up - Tom Winnifrith Bearcast part 1

In this part of the bearcast I go through all the frauds admitted to by Quindell today, the bungs, the lies, the non disclosures, the revenue recognition issues, the panama pumps. Most of this has been revealed on this website already but today Quindell fessed up. What we said abut Himex, TMC, Jon Stretton Knowles, the fraudster Rob Terry...it was all true. And that means that Rob Terry WILL go to prison for this. And so will others.

Listen to the Bearcast:
DAN
DAN

FRC, FCA and AIM Regulation asked to investigate Daniel Stewart AGAIN

Tom Winnifrith may be on sabbatical but we would not want the Financial Reporting Council, FCA and AIM Regulation to get bored and so in light of today’s shocking revelations about the shambolic accounts of disgraced Daniel Stewart PLC HERE, we have AGAIN written to the regulators demanding an investigation. The letter reads: 

DAN
DAN

Formal Request to FRC, FCA and AIM Regulation to investigate Daniel Stewart

I have this morning from the train contacted the Financial Reporting Council, AIM Regulation and the FCA regarding the 2012 and 2013 accounts of Daniel Stewart PLC regarding the issue I raised yesterday HERE. It has long been my contention that DS is not fit to be a listed company and in that spirit I have asked that its accounting which appears, at best, to be aggressive, be formally investigated. The letter follows.

DAN
DAN

Daniel Stewart & Naibu – more truly shocking detail: the £16 million stink gets worse

Naibu (NBU) was a fraud from the day it joined the AIM Casino in April 2012 thanks to disgraced Daniel Stewart (DAN) but a careful analysis of the subsidiary accounts of the City Crony Capitalists shows the stink is even worse than we imagined.

blur Group – the omnishambles continues

Following another shambolic “trading update” from blur Group (BLUR) last month, the shambles has continued. You couldn’t make this stuff up…

blur Group – another shambolic “trading update”, any ‘distance left to run’?

Shares in blur Group (BLUR) currently trade a further more than 30% lower today, at around 55p, on the back of more financial reporting woes. The following updates, though don’t say I didn’t warn you – see, for example, HEREHEREHERE and HERE

Starcom – another example of why it is cash generation rather than ‘revenue’ or ‘profit’ which is key

Shares in remote tracking, monitoring and management technology company Starcom (STAR) currently trade approaching 15% lower today, at 7.125p, on the back of an announcement that its recognition of revenues will see its “by the first week in May”-expected audited results for 2014 come in “materially below market expectations”

Bearcast

Tom Winnifrith Bearcast 21 January - Revenue Recognition and Visibility

In the regular podcast for today I look at revenue recognition and visibility. This is prompted by the comedy/tragedy of a statement from Gowin New Energy - an AIM casino China joke POS - and the profits warning from Intercede. I also look at Weatherly International, Afren, TXO and San Leon

Listen to the Bearcast:
QPP
QPP

Quindell the Whistleblower Part 2 – the true balance sheet position

In the wake of the exit of Rob Terry, the Quenron (QPP) CEO Rob Fielding communicated with CEOs of companies within the Quindell Empire and other senior staff and my whisteblower was in on what happened and the admissions are wholly at variance with market forecasts – this is damning.

QPP
QPP

After Tesco who is next for a dodgy revenue recognition admission? Any suggestions?

As any bull market gets out of hand the aggressive accounting practices start to emerge. Managers on bonuses do whatever they feel able to get away with to deliver the sales and profits needed to justify crazy ratings. Tesco has done the right thing in suspending managers, coming clean and calling in auditors for a full forensic. The question I poser to you is who is next?

blur Group – interim results a lesson in why ‘revenue’ and ‘earnings’ are vanity & cash flow is the reality

blur Group (BLUR) has emphasised that, through its online ‘global services exchange’ platform, “in a year, we have quadrupled our revenue, trebled our bookings, completed a successful fundraising, kept our costs and headcount controls in line with our plan, and grown customer success through a 170% value increase from repeat customers”. All seemingly very positive, but what is the reality of the financials?

QPP
QPP

Quindell – A Question, an Answer and a Cut in Target Price to 1p

Today’s shock news about the RAC has sent Quindell (QPP) shares diving – they are now at 180p. The whole thing stinks. You can read my initial take HERE. But I now move on.

QPP
QPP

Quindell – Back to that Canaccord note, revenue recognition & Slater & Gordon

Oh boy I am confused now about Quindell (QPP) and its revenue recognition policy please can a Bulletin Board Moron help me out on this one? Once again I refer to the note from house broker Canaccord – which you can see here – this time with reference to Slater & Gordon another ambulance chaser firm of lawyers.

Pants on fire

Life in a private company and a PLC – the Year end merry go round

The Real Man year-end is just five weeks away. We are a private company and so it makes not a blind bit of difference to us. Sure we have to fill in a few forms which we will do. But does it impact on our behaviour? Not in the slightest. How different life is at a PLC where what is termed "window dressing" takes place. What odd things it makes folks do.

QPP
QPP

Quindell & that Canaccord Note – Just how aggressive and realistic is ID revenue recognition

How much revenue will Quindell book for Industrial Deafness work this year? And how much cash will it earn. The answer according to its own house broker Canaccord is £228.4 million (well over 25% of group sales)  and er….zippo. This begs incredibly serious questions about the revenue recognition policies of Quindell in this new, Quindell untested, area.

QPP
QPP

Quindell – Just a few other things to mention – target still 20p: SELL

Having slept on the matter I am more than happy to retain my sell stance and 20p target on Quindell after yesterday’s trading statement. On the basis of Quindell adjusted earnings and cashflow forecasts the shares rocketed yesterday but I have more questions than ever and I see the shares are falling steadily today as serious investors start to ask serious questions. My core concern remains cash as I explained yesterday HERE

QPP
QPP

Quindell – Three ( make that 4) critical pieces of press comment you might have missed

You think I am the only bear of Quindell (QPP)? Think again. I draw your attention to some press comment from the past 24 hours and in one case the comments section below. Read all this you bulls and tell me that this is a “sleep sound” investment.

QPP
QPP

Financial Journalism should be accurate not balanced – yes this is ref Quindell (and blinkx, etc.)

I note that the FT is now getting it in the neck from Bulletin Board Morons for running articles on Quindell (QPP) and other POS Aim stocks which are deemed not to be “balanced.” Welcome to the club ladies and gentlemen.

Accounting services all above board? Blur Group does Irony Very well

An FD of an AIM listed company has passed me the following email entitled “Accounting services all above board” sent by Dorothy from blur Group (BLUR). My mind is boggling does this company do irony. Followers of Blur will remember that within the past three months it has been forced to admit that its revenue recognition policies were all over the shop and to stage a rescue bailout.

QPP
QPP

Quindell Revenue Recognition: Discuss

Do Quindell (QPP) shareholders really understand the company? Well perhaps they want to discuss with me revenue recognition?

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