04-02-2024, 07:46 AM
(04-01-2024, 07:42 PM)Mike M (the other one) Wrote: Ok I'm not seeing it. His assets to start the year is 311m.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036124017011/ef20025355_10k.htm
Looks like most of the losses is coming from the stock side.
Sorry, it's been 15+ years since i tracked my company's competitors and prepared reports for the board.
Maybe Bels can make some heads/tails of the sheets.
Statement of operations shows a net loss post-tax of ~$22 million and ~16 million in 2023 and 2022 respectively. The mention of common stock you see there is in relation to the distribution of that loss among the share of stock. So what that statement says is that if you spread out the losses the company incurred in those years among the shareholders equally, that is the amount it devalued their shares.
What was interesting to me was the cash flows. They had a little under $400k in cash and cash-equivalents at the end of FY23 and in FY22 they ended with $989. It seems like they are being propped up by financing activities (i.e. loans) because cash flows from operations were losses of $1.5 million in 2022 and $5.1 million in 2023. Now, with the completion of the merger the company gains access to the funds raised from DWAC's IPO, which is an amount of cash that has been sitting in trust to the tune of over $300 million (this is where the bulk of the assets were locked up contingent on the acquisition). This will help with the company's liquidity for a time, but with the losses year-on-year we are seeing it won't last long.
"A great democracy has got to be progressive, or it will soon cease to be either great or a democracy..." - TR
"The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little." - FDR
"The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little." - FDR
