Seems right ...not long before it went to $1.67 or something
Who sold then?
Not me ...I sold at $1.50 odd
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Looks like to me that PEB are getting their accounts retrospectively in order so that they can go back to the market for more money, they are trying to comply with the U S accounting standards so that they can raise there and not be found to be in breach of U S law , very distressing to me if that is the case , have they been pulling the wool over N Z investors and regulators eyes ?
Yes, just about everyone except the ones who swore that PEB never gave away free tests and we were the ones who had no idea how medical reimbursements worked in the States!
Turned out that PEB was busy 'manufacturing' sales revenues and gross profits (in effect, minimizing the already sizeable losses).
I honestly cannot see how PEB can recover its credibility after this. The fund managers are going to have to justify to their investment committees why they should invest in PEB, alone alone put in more money!
I will be buying lots of popcorn..
My wise finance professor always said to me "cashflow is paramount, all else is noise". Wise words those, especially the light started flickering once I embarked on an accounting degree. As a naieve youngster I thought "revenue", "expenses" and "profit" were good parameters but now I know a lot better.
So true blackcap
The Cash Flow Statement is the most important part of the accounts
Pity more punters don’t understand it better
Classic example is Pushpay ....reported revenues arev$70m odd but cash from customers is $38m. The difference is the cut taken by the card companies (MasterCard etc) - Pushpay never see that cash butvstill count it as revenues (which is proper accounting treatment with the fees going into cost of sales)
David says it’s ‘been a busy year’ losing $20m (accumulated losses now $120m)
Just imagine the gush of cash that’ll come flowing when all those ‘billable’ tests get paid - transformational
http://nzx-prod-s7fsd7f98s.s3-websit...614/280066.pdf
So FY 18 op revenue is $3.4M?? I am trying to understand their shambolic release. Incoming cap raise and/or staff reduction. Its border line fraud or misleading the market imo.
The most appalling set of financials any auditor would have seen in their auditing life best describes PEB results.
Not because of the losses (expected) or the cash outflow (expected).
But because it's very clear that PEB had indulged in creative and deceptive accounting in the worse manner - booking and recording revenues when the revenues were based upon 'expected' reimbursements.
In other words, pray and hope but let's deceive the market in the meantime that the company was actually making progress.
But for the change in accounting policies and restatement of the historical accounts, the company would be making another round of account receivables write-offs.
Operating revenue of $3.4m with one year to go to get the US$100m target - HUMBUG!