Tomco Energy Share Discussion Threads

[lopodop] 20/12/2022 11:22

An audit firm has to apply scepticism - in which case TOM has a NIL asset format and a list of liabilities which are pretty easy to confirm. Going concern considerations are inapplicable as there is no feasible activity in true business sense.

[fenners66] 20/12/2022 11:18

That was just the £8,293,000 written off intangibles last year then......


Just remember , WHEN they spent all that cash , it must have been on the newest , greatest , most fantastic , potential , new business ever......

Until it wasn't.

[fenners66] 20/12/2022 11:11

You got to like this bit, which demonstrates their level of expertise......

"The exploration and development licences comprise nine Utah oil shale leases covering approximately 15,488 acres. These assets have been impaired in full on 30 September 2021 for the reasons given in note 1.9.The impairment value represents the estimated value in use of the assets concerned, which is estimated at nil. "

Read their lips

Estimated use of assets concerned ....

NIL

[fenners66] 20/12/2022 11:07

Auditor's remuneration in the last set of accounts was.....

£43,000 despite there being no business to audit....

Remember
Revenue Nil
Cost of sales Nil

It looks like the sort of "trade " you could audit in a day....

So what actually took so long ?

[lopodop] 20/12/2022 11:05

Re RMart
Golden rule - always do opposite of what Mart suggests.

[lopodop] 20/12/2022 10:34

Perhaps JP could offer his expertise to Petroteq to sort out its rather pathetic financial position - and he should make sure he receives payments in advance just in case.
No doubt TOM’s auditors are racing ahead with their procedures so as to ensure the financials are NOT delayed as before. Expect an increased audit fee from BDO to take account of the technical issues AND the transaction volume.

[lukeisbackontrack] 20/12/2022 10:22

Rmart how does it feel to be the worse investor and tipster of ADVFN?

Asking for a friend

[the diddymen] 20/12/2022 10:00

Somebody just saved themselves £14k.

[the diddymen] 20/12/2022 09:55

When you have a problem, kick it into the long grass. In a way TOM does not have a problem in that it has always been a narrative company. That said when the narrative comes to the end of its life cycle and the average age of the shareholders has increased by the length of the narrative itself - you do have a problem.

There has been no announcement, because there is nothing to announce. The fate of TOM was sealed when they signed up to the TSHII. They had no method of financing it and the few pennies they did have went on the 10% non-refundable deposit. Any third party knows this and therefore they can hold a gun to TOM's head and dictate terms.

Were there any assets that another party could not buy off the administrator, then TOM would have a negotiating position. They do not and that is why there was no prudent announcement months back, given the 31 December deadline.

On 3rd Jan when the markets open again there will likely be an RNS that buys another three months. It may have the outline of some commercial deal, but it will be a deal forged by a company skating on thin ice. In substance there will be nothing for shareholders. The only question in the Board's mind is whether they will be able to palm more biscuit tin tokens onto their aging shareholders.

[fenners66] 20/12/2022 09:47

The Petroteq car crash has just hit another wall.

I remarked a while back that they had not filed quarterly accounts - now they give an explanation that they are late in filing and are going to be even later.....

"the delay in the filing of its audited financial statements and corresponding management's discussion and analysis for the years ended August 31, 2021, August 31, 2020 and August 31, 2019 ....required to be filed on or before the prescribed filing deadline of December 29, 2022"

"anticipates being in a position to file the Financial Disclosure by no later than March 1, 2023"

So the late filing is going to be later.....

"Company confirms that it will comply with...Management Cease Trade Orders ("NP 12-203"), for so long as it remains in default"

And some placed their faith in getting rich on the back of PQE shares (phantom bid) and PQE technology......


They cannot even file accounts !!

[lopodop] 20/12/2022 09:03

Lopopod
Time for you to put your #s on the table to show a lead.

[goulding1215] 20/12/2022 08:32

We might have known.

[vauch] 20/12/2022 08:00

Busa as per norm with them, they seem to have an appalling accounting record.
never on time

[busamitch] 20/12/2022 00:46

The Petroteq train keeps on a rollin'

[the diddyboys] 19/12/2022 20:15

The past does not always show the future dan, and the future here is bright.

[danmart2] 19/12/2022 19:56

TOMCO to the moon????

Looking back, the missed April deadline was the red flag.

Although one could argue there have been many red flags for years

[fenners66] 19/12/2022 19:53

Bless......

[the diddyboys] 19/12/2022 19:10

Ducky I wish you all the best with this share. I think you are onto a winner. The heavy oil TomCo has is very rare and it seems will become important in shipping, not to mention asphalt, which is always in demand. In fact they can't get enough of that stuff.

[the diddyboys] 19/12/2022 18:22

If you think about it, it's double bubble then. Capital growth and income.

[the diddyboys] 19/12/2022 18:21

Not many shares offer odds like this you know and oil is the place to be moving forward.

[lopopod] 19/12/2022 18:18

£250m to £300m mcap after all income streams are in place. And current mcap is £7m!!!

[the diddyboys] 19/12/2022 18:16

Have you seen what has been going on at HARL? Very impressive and we share the same Chairman.

[the diddyboys] 19/12/2022 18:08

The more I think about it lopo the more I think this share will be good for an easy passive income.

[the diddyboys] 19/12/2022 18:05

I sure am and that divi will go on for years, otherwise what will they do with all that income?

[lopopod] 19/12/2022 18:03

Yes, if Tomco get a free carry then all that income from Greenfield has to go somewhere. You thinking a divi?