Big Sofa Technologies Share Discussion Threads

[kemche] 02/10/2017 18:32

So true. I try and learn from you.

[pet lover] 02/10/2017 17:47

Agreed you have never picked a winner yet.

[kemche] 02/10/2017 17:45

Good one William.
Me invest in a stock peddled by yourself? That will be a cold hard day in hell.

[pet lover] 02/10/2017 17:42

Kemche, good to see you invested in this stock today.

After missing out on so many ten baggers, you have finally got yourself one .

As all shares have risk, I would not go over 5%, until we have seen some more contracts.

All the best

[pet lover] 02/10/2017 17:04

Above both the listing price and the recent placing price.

The Trolls are not going to like the next few weeks.!!

[bbmsionlypostafter] 02/10/2017 16:58

TW underwater & ramping hard on this one. A new article every day on SP!

[toffeeman] 02/10/2017 16:40

Yep 8% higher than the low - but still below the issue price - presumably you sold your 1m shares at 25 and bought them back today PL :)

[pet lover] 02/10/2017 16:34

Don't we just love the Trolls.

They spent all weekend trying to slam the price down.

RESULT.

NO LESS THAN 8 ticks up on the day, to finish over 10% Higher on solid volume. !!!

BLESS.

[hutch_pod] 02/10/2017 13:15

Re: above: "15. Convertible loans and warrants

During the period, Big Sofa Technologies Limited issued convertible loan notes totalling £1,175,000. Of these, £450,000 were converted into shares immediately prior to the Admission of the enlarged share capital of the Group. The remaining loan notes totalling £675,000 plus accrued rolled-up interest remain outstanding at the year end.

In addition to this, Big Sofa Technologies Limited also issued convertible loan notes of £675,000. These notes are convertible at the discretion of the lender or repayable by 31 December 2018."

Looking at the cashflow, net proceeds from issue of convertible loans is £1,125,000. This would imply there are only one set of loan notes of £675,000?

[gheebee] 02/10/2017 09:07

Looks as though the accounts may have to be reviewed and restated. This could reopen the can of worms about the NEW loan, particularly the last £75k which they took after declaring NEW to be dodgy.

Looking at Shareprophets today it seems that TW may be distracted as no new comments have been cleared for publishing as yet.

[kemche] 02/10/2017 01:55

William, where are you????

[sweet karolina] 01/10/2017 17:22

Can someone sensible help me out?



Note 15 says:

15. Convertible loans and warrants

During the period, Big Sofa Technologies Limited issued convertible loan notes totalling £1,175,000. Of these, £450,000 were converted into shares immediately prior to the Admission of the enlarged share capital of the Group. The remaining loan notes totalling £675,000 plus accrued rolled-up interest remain outstanding at the year end.

In addition to this, Big Sofa Technologies Limited also issued convertible loan notes of £675,000. These notes are convertible at the discretion of the lender or repayable by 31 December 2018.

Value of liability component and equity conversion component The values of liability component and equity conversion component were determined at issuance of the respective convertible loan notes. The liability component of the 2016 Notes was calculated using a market interest rate for an equivalent nonconvertible note with effective interest rates of eight per cent at initial recognition. The residual amount, representing the value of the equity conversion component, is included and presented in equity under the heading of “other reserves”.

The Convertible Loan of £675,000 (plus accumulated interest at a coupon of six per cent up to the date of Admission and five per cent thereafter) is convertible, at the election of the holder, into ordinary shares at the lower of a) the issue price of 17p or b) the lowest price at which ordinary shares may be issued by the Company as part of any fundraising conducted between the date of Admission and 31 December 2018.

The movement of the liability portion of 2016 Notes is as follows:

2016 £ Carrying amount at beginning the period – Face value of the convertible loan notes issued during the period 675,000 Less: equity component (100,000) Liability component on initial recognition 575,000 Interest charged calculated at an effective interest rate 20,000 Liability component at the end of the period 595,000

So They had a convertible note which was due to be repaid / converted in 2016. Some was converted, but £675K was not and was still outstanding at the end of the year. The liability portion of this (£595K) was included in the £599K current liabilities at year end.

The second convertible, which I believe is the NWOG loan, is not due until 31 Dec 18 and therefore would be a non-current liability, but there is no non-current liability shown in the full year report.

Wind forward to the interims and there has been no loan repayment and no shares issued on conversion and the current liability is still there within what is now loans and other borrowings of £628K and there is still no non-current liability associated with the NWOG loan (it is still over 12 months away from repayment).

It would seem unlikely that the original loan will now be converted and repayment of £675k plus further accrued interest would put rather a hole in the remaining cash.

Checking Companies House, the charges are against Big Sofa Technologies Ltd rather than the PLC (the accounts are all consolidated in the PLC accounts).



The first charge was to Coutts & Company from 18 Dec 15, delivered on 6 Jan 2016 and CH says it was satisfied on 17 May 17 - How exactly it has been satisfied is unclear.

The second charge, which remains unsatisfied, is the NWOG loan delivered 24 May 16.

How can the charge have been satisfied when no debt has been paid off / conversion shares issued and no other announcement has come from the company in May 17 to explain it?

Why is there no non - current liability associated with the NWOG loan in the finals and the interims?

When is the first loan going to be called in?

What am I missing here?

[opodio] 01/10/2017 15:41

weekend and by monday another 20k of the cash used up


will hit lamp post soon enuf

[discodave4] 29/9/2017 21:13

Where's the pump,and dumper Pet Lover gone?Oh I forgot, he had a massive dump on the big sofa months ago!.DD

[nick rubens] 29/9/2017 20:32

This feels like one which will be placing shares for a while yet IMO. If anyone has a profit forecast then I'll likely reconsider.

admin expenses £2.5 million in six months?

[opodio] 29/9/2017 09:54

Heading for under 1p

[chimers] 29/9/2017 09:30

Investing here is INSANITY and a complete CRASH is reality.