Date | Subject | Author | Discuss |
---|
05/7/2025 00:31:13 | Prepare to write off or offset losses against CGT liability
EQTEC plc Auditor Raises 'Going Concern' Doubt
EQTEC plc filed its Annual on Jul 01, 2025 for the period ending Dec 31, 2024. In this report its auditor, Grant Thornton, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Source: Simply Wall St
Notes to the financial statements
3. MATERIAL ACCOUNTING POLICIES INFORMATION
Material Uncertainty Going Concern The Group incurred a loss of €19,418,024 (2023: €23,508,692) during the financial year ended 31 December 2024 and had net current liabilities of €1,789,578 (2023: net current assets of €4,441,183), accumulated deficit of €119,836,008 (2023: €100,588,165) and net assets of €5,013,237 (2023: €21,214,826) at 31 December 2024.
Whilst management has been successful in obtaining strategic bridge financing and restructuring existing debt post year-end as disclosed in Note 37, the Directors, who remain confident in the long-term viability of the business model, acknowledge that outcomes remain uncertain and the short-term viability of the business may require successfully securing additional external funding either through equity or debt. As a result, material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
To further address uncertainty and ongoing losses, the Group identified the following initiatives:
• Strengthening and expanding strategic partnerships based on current business model providing specialist engineering services,
• Continued investment in IP, refining plant configurations, and validating new applications with minimal capital deployment, and
• Deeper engagement with new strategic and institutional investors specific to the sector. |  cleverinvestor | |
01/7/2025 17:11:11 | Interim results are due in 3 months. Can't seee them making it that far as they refuse to sack Palumbo or balance their books ..... |  stevea171 | |
01/7/2025 16:44:41 | Agreed, absolute disgrace. 5 years and they still haven't sorted the 'flagship' Italian plant. no words justify the incompetence. Looks like the last investors are jumping overboard, be lucky to treat themselves to a bag of chips with the proceeds. |  pa123 | |
01/7/2025 15:14:47 | What a load of garbage run by totally incompetent idiots . Lock them up |  juju44 | |
30/6/2025 21:44:44 | Accounts for FY to 31/12/2024 released today, on 30/6/25, the last day allowed. Loss EU19.4 million. Total assets reduced from EU29 million to 13 million.
No specific information on where the Italia MDC is at in terms of running time, down time, losses etc - just this shambles is all to be expected and to be considered normal. The Greek plant still not operational but with different unspecified problems. North Fork still in build/test and not operational after years of this near completion.
Could hardly be worse but as usual they talk the good talk, everything is fine and dandy, no one is responsible so no heads are to roll, etc. Just more borrowing and a few months more before probable delisting ...... |  stevea171 | |
07/6/2025 12:55:01 | Looked over chart for EQT looks to be within a potential reversal zone for another leg higher, podcast below for those that like TA of course. |  thesaint5 | |
06/6/2025 12:35:41 | David Palumbo a director of Eqtec is also a director of Compact WTL.
The "independent" directors of Eqtec have concluded that this effective transfer of control of Eqtec to CWTL, via two subscriptions of £1.5M, is in the best interests of shareholders. Shark lenders YA and Riverfort have been bought off. Having already managed to burn through the £1.6M raised from shareholders last year.
Ahem.
The ruination of this company and the destruction of shareholder value at the hands of Palumbo while preserving himself is set to continue. We have been a source of non-return funds for his benefit. Not one project or promise has been delivered. I think we can all see whose interests this is in.
Let's be clear and no more arguments. Gasification does not work in continuous feedstock mode, except perhaps in the single case of homogenous oily olive waste. It works as a technology for a variety of other domestic, industrial and agricultural waste streams but only in curated batch mode. It does not work as a business. No-one ever thought to demonstrate and prove that integrated waste feed and gasification chambers and engines worked together continuously and autonomously in practice. We were bluffed. Nevertheless countless projects were sold and committed to. I wonder who now owns all that complex plant including those expensive Jenbacher engines, disgruntled project customers presumably.
We should probably note the names of all the executives and NEDs who have been involved in this over the last decade. None of them should ever be trusted with shareholder funds again. The former Labour MP Ian Phares Pearson has been Chairman for most of the time. |  marktime1231 | |
10/4/2025 11:22:56 | News 10-04-2025. Thanks to SloppyG. Have to agree this is a prelude to full buyout in order to get their hands on the IP for peanuts. As said before the net £2.5m gave them cash runway until the end of March hence the point we are now at; DP had to get even more creative given the restrictions he faced with raising equity rand debt etc.
This is just kicking the can down the road before the inevitable. The cash will give them 4 months or so of runway to tidy up a few bits and get their house in order before delists into private hands.
The only question that remains it what price will the final transaction go through at. Have to factor in the c£5m of Riverfort debt secured against the "assets" so this might now be as good as it gets ? |  stevea171 | |
04/4/2025 11:22:14 | Most holders seem to have given up... Maybe Dave will re-surface some day with an update. How we miss the regular seminars and posts online filling the market with confidence. |  pa123 | |
24/2/2025 14:14:12 | Some holders (if there are any still left?) and former investors here who've lost 90-99% hoping to get something back from this rise in the share price on no news? |  stevea171 | |
24/2/2025 09:40:10 | Another issue at these levels would be scandalous, surely not.... |  pa123 | |
21/2/2025 16:43:16 | Are these scumbags pumping it up for another issue |  juju44 | |
20/2/2025 10:19:02 | SloppyG 13/2/25:
Not always the case IPA. I am a LTH and have been pretty scathing of the the company's prospects. Fortunately I took 30% off the table at c3p old money so have more than covered myself. No prizes however as was sitting on a small fortune at one point !
Personally I have been looking for any reason to top up at this price but there are so many red flags that simply make it uninvestable at present (imho). If we start to see some evidence that they are reaching a sustainable b/e position and that the PDMRs have some skin in the game (options/director buys etc) then I would be all in. I just cannot see it however and think the so called pivot has come too late in the day to save them. Delist (administration or taken private) is where my money is if had to bet. |  stevea171 | |
31/1/2025 20:42:51 | Thanks to SloppyG, the Accountant, on LSE:
Personally I think this comes to a head very soon now.
The recently raised Net 2.5m runs out in March by my estimations. Therefore DP would normally be sharpening his pencil on the next round of confetti; however this time he has backed himself into a corner with the nominal price. Debt funding is also completely off the table.
The absence of any options package for PDMRs or Director buying tells its own story I am afraid; something has to give here and I suspect it will not be long until we discover exactly what form that takes. I know what my money is on ! |  stevea171 | |
28/1/2025 11:05:54 | Looking more grim here day by day as share price continues to collapse and the absence of project news means funding of all projects is likely to be continuing to be subject to delays, suspect or cancellation.
Built projects. Delays and issues proliferate. Operations start/stop.
Italia MDC. Still under a cloud wrt continuous operation and commercial status.
North Fork. Ever ongoing commissioning and start up extending now into 2025. Technology and commerciality suspect until proven with extended period of live running.
Larissa, Greece. Following replacement of components damaged in flooding commissioning has restarted. No recent news.
No visibility of new sales or orders. So question of funding is rising again. |  stevea171 | |
15/1/2025 21:20:40 | California getting Gods retribution for US assisted genocide in Gaza. They can get a flavour . More to come in other ways i suspect |  juju44 | |
15/1/2025 19:02:06 | They couldn't save California because it was too busy trying to burn Gaza |  losses | |
15/1/2025 16:48:17 | They could have saved California |  juju44 | |