Minds + Machines Share Discussion Threads

[sarkasm] 09/10/2020 20:04

Mistakes on the books drag down Minds + Machines
By Master Investor 09 October 2020
0 mins. to read
Mistakes on the books drag down Minds + Machines

Shares in AIM-listed Minds + Machines (LON:MMX) tumbled 11.86% to 5.20p (as of 15:30 BST) after the firm announced that it would be investigating whether certain past revenues were correctly recognised. Management are focusing on a specific contract from 2019 where revenues may have been booked improperly.

The company stressed that cash had been received and, unless the work connected to the deal were to be cancelled, they expected there to be no impact on the company’s cash position.

[jackson83] 09/10/2020 15:16

wow its going be a world record for the most MMX trades ever lol .. above 73 trades .... normally mmx is dead unloved stock NOT TODAY. we are on the radar map for all the wrong reasons .

[jamesto2] 09/10/2020 14:42

why all the sell at 5p ???? they are gamblers who think they will be able to buy back in at 4p on the next bad news lol ... probably see costs rise and profits slide.

[waterloo01] 09/10/2020 12:41

Basic stuff really. This must be porn block, which are I think sold on 2-3 years contracts. They really should know that you can only account for the sales month on month not all upfront.

[escapetohome] 09/10/2020 12:33

Oh dear , are these people for real?

Ive known of this company for many many years, i remember they were the latest high tech all those years ago. The must have share. DOMAIN NAMES.

what a disaapointment for long term investors.

What a POS.





Statement re: Contract

The Company announces that the Board is commencing a formal investigation to determine whether certain revenue has been correctly recognized. The investigation will focus principally on a specific contract with multiple elements that was entered into in 2019 and relates to whether all requirements for the recognition of revenue had been met prior to 31 December 2019 and 30 June 2020 or whether such amounts should have been classified as a refundable deposit against future sales or deferred revenue at those dates.

[hotaimstocks] 09/10/2020 11:26

TOBY LOVES A LOW SHARE PRICE.. BONUS TIME.
acquisition cancelled , dividend cancelled , tender offer cancelled and not buybacks cancelled , but the share price is on sale and I will be looking to top up next week in the 4p's again.

[jamesto2] 09/10/2020 10:49

I'm 99% sure the tender offer will be cancelled ... watch this space as money to be make... even wacko backy on LSE says it will.

[jamesto2] 09/10/2020 09:52

7P OFFER would suit most ? so lets see if MMX can be sold off.

[jackson83] 09/10/2020 09:42

SOME LARGE BUYS could this be MMX buybacks ?? we will get an RNS SOON

[jackson83] 09/10/2020 09:41

MMX RISES FROM THE DEAD..
I'm calling the Bottom for now and bought back in lol at 5p as we could actually be a takeover target at this price ....

[waldron] 09/10/2020 09:23

Iain Gilbert
Sharecast News
09 Oct, 2020 09:11
Minds and Machines launches investigation into revenue recognition

Internet domain registrar Minds and Machines has commenced a formal investigation to determine whether certain revenues had been correctly recognised.


Minds and Machines said on Friday that its investigation will focus principally on a specific contract with multiple elements that was entered into in 2019 and related to if all requirements for the recognition of revenue had been met or whether such amounts should have been classified as a refundable deposit against future sales or deferred revenues.

The AIM-listed group said cash of $1.12m had been received in connection with the contract and revenues of $938,000 was recognised in the year ended 31 December, with a further $25,000 coming in the six months ended 30 June.

Minds and Machines said: "The board emphasises that the investigation relates to revenue recognition and the board does not expect it to have any impact on cash save for a maximum exposure of approximately $1.0m if the amounts received under the contract were to be refundable and no further revenue was generated."

The company had cash of $7.3m as of 30 June.

As of 0910 BST, Minds and Machines shares had slumped 15.08% to 5.01p.

[effortless cool] 09/10/2020 09:21

Well that was a nasty surprise. At least it seems like the issue is boxed in but it is disappointing that it should occur at all - one of the attractions for me here was that the new management seemed to have cleaned up the mess left by the old, but this particular mess is their own.

[hotaimstocks] 09/10/2020 08:23

NEW 52WK LOWs..
as panic selling looms 3p will need to hold this month.

[tomv33] 09/10/2020 08:23

Probably more expensive for the bank too

[patient fox] 09/10/2020 08:11

Well the buybacks will be cheaper for the company now.

[hotaimstocks] 09/10/2020 07:57

WORRYING RNS TODAY... THEY HAVE BEEN COOKING THE BOOKS ..NT to sell.
how will this bomb shell affect the 5 year plan ( maybe it will be extended a few years ) lol

[jamesto2] 09/10/2020 07:50

THIS IS MY WAKE UP CALL TO SELL AND SHORT this today.
this bad news could be the final call for institutional investors to dump today ?

[jamesto2] 09/10/2020 07:44

WE NEVER DID GET OUR DIVI from the crooks ...
probably best if MMX call of the tender offer next month ... RED FLAG

[transhoneyqueens] 09/10/2020 07:34

RNS RED FLAG TODAY....
TRUST is everything unless your are Toby Hall hmmm.
o dear .. we will need institutional buyers to mop up the expected huge selling today ... SCANDAL scandal / accounts same as CAKE .... with top up if it drops 50%

[jamesto2] 09/10/2020 07:28

GOING BE HARD TO EXIT MY 600K today lol

[jamesto2] 09/10/2020 07:27

SCAM AERT GET THE SPANISH OUT & PLACE A SHORT..man the life boats. DANGER !! RED FLAG.
something tells me that todays RNS was a clue to get out ASAP before we get more bad news...RED FLAG .. 2p

[jamesto2] 09/10/2020 07:25

something tells me that todays RNS was a clue to get out ASAP before we get more bad news...RED FLAG .. 2p

[hotaimstocks] 09/10/2020 07:19

maybe Toby will get another botched acquisition done within the next few years hmmm .... rotten apple this junk stock.