Minds + Machines Share Discussion Threads

[hotaimstocks] 02/11/2020 16:33

share price holding up well today as buyers return lol... 5 year plan extended to 2026 and lets hope to see 7p then.

[waldron] 02/11/2020 15:46

a spread of 11.63pc certainly does not induce me to buy

what with other charges it needs to be in the range of 5.30p plus just to brakeven had i bought


Price (GBX)
4.55 3.41% (0.15)

Open / Last close
- / 4.40

High / Low
4.65 / 4.50

Bid / Offer
4.30 / 4.80

Special Condition: -
Trading Status: Regular Trading
FTSE AIM All-Share
As at 02.11.20 15:31:20 - All data delayed at least 15 minutes

[alangriffbang] 01/11/2020 21:34

I’ve been in and out of this for a long time , I don’t feel now I can spend another penny here now, but good luck to you all,

[effortless cool] 01/11/2020 21:13

I rather doubt that a company can sue its auditors for failing to spot its own "fraud".

[treble in 1999] 01/11/2020 21:02

37 years at PwC.

how many scandels have they been involved in over that period.

Presume Mazzars are being sacked and sued.

[hotaimstocks] 01/11/2020 20:11

coronavirus par 2 and 3 lockdowns could see this being sold down to 2p

[transhoneyqueens] 01/11/2020 14:20

I wonder how much of the 5m money pot in June 2020 has vanished to date ? hmmmmm ... MMX has much secrets about the china missing millions and I would not be surprised to see a profits warning early next year... top up at 3p.

[hotaimstocks] 31/10/2020 21:53

INVESTIGATION INTO FRAUD HOTS UP!!..
my only worry is how much of the millions do we have left red flag ... 2p looms

[hotaimstocks] 31/10/2020 21:41

accounts scandal RED FLAG .. this is just the begining of the can of worms being uncovered before suspension... rollercoaster ride soon folks.

[jackson83] 31/10/2020 17:07

top up at 3p as overvalued now with so much negative news due

[jackson83] 31/10/2020 16:41

the share price rose as we are told that expect lower revenue and profits will dive next year....hmmm Q the sell off next week.

[hotaimstocks] 31/10/2020 16:35

good trading stock for the few that bought and sold Friday 20% plus profit as I will be buying in again 3p/3.5p range of the next few weeks / months.

[grupo guitarlumber] 31/10/2020 13:02

Bryan Disher, independent Non-Executive Director, has agreed to oversee the finance function of the Group and will assume the role of interim CFO until a permanent CFO can be appointed. Mr Disher is a Chartered Professional Accountant, Chartered Accountant (Canada) and who spent 37 years at PwC.


THE IRONY

Bryan DISHER as independent director was Chairman of the Audit Committee


The independent Auditors MAZZARS LLP, Chartered Accountants together with Disher should make comment

Has anyone come across their comments as to why it was not seen sooner

[waterloo01] 30/10/2020 16:58

It's clearly fraudulent actions from Toby et al. What an ignoble end. He'll never run a public company again nor would anyone trust him in the domain space. Reminds me of the stories from some of Dr Shipman patients. "Such a nice man".

[waldron] 30/10/2020 15:52

What do the Auditors have to say for themselves

They must be a little embarrased

[transhoneyqueens] 30/10/2020 15:29

This bit could voice concerns going forwards as Sjlawrey states the following -


To recap, I am delighted at Tony Farrows appointment , I do believe the company has value much greater than the current share price, but feel we have only gotten less than half of the story so far and that until and unless the scab is fully pulled back no credible purchaser will touch the base with a proverbial bargepole.

If the company addresses all of these issues and emerges as MMX 3.0 as I guess it would be called, perhaps with much lower revenues, much lower DUMs but real cash producing genuine DUMs, then I for one would invest in and support the company pending its eventual sale.

[transhoneyqueens] 30/10/2020 15:27

Sjlawrey my thoughts on todays RNS Part 1Today 14:56
Good Morning Chaps,

1) I had No idea an RNS was coming out today regarding the conclusion of the Investigation when I posted my thoughts yesterday.
2) Back when the initial investigation RNS was announced on 9th October, I send Guy Elliot a list of around 5 potential candidates that I thought would be suitable for the CEO job , in the event the investigation led to the departures of TH and MS. Tony Farrow was the first name on that list.
3) I am pleased that TH and MS have gone and TF is now in charge. TF is supremely smart and a very, blunt and no-nonsense type. Almost 180 degree opposite to TH. He understands the domain business intimately and I’m sure will assess the portfolio rapidly and in the meantime all the trains will continue to run on time.
4) I may be a cynic and perhaps too long in the tooth, but the wording of the RNS, particularly as it relates to the “other” two 2019 contracts caught my eye immediately.
Again, to restate the position, I have absolutely NO inside knowledge relating the initial investigation but here is my take on this mornings RNS and what I “think/suspect” it means.
a) The initial contract problem was related to dealings with one specific registrar regarding the AdultBlock launch. My guess is that they took the $1.125 million or whatever from this RAR as a down payment against hoped for AB sales on a “sale or return” basis and to fudge the year end figures decided to, fraudulently recognize some $938,000 or so of it as revenue and therefore profit .
b) The other two contracts, I suspect are NOT to do with the same issue, i.e. AdultBlock. A casual reader of the RNS would naturally think they most likely were, but to my eagle eyes and suspicious nature they are likely NOT. The reason I say this is that firstly the RNS is quiet on the whether they relate to the same issue, which again to me, means they aren’t. Secondly the nature of how they have been addressing indicates that they relate to something different. To me the RNS reveals that these 2 extra contracts relate to $790,000 taken in on one hand , recognized as revenue and the same amount paid OUT on the other hand disguised as “deferred charges or capital expenditures” basically netting out the overall transactions which have in effect now been wiped off in the restated P&L. I would almost be confident enough bet anyone here a pound to a penny that these two contracts relate to .vip or .work “fake” registrations. To spell this out, if I am correct, the company will have paid /refunded certain parties to register/renew domains in a deliberately disguised fashion to inflate revenue and DUMs numbers. I alluded to my suspicions of similar behavior yesterday and todays RNS only serves to bolster those suspicions.

[transhoneyqueens] 30/10/2020 15:26

Borrowed from Sjlawley .
No Opinion
Part 2Today 14:56
5) If I am correct , then this likely also happened in 2018 also and again I am also convinced that this is perhaps tied into the same group of parties who participated in the what I now believe to be largely “fake” China premium sales booked in 2017 but never paid for.
6) The company, if it is to trusted going forwards to be open and transparent, should give further clarification of exactly what the $938,000 and the $790,000 amounts incorrectly taken as revenue in 2019 relate to. The same or different issues?
7) If I am correct and the $790,000 relates to Chinese “fake” registrations then the company should also conduct more investigations and trace this to the core and whether in anyway related to the $5MM+ of late 2017 premium .vip sales. The company should also do a forensic accounting of those deals and disclose ultimately, 3 years later how much of the cash actually owed the company has ever been collected and how much remains on the books paying close attention to any potential “return” payments to the same or connected parties disguised as “ deferred charges, capital expenditure” or any other such fraudulent methods.
8) The market, investors and the ICM vendors relied on these numbers backed up with explicit and specific warranties concerning them in 2018. If they were, indeed, fraudulent, now is the time to pull that scab off. If they were not, then the company should give a full accounting of those amounts billed/paid/written off or still recognized on the company’s books in order to lift the smell of suspicion around these transactions.

To recap, I am delighted at Tony Farrows appointment , I do believe the company has value much greater than the current share price, but feel we have only gotten less than half of the story so far and that until and unless the scab is fully pulled back no credible purchaser will touch the base with a proverbial bargepole.

If the company addresses all of these issues and emerges as MMX 3.0 as I guess it would be called, perhaps with much lower revenues, much lower DUMs but real cash producing genuine DUMs, then I for one would invest in and support the company pending its eventual sale.

[jackson83] 30/10/2020 14:21

its a scam from the 2017 review / fake takeover news that sucked me and others in at 13p and like a fool I average down over the years with a 10p average ... I'm sure that more bad news will unfold and imho. been in this junk for over 8 years now

[davidosh] 30/10/2020 14:10

Did the directors that have resigned gain bonuses based on those inflated figures? What did they achieve otherwise why do it?

The problem is that investors including me got suckered in based on false accounting so how do we get compensation?

Does it get swept under the carpet and no financial penalties for those involved?

[jackson83] 30/10/2020 14:08

would not touch this with a barge poll as its under investigation / expect a profits warning soon and 3p or lower. 50% overvalue now. the cash could of vanished will the fake management RED FLAG

[jackson83] 30/10/2020 14:03

where did all the millions go... RED FLAG

[jackson83] 30/10/2020 14:02

the company had $7.3m on June 30th ? and now what do they have left ? $2.5m ... WE do not know the details and what fraud has gone on ... cooking the books like CAKE did! ... suspension looms ...

[jackson83] 30/10/2020 13:30

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