Datascension
Capital Raised: $ 14.49 million
Capital Burned: $ 10.65 million
Previous Executive Compensation: $150,000 for the CEO and the COO
When you first open Datascension's SEC filings, the first thing that strikes you is a balance sheet that appears to show a company with a net worth greater than zero. In fact, the balance sheet shows a net worth of $4.07 million which is remarkable for a candidate in this group of cellar dwellers.
Unfortunately, Datascension's balance sheet does not hold up to close scrutiny. The first thing that you notice is the size of their intangibles. Datascension hasn't amortized their goodwill over the past year and it stood at $1.69 million as of December 31. There is an additional $2.08 million in intangibles they book as "Discount on debt issuance", which is an entry they use to reconcile the exchange of their convertible securities for common stock.
Finally, there is the issue of a $1.02 million "Asset held for sale". Dig through their notes and you find that this amount is for a loan that had been made to Nutek Oil where "it was determined there is the potential the entire amount of the receivable will not be received."
So much for Datascension's net worth.
Capital Burned: $ 10.65 million
Previous Executive Compensation: $150,000 for the CEO and the COO
When you first open Datascension's SEC filings, the first thing that strikes you is a balance sheet that appears to show a company with a net worth greater than zero. In fact, the balance sheet shows a net worth of $4.07 million which is remarkable for a candidate in this group of cellar dwellers.
Unfortunately, Datascension's balance sheet does not hold up to close scrutiny. The first thing that you notice is the size of their intangibles. Datascension hasn't amortized their goodwill over the past year and it stood at $1.69 million as of December 31. There is an additional $2.08 million in intangibles they book as "Discount on debt issuance", which is an entry they use to reconcile the exchange of their convertible securities for common stock.
Finally, there is the issue of a $1.02 million "Asset held for sale". Dig through their notes and you find that this amount is for a loan that had been made to Nutek Oil where "it was determined there is the potential the entire amount of the receivable will not be received."
So much for Datascension's net worth.
posted by Jimmy B at 1:05 PM
1 Comments:
Amazing. The scammers at FCPG think they can find suckers here.
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