Serious No Signboard Restaurant Going To Be Literally No Signboard Soon! Pokkai Oredi! Now Depending On Gazelle To Bail Them Out!

[JohnTan]

SINGAPORE - As part of No Signboard’s annual report release on Jan 19, the company’s auditor, PKF-CAP, flagged uncertainty over the company’s ability to continue as a going concern.

The auditor noted that the company posted a net loss of $4.7 million for the financial year ended Sept 30, 2022, with net cash outflow from operating activities of $982,000.

In addition, it noted that the company’s current liabilities exceeded current assets by $6.6 million, while total liabilities exceeded total assets by $7.1 million as at Sept 30, 2022.

The net current liabilities included bank borrowings of $2.1 million that were reclassified from non-current to current as the company defaulted on monthly repayments due to insufficient funds.

“These factors indicate the existence of a material uncertainty that may cast significant doubt on the group’s and company’s ability to continue as going concerns,” the auditor said.

However, the company’s board remains confident that the memorandum of understanding (MOU) signed between the company and Gazelle Ventures for up to $5 million in investments as well as its restructuring exercise will help it generate cashflows from operations, and meet the company’s and group’s working capital requirements, and to operate as going concerns.

The company had earlier entered into a MOU with Gazelle Ventures for $5 million, of which $500,000 would be secured through subscription of new ordinary shares representing 75 per cent of the enlarged issued and paid-up share capital of the company. The remaining $4.5 million would be provided through a convertible instrument.

https://www.straitstimes.com/busine...s-going-concern-uncertainty-asset-impairments

 

[Scrooball (clone)]

These clowns deserve to go under. I recall I had dinner once at their Vivo outlet a few years ago. For a big table of 8, they provided one miserable crab shell cracker. Had to ask them for extras. Did they expect one fucking twat to crack crab shells all night for the whole table?

 

[Sustanon]

stop reading at current liabilities exceeds current assets by 6.6 mil...... fuck up current ratio.... next move will be increase shares outstanding to raise money and dilute ownership of shareholders? There's another move, inflate your goodwills and intangibles 9696 on your balance sheet helps too by attracting more kum gong kias to buy your stocks....

 

[Scrooball (clone)]

They are essentially poorer than a tissue paper seller on the streets with zero debt!

 

[aerobwala]

stop reading at current liabilities exceeds current assets by 6.6 mil...... fuck up current ratio.... next move will be increase shares outstanding to raise money and dilute ownership of shareholders? There's another move, inflate your goodwills and intangibles 9696 on your balance sheet helps too by attracting more kum gong kias to buy your stocks....

Goodwill for "no sign"

 

[eatshitndie]

no laundered money to save them.

 

[Sustanon]

Goodwill for "no sign"

stock price went from peak $0.33 to $0.031..... more than 90% loss..... lol....

Current Assets: 3.42
Current Liabilities: 12.14
Current Ratio: 0.28

Total Equity: -8.51
Total Debt: 12.34

Among the worst I seen....... even a mama shop financial statement will look way better than this one..... Good luck....

 

[laksaboy]

I remember when Vivocity was newly opened, the No Signboard restaurant on the roof level was not yet opened for business. Through the glass windows I saw quite a number of staff sitting on one table, planning and strategizing for their launch. They were so optimistic and enthusiastic, sometimes even clapping.

Will probably be replaced by some Tiong (mala?) restaurant.

 

[countryman]

Only Jumbo Seafood is doing well overall... People still flocking there for their chilli crab especially tourists..

 

[shittypore]

Management Ah Beng's, must stick to geylang to survive.

 

[poore]

like tis also can ipo. win liao

 

[bobby]

From a humble zi char store in Geylang to a pok kai restaurant….so much about the SG dream.

 

[Scrooball (clone)]

This kind of fucked up restaurant can survive until they can owe the banks so much money?

 

[Pinkieslut]

Sinkie restaurants are overprice, poor taste and poor service. Charged first world prices but third world standards.

 

[Franjipani]

these people deserve it
i seldom go to restaurants to eat. i don't like to support these overpriced and overrated establishments

 

[k1976]

SINGAPORE - As part of No Signboard’s annual report release on Jan 19, the company’s auditor, PKF-CAP, flagged uncertainty over the company’s ability to continue as a going concern.

The auditor noted that the company posted a net loss of $4.7 million for the financial year ended Sept 30, 2022, with net cash outflow from operating activities of $982,000.

In addition, it noted that the company’s current liabilities exceeded current assets by $6.6 million, while total liabilities exceeded total assets by $7.1 million as at Sept 30, 2022.

The net current liabilities included bank borrowings of $2.1 million that were reclassified from non-current to current as the company defaulted on monthly repayments due to insufficient funds.

“These factors indicate the existence of a material uncertainty that may cast significant doubt on the group’s and company’s ability to continue as going concerns,” the auditor said.

However, the company’s board remains confident that the memorandum of understanding (MOU) signed between the company and Gazelle Ventures for up to $5 million in investments as well as its restructuring exercise will help it generate cashflows from operations, and meet the company’s and group’s working capital requirements, and to operate as going concerns.

The company had earlier entered into a MOU with Gazelle Ventures for $5 million, of which $500,000 would be secured through subscription of new ordinary shares representing 75 per cent of the enlarged issued and paid-up share capital of the company. The remaining $4.5 million would be provided through a convertible instrument.

https://www.straitstimes.com/busine...s-going-concern-uncertainty-asset-impairments

Where ish our Diamond Hands?

 

[k1976]

Sinkie restaurants are overprice, poor taste and poor service. Charged first world prices but third world standards.

All own seafood fish farms at Johor

 

[k1976]

Management Ah Beng's, must stick to geylang to survive.

Tiongkok Ayam also cut down seafood as sugar daddy very dry dry and high high

 

[JohnTan]

Where ish our Diamond Hands?

No Signboard isn't AMC or GameStop.

 

[Scrooball (clone)]

No Signboard isn't AMC or GameStop.

More like GameOver