Martin Jetpack

[robbo24]

Dispite me registering serious interest, I didn't actually read the IPO pack. Were there deposits disclosed as a current/non current liability (revenue in advance) in the accounts?

Where does one look for deposits held in escrow in the accounts?

[minimoke]

So as far as I was aware - they have recorded a number of sales and "serious interest" of further sales.
I did also read somewhere homeland security had secured several as-well.

letters of intent aren't sales. I'm wondering how home land security will look at mjp are now going to be owned by the Chinese.

To be fair I should mention the "sale" of three jetpacks to that small American company. But I think that is probably best described as a marketing /agency type arrangement rather than a sale. Which incidentally seems to have gone quiet.

[minimoke]

Where does one look for deposits held in escrow in the accounts?

given mjp has apparently inked a $1m deal with Avwatch and that with deals comes the payment of consideration I'd have expected some notes in the financials in the third supplementary prospectus.

Even a mention of the "sale" of three jetpacks should warrant a mention. given the third prospectus and the first one is all investors need to know a mention would help guide potential investor decisions. But both prospecti (?) are silent on sales deposits I think it is fair to assume there are no deposits.

So I think we can safely assume there are no "sales".

[Frostwind]

Since then No 27 has continued dissolving the joint venture but is no longer referencing the return of payment, and no provision for the return of those funds has been made in the financial statements.

Looks like MJP have some potential legal and financial cost related to this as well, no provision has been made so the "best outcome" has been booked. If they are forced to fight a lengthy legal battle the lawyers will devour the pre-IPO cash, especially if they lose then there's another 500K liability to be put on the books.

I can see their shares put on suspension not long after IPO pending release of "material information related to #27 Joint Venture" and bam, they'll KMD the shareholders. A conservative management style will put the cost on their liability book and then proceed to wipe it off once they win the case, but not having a provision for something as material as this is a bit... fishy

[GuessX]

letters of intent aren't sales. I'm wondering how home land security will look at mjp are now going to be owned by the Chinese.

To be fair I should mention the "sale" of three jetpacks to that small American company. But I think that is probably best described as a marketing /agency type arrangement rather than a sale. Which incidentally seems to have gone quiet.

I may be wrong here - so I'm not debating or arguing, just wanting to clarify my position.

But wouldn't an article that mentions "Pre-orders" be assuming that some cash has changed hands?

I mean, I don't pre-order computer software without giving the company some sort of deposit to actually secure my pre-order.
In which case .. it would be classed as a sale?

[minimoke]

I may be wrong here - so I'm not debating or arguing, just wanting to clarify my position.

But wouldn't an article that mentions "Pre-orders" be assuming that some cash has changed hands?

I mean, I don't pre-order computer software without giving the company some sort of deposit to actually secure my pre-order.
In which case .. it would be classed as a sale?

I think you are right. A "sale" story is one that mjp desperately needs to sell to potential investors. If we don't see the facts in the prospectus we must take it that those facts don't exist.

No cash changing hands means no preorders. If it's an "in kind" sale then it's not a sale.

I think mjp understand this. For years now they have been saying sales are secured, production imminent, orders are coming in. They under stand the liability associated with media rhetoric (none)and the difference with words in a prospectus (Loads)

[Frostwind]

I may be wrong here - so I'm not debating or arguing, just wanting to clarify my position.

But wouldn't an article that mentions "Pre-orders" be assuming that some cash has changed hands?

I mean, I don't pre-order computer software without giving the company some sort of deposit to actually secure my pre-order.
In which case .. it would be classed as a sale?

I hope some accountant corrects me if I'm wrong but as far as my experience go, there's considerable flexibility in the accounting of these, depending on the management's interpretation of what's the likely outcome. I've seen letter of intent recorded as revenue only to have it readjusted big time when it didn't eventuate. I've also seen inventory that are essentially worthless being recorded by their full purchase price. As a rule I would like to invest in companies that have conservative managements so I don't get KMD'ed later down the track. I might miss out some gains as a results but I feel more comfortable that way.

[tosspot]

jeez what date is this company listing. seems to be debate about it for months on this site.

[Frostwind]

jeez what date is this company listing. seems to be debate about it for months on this site.

That's the question? I wonder what excuse they will use to extend the deadline this time. They have extended deadline many times now as they struggle to find enough interests. If an IPO is in high demand there's no way it'll extend deadline, let alone multiple times.

[minimoke]

jeez what date is this company listing. seems to be debate about it for months on this site.

at this stage you have until 13 February to apply for shares. Trading expected to start on asx 23 February.

If all is going to plan notice of the special meeting went out to shareholders on 28 January. I don't know if it did get sent. The special meeting is due on or before 16 February.

Still a few targets to be hit before listing actually takes place.

Followers of mjp will see they have a solid history of indicating sales and production at future dates and have consistently failed to deliver. It remains to be seen if they can achieve a 23 February listing. I wouldn't bet the house on it.