I believe this is the first time I have reviewed OXO's financial statement.
sedarfiles.stockwatch.com
DMX paid ~~$50mm usd for a near bankrupt company. Why? To save it from a creditor? To save its investment?
Patent rights that have been written down to $2.
Liabilities
"The balance sheet of OXO Chemie AG shows at the end of December, accumulated losses of
US$34,306,105 and the company is in a situation of bankruptcy for a net amount of US$14,843,672. In
order to permit the Board of Directors not to notify the judge in accordance with Article 725 paragraph 2
of the Swiss Code of Obligations, it was decided to subordinate all Shareholder’s debts amounting to
US$14,345,799. However, the net equity is still negative for an amount of US$497,873, following this
subordination."
Subordinate shareholder's loan = $15,058,192
Subordinated Shareholder’s loan (note 4)
4. Subordinated Shareholder’s loan
The shareholder’s loan payable to Dimethaid Research Inc. bears interest at the Canadian prime rate
established by the Canadian Imperial Bank of Commerce plus 1%. The shareholder has agreed to
subordinate all its existing and future claims against the Company until such time as the Company has
been restored to a positive equity position. |
