Serpentine needs that Kabuni cash: it spent $200k on consultants in the last half
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One of the ASX’s most watched potential blockchain plays, Serpentine Technologies, made $1298 in the first half of fiscal 2017 but spent $200,000 on consultants.
Serpentine is trying to get its hands on a $4.4 million payment out of former CEO Neil Patel for the guts of the business, which he bought from Serpentine (ASX:S3R) last year and is yet to pay for.
Mr Patel has previously told Stockhead the payment is his top priority, but Serpentine is now filing that payment under “doubtful debts” in its accounts.
The shell has already told investors that it has first dibs on any money Mr Patel’s new venture Print The Future raises.
Mr Patel’s Kabuni Technologies — a tech play that ASX-listed Serpentine last year sold back to its former boss — hopes to launch the world’s first “Security Token Offering” on Canada’s proposed new cryptocurrency-style stock market.
The Canadian Securities Exchange this week announced its answer to the cryptocurrency market — a blockchain-based platform allowing stocks to “bypass the traditional paper-stock-certificate system and move to equity securities tokens”.
Serpentine says Mr Patel’s new 3D printing start-up Print The Future owes them $4.4 million associated with the deal.
Not including the $4.4 million, Serpentine reported a loss of $675,000 in the December half. It had cash reserves of $517,000 at the time.
Serpentine closed on Thursday at 0.9c.