Merkado Barkada
September 11, 2024 | 8:00am
Cyber Bay Corp. [CYBER suspended] [link] disclosed that it received notice of the Supreme Court’s denial of CYBER’s Motion for Reconsideration of the Court’s April 2022 decision that set CYBER’s reimbursement amount from its claim with the Philippine Reclamation Authority at approximately P0.7 billion. CYBER had been building its business plan around an award amount of at least P1.0 billion, and said that the final claim amount is “significantly lower than expected and considerably less than the Corporation’s deficit of P11.4 billion.” CYBER has been suspended from trading since June 18, 2021, after its external auditor issued a disclaimer of opinion on its 2020 financial statements.
MB bottom-line: Not much to say about this one. Looks like a prime candidate for involuntary delisting now that the legal issue appears to be settled with finality. Not only for its inability to conform to reporting standards, but for the atrocious way that it refers to currency amounts of less than P1.0 million in its financial statements. I get when your company doesn’t make any money you want to make whatever money it does have seem bigger, but that’s no excuse for showing P473,000 as “P473 million”. Yes. That’s right. They omitted the leading zero when speaking of figures in the millions to three significant figures. Speechless.
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