you short counters without knowing accounting, what a brave and stupid move.

Putin, are you learning accounting for the first day? You put out 3 arguments but all are absurd.

1. you said sales on credit is cash trap, but the reality is that they are not making sales on credit. negative operating cashflow (and also high liability) in past few quarters are due to high cost of buying nvidia gpu. their business is special, they dont invest much in machine but invest a lot in inventory (nvidia gpu).

2. You said their suppliers are no longer giving them credit, but I have counted their days payable outstanding, it is increasing from 56 days in 25q1 to 72 days in 25q3. I know previously it was 93 days in 24q1, but I think that was before nvidia gpu purchase, it is normal to assume that when you buy such an advanced gpu, nvidia wont give you too long credit period. days payable outstanding from 24q1 to 25q3: 93, 50, 63, 46,57, 50,72.

3. you said they are paying interest out of borrowed money or existing cash, but the fact is they borrowed money to buy nvidia gpu, not to pay debt interest. Their cash has been significantly increasing from 24q1 to 25q1. Cash decreased in 25q2 and 25q3 to clear off big portion of debt.

All data show the opposite of your absurd statement. Learn more please before showing off. Look deeper into accounts, dont simply give shallow interpretation please. You are wasting my time to take a second look into Natgate accounts.

If you cant bear with business uncertainty, selling is not a bad option. Sell it and i will try to help you buy your stake in open market.

operating cashflow is positive, I dont know which source displays negative, please enlighten.

你分析了这么多也对也不对。真实情况就是founder花了钱吃下winstron的股票，现在通过派发股息cashback给自己而已，接近免费拿到winstron股权，这才是真正原因。

掏空公司站不住脚，但是现金少了，股价起了，前景不明，是否还值得关注？这个才是我自己关注的重点。

没有看过harta PE200？！可惜咯

上次有人讲walau PE200，过后有人又讲 walau PE 100，现在又有人讲walau PE 56。怎样你们都不会满意的。

thanks

你确定他们如果拿到75-89%的股权，公司下市前，他们还会寄信再问一次股东要不要卖股或成为下市公司的股东？亦或是，他们不会再问，剩下的小股东直接变成下市公司的股东？