Since my previous article about Maemode, I wanted to write some more about this puzzling case, but decided to wait for the annual audited accounts. However, it looks like I have to wait somewhat longer, Maemode announced today the following:
"The Board of Directors of the Company wishes to announce that the issuance of AFS 2013 will be delayed mainly due to all the Company’s accounts staff has left since the receivers and managers were appointed and the Company is in the process of recruiting and training the new accounting staff to update all its accounting records and books.
The Company expects to submit its AFS 2013 within six (6) months from the date of this announcement."
Delaying the accounts is always a huge red flag, and I would not be surprised to see more negative news, for instance in the form of more receivables that are not "able to receive", or assets that have to be written down.