Can someone please explain this in simple english to me!?

Question

Short-term deposits at 30 June 2007 includes the proceeds from the share placement, which were subsequently applied

to meet the settlement obligation for Formica Corporation on 2 July 2007.

Answer 1

Apparently, this is informing you that a deposit you may have had an interest in was used to pay the Formica Corporation.  In other words, you ain't gonna ever see that money again.

Answer 2

Yes this means that you will more then likely never see this money. Bankruptcy is a big thing now for everyone. There were some wordings about this company going under. You can do the research via internet. I did & found alot of useful info about this company. I have enclosed a link.

Answer 3

If this is a not on the quarterly or annual statements of a company, it explains where certain deposits of June 30 went on July 2.

This is useful for managers to know that these amounts are no longer available to be used.

The notation allows one to see that assets purchased had not yet been paid for as of June 30, but this was just a timing of settlement issue.

Answer 4

Formica owed money to someone (sounds like they might have lost a lawsuit), so they sold some shares of stock and deposited the money in the short-term account that is referred to.

Answer 5

i...........have no idea..............what you just said.

Answer 6

The deposits credited on 6/30/07, includes the money made from sales of shares of the company, were then used to meet the settlement obligation (a debt) for the Formica Corporation on 7/2/07.

OK?

Regards,

Dan

Answer 7

im 13 :| sry i cant help by the time i learn wat u just said ill prolly be 40 years old contact me then kay