As we keep digging, we keep finding.
Crowdcube investors in March to May 2017 were shown the 'projected accounts' for the company's YE Dec16 in the pitch documents - ie they were actuals. These showed a reasonably healthy current account balance of £1m credit.
Now the filed accounts, which remember were for YE Dec16, so had already been completed 5 months before the Crowdcube pitch closed, show a very different story. These accounts were not made public until December 2017, so there is no way that anyone outside the company other than Crowdcube, would have known the real figures.
These accounts show a current account deficit as at 31 December 2016 of £337,528.
This difference of £1,337,528 is around the amount that the company states it was due from the Clydesdale, in the second tranche of their agreed loan. The one they had breached but hadnt told people about - the one the bank withdrew which resulted in the fire sale.
That seems pretty clear to us. Crowdcube told investors the exact opposite of the truth in the 2017 raise. Maybe this was because Sugru hid it or maybe not. Either way it shows Crowdcube's due diligence is totally worthless.