Ann: HOTUpdate-Corporate Spotlight offering with Big Review TV Li, page-157

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Yoda2503

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25/05/18

12:36

Post #: 33308185
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Originally posted by Universal Exports ↑

The other thing which baffles me is how the cash from all the international operations were reported in the results and picked up (or not) in the audit.

Rothsay were the auditors of Big Review TV Pty Ltd since 2013 (as opposed to the listed head company since 2017) so I find it hard to believe that they missed these operations which have been in place in some cases since 2015.

BIG's announcements always noted at the bottom that "The Company has operations across Australia and in New Zealand, the United Kingdom and the United States, Hong Kong, Singapore and Vancouver."

That would mean that they would have had cash receipts and payments in British pounds and NZ, US, Canadian, Hong Kong and Singaporean dollars.

- Were there no bank accounts where receipts and payments in these currencies were made? And were bank confirmations ever received for these accounts?

- Or were all the receipts from these operations received from FCC or some other funder who effectively took on foreign currency risk and remitted the payment in Australian dollars to BIG (which would be extremely unusual)? Similarly, were all the payments to contractors and rent made by agencies, who took on the exchange rate risk and BIG paid them the Australian dollar amount?

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I believe that is true, their is no forex as they borrowed against these items in $A. As for expenses that is a mystery

BIG Price at posting: $2.22 Sentiment: None Disclosure: Not Held
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0 Great analysis

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