IEC

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0.2¢ intra energy corporation limited

Ann: Half Yearly Report and Accounts, page-3

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Mikjas

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14/03/18

10:08

Post #: 31737391
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Originally posted by GoNuke ↑

Page 14 reminded me of some outstanding risks.

Contingent liabilities and Contingent Assets.
The supplier of the hire purchase contracts in Malawi has brought a legal claim for penalties as part of the cancellation of the arrangement against the subsidiary company Malcoal Mining Limited. The company is defending the claim but the contingent liability may be up to US$628,000. The claim was still pending at 31 December 2017.
Tancoal Energy Limited in Tanzania is defending a legal claim brought by NBC bank for recovery of money paid under a letter of credit arrangement in 2013. The company is defending the claim but the contingent liability may be up to US$470,000. NBC without authority withdrew US$230,000 from a Tancoal bank account during the year to apply against the contingent liability, Tancoal has brought a claim against NBC for the money to be returned.
The Tanzania Minerals and Audit Agency (TMAA) has made a claim to Tancoal for US$160,000 for royalty that it has deemed payable on the transport portion of invoices to customers raised in 2014. The company has lodged an appeal against the claim and it is still outstanding at 31 December 2017. Other than the above, the Directors are not aware of any contingent liabilities or contingent assets at 31 December 2017.

Also -

Material Uncertainty Related to Going Concern We draw attention to Note 1(b) in the financial report, which indicates that the group incurred a net loss of $1,388,000 during the half-year ended 31 December 2017 and as at that date the group’s current liabilities exceeded its current assets by $14,335,000. As stated in Note 1(b), these events or conditions, along with other matters as set forth in Note 1(b), indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

I can see the potential but can we hang on?
I hope so.

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I think we've been on the edge for the last 5-6 years. I don't think I've seen so much detail highlighting the risks before in their reports? Is this a result of the queries from the ASX?

IEC Price at posting: 1.5¢ Sentiment: Hold Disclosure: Held
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Ann: Half Yearly Report and Accounts, page-3

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

Week 27 Wrap: ASX hits all time high; CBA shares' two realities; US inflation hits 3% ahead of China plenum

SKS Technologies wins US$90M award to supply power to international hyperscale data centre in Melbourne

Immutep reports strong response rate from immunotherapies treating carcinomas

BHP dips as WA nickel suspended after A$6B hit; losses eased by US CPI and forewarning

Almonty locks in govt agreement for tungsten oxide plant in South Korea

Nimy to raise $1.21M to explore 'newsy' WA targets

Bitcoin investors need to know the risks

Nanocap Middle Island Resources kicks off Barkly copper-gold drill run – a potential IOCG-style NT project

ASX hits all time high out the gate on Friday trades following bullish US inflation data

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Ann: Half Yearly Report and Accounts, page-3

Top Stories

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

Week 27 Wrap: ASX hits all time high; CBA shares' two realities; US inflation hits 3% ahead of China plenum

SKS Technologies wins US$90M award to supply power to international hyperscale data centre in Melbourne

Immutep reports strong response rate from immunotherapies treating carcinomas

BHP dips as WA nickel suspended after A$6B hit; losses eased by US CPI and forewarning

Almonty locks in govt agreement for tungsten oxide plant in South Korea

Nimy to raise $1.21M to explore 'newsy' WA targets

Bitcoin investors need to know the risks

Nanocap Middle Island Resources kicks off Barkly copper-gold drill run – a potential IOCG-style NT project

ASX hits all time high out the gate on Friday trades following bullish US inflation data

Featured News

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