A recap of the Annual Report 2020 (Jul 19 to Jun 20) for those who never read the report properly, plus some information on the company.
Take note of the highlighted areas and achievements made to date.
I do like the
FDA Approval to export products to the USA and European Union listing approval.
This seems to be forgotten by some. FDA approval is a
"big thing" imo.
The company is looking to expand across the World and the USA/Europe market could be massive!!
A number of contracts were secured in 2020. I believe many more will take place in the new financial year that has just begun.
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I do like they are expanding their product range in Australia, China and Hong Kong, plus an e-commerce portal. This will undoubtedly bring in more revenue over time.
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Financial position looks good.
Nearly $2m in the bank, and with total assets close to $5m.
Total Equity at $3.3m.
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The losses incurred last Financial year was the listing expense (reverse takeover) of the old business.
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Last financial year nearly $1m was spent on PPE to improve the premises with new equipment to fast track their global expansion program. This was a necessary investment and will pay for itself in due course.
This financial year will see a large reduction in these costs, so it will improve the bottom line.
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As they say you have to invest money to make money. It is already paying off and at anytime and another new contract could be announced.
(20min delay)