The three announcements

Good for Richard Li in finally submitting the overdue accounts and appointing the necessary third director.

Unfortunately the news in the accounts is not good.

Revenue $0.00
Total assets $24,109
Total current liabilities $4,528,421
Cash $0.00

The accounts need a bit of dissection. What is claimed under the heading of going concern? We are offered the following reasons why we should believe GCN is a going concern.

1.
"The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business."

My problem with that statement is that GCN's normal business activities have proved such a disaster. And assets are $24,000

2.
Priority One shares are declared to be a sellable asset! Indeed "Priority One is seeking listing on the ASX, prior to 30 June 2015".

IMO, pigs might fly. How could Priority One meet ASX listing requirements - no revenue, virtually no assets, and a loss over three years.

3.
The 1/3 equity interest in Go Zongshe Ltd, whatever that ghost of a company might be.

4.
A 50/50 partnership with an Asian group. In exchange for what? Believe it or not - integration with the unwatchable GCN uctv.fm.  The upgrading of uctv.fm hs been promised year after year, but nothing happens.

5.
"As indicated in Note 5 Subsequent Events, Go Connect Australia Pty Ltd is currently being liquidated. There is approximately $450,000 worth of liabilities associated with Go Connect Australia Pty Ltd that the Consolidated Entity will now not have to repay as a result of this process."

Nice for those owed money by GoConnect Australia Pty Ltd!

6.
The ability of Sino Investment Services Pty Ltd to provide a credit facility of $560,000 is said to be primarily contingent on SIS's investments in Priority One.

Dear, oh dear.


The auditors are not impressed. They conclude that GCN "may be unable to realise its assets and discharge its liabilities." Who would have thought it?

By sheer coincidence, there is a second announcement today about a new venture Go FreePP. It is composed of standard GCN wordy puff. Why should I believe it has any more chance of seeing revenue than the fantastical Jermaine Jackson ventures? In fact where have all those Jermaine Jackson ventures disappeared to - the real estate, the music competition, etc.? Gone the way of Clive Palmer's zeppelins and Titanic 2?

The third announcement about the appointment of a director and a company secretary is impeccable, and puts right GCN's meeting of the  requirements of the companys act.

Unless ASX takes exception to the accounts, then GCN should be lifted from suspension and trading again very soon.