insolvent

I'll just summarise for everyone in a nutshell whats in their annual report

Current assets $1.3million
P+E $11,371


Total Payables (Current Liabilities) $1.5m
IBL $200k

Net assets ($373k)

Whatever accounting ratio you decide to use, they are screwed.

They have more CURRENT liabilities than ASSETS put together.

Does anyone here have an accounting background at all?

They need to raise enough capital in the next year to pay off their current liabilities and fulfill any other working capital committments which they will need to incur whilst trading.

At a share price of 1c, they cant raise much capital.

I suggest everyone looks at the financials before whether deciding to invest.

As I see it, they are trading whilst insolvent.

Very very dangerous