Ann: 1H24 Results Presentation, page-4

I have never trusted these guys. When they had a new CFO, suddenly they had massive write offs. He then left within 3 months. Conclusion: he cleaned up as much as he could, didn't trust their ethics and then left.

So let's examine. Cash does not lie:

Debtors have blown out from 30 days to 51 days (and provisions did not increase??)
Creditors are being stretched from 28 to 58 days.

This is being ascribed to "increased business activity", but business activity has reduced by 4%. Conclusion: maybe we don't trust their revenue numbers. Mm, let's have another look:
An associate of the group has increased their revenue from $1.205m to $3.053m = $1.85m, and the associated receivable has increased from $1.6m to $2.4m. Plus, the group lent them $1m, so really $3.4m. Therefore, they increased their loan to the associate by $1.8m. Put simply, the revenue is rubbish - it is roundtripping.

So, financials without this, if we assume the same GM of circa 65% = take $2m off the profit and therefore a loss of $1.5m.

And 'increased business activity' means going backwards by 8% if we exclude the nonsense revenue.

Next: they are very proud of their 'healthy cash position", but this has gone backwards by $1.7m.

This is a very sick company.

Where is ASIC and the ASX in all of this? It is ridiculous how blatant it is.