Where do you start! What a disgraceful result.
A couple of things I’ve noticed besides the obvious. Debt has soared to $7.5m as at the end of the year.
Are we now looking at insolvency risk? The company has no cash!!! Only $362k at the end of last year. Hence why we aren’t receiving any dividend, they have no money…
Genuis still owes over $600k to Mayfield. They provide a vague statement, but it appears that we have paid for Genius centres upfront and before we have taken over Genius have kept all the income during that time with no adjustments being made. I still can’t understand why have not been paid this if this is correct. Why are we paying for centres upfront and not when settlement takes place?! Am I reading this wrong?
Frustratingly, the dividend we all expected is not coming and we now need approval from the bank to pay one!
I’m angry. This should have been a much-improved result, but it is awful and clearly shows how poor this management is. These people need to go before they completely wipe out all shareholder value.
(20min delay)