Directors wouldn't be buying if there was no future

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moboy

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01/03/18

11:43

Post #: 31445611
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Originally posted by Provedore ↑

Still alot of work to go with this one. Of particular concern to me is note 2 below.

Note 2: Going concern
For the half year ended 31 December 2017 the Group recorded a loss from continuing operations after income tax of
US$1,979,598 (2016: loss US$719,879) and had net cash outflows from operating activities of US$1,282,146 (2016:
US$933,923).
The ability of the entity to continue as a going concern is dependent on securing additional funding through raising of debt or
equity to continue to fund the development activities and expansion of its business platform. The Group has one major
customer that contributed more than 75% of sales revenue for the reporting period.
These conditions indicate a material uncertainty that may cast a significant doubt about the entity’s ability to continue as a
going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of
business.
The directors have reviewed the Group’s financial position and are of the opinion that there are sufficient funds to meet the
entity’s working capital requirements and as at the date of this report.
The financial statements have been prepared on the basis that the entity is a going concern, which contemplates the continuity
of normal business activity, realisation of assets and settlement of liabilities in the normal course of business for the following
reasons:
 The Group currently has sufficient cash resources to fund its requirements currently;
 The directors expect the Group to be successful in securing additional funds through debt or equity issues, when and
if required.
Should the entity not be able to continue as a going concern, it may be required to realise its assets and discharge its liabilities
other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements and that
the financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts
or liabilities that might be necessary should the entity not continue as a going concern.

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Directors wouldn't be buying if there was no future

CFO Price at posting: 21.0¢ Sentiment: Buy Disclosure: Held
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Directors wouldn't be buying if there was no future

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