Vincents are doing their best to keep their noses clean, despite...

Vincents are doing their best to keep their noses clean, despite the mounting evidence to the contrary

Going concern
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.
As disclosed in the financial statements, IQ3Corp made a net loss of $2,212,596 (2019: net loss of $1,098,530) for the year ended 30 June 2020. As at that date IQ3Corp had net current liabilities of $959,864 (2019: net current liabilities $128,561), net liabilities of $988,284 (2019: net assets of $891,572) and net operating cash outflows of $861,536 (2019: outflows of $176,097). The net current liability position, net asset deficiency and operating net cash outflows do prima facie give rise to a material uncertainty that casts significant doubt upon the Group’s ability to continue as a going concern.

Well, they have a point there, right?