Thankyou, Spikeup, for yourresponse.
Actually, you are the first person to respond to my post so I amappreciative.
As an investor in IBX (500,00FPO) I’m always reviewing my investment. This includes reviewing the Auditor’sreports which, for the last years, have flagged the issue of the going concernof IBX. I don’t know about you Spikeup, but when I see the term “going concern”flagged as a Key AuditMatter (KAM) in an Auditor’s report Iimmediately replace it with the word “insolvency”. Twenty odd years in theinsolvency profession tends to have that immediate effect on me. And it follows that an insolvency would include a Chapter 7 or 11 for the US subsidiary. I'm sorry if you find it confronting but the issue of "going concern" has been flagged by the Auditors so I have to include an insolvency scenario in my risk assessment of the company and more importantly, my investment.
The Auditors, in theirprevious reports, have noted that IBX’s revenue source is mostly from cashraisings (i.e. from the mostly Aussie investors in IBX). The Auditors have to date accepted IBX’s assurances that the companyhas sufficient funding. The Auditor’s time frame for their report is limited to 12months.
In the next month or two the Auditors would be sitting down with IBX’s Audit Committee. The agenda would include to clarify matters and discuss any concerns that they have. The “going concern” issue will obviously be raised by the Auditors as it was one of two KAMS flagged in their previous years’ reports.
At the time of the last Auditor’s report, the IBX share price was hovering around 6 cents. But the cold winds are now blowing, and we are down to a share price of around 3.5 cents, making a decent and attractive CR an issue for the company - unless in the interim we have great news. Maybe the company can pull a rabbit out of the hat.
Once again Spikeup, thankyou for your interest in my post.
Good luck to all investors other than those serial whiners.
Investors as usual should do their own research.
Regards,
Stretguy.
(20min delay)