By nature I am a very positive person, but in light of recent events I find it difficult to read past the first few words of your post.
There is NO EXCUSE the 2018 financials are incomplete - other than an intentional misdirection. The entire BOD have been negligent in their failure to keep the "rest of the company going" whilst JB was off chasing rainbows. The CFO/COSEC and Non-Exec members should have all kept Shareholders' interests front of mind and ensured these administrative tasks were completed. They have ended up being a bunch of rank amateurs when it comes to managing an ASX entity and all holders need to remember the following names:
Jason Brewer - Chairman Thomas Durr - Non Executive (now resigned) Michael Fry - Non Executive (now resigned) Mike Pitcher - Company Secretary Richard Lloyd - Non Executive
Just imagine what would happen if you acted this negligent in your own place of work?
My take on the 2 Non Exec's departing is they are arrogant enough to think they have a future ASX career and don't want to be seen at the helm of a sinking ship. Sorry gents, you missed the lifeboat and will forever be painted with the WFE brush.
The one thing above all that really intrigues me as to how it came to be - the GST refund of $17k last quarter. A GST refund comes about by spending more than you invoice in Australia (so ignore exploration costs as they would be GST Exempt). So, expenses minus sales, divide by 11 and that's your refund. Lets look at the June 2019 Cashflow announcement. WFE received a GST refund of $71k and had what you would call expenses of $789k. All looks in order. Now look at the latest Cashflow announcement - for six months let's say there's $58k in costs and somehow that results in a $22k GST refund??? What is worse is the $5k cost in the quarter and a $17k refund!! It looks to me that creative accounting is being used to draw in GST credits from the funds used from the loan facility. And that continues the thread I mentioned earlier in that the loan funds inflow and outflow need to be in the Quarterly to be trusted.
Putting it simply, I get the impression around $150k to $160k of the "loan" has been drawn and the GST credits have been taken up, otherwise the recent Cashflow announcement is a fraud. OR - we have Invoices for that amount and our reporting is accrual versus cash accounting. Either way - what have they spent the money on?
Welcome to the real end game.
Cheers, TC.
WFE Price at posting:
2.4¢ Sentiment: Sell Disclosure: Held
