Amazed that no one is commenting on the Annual Report. Have to admit I haven't made it past the first few pages ... it's gob smacking. They are actually waving this in your faces !
They are actually telling you they are going broke ...
However, if customer demand for our services does not meet our expectations, our ability to generate revenue and meet ourfinancial targets could be adversely affected. There is a risk that the Company will not achieve profitability in a timeframethat ensures we have sufficient cash flow and reserves to support the continued operation of the business past FY 2024.
We have engagedcorporate advisors to explore all available options to help us
And it's not just financial issues that they are facing ...
The Company’s engagement with the AFP is ongoing ... Even if the CDPP ultimately decides to prosecute the Company,PET’s cooperation will also be a mitigating factor for sentencing purposes in respect of penalties to be imposed on theCompany. The ICA deals primarily with offences in the nature of bribery and foreign corruption. There are other offences andproceedings which may be of relevance to the Company’s past actions, some of which are within the purview of the AFP ...
ASIChas made enquiries in relation to PET and its financial accounts that have been lodged with ASIC. The AFP has also referredcertain allegations arising from the Company’s engagement with the AFP under the ICA to ASIC for its consideration. There is a risk that the Company will be exposed to judgments, fines and penalties arising from regulatory activity includingthe AFP’s investigation and ASIC’s inquiries that may have an adverse impact on its financial performance and financialposition.
The 16 November 2021 and 25 May 2022 Announcements foreshadowed claims brought by PET against individualsincluding former directors Zhigang Zhang and Rob Schuitema ... The Company notes that in many circumstances, the initiation of a claim can accelerate or heighten the prospect ofcounterclaims, or of separate claims relating to similar matters.
Further, following the fraud and mismanagement issues, the Company has been, and continues to be, exposed to a higherrisk of being involved in proceedings, claims and disputes, whether initiated by the Company or persons previously involvedwith the Company’s affairs. Any litigation, claim or dispute relating to the Company’s past fraud and mismanagement issuesmay have an adverse impact on the financial performance and financial position of the Company.
I haven't even gotten to the numbers yet and I can't believe anyone would take this company seriously. The first numbers I see are the salary packages of LM $734k and MP $574k OMG
Some of us have been banging on about these issues for a while now. You all really need to start taking these things seriously. It's happening.
I'll review the numbers later - but it should be pretty self explanatory to anyone.
PET Price at posting:
4.9¢ Sentiment: Sell Disclosure: Not Held
(20min delay)