got to make a point here. The financials are not audited although we have an auditor comment in the package. ( its self explanatory.)
I would question the value of assets LIT has declared in this ASX:ANN Intangibles $8.6mil and no doubt the auditors will give in their attention when the audit of the annual accounts is done. It appears there is a set of accounts for ASX presentations and of course the audited one for the ATO.
Intangibles are costs of developing intellectual property. Considering the Lithium phosphate patent was picked up when VSPC assets where purchased the $8.6mil intangibles would probably be iieNA development cost and now that has failed its latest 'engineering study' ASX:MIN
I suggest the auditor would look hard at writing off an appropriate value.
LIT are working with a asset/liability negativity.... technically insolvent. IMO
Looks like this ASX:ANN is compiled with a lot of previous 'news' and when the story is contrived its easily forgotten..... the narrative following is an example Taken from different sections of the report)
"At 31 December 2024, the Group’s working capital deficit, being current assets less current liabilities was
$8.26m (30 June 2024: working capital deficit $6.65m). The working capital deficit for half year ended 31
December 2024 included a $7.5m provision for remediation for legal claims relating to a fire in January 2019
at the premises of Envirostream Australia Pty Ltd, a wholly owned subsidiary of the Group. It is expected that
insurances are sufficient to meet the provision (refer to Note 5 for further details)."
Note5.
"a) Envirostream Australia Pty Ltd, a subsidiary of the Group, has been served writs in regard to statements of claims
concerning damage caused by a fire at 31 Colbert Road, Campbellfield, Victoria, on 19 January 2019. It is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a best
estimate has been made of the amount of the obligation.
The Group understands that any future litigated claim would be settled by Envirostream’s insurance company.
These claims are currently being managed by Envirostream’s insurance Group, and the Group expects some or all
of the provision to be reimbursed. The Group has not recognised a separate asset and will only do so when the
reimbursement is virtually certain."
looks like LIT have stalled off any monetary settlement , May be a share issue ??
(20min delay)