Actually that's a pretty damn good pick-up, @ZMan! Note 14 now...

Actually that's a pretty damn good pick-up, @ZMan!

Note 14 now states that "the customer is the SME receiving the video and revenue is earned over the twelve months’ period from which the customer enters into a licence agreement for the use of that video." and yet there's no deferred revenue balance!!! It should be a lot smaller with this new approach to revenue recognition but there should still be some balance.

Personally I struggle to see how it could have been called revenue under the old AASB118 but as the auditor's bio still says on their website 'If I'm sitting with a client in a boardroom doing their audit, they can come in and say, "Swanny, how should we treat this transaction? I'll say well you just do this. Okay, great." The whole thing gets solved just like that.' https://rothsayresources.com.au/about/

I also still can't see anything in the accounts about all the receipts and expenses they must be incurring in currencies other than AUD, no gain or loss on foreign currency, no foreign currency translation reserve, other than note disclosure that the US "sponsorship" arrangement is for up to USD$10,000,000.

Pierpont would have had a field day with this dog's breakfast if he were still writing, it's a sobering warning about investing in an individual company, especially one listed on the ASX outside of the 300...