A very sad balance sheet.
Let's say we ignore the elephant figure of $26M for Intangibles, because let's be honest, do we really think we are going to see that returned (its a spec!).
That leaves effective asset value about $340,000 in real assets - cash, receivables and plant(is book value realizable?).
Against this we have employee benefit liability of $677,000.
So if we sell up today we can only afford to pay the people running the show about half of what they are owed. Any wonder the auditors would slap on a going concern warning.
And any sort of results are still 6 months away. I find it hard to keep believing.
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- Ann: Half Yearly Report 31 December 2017
Ann: Half Yearly Report 31 December 2017, page-2
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