They both came from the same issue: "However, with Inc.’s...

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Cosmoterios

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18/03/24

12:26

Post #: 72939140
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Originally posted by Cosmoterios: ↑

I am surprised the company didn't recognize an impairment to the NY asset (IM3NY).

As of 31 December 2023, Magnis holds an economic interest of 74% in the iM3NY LLC Group (30 June 2023: 73% and consolidated). However, with Inc.’s funding and the alleged default matter remaining largely unresolved at the date of this financial report along with the materiality of the above events impacting the iM3NY LLC Group, significant uncertainty exists over the future of the iM3NY LLC Group and its ability to continue to operate as a going concern. This is reflected in the carrying value of Magnis’ investment in the iM3NY LLC .Group. Refer to Note: 20 for a greater insight

As of 31 December 2023, Magnis continues to hold a 9.65% stake in C4V (30 June 2023: 9.65%). However, with Inc.’s funding and the alleged default matter remaining largely unresolved at the date of this financial report, along with the materiality of the above events impacting C4V, significant uncertainty exists over the future of C4V and its ability to continue to operate as a going concern. This has resulted in a reduction in the carrying value of Magnis’ investment in C4V. Refer to Note: 20 for a greater insight.

Can be found on Page 35.

Weird between the two statements above. You would think if the carrying value of C4V is reduced, so would IM3NY (Inc)?!?

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They both came from the same issue:

"However, with Inc.’s funding and the alleged default matter remaining largely unresolved at the date of this financial report along with the materiality of the above events impacting the iM3NY LLC Group, significant uncertainty exists over the future of the iM3NY LLC Group and its ability to continue to operate as a going concern."

and

" However, with Inc.’s funding and the alleged default matter remaining largely unresolved at the date of this financial report, along with the materiality of the above events impacting C4V, significant uncertainty exists over the future of C4V and its ability to continue to operate as a going concern"

So why ONLY REDUCTION in the carrying value of C4V but NOT IM3NY (Inc)?!?

MNS Price at posting: 4.2¢ Sentiment: None Disclosure: Not Held
3 Upvote

0 Great analysis

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