AB1 0.00% 18.0¢ abarta resources limited

Ann: Mobile game for MGM film The Addams Family Announced, page-50

  1. 1,437 Posts.
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    There are a few things in the Half-yearly that could be queried by the ASX. Most have some explanation, and a lot are well-explained with regard to Australian Accounting Standards.

    These two might be issues though:
    "Digital assets with the exception of the Harmony (ONE) token are held at fair value. Harmony (ONE) is held at cost due to a lock up period on its trading."

    Currently, Harmony (ONE) is trading at approximately 1/3 of it's IPO. Therefore, while AB1s HY shows $1.7m worth of Harmony tokens as an asset, it's worth approx. $600,000 currently. AB1s reasoning, that the price is held at cost due to lock-up, may not be to the ASX's liking.


    Other concerning thing:
    "On 1 July 2018, Messrs Yat Siu and Robby Yung resigned as directors of Outblaze Ventures Holdings Limited (OVHL), an entity incorporated under the laws and regulations of the Hong Kong Special Administrative Region. Corporate documents reflecting the resignations were not lodged with the Hong Kong until March 2019 due to administrative oversights. Messrs Siu and Yung have no ownership interest in OVHL. To assist management of OVHL with the transition of OVHL leadership from Messrs Siu and Yung, Ms Say Li Woo was appointed a director of OVHL on the understanding that her appointment would cease on 31 December 2018. Ms Woo is an employee of the Company and reports to Mr. Siu. Ms Woo does not have any ownership interest in OVHL. Due to an administrative oversight, the appointment of Ms Woo was not lodged with Hong Kong Corporate Registry until March 2019. Ms Woo submitted to OVHL a letter of resignation effective from 31 August 2019. Ms Woo has not attended any meetings of the board of directors of OVHL and has not had any involvement with the affairs of OVHL since 31 October 2018."

    These are resolved and I doubt are huge issues now, but perhaps the ASX wants some extra info about these?

 
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