The fact that these accounts are sooooo overdue, at the risk of...

The fact that these accounts are sooooo overdue, at the risk of stating the obvious, is indicative of major problems. The company's existence is solely at the forbearance of the Chinese property developer who keeps lending them money then equitising that debt to take the Company out from under the existing shareholders.

I would expect 2 things to happen i) the lender, currently supporting the Company via the $10m loan facility puts the Company into administration but then gets no recovery of the previous $40m + investments as the assets are basically unsellable or ii) history repeats and he equitises current debt, takes more of the Company and then lends more etc etc.

Denham / Auctus is also looming out there looking for its $4m it believes its owed from the M&A cluster f*ck