Interesting also that the Quarterlies for Q1 and Q2 claim total "Revenue" of $4.7m (not sales receipts) but the Interim Accounts, the more reliable document, more rigorously prepared, states Revenue of only $4.2m. How does the company explain this difference? Don't tell me that it included the R&D Rebate as Revenue in the Quarterly, only to reverse that ludicrouse presentation in the Interim Result without telling anyone, or did they just miscalculate the Revenue in prior ASX releases??
Furthermore, the disclosure of the $650k dispute with IBM and Aryaka over services rendered, or not it may seem, simply stinks. I find it very hard to believe that this dispute only arose as the accounts were being signed off. The size alone would indicate it covers multiple months worth of billings. No mention of this issue it at all in the Dec Q released on Jan 25th or prior announcements. This material issue Is buried in the accounts, in the approproate location, but not even mentioned in the Operational and Financial Review in the Director's Report. As is evident from this forum, NNG followers rarely seem to read the fine print and get past the massaged bullet point highlights.
The disclosures from this Company are amateurish, and that is being charitable. There is a reason Executive Chairmen are not regarded as best practice. This is the same Board that signed off on an ASX release representing an R&D grants as EBITDA!
I wonder where NNG would be if IBM or Aryaka told the Company to take a hike? Fubarred I suspect. The IBM contract expires in Feb 2026 but what if IBM gets the sh!ts, what happens then? The Aryaka contract seems to be a major risk, as it is only on a year to year basis now and can be terminated with 6 months notice but Aryaka are in dispute with NNG over a half a million dollars of billing.
NNG Price at posting:
1.3¢ Sentiment: None Disclosure: Not Held
(20min delay)