The ASX must be spinning. RAN couldn't sell the Australian business, so Jenkins associates bought it back at 206 USD. Hence the ASX not allowing the sale disclosure under ASX rules. As noted, the business has not manufactured or sold any product.
Without the USD 206, RAN made another 6-figure loss and there would have been zero dollars in the bank account. Sales went backwards and the Indo business had to self-fund.
Therefor the sole reason that RAN could trade under solvency rules was a backdoor donation from Jenkins via the sale of a business that was actually worth zero dollars.
Full marks for Jenkins though for stumping up the $$$.
The sale of more assets would provide more working capital.
It still looks like the business concept has merit if fully funded to build the efficiencies needed to turn a profit.
However, more than ever it seems that the success or failure now depends on the outcome of the tax appeal.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2
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