this is a response from MONTY on the other site - this throws up more questions than it answers.
The guy with the direct link to GCN and a board member
P1 share goodwill write off ?
What potential audit issue ?
In reference to various ASX releases in past two days.
1.The goodwill write off and earning of the 16.67 million Priority One shares in license fees will help in cleaning up the GoConnect Ltd balance sheet while avoiding any potential audit issue from here on.
The two transactions will be booked into the December 31 2014 half year accounts.
2. Resignation of Jeremaine Jackson from the GCN board allows him to focus on the businesses of Go JLJ and Jermajesty Holdings which are expanding rapidly but at the same time eliminates any potential related party transaction issues in dealings between GoConnect Ltd and Go JLJ or Jermajesty Holdings. There is now only one common director instead of two on the boards of GoConnect Ltd, Jermajesty Holdings, and Go JLJ.
3.Stephen Law is a much welcome addition to our China team and you will find him invaluable to our company. His CV is impressive. He is an active operator in China.
Guesswork is is not helpful.
GCN Price at posting:
0.8¢ Sentiment: None Disclosure: Not Held