Ann: Response to ASX Accounts Query, page-4

Hello Everyone,
In my opinion Its nothing really to worry about.

Also In my opinion, Auditors have mentioned Note 17 of the financial report in their independent Auditors report on page 69 and 70 of the Annual Report which might have triggered the ASX accounts query.

The key question in the Accounts - Query was number 2: "Please explain the basis for and the factors considered by the Directors to satisfy themselves the particular investments in convertible notes warranted the carrying value attached in the Full Year Accounts"

Above question is relevant to Note 17: Finance Asset of the Financial Report (carrying value of $6,028,392 as of 30 Jun 2020).

Company have very nicely answered, "The carry value of the convertible notes in the Accounts were assessed to be fair based on the expected credit loss assessment of those con notes" and then further provided the assessment criteria in their detail response.

Seems ASX have accepted the explanation as well. So all good!

I have shared the screenshot of Note 17: Financial Asset in case anyone wants to look into more details.




All in my opinion and research. Please do your own research.

Good luck to all.