Ann: Results of Meeting, page-197

First 197 Last

Share
Profile

Follow
Adao

53 Posts.

100

29/11/21

18:49

Post #: 57942729
Share

Originally posted by Adao: ↑

You need to learn what that term "going concern" means. A "going concern" is a fundamental accounting principle insofar that all entities are assumed to be a going concern unless there are factors that cast doubt on that assumption. To put it simply: heading towards the "no longer a going concern" territory is where other accounting terms such as "bankruptcy", "insolvency", and "liquidation" start being used. I suggest you look those up as well.

Note 2 of the annual report states that:

"The above conditions represent a material uncertainty that may cast significant doubt about the ability of the
Company to continue as a going concern. Should the Company be unable to continue as a going concern it may
be required to realise its assets and extinguish its liabilities other than in the normal course of business and at
amounts different to those stated in the financial statements. The financial statements do not include any
adjustments relating to the recoverability and classification of asset carrying amounts or to the amount and
classification of liabilities that might result should the Company be unable to continue as a going concern and
meet its debts as and when they fall due."

You should really read Notes 2 and 26 of the report to see some of the reasons why the auditor has included these statements in the report. CLZ has had a total comprehensive loss of circa $29,000,000 over the last 2 financial years. They owe multiple creditors millions of dollars and have defaulted (or renegotiated the terms) on a number of these loans (see Note 26). I understand why the auditor may have significant doubt that CLZ as an entity can continue as a going concern. I sure as hell do too.

Expand

Oh and if it isn't clear, terms like "realise its assets and extinguish its liabilities other than in the normal course of business" in simple terms means: "sell all its shit to pay off its debt".

CLZ Price at posting: 0.1¢ Sentiment: Hold Disclosure: Held
5 Upvote

0 Great analysis

Reply

Top Stories

INA

Ingenia shares jump 7% on strong revenue and earnings figures

Banking on ANZ in this week's Hot Stock tips

UNT

UNITH hard launching AI 'digital human' platform too 600+ companies as AI thematic survives sell-off

CC9

Chariot locks in high-potential drill target at Black Mountain, one of the USA's largest lithium landholdings

USL

'Joaquin Silver District' acquisition to become a key asset for Unico

There are more pages in this discussion • 226 more messages in this thread...

First 197 Last

Add CLZ (ASX) to my watchlist

(20min delay)
Last 0.1¢		Change 0.000(0.00%)		Mkt cap ! $1.253M

Open	High	Low	Value	Volume
0.1¢	0.1¢	0.1¢	$2.623K	2.622M

Ann: Results of Meeting, page-197

Ingenia shares jump 7% on strong revenue and earnings figures

Banking on ANZ in this week's Hot Stock tips

UNITH hard launching AI 'digital human' platform too 600+ companies as AI thematic survives sell-off

Chariot locks in high-potential drill target at Black Mountain, one of the USA's largest lithium landholdings

'Joaquin Silver District' acquisition to become a key asset for Unico

Featured News

Featured News

Ann: Results of Meeting, page-197

Top Stories

Ingenia shares jump 7% on strong revenue and earnings figures

Banking on ANZ in this week's Hot Stock tips

UNITH hard launching AI 'digital human' platform too 600+ companies as AI thematic survives sell-off

Chariot locks in high-potential drill target at Black Mountain, one of the USA's largest lithium landholdings

'Joaquin Silver District' acquisition to become a key asset for Unico

Featured News

Featured News