MRC failed to lodge its audited accounts by the 31 March...

MRC failed to lodge its audited accounts by the 31 March deadline and has been in involuntary suspension since July last year. There has been no announcement about their failure to lodge audited accounts (you would think a basic shareholder communication courtesy), but I would presume it would have something to do with the below...

The unaudited preliminary report stated, in effect that they were insolvent unless the below conditions are satisfied (dot point three is not an actual condition). MRC has failed to execute the sale of SKA as per its latest announcement and has not referenced another buyer. MRC is still suspended from the ASX and therefore cannot raised funds through normal channels. One would assume the auditor has been unable to sign off on the accounts because they are pretty clearly insolvent...