Oh dear. Let’s take a quick look.
Net tangible assets has gone from $7.7M to ($9.8M).
The cash position has more than halved.
Intangible assets now make up over 50% of the “assets” on the balance sheet:
Each year they’ve had to do impairments on those intangible assets and this year is no different:
Last year they put $8M in a term deposit but with only $5.1M cash left it appears that’s mostly gone - in fact they had to spend $8M just to repay/service their borrowings, even though their actual amount borrowed only reduced by 5.7%:
The auditors note Vection’s current liabilities outweigh their current assets by ($2,003,000). They also note Vection burned cash of $5.6M in operating and investing activities in the past year (another year like that would more than erode their entire cash position). The receivables they are owed is basically cancelled out by the payables they owe to others. And they still have ($9.7M) of debt. The auditors sign off saying there is a “material uncertainty” the business will be able to continue as a going concern.
But don’t listen to HotCopper downrampers… @TenX says there’s “plenty of cash at bank”, and “no way” he would see a cap raise. “Well done to holders”, etc
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- Ann: Vection Reports H1 FY24 Results
Oh dear. Let’s take a quick look.Net tangible assets has gone...
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