Holista recorded an interim net loss of -$1,294K (1H22: -$548K)
Holista’s largest division, Dietary Supplements, recorded a 17.3% pcp decline in interim revenue to $2.8 million in the first half of 2023.
Meanwhile, the Group’s Healthy Food Ingredients division reported a 68.6% pcp decline in revenue to $315K as strong ongoing orders from food and beverage (F&B) manufacturer, Rex Industry Bhd, were not sufficient to offset softer demand from other customers.
The Ovine Collagen division recorded a 50.7% pcp decline in first half revenue to $60K but is expecting to deliver a stronger second half result as Holista has a binding sales contract with Behn Meyer Thailand that obligates the cosmetic manufacturer to purchase a minimum quantity of the product before the end of 2023
And where the pump started and the Dr is going to court over....
Finally, the Infection Control division recorded no sales in in 1H23 as consumer demand and interest in sanitising solutions have declined materially in this post-pandemic era
Comments The loss for the Group after providing for income tax and non-controlling interest amounted to $1,148,615 (30 June 2022: $567,724).
Employment costs (1,251,362) (1,448,931)............How many mouths are taking a slice of this rediculous cost?
Other expenses 4 (533,938) (348,023),,,,,,,,,Other expenses????????? wow, where is this money going and onwhat?
Advertising and promotion (241,380) (251,999)......1/4 of a mill in advertising, laughable at best.
Consultancy and professional fees (472,903) (357,161) ........seriously?????????????
Finance costs (40,471) (32,099) The price of borrowing instead of making money
Total comprehensive (Loss) for the half-year (1,293,972) (547,513) Nearly 3 times the loss of last year.....I wonder why?
Cash and cash equivalents at the end of the financial half-year 54,242 697,145.....$54k left in the kitty....
""While the Group is optimistic that its Malaysian and Australian revenue will continue to grow and contribute positively in the future, it does realise the risk should the Group fail to generate sufficient positive cash flows and/or obtain funding when required. There is significant uncertainty as to whether the Group will continue as a going concern and whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial statements""
On 5 August 2021, the Company has been served with Federal Court proceedings commenced by the Australian Securities and Investments Commission (“ASIC”. The proceedings relate to allegedly false and misleading statements with respect to Holista’s sanitiser products and partnership with Global Infection Control Consultants LLC (“GICC”, which are said to have been disseminated by the Company in the period from January 2020 to July 2020. ASIC claims that between April and July 2020 the Company was in breach of its continuous disclosure obligations. The proceedings also alleged that Dr Manicka, the Company’s Managing Director and CEO, breached his director’s duties to the Company by causing or permitting the Company to engage in the conduct complained of by ASIC.
On 17 July 2023, all the parties attended a further mediation the Registrar as directed by the Court. The matter will shortly be listed for a further mediation mention with the new Registrar as the existing Registrar will be reassigned. The Group is also requested to provide any further offers prior to the next mediation, tentatively scheduled sometime by mid of September 2023.
And last but no means least......
Material Uncertainty Related to Going Concern.....
We draw attention to Note 1 in the consolidated financial statements, which indicates that the Group incurred a net loss after income tax of $1,257,485 and in net cash outflow from operating activities of $24,787 during the half-year ended 30 June 2023. These events or conditions, along with other matters, as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.
If anyone can draw even a sniff of positive from the above please let me know....
They imho will draw down on every cent they can before they actually go to court and then administrators will be called in to wind her up....
Just a complete shxt show which ever way you look at it..
HCT Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
. The proceedings relate to allegedly false and misleading statements with respect to Holista’s sanitiser products and partnership with Global Infection Control Consultants LLC (“GICC”
(20min delay)